Deposits held and insured by Cross River Bank

Overview / Commentary
650 California Street
San Francisco, CA 94108
Deposits held and insured by Cross River Bank

Actually Very Easy To Open

I was a little concerned with the lack of reviews on Affirm. I went ahead and gave them a try anyway because of the decent APY. Opening an account was actually very easy, but it has to be done in the app since there is no web access. The app functions wonderfully. Transfers seem to move very quickly when pushed from an external account to Affirm. Linking within the Affirm app was accomplished with Plaid (owned by Visa), with an option for micro deposits for institutions that don't have Plaid functionality yet. Another concern I had was that since Affirm is a credit/micro loan provider that they would do a hard pull for me to sign up. I was pleasantly surprised that there was no hard pull for sign up. Overall I am happy with Affirm and Cross River Bank so far. If you don't mind using the app only, don't hesitate.

Decent Enough Experience, A Couple Of Caveats

Opened account easily, funded by providing external account info at opening. Accounts at most external banks can be linked instantaneously via remote login; some smaller banks require the trial deposit verification method. ACH transfers are completed quickly, sometimes same day.

A couple of limitations to watch out for:

1. There is a (daily?) ACH limit of $25k on withdrawals and on deposits, when initiated from Affirm; don't know if this can be changed

2. ACH deposits can be scheduled to take place weekly or monthly, but all ACH withdrawals are processed immediately

Can't Access Account From A Computer. Not Safe. Not Private

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You are not able to view your savings account on a computer or do anything with it. No login and password to link the account from another bank with. Am I missing something? No functionality, no website. They just want you to only deposit your money in the app so they get you to shop and take loans out for shopping. No transfer option on their end, and good luck getting your money out and efficiently.
You can only login from the app with a passcode, which is not safe. Anyone around you can access your phone and you can lose your phone with the app on it. It doesn't even immediately require the passcode when you exit the app. I don't want to keep the app on my phone so anyone can see what account I have with Affirm. And, since you can't just go to their website to login and close the tab, the alternative of deleting the app after every use is not practical.

Send Them Money, You'll Never Get It Back

Obviously a scam, you'll never get your money back once they have it! I've been trying to close my account since November  They will not let me transfer the balance in my account out unless it's to the account used to fund their account.  Who would keep an outside savings account open after moving the funds to a new account?  All attempts are a complete runaround and wear you out till you give up.  After failing multiple times since November by chat, or phone, filed email complaint on 1/25/23.  Diego P responded saying they'd resolve in 3-5 days and  "they are forwarding to the appropriate department"  What is that exactly?  Hearing nothing for 13 days, I responded to email only to have Antonio respond the request can only be handled by phone.  Most calls require you to enter numerous security codes sent to your phone and shuffle you between departments and personnel until you give up or they drop you.  For example, on 2/13/2023, called them entered my relevant phone, address, name, TWO security codes at different points then they hung up on me.  Called back, same chase, eventually got Kris in the "Account Closure" department I guess, she was "unable to close the account until the Savings department sent my funds", enter Hannah in the Savings Dep't.  Again verify my name, phone, address, hold 10 minutes, advises "she can't help and must escalate to higher department".  I asked repeatedly what that "higher department" was only to be told "customer satisfaction" and later that she was "looking for a manager", another 20 minutes on hold.  Hannah passes me to MaryElla claiming to be a manager who after I explain again, tells me she can't give me my funds, I need to do it myself via their website.  I explain AGAIN, how their website won't allow it telling me to call...after warning me that she will hang up if I raise my voice, no cursing or threats, just loud, back on hold another 24 minutes.  She returned to tell me she can't help me and took me on-line where I had to demonstrate that their system won't allow me to withdraw my funds.  Again tells me she will "escalate to the proper department" and when i pressed for timing again heard "3-5 days"



Data as of Q4 2023

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.
Learn why bank health matters

Health Grade Components

FDIC Certificate #58410
Year Established2008
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD-0.11%
Return on Equity - YTD-0.94%
Annual Interest Income$715.7MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$8.73B$9.14B
LoansQ4 2023vs Q4 2022$6.12B$7.17B
DepositsQ4 2023vs Q4 2022$6.73B$5.72B
Equity CapitalQ4 2023vs Q4 2022$1.02B$1.05B
Loan Loss AllowanceQ4 2023vs Q4 2022$106.9MM$80.5MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$128.7MM$22.5MM
Real Estate OwnedQ4 2023vs Q4 2022$0$0
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Affirm Savings Account Rates

4.35%--Affirm Savings

Affirm is an Internet only bank and does not have branch locations. Its headquarters is located at 650 California Street - San Francisco, CA 94108

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