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1-855-55BANK5
79 North Main Street
Fall River, MA 02720

Bank5 Connect is headquartered in Fall River and is the 40th largest bank in the state of Massachusetts. It is also the 898th largest bank in the nation. It was established in 1855 and as of December of 2013, it had grown to 182 employees at 13 locations. Bank5 Connect's money market rates are 2X the national average, and it has a B+ health rating.

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Reviews (3)

Disappointing

I had high hopes for this new internet bank but it turned out to be pretty much a disaster. I opened the savings account online, transferring the money from another bank and that went fairly well. I received an email telling me how to log on to my account online. It didn't work. Contacted CSR through online chat and was informed the account was not even set up yet and the email I was sent was in error. Got that straightened out eventually and was able to log in.

I received a letter in regular mail from Bank5 referring me to an enclosed packet of information. There was nothing in the envelope except the letter telling me there were other things enclosed.

Transferred more money into the savings account with the intention of opening a 2 year investment CD. Logged into my account, clicked on the Open New Account link which took me to another page to open the account. When I got to the page to select the CD I wanted to open, it was not even listed as a choice.

Contacted CSR through online chat and she had no idea how to help me. She could not assist me in opening the CD and could not tell me why the one I wanted was not listed as a choice.

Contacted CSR through phone support and after being put on hold a couple of times I was told that the open account link inside my account was not pointing to the correct page and if I wanted to open the 2 year investment CD, I needed to log out of my account and open it through the home page. Of course, that defeats the whole purpose of opening it while you are logged in so you would not have to enter all your personal information again and verify who you are again.

So, I tried to open the CD through the home page. I entered all of my personal information again and answered all the verification questions again. When I got to the page to fund the CD and entered the info for my Bank5 Connect savings account, it could not be verified and wanted to do the trial deposits again. Bank5 Connect's own CD application software could not verify one of their own accounts.

I called the CSR yet again and was told that she could not see that I had even started an application even though I was on the last step to complete it. I was advised to close the application window and she would talk me through it all again. That is when I just gave up. By then, I was growing very concerned that I had put all of my personal information out in cyberworld and Bank5 could not even tell me where it was.

I am hoping that the application I filled out was deleted when I closed the application window but I have my doubts. Since it was never funded and the CSR said she could not find it, hopefully it is not floating around somewhere for someone to find.

I gave up the idea of opening the CD at all. I am going to transfer the money I have in the savings account back to where it came from and then close the savings account and hope for the best. I have very serious concerns about the security of this bank's processes.

A total waste of about 5 hours of my time. I just hope time is all I did waste.

Account Opening Challenges

(Note: Subsequent update to this review posted in comments section underneath the review)

I tried opening an account online and received the following message:

"We apologize for the inconvenience, but there is a problem with the accuracy of the information you provided.

In order to provide the highest levels of security around your personal information, we cannot proceed with the account opening process.

If you have questions please contact us using the information below:

Phone: 855-55-BANK5
Email: customerservice@bankfive.com"

I provided accurate information on the application so it was bizarre to get this message. When I called the customer service number, the representative told me bluntly that I would get a letter in the mail telling me why I was denied an account and that there was nothing that he or I could do to reverse the decision!

I was shocked at this as I am a public servant with unimpeachable credentials and I have never been denied credit or an account before. I suppose it's better that I wasn't able to open an account as the customer service was appalling.

Can't Initiate External Transfers From Connect Savings

After I established the account I learned that you can't initiate an external transfer from the Connect Savings account. If you want to transfer funds to/from the account you have to initiate it from the other institution.

Their checking accounts DO allow you to initiate an external transfer.



Health

Data for Q4 2013

Institution Health

B+

Texas Ratio

GRADE:
A

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Bank5 Connect had $7.38 million in non-current loans and owned real-estate with $80.86 million in equity and loan loss allowances on hand to cover it. This gives Bank5 Connect a Texas Ratio of 9.12% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Bank5 Connect experienced no significant changes from 7.00% as of December 31, 2012 to 9.12% as of December 31, 2013, resulting in a negative change of 30.28%. This indicates that the balance sheet and financial strength for Bank5 Connect has had no significant changes in recent periods.

Deposit Growth

GRADE:
A

In the past year, Bank5 Connect has increased its total deposits by $25.17 million, resulting in 4.08% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Bank5 Connect has shown is excellent.

Capitalization

GRADE:
B+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Bank5 Connect has $749.32 million in assets with $80.86 million in equity, resulting in a capitalization level of 10.79%, which is above average.

Institution Statistics

Overall
FDIC Certificate #23286
Year Established1855
Employees182
Primary RegulatorFDIC
Assets and Liabilities
Assets$749.32 million
Loans$500.05 million
Deposits$641.88 million
Equity Capital$75.02 million
Loan Loss Allowance$5.85 million
Unbacked Noncurrent Loans$6.65 million
Real Estate Owned$729,000
Historic Data - December 2012
Assets$720.51 million
Equity Capital$72.04 million
Loan Loss Allowance$6.80 million
Unbacked Noncurrent Loans$6.65 million
Real Estate Owned$950,000
Profit Margin - Quarterly
Net Interest Margin3.6%
Return on Assets0.5%
Return on Equity5.05%
Interest Income$28.04 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Bank5 Connect, we are a rate comparison website and can not provide official rates or promotions.

Bank5 Connect Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.90%$100-Bank5 Connect Savings

Bank5 Connect Money Market Rates

DetailsAPYMINMAXPRODUCT
0.90%$100-Bank5 Connect Savings

Bank5 Connect Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.76%$100-Bank5 Connect Checking

Bank5 Connect CD Rates

DetailsAPYMINMAXPRODUCT
1.30%$500-3 Year Connect Roll-Up CD
1.20%$500-24 Month Investment Connect CD
1.05%$500-18 Month Connect CD
1.00%$500-12 Month Connect CD
0.85%$500-6 Month Connect CD
Locations

Bank5 Connect is an Internet only bank and does not have branch locations. Its headquarters is located at 79 North Main Street - Fall River, MA 02720