Good Bank (Need More Chars)
I've been a customer since 2012 and haven't had any problems. Customer service via chat is always super-helpful and fast.
Nationwide/Axos
As a Nationwide Bank CD holder I didn't have any trouble getting my account set up at the time Nationwide was transferred to Axos Bank (referred to as Nationwide Bank as powered by Axos Bank), and I found the account dashboard to be much improved. When my CD matured, I checked Axos Bank rates which are much lower than other banks, so I closed it. What I didn't realize is there are a different set of rates for what is still called Nationwide Bank powered by Axos Bank than there are for Axos Bank, and much better rates at that. Had I known, I would have kept the CD there. And it looks like one can still open a CD under Nationwide/Axos Bank and get the better rates than what Axos Bank offers. Confusing.
Nonprofit Business Checking And Money Market
Originally opened the account under Bank of internet. They apparently changed the account terms on us, but never informed us and never sent the updated disclosure. After 2 years of contesting erroneous bank fees on mobile deposits, I was finally sent the "new" Axos disclosure, dated from 2018, (um, hello, why the heck was I never sent this?) where it states in fine print on p 33 that mobile deposits are considered 2 items, not one. So if you signed up thinking that you would have 50 free transactions per month, you're really only getting 25 if you do all deposits. Oh, and there's NO OTHER WAY TO DEPOSIT THOSE CHECKS. Now I need to take this new information to our board and decide whether we're keeping the accounts. The interest on our accounts has been great, but you pay for it in the amount of time you spend with customer service trying to get things fixed.
Axos - Avoid Like The Plague
Believe the bad reviews.
When Axos bought Nationwide Bank in 2018 competence plummeted along with renewal interest rates. As my CDs mature I've been transferring them to banks with far better interest rates. I've transferred CDs from local banks, online banks, credit unions and this is by far the worst bank I've ever dealt with. Generally transfers of CD funds from one institution to another are easy. With all paperwork properly completed and forwarded by the day of an IRA CD's maturity I expected a timely transfer. After no response the receiving institution faxed the paperwork AGAIN. Still no response. After 3 weeks of this nonsense I was told by an Axos agent that yet another form was required by Axos. I immediately emailed the form they requested (after telling the agent it didn't seem like an appropriate form for my IRA CD transfer) then told oops! wrong form, not needed after all. Multiple phone calls, emails later I was then told NO forms had ever been received to initiate the transfer. I then had the receiving institution a fax a THIRD copy of the paperwork. Finally, Axos said they received the paperwork and would send the funds. I have zero confidence this will happen. If you want your $ held hostage to their incompetence sign up today!
Data as of Q4 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35546 |
| Year Established | 2000 |
| Employees | 1031 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.78% |
| Return on Equity - YTD | 18.71% |
| Annual Interest Income | $594.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $11.55B$9.80B |
| Loans | Q4 2019vs Q4 2018 | $10.12B$9.04B |
| Deposits | Q4 2019vs Q4 2018 | $10.15B$8.42B |
| Equity Capital | Q4 2019vs Q4 2018 | $1.06B$955.6MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $59.3MM$53.7MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $52.2MM$43.0MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $7.4MM$8.5MM |