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.
So far I've had a really positive experience with Bank Purely. I love that there are no minimums on the accounts and no fees. Also, the fact that they have really good interest rates on checking accounts is unheard of from my personal research. When I was shopping around for an online only bank, these were the main things that really stood out as a game changer for me. They also told me that they plant a tree with every checking account that is opened, and I absolutely love that idea. It seemed like the sustainable bank for me. I was worried about not having access to my money with an online only bank but finding their ATM's has not been a problem at all. Wherever I am, there seems to be an ATM nearby which is very convenient.
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.
I already jumped through all the hoops to open Savings account with BankPurely about a year ago and just last night filled out the online app for the 2.25% money market. The bank send me a email that they can't confirm my identity and requested me to send them copies of my drivers license, utility bill, credit info etc. I called them and told them, I already have a account in good standing and wish to open a new account to take advantage of the higher rate. I don't think it is necessary for me to to jump through the same hoops in their archaic system if nothing has changed and I am a existing customer in good standing. They said they would get back to me. I have yet to hear back. I don't feel optimistic about it.
If you're like me, you have a busy life and want the necessary and not so fun parts of life to be quick and easy. With BankPurely, I've been able to meet all of my banking needs online and mostly hassle-free. I was skeptical about an online-only Bank and checking account at first, but opening an account was easy and I've had no troubles since. There's not much else I could ask for with a savings and checking account and with helpful customer service available when I need it. I've only had to contact customer service once and the guy that talked to me was extremely nice and genuinely sounded like he wanted to help me. My only complain is the fees, but you can't get around fees with any bank.
|FDIC Certificate #||58564|
|Return on Assets - YTD||1.01%|
|Return on Equity - YTD||9.68%|
|Annual Interest Income||$72.4MM|
|Assets and Liabilities|
|Assets||Q1 2022vs Q1 2021||$8.17B$8.16B|
|Loans||Q1 2022vs Q1 2021||$6.57B$6.70B|
|Deposits||Q1 2022vs Q1 2021||$6.47B$6.42B|
|Equity Capital||Q1 2022vs Q1 2021||$840.6MM$753.7MM|
|Loan Loss Allowance||Q1 2022vs Q1 2021||$37.4MM$45.1MM|
|Unbacked Noncurrent Loans||Q1 2022vs Q1 2021||$16.2MM$22.5MM|
|Real Estate Owned||Q1 2022vs Q1 2021||$0$0|
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