Straightforward Opening And Funding Account
This last week I opened and funded a savings account with Bask Bank. Opening the account was quick and easy. There was no requirement to provide a copy of a drivers license, or a utility bill to confirm my identity. Instead there were four multiple choice questions to answer. In less than 5 minutes the application was completed and approved. Like too many other banks, Bask Bank's ACH transfers are low and slow. So as with similar banks, I used an external bank (my 'hub' bank maintained for this specific purpose) to originate a six figure deposit. That bank transferred the sum overnight via ACH, and the next day the funds were available and earning interest in my Bask Bank account. Bask Bank also has a mobile app so that it can be accessed and used on a smart phone.
Excellent Experience
Opened account in less then five minutes so easy to open account and seems easy to use so I am going fund from outside bank into this new account due to transaction amount limits & slow ACH times...
Zzzzzzzzzz...
Wow, does it ever take a long time for your funds to become available! As soon as I can get my money transferred out, I'm gone. In this day, and for an "internet bank" it's a joke that it takes this long after a transfer for the funds to become available. Save yourself the frustration and bank somewhere else.
Longer Than Normal Waiting Period For Deposit Availability
Website says 5 days before deposited funds will be available. My first deposit Jan. 30….called on Feb 7 to inquire why account didn’t show funds available. Was told wasn’t processed until Jan 31….also they don’t count weekends as DAYS, even considering they are an Internet Only Bank.
Not the best way to start a new account.
Data as of Q1 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34383 |
| Year Established | 1997 |
| Employees | 1902 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.52% |
| Return on Equity - YTD | 5.6% |
| Annual Interest Income | $208.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $31.08B$40.04B |
| Loans | Q1 2022vs Q1 2021 | $21.47B$24.33B |
| Deposits | Q1 2022vs Q1 2021 | $25.81B$33.73B |
| Equity Capital | Q1 2022vs Q1 2021 | $3.03B$2.92B |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $211.2MM$242.5MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $65.2MM$104.1MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$0 |