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.
Hold My Savings. Noresponse
Crazy bad experience. I opened saving account and wired $30K. I could not take it back. Customer support said my account is on hold to clarify personal information. I said I am ready to provide it, but they could not help via customer support. No email received. I asked call me back from security department. Each day they say tomorrow, but still no call. They just hold my money and I could not wire it to other account or take it back.
Be careful with with bank. Looks like they don’t have money and put hold on all new accounts. Very bad customer support
NO EXPLANATION Is An Unacceptable Explanation
Before going through application process, I phoned and asked following questions of Morgan:
1. Deposit cap? No, can put $MM into Money Market
2. ACH limits? $1,500/day but phone to get temp increase.
3. App timing? Takes "several days" to process online applications.
I then went through fairly simple online app, used Plaid to link external account and chose to fund for their max $500,000.
To my total surprise/shock I received instant DECLINE to open new account. Phoned and spoke to Christine who could not give ANY reason after reviewing my application. If this is/was a system glitch or they don't trust me, I'm glad that ALL other banks are happy to have me.
Data as of Q4 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58564 |
| Year Established | 2007 |
| Employees | 571 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.2% |
| Return on Equity - YTD | -2.2% |
| Annual Interest Income | $471.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $9.05B$8.54B |
| Loans | Q4 2024vs Q4 2023 | $6.78B$6.87B |
| Deposits | Q4 2024vs Q4 2023 | $7.26B$6.91B |
| Equity Capital | Q4 2024vs Q4 2023 | $883.4MM$799.3MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $40.2MM$40.2MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $30.9MM$22.6MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |