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Eloan My A@# (this is a rant)

November 15th, 2006 at 12:08 am

Once upon a time, maybe a month ago, I blithely opened an Eloan savings account. Call it stupidity, call it basic human error, but I did not note my security answer. Little did I know, this would be the start of all evils....

It turns out that to make ANY transaction at Eloan, you need to type in that answer. Either my clumsy butterfingers slipped and inadvertently inserted a typo somewhere, or I just can't remember the damn order of upper/lower case letters, but bottom line is, I can't remember my answer.

So, what to do? After getting frozen out of my account for mistyping three times, I called the 1-866- number. Ok, turns out you can only call them during business hours (Pacific Time) so I had to wait the entire weekend. No problem. I called and got the inevitable wait....and wait....and wait...and (15 minutes later) wait....finally got a human on the line, who unlocked my account. So I tried again. Minutes later, I'm frozen out again. Alright, I call once more but this time never get a human on the line.

Next choice is to send a Secure Message which will be answered "in one business day." THAT IS THE MOST BLATANT LIE IN HISTORY OF CUSTOMER SERVICE. I did not hear back from them until 4 days later....that's actually record time, because all they did was unlock my account, not reset my security answer (or even acknowledge that) as I'd requested. Back to the phones....got a human being after 5 minutes (woah!). She unlocked mya ccount again, then "promised" to send my request to the IT department, who would "respond in one business day." FIVE days later (I have much patience) no response. And, of course, I've locked myself out once more, trying to see if I can unlock my security answer on my own.

Phone call....email....it's been nearly a MONTH since I first contacted Eloan with this problem. The last human I've spoken to was back on November 2nd. He even sent a follow-up email, again with that promise to get the situation fixed in one or two days. I've sent them three emails and just tried calling them yesterday and today. Guess what? 25 minutes of waiting each time and not a human to be found!

I'm lucky I don't need that money, it was just my savings that I'd hoped to add to, to take advantage of that high interest rate. Now I think I'd be lucky to even SEE that money again.

This is my warning to you...Maybe it is my fault in the end, but customer service should not be this horrid PERIOD.

14 Responses to “Eloan My A@# (this is a rant)”

  1. janH Says:

    Yikes! I think I will stick to my brick and mortar bank for now. You've convinced me!

  2. Amber Says:

    With that experience I would close the account

  3. kimiko Says:

    Ouch, that's terrible. They are probably in a uproar with the recent glitches and people withdrawing money that they can't provide any resemblance of decent service. Not all online banks have problem like this. For existing customer, ING has a phone line that connect directly to a representative; there is no automated option. GMAC has automate menu, but I got an immediate answer the moment I choose to speak with someone.

  4. yummy64 Says:

    I hope you are closing out the account at the earliest opportunity

  5. pjmama Says:

    That's awful! It almost worries me... I just opened up an online savings... but I called thier customer service dept to get a question answered just the other day, and got a human on the phone no problem... I hope it all works out and you get your money... and then close your account. Yikes!

  6. LuckyRobin Says:

    This is why I went with ING despite the lower interest rate. They've been around longer and have a good reputation. Some of these other ones are just too chancey.

  7. tinapbeana Says:

    wow, i'm really sorry to hear about all the hoops you're jumping through right now!

    i chose the grand yield direct online savings account, because it's the online 'arm' of a birck & mortar bank in NY. my thoughts were that hopefully i would get the best of both worlds...

  8. monkeymama Says:

    You know I have chosen 1/2 point lower interest rate on my moneymarket because I believe strongly in cusotmer service. I have heard horrible things about ING too. I like Virtual Bank. Plus at one time it did have the highest interest rates. but you can reach a live person in a snap. IT is the arm of a brick and mortar too - seems to up the customer service a notch like Tina said.

    You can also do some search on epinions.com and see what people's experiences are with different banks. This is why I decided to stay away from emigrant and ING & ESPECIALLY etrade. I didn't research eloan but you might want to relay your experience on epinion.com as well, to warn others. Though if they treat there customers like this I am sure there are a lot of epinions already.

    Good Luck!!!!

  9. fern Says:

    Sounds light a nightmare. So sorry to hear about this. "Security" on bank accounts like this are kind of a double-edged sword; on the one hand, you would want them to be careful if some hacker was trying to get into your account, but on the other hand, it's incredibly frustrating to be locked out of your own. I agree with the others, i would close the account. There's just no excuse these days for poor customer service.

  10. Ima saver Says:

    Close your account!!

  11. Broken Arrow Says:

    Hmm. Yes, I noticed that they will ask the security question all the time. I never wrote mine down, but luckily, it was something I would know from memory so... I guess I was very lucky in that way.

    Other people have also noted that they're having trouble with e-loan in other ways in the forums.

    If I had to make a decision about where to open a savings right now, based on what I know now, I would have opened it with GMAC. However, since I've already opened mine with them, and since I haven't had any problems yet (although I rarely every touch the account either), I'll leave it alone for now.

  12. Nan Says:

    I have also been having nightmares with E-Loan. I now see that Bankrate.com doesn't list them anymore. That appears ominous.

  13. yabadaba Says:

    ING rocks in this regard. I cant say enough good things about them. I have a car loan from ELOAN and their online access SUX big time. Mostly I get a stupid msg saying it cant find my account.

  14. ING is the winner! Says:

    I switched from ING to Eloan because of the 5.50%. From the start i had issues with Eloan. Moneytransfers that donít show up; I deposit money on Monday, it takes Eloan more then 7 days to show it in your account (next tuesday). When i call i get a shady answer. Im switching back to ING. never had problems with them.. and ING just announced they have ING Checking accounts!

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