Why I Closed My E-Loan Online Savings Account

11.11.08 | Online Savings Accounts | 1 Comment | by junger

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Yesterday, I closed my E-Loan online savings account.

I'd been thinking about doing it for awhile now, but finally made the request and have moved all of my money to ING Direct.

I've been fed up with E-Loan's need for control, lack of customer service, and crappy introductory rates.

Despite being one of the most promising online savings accounts when it first came out, E-Loan couldn't compete on a customer-friendly level with other online banks.

Not telling your customers when the rate changes is cheap.

Not allowing your customers to move their money to more than one bank every 4 months is controlling.

Not letting new savers get the same rates as those with biggers coffers is discouraging.

Even though they offer a lower rate, ING Direct lets you do whatever you want with your money.

Remember: it's your money. Don't let someone else control it.

That's why I closed my E-Loan account.

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