Savings Account Online Guide

Helping you get the most out of your Online Savings Accounts!





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How Does Customer Support Work With Online Banks?

How Do Online Savings Accounts Work? Menu
  1. What is an Online Savings Account?
  2. Online Savings Accounts vs. Traditional Savings Accounts
  3. What's the Difference between a Money Market Account and an Savings Account Online?
  4. Why do Online Savings Accounts Offer Better Rates?
  5. 10 Easy Tips for Choosing an Online Bank
  6. What is the difference between stating the rate as APY vs. APR?
  7. What is a Minimum?
  8. How Much Money Should I Have In A Savings Account?
  9. How To Signup For An Online Savings Account
  10. How To Manage Your Online Savings Account
  11. How Does The Fed Rate Affect All Other Rates?
  12. When Should I Switch My Money To CD?
  13. Setting Up Online Bill Pay
  14. Using An Online Bank Without Ever Going Online
  15. How Does FDIC Insurance Work With Online Banking?
  16. How Do I Make Deposits To My Savings Account Online?
  17. How Do I Make Withdrawals?
  18. Are There Any Online Banking Fees?
  19. Can I Access My Money Through An ATM?
  20. How Does Customer Support Work With Online Banks?
  21. What Does Completely Online Mean?
  22. How Do I Create a Savings Plan For Myself?

Most banks offer you email, live chat, and phone support for customers. Honestly, this is something you should worry about. These people have your money, you should get answers to anything you want to know quickly.

If you are in a hurry, email support is the biggest joke in the world as far as online banking goes. I have tried using email support many times in the past. It usually takes 48 hour to receive a response and it's obvious that English is not the primary language of the people responding to the emails. Which in turn means that it takes 2-3 emails for them to understand exact what you are asking of them. A week to get an answer to a simple question. I wouldn't even bother using email support. I do have to say I did have a pleasant email support experience with ING direct.

Live chat is nice for a quick question. In many cases, you receive a response much quicker than on the phone. If you need to discuss confidental information like your account number, logins, and/or passwords; I would hit the phone. While some banks offer secure chats, they require you to install software on your computer in most cases. If I have to download and install something it takes just as long to wait on the phone. Plus, I will not have another program hogging computer resources from my computer.

The phone is the main stay for support. I find 2 main ways to evaulate the level of support you get over the phone. I cover it in two questions:

1. Wait time to Answer Time- How long does it take for them to give you a solid answer to your question after you picked up and dialed the phone? In most cases anything under 10 minutes is pretty good. Under 5 minutes is fantastic!

2. When you finally get someone on the phone are there constant pauses? This means they are being trained or are not knowledgable enough to answer the question themselves. When I call someone, I want that person to be a know it all. It makes me feel good about it.



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