BankPurely is an online division, along with iGObanking, of Flushing Bank. In fact, BankPurely depends upon the banking technology of iGObanking.com and BankPurely accounts are visible on iGObanking’s online banking platform. All three banks – BankPurely, iGObanking, and Flushing Bank – are insured as one financial institution by the Federal Deposit Insurance Corporation (FDIC).
At the time of this writing, BankPurely offers two personal banking products: a savings account and a checking account. Both accounts are interest-bearing, featuring no monthly fees or minimum balance requirements. BankPurely also offers its customers quick, easy, and secure access to their funds through ATM access, online and mobile banking options, and mobile check deposit. A debit card is also available for the personal checking account.
According to the “Who We Are” page of its website, BankPurely was “specifically crafted for ethical consumers with greater awareness about environmental and social issues.” The bank describes its promotion of paperless bill pay and electronic statements, as well as its lack of branch locations as an online bank, as parts of its commitment to eco-friendliness and the minimization of its carbon footprint. Furthermore, for every subscription to its email newsletter and ever account opened, BankPurely promises to plant a tree.
BankPurely is a fairly new division of Flushing Bank based in NY ("A" rated). To open a BankPurely 1.30% savings account you have to register through the igobanking platform. It turns out they could not verify my identity, so I had to email them a recent utility bill and copies of my Driver's License. After that I was told to wait 5-7 business days to receive a PIN in my snail mail. I have never had so much trouble opening a online bank account before. It's a good rate and hopefully it remains, especially after jumping through all the hoops. I spoke with someone at BankPurely before opening the account and was told that they have a incoming limit of 100K per ACH transfer and outgoing limit of 15K per a ACH transfer and 50K total withdrawal limit per a month, but you can have that raised to 100K one time transfer by emailing them (supposedly they have a 24hr turnover on requests). Also they charge $10 if you close your account within 6 months of opening. They always seem to answer the phone and the customer service people seem knowledgeable. I was told by numerous customer service reps that this is not a promotional rate as far as they knew. We will see how things progress once the account is open and funded. I do see the transfer limits as a negative for someone who needs to move large funds around on a regular basis, but these limitations could be circumvented by doing a push or pull from a external bank without limits I suppose.
I have had my Bank Purely account open for a couple weeks now. Overall the experience has been good with some minor hiccups. I had trouble pulling money into the account because the transfer limit was 2K. I had to call to get it increased, but it kept defaulting back to 2K the next day. The customer service people are helpful and answer the phone each time. I am not a big fan of the website interface. It is adequate but there are a lot of features hidden in little tabs and buttons. It is not as intuitive as it could be. Overall my Bank Purely experience has been ok, but the basic functionality is not as simple and fast as other competitive online banks. I still give them 4 stars because of the current high rate and good customer service. They would get 5 if it wasn't for the sub-par website.
Bank Purely is a scam. Worst experience I have ever had simply trying to open the account. It's the old switch and bait scam. You are constantly being redirected to iGObanking were the APR is lower than they advertise about Bank. Problems from day one. Had to send copy of drivers license because after spend time setting up the account they said the could not verify my ID. Called customer service line 1-888-432-5890 and was not directed to anyone but one long sales pitch of products, DON'T waste your time.
Not impressed with this one at all. Account opening takes way too long. They actually send you a PIN in the physical mail in order for you to gain access to your account. That seems very old school and not at all user friendly. They already pull your credit report so why can't that serve for address validation? I don't really get them. Nice interest rate, but that's about it. Other online savings banks do it much better.
Let's face it; what's really going on here is that iGObanking / Flushing Bank is trying to collect other deposits without having to raise the interest rate for the savings account of their existing LOYAL customers with iGObanking accounts (well, maybe not so loyal after this stunt).
This is great, they come up with this bogus third banking entity that touts itself as having a "minimal carbon footprint" and then they make you wait to gain access to your account by sending out a piece of paper of all things with a PIN for your access. Seriously? This is carbon friendly? What it is is pretty ironic in that most other online banks send you an email for initial access, which means the competition is actually more carbon friendly. They are slow and backwards. The whole thing is ridiculous.
And they say they are going to plant a tree? OK. Maybe I'll ask them to take a picture and send it to me. That will probably have to come in the regular mail too.
I tried to open an account online and it's three days later and nothing. i received an email saying that they would contact me shortly, but nothing. I called customer service, and again nothing. They must work one day a week. For slightly less interest I can bank with Purepoint where I was able to open the account the same day and start earning interest. Maybe this bank should be called "Purely Nothing".
Bank Purely has an unusual system that is required to login to a new account. They require that you wait 5 business days to receive a PIN in the mail. Therefore, your money is on deposit but you cannot view it online. This does not sit well with me. If they have my money, I want to see it online immediately.
Also, when I called to talk to a representative, they do not give you the option to wait on hold. They require that you leave a message and they will return your call. I have been waiting an hour and still no call. This is UNACCEPTABLE.
As of now I give their customer service the lowest rating possible.
|FDIC Certificate #||58564|
|Return on Assets - YTD||0.88%|
|Return on Equity - YTD||8.76%|
|Annual Interest Income||$58.4MM|
|Assets and Liabilities|
|Assets||Q1 2017vs Q1 2016||$6.24B$5.82B|
|Loans||Q1 2017vs Q1 2016||$4.95B$4.44B|
|Deposits||Q1 2017vs Q1 2016||$4.43B$4.07B|
|Equity Capital||Q1 2017vs Q1 2016||$622.6MM$513.3MM|
|Loan Loss Allowance||Q1 2017vs Q1 2016||$22.2MM$22.0MM|
|Unbacked Noncurrent Loans||Q1 2017vs Q1 2016||$18.8MM$25.2MM|
|Real Estate Owned||Q1 2017vs Q1 2016||$0$4.6MM|
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BankPurely is an Internet only bank and does not have branch locations. Its headquarters is located at 260E Rxr Plaza - Uniondale, NY 11556