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.
Could open account on app, so tried on a desktop.
Not an easy process.
Need to take 1) photo of yourself 2) front of ID 3) back of ID and 4) yourself with ID
After you upload all of those, it doesn't like the quality of your photos,
but you don't know which one, so you have to do all of them over.
Then after waiting for processing you get
"Based on an eligibility check, we can't create an account for you just yet."
|FDIC Certificate #||58410|
|Return on Assets - YTD||0.42%|
|Return on Equity - YTD||7.17%|
|Annual Interest Income||$114.1MM|
|Assets and Liabilities|
|Assets||Q2 2020vs Q2 2019||$9.91B$1.91B|
|Loans||Q2 2020vs Q2 2019||$8.03B$1.38B|
|Deposits||Q2 2020vs Q2 2019||$3.04B$1.57B|
|Equity Capital||Q2 2020vs Q2 2019||$345.6MM$224.9MM|
|Loan Loss Allowance||Q2 2020vs Q2 2019||$61.8MM$28.7MM|
|Unbacked Noncurrent Loans||Q2 2020vs Q2 2019||$9.2MM$4.4MM|
|Real Estate Owned||Q2 2020vs Q2 2019||$0$0|
Affirm is an Internet only bank and does not have branch locations. Its headquarters is located at 650 California Street - San Francisco, CA 94108