April 21, 2006
Using NetBank via QuickPost
I have been using NetBank for several years for banking and bill paying. They have one of the best BillPay setups I seen. Everything has always worked flawlessly, never a payment missed or late. The only shortcoming with using NetBank was in the time required to get money into the NetBank accounts.
Funding the accounts required a deposit by mail, a wire transfer, or direct deposit. Depositing by mail or wire transfer is either slow or expensive. Along comes QuickPost. QuickPost was created by NetBank and is operated by it’s subsidiary, Financial Technologies, Inc. QuickPost is presently used by Navy Federal Credit Union, USAA, and eBank in addition to NetBank.
QuickPost is setup as a venture that requires the interaction of the approximate 4,100 domestic locations of The UPS Store, UPS, and Financial Technologies, Inc. A Bank customer takes his check and completed deposit slip to the nearest location of The UPS Store. Once there, they place their items in a QuickPost envelope for delivery. All QuickPost envelopes from that UPS Store are then consolidated and sent via a single envelope by UPS Next Day Air delivery to Financial Technologies, Inc.
Financial Technologies, Inc. using technology designed to take full advantage of Check 21 legislation and new electronic check imaging technology converts the checks to digital images and processed them electronically.
Theoretically, this dramatically reduces the time from check drop-off to availability of funds from several days to overnight. I say theoretically - there are several caveats.
1) You entrust your deposit to a UPS Store employee who is not familiar with banking and the importance of the handling of negotiable instruments. The casual handling of your QuickPost envelope may mean that it does not even get included with the other QuickPosts for consolidated delivery by UPS to the processing center. A previous deposit was misplaced and not sent until after my inquiry.
2) The program is new, and while NetBank claims to have a program to educate UPS Store employees, their own employees in customer service do not know how the system works. The do not know, or are reluctant to admit that Financial Technologies, Inc. is a subsidiary of NetBank. They don’t know that the funds are electronically transferred from the processing center, rather than by physical delivery of the instruments.
3) A call to Financial Technologies, Inc. was routed to voice mail. I left them a message describing the problem, and gave my contact number, but received no return call. When I called the UPS Store, I was told that once the envelope was sent to the processing center, they had no more to do with it.
I write from personal experience. I made a QuickPost deposit, by taking a check and deposit ticket to a UPS Store in Port Charlotte, Florida. When it was not credited to my account, I called NetBank’s customer service. I was told that the processing center was recently moved to Louisville, KY. (true), and that that added a day for them to overnight to NetBank in Atlanta (false). I specifically asked if the funds were electronically transferred, and was told no.(again, false).
NetBank is presently working on the problem, but in the meantime, my money is unavailable. At this point, I don’t know who is directly at fault. Perhaps, the UPS Store employee didn’t include my QuickPost in the envelope as happened previously. I only have a tracking number that proves that an envelope that originated from The UPS Store was received by the processing center. NetBank must share the blame however for implementing such a plan. If I have problems, others must also have similar problems.
In my opinion, QuickPost is not ready for prime time, and I plan to discontinue using it by setting up a local bank account for ACH transfer into my NetBank accounts. ACH will allow transfer of funds immediately, but according to NetBank policy, funds will not be available for four days after transfer. A known 4 day hold is better than total uncertainty, however.
I value NetBank for making the first $5000 in funds deposited conventionally or by QuickPost available immediately. I also like their Bill Pay and interest rate paid on money market accounts. But, if a local bank or credit union can compete and allows internet access and does so before NetBank cleans up their act, I’m gone.
Filed under NetBank, Online Banking, QuickPost by Mr Blogmeister
Comments on Using NetBank via QuickPost »
I had the very same problem with a QuickPost deposit to USAA via a UPS Store in Kalamazoo, MI. I dropped off an
envelope with a UPS Store employee on May 23. Three weeks later, USAA has been unable to track down the checks
(although they are trying very hard). The employees at the Gull Road UPS Store in Kalamazoo have been more of a
hinderance than a help. It appears this entire QuickPost system is flawed. I definitely will not be using it
again.
My experience was during the week that the processing center was moved to Kentucky. My deposit was found, and Quickbank called and offered an apology.
I havent used QuickPost since, but have used ACH transfer which think may be more reliable. At least ACH transfer is used more and everyone involved are banking types who understand the importance of financial transactions.
QuickPost relies on employees of the UPS store who may or may not have any experience in finance, or for that matter, any experience at all. I see people behind the counter who are obviously in an entry level position. I choose not to trust my deposit to them, even though in my case the UPS Store was not at fault.
