FNBO Direct – Funding Your Online Savings Account
November 11, 2008
Funding your FBNO Direct online savings account is a pretty simple process so at first I was surprised when I recieved the email below from FNBO Direct explaining how to link an external bank account for transfers.
Of course, I’ve opened multple online accounts and setup funding for them many times so I’m used to the process, but I realized that not everyone is. I was assuming that if you opened on online savings account then you were comfortable navigating an online bank account setup. The fact that FNBO Direct didn’t make that assumption themselves and sent out follow-up instructions to new customers is an example of the kind of customer service I’ve seen from them so far.
Anyhow, for those of you who setup an FNBO Direct account and are wanting to know how to setup a bank transfer, here are the instructions they sent.
Adding Transfer Accounts
To easily transfer funds to and from your FNBO Direct Online Savings Account, you will need to add at least one external account to your profile. Here’s how:
- Log into your FNBO Direct account.
- Click on the “Transfer Funds” tab.
- Choose “External Transfers” to make transfers between FNBO Direct and your accounts at other banks. For information on “Internal Transfers” please see the section below labeled “BillPay.”
- Click on the blue “Add Transfer Accounts” box.
- Follow the steps to select the financial institution of your choice, input your account number and choose a name for account.
- Please follow the steps to verify ownership of your external account.
- Once your external account is added and verified, you may begin making transfers to and from your accounts.
Note: The external account that you used for your opening deposit will be automatically set up as your first transfer account.
Transferring Funds
Make your savings grow faster with regular deposits into your account.
- Log into your FNBO Direct account.
- Click the “Transfer Funds” tab.
- Choose “External Transfers” to make transfers between FNBO Direct and your accounts at other banks. For information on “Internal Transfers” please see the section below labeled “BillPay.”
- Click on the blue “Transfer Funds” box.
- Follow the steps to set your transfer amount, frequency and date.
- Please remember to print the Transfer Confirmation page for your records.
Timing
Transactions successfully requested by Midnight Central time will typically be credited to the destination account you select within three business days.
BillPay
Did you know that you can also move money using an FNBO Direct BillPay Account? Simply click on the BillPay tab and follow the steps to open a new BillPay account. You will then be able to transfer funds internally from your FNBO Direct Online Savings Account to your BillPay account, and schedule bill payments to your merchants.
All posts by Ben Edwards
I have been reading a lot of reviews from 2007 saying that the time it takes to transfer money from an FNBO Direct account out to another bank is lengthy (compared to others like ETRADE that credit in the same-day).
For some people, this loss of time means interest lost for the three to seven days of the transfer. For others — college students like myself — I’m interested in saving, but one of my concerns is immediate access to that money if something unexpected arises.
Your “Timing” subheading sounded as if it was taken directly from the website, so I was wondering if you could offer any new, personal insight into how long transfers typically take.
Thank you!