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've got nothing but good things to say about Bank Purely! Although account setup does take a number of days compared to other online banks, Bank Purely doesn't take much longer. If you call them it is possible to get online access quicker then waiting for the code in the mail. They are paying the said interest rates and I've been very happy with both my checking and savings accounts. Very simple online interface and excellent phone support, what more could you ask for in a bank! Supported by the great employees of Flushing Bank. It's a small bank feel, but with fantastic online rates! 1.30% savings! 0.75% checking!
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.
Sure enough, all the bad experiences dealing with this bank that happened to other people happen to me, too.
Bank Purely is powered by igobanking.
I opened a bank purely account using a "bank purely" website, but they said I opened a "igobanking" account using a "igobanking" website. I said it wasn't true. So they said they would need to do a transfer which would take 2 to 3 business days.
Every time I call bank purely, I make sure I tell them I have an account with bank purely and not igobanking, because igobanking has lower rates than bank purely.
I closed the account. I've had enough. I can't take it anymore. All those hurdles and hoops needed just to activate the account. I was very close to make deposit by doing a bank-to-bank transfer, but I couldn't verify the very last verification I needed to do after I went thru all those validations and verifications before.
The whole process took about two weeks, and other banks have higher rates already during this time.
|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|
Always verify rates and promotions with the bank or credit union. We are not BankPurely; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
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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