For some reason, it is not well-known that Netbank accepts ATM deposits at many Star and CU24 ATMs (but not at its own ATMs outside Alpharetta). I’ve been making Netbank deposits at Star ATMs for years now. It’s very reliable and deposits are credited the same day (Monday thru Friday). There is a five business day hold.
More info:
http://netbank.know-where.com/netbank/cgi/index?design=personal
I know about the foreign ATM deposit capability. Thank you for bringing it to the attention of my readers. What I don’t like is the 5 business day hold. The fact that NetBank makes the first $5000.00 available the next business day makes QuickPost the most attractive from that aspect.
Since my problem with QuickPost, I have decided to send only my own personal checks drawn on a local credit union where I make my deposits. If they get lost, I can easily replace them. I send smaller amounts so that I can avoid a major problem while the money is in limbo. I am also changing all direct deposits to NetBank.
I use the local NetBank ATM for cash withdrawal, although we often just take extra cash when using the debit card at the grocery. We are mostly cashless and checkless, using NetBank’s Visa Cash Card and BillPay.
I have been using Netbank for years, and I was very happy when they first announced the Quickpost option. Every time I mailed in a deposit using one of their regular postage-paid envelopes, they took at least a week or so to credit my account. I discovered that whenever I used Quickpost, it was credited within 2 days of me dropping it off at a UPS Store.
I’ve observed that as time goes on, some UPS Stores in my area are being more careful with these deposits. (For example, one UPS Store I’m a regular at with these deposits not only always prints out a copy of the shipping label for me with tracking number included on it, but now requests that I sign my name and the date of my deposit on a clipboard they keep.) On the other hand, a couple UPS Stores have refused to even provide me a tracking number, claiming they “don’t know of any way to print out a duplicate copy of the shipping label to give me”.
Now, though, I’m starting to worry! I made 2 Quickpost deposits last week, and neither one has shown up as deposited yet. I cut them some slack due to Independence Day holiday, but it’s already Thursday afternoon and at least one of the 2 deposits should have shown up! (In searching for anyone else having this problem, I stumbled onto this blog.)
Tom, I made a deposit using QuickPost this past Wednesday afternoon. Today (Friday 07/07) it had been credited to my account. I made the deposit using my personal check drawnon a local account. The monet had not yet been deducted from that account.
I think NetBank is aware of the importance of fixing the problem they had and are making great progress in correcting it.
I still intend on making QuickPost deposits usig personal checks. If they become lost, I don’t have to get a replacement from a third party
I have been using Netbank for several years, in fact, I began not as a Netbank Customer but a Compubank customer. I have had sporadic problems with deposits not posting to my account.
Over the past two months, however, NetBank has managed to lose a deposit that I had mailed to them, and as recently as last week, they lost another deposit. That’s two deposits in sixty days. I usually send one deposit per week.
This has caused me alot of stress, anxiety and embarrassment having to explain to people and organizations I write checks to that “the bank lost my deposit”. I was wondering if it was just me who was having this issue. Apparently not.
Enough is enough. I just opened an account with a local bank who offers free interestchecking, free atm’s, online banking and zero chance of ever losing a deposit.
Sorry Netbank, I am done.
I am a recent convert to NetBank– I haven\’t had any issues with Quickpost at all, although I kept my Bank Of America account as a \”funny money\” account so I can actually make deposits at ATMS then do ACH transfers. Wouldn\’t it be nice if NetBank and even my lonely 3 branch credit union had the solution below??
Individual Bank Customers Can Now Deposit Checks Electronically
From Home with ePosit from Community Banking Systems
New solution eliminates expense and time of driving to the bank; allows much faster funds availability
than mail
DALLAS, May 2006 – Community Banking Systems (CBS), a provider of check imaging products
and services for community financial institutions, has launched ePosit,[Edit long description of ePosit system deleted ....Edit]”
I dropped off a deposit at the UPS Store today, and they gave me a new envelope with a tracking number and barcode.
http://www.quickposttracking.com/
Neat-o!
They’ve just discontinued Quickpost - right after they’ve worked all the bugs out. Nice work!
[...] November 18, 2006NetBank Ends QuickPost I wrote earlier about NetBank’s QuickPost service and problems that I had in using the service. QuickPost is a service provided by Financial Technologies, Inc, a wholly owned subsidary of NetBank. [...]