Impressed (fasely) by an avertisement eloan presented on Google, I tried to open a saving account with eloan. But it proved to be a disaster and I was ripoff!
(1) Unlike other banks, eloan's website has many secrect questions other than password and username you should remember. Well, that is find if you could take the trouble to recall all of those questions to get your money transfer back to the account you link with.
(2) They take money right away from your bank without any paperwork or written communication to costumers. After I realize this, I called eloan 10 minutes after openning an online account with them and requested for a stop on the transaction. The telephone rep told me to send a "secured message" in order for this to be done.
(3) So, I sent not just one but two "secured messages" to the company. There was no response from them for 2 days. At the beginning, I thought they just don't bother to care a customer who don't want to do business with them and thought the account would be closed. But two days later, my bank called me that eloan is trying to get money from my account. And I have to stop the payment and paid the fees.
(4) The bank told me I would better off to close the account or they will keep doing that! My God! As a lender to ELOAN, YES a LENDER to ELOAN, I got ripoff and I would imagine how they rip off other people if they were borrowing money from them!
(5) After reading eloan's "customer agreement" and FAQ carefully and checking with FDIC's web site, I found out eloan by itself is NOT FDIC insured.instead eloan's parent company is insured by FDIC. But eloan doesn't send account statement to customers. If eloan goes out of business or eloan's website is gone forever, even the money one puts in is insured (NOT by eloan but by its parent company & quote from FDIC's people), a saver might take forever to get their money back!
Openning a saving/CD with eloan proved to be a losing deal!
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