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.
I was tired of having to drive to banks and wait in lines with tellers/ATMs. So i looked around to see if there was any good online banking options and that's when I stumbled across BankPurely. I was so surprised to find a bank that allows me to have a free checking account with absolutely no monthly fees and no minimum balance required. I did need to have at least $1 minimum in order to create a checking account with BankPurely, but I don't think that anyone can consider that a hurdle of any kind. I was able to get started in less than 5 minutes and I was good to go. Even downloaded their mobile app and checking my account is even more convenient now. Shortly after, I set up my direct deposit for my work paycheck to my BankPurely account for even greater convenience.
I have really been enjoying using Bankpurely. If you haven't heard of them you can sign up on their website very easily. I opened both a checking and savings account about a year ago. Since then I make deposits through the app i downloaded. I can check my statements at any time. Bankpurely also works perfectly with the direct deposit which comes straight out of my work account. I did have an issue with a mistake on my account when a check was deposited for a different amount than written on it. This was handled professionally and quickly once i emailed their customer service department. Overall I have really enjoyed banking with bankpurely.
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 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||0.7%|
|Return on Equity - YTD||6.98%|
|Annual Interest Income||$239.5MM|
|Assets and Liabilities|
|Assets||Q4 2017vs Q4 2016||$6.30B$6.06B|
|Loans||Q4 2017vs Q4 2016||$5.16B$4.81B|
|Deposits||Q4 2017vs Q4 2016||$4.39B$4.22B|
|Equity Capital||Q4 2017vs Q4 2016||$634.1MM$612.4MM|
|Loan Loss Allowance||Q4 2017vs Q4 2016||$20.4MM$22.2MM|
|Unbacked Noncurrent Loans||Q4 2017vs Q4 2016||$24.1MM$20.1MM|
|Real Estate Owned||Q4 2017vs Q4 2016||$0$533.00K|
Rates for BankPurely are currently being reviewed.
BankPurely is an Internet only bank and does not have branch locations. Its headquarters is located at 260E Rxr Plaza - Uniondale, NY 11556