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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
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.
DO NOT BANK WITH AFFIRM!!
I have been dealing with online banking for years now and transferring my money from one to another depending on the interest rate being offered. I had an Affirm account already but they had raised their interest rate on their Savings account so I transferred more money over to my Savings account.
They have since FROZEN my account basically treating me like a criminal, like I have illegal funds. I have called over the past two weeks and still get the answer that they are reviewing and will respoond within 3-5 days. I am Furious that I cannot access my own money! Do NOT BANK with them if you want the freedom to do what you want with your money,
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58410 |
| Year Established | 2008 |
| Employees | 855 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.17% |
| Return on Equity - YTD | 24.77% |
| Annual Interest Income | $280.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $8.55B$14.32B |
| Loans | Q2 2022vs Q2 2021 | $7.17B$13.43B |
| Deposits | Q2 2022vs Q2 2021 | $4.63B$3.48B |
| Equity Capital | Q2 2022vs Q2 2021 | $815.4MM$527.5MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $56.3MM$33.1MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $17.4MM$9.3MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |