Brilliant Bank
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Great Bank
I open a money market account in February great decision great rates awesome customer service always able to reach them on the phone when I have a question better than my local bank .
Impressed With This Bank Right Now
I've been really satisfied, and even impressed with my experience at Brilliant. So much so I feel almost compelled to write a review here. All experiences and interactions vary depending on many factors including specific CSR contacted, one's expectations, what the account is being used for, amount of time using the bank, website glitches, etc...This is one person's experience that spans a few months and includes the onboarding and funds transfer process.
Brilliant seems to be rarely mentioned in the interest rate lists online from different websites. I found them, thanks to DA, was attracted by the 3%+ rate at the time so I called to ask questions. I always feel better talking to a person at a online institution before I move funds. I decided to open a Money Market.
Application was done online (not opened with a person on the phone) and took 10 minutes at most, was simple and asked the usual questions. Approved in 2 days.
Account set up and verification using trial deposits (not Plaid, which I like) was smooth and took the usual 3 days. Viewing my account on the website is clear and simple. It's a basic layout, easy to navigate and very streamlined. No frills needed.
Initial funding was pushed from outside institution without issue. Later, I downloaded the App to mobile deposit a check. App is the same as the website. Easy to use and made it simple to use the check image deposit feature. Check cleared with no issue and was showing in account the next day. My understanding is that even if it's not included in 'Available Balance' for a couple of days (if over $1k), it is still included in the balance to receive the compounded interest.
Each time I've called Brilliant I have never been on hold for more that 1 minute. There is no pre recording: "For Account information, press 1" which I find so refreshing because navigating that human job eliminating system with the usual banks frustrates me to no end. The CSRs have always been super friendly, knowledgeable, and patient with me. Maybe it's luck of the draw but I recently called because I was looking on the website for tax docs. I didn't see them and decided to call jto inquire as to when the docs will be available - On a Saturday. Spoke to a human in 30 seconds and he said they should be available soon AND will email me personally when they're ready for download. WHAT? I've never experienced above & beyond customer service like this from any banking institution. ALSO, he volunteered the new rate increase information and assured me my account will reflect the increase Monday. I was over the moon.
I did ding 2 stars for the 'Reasonable Fees' section as I also find the transfer limits out of the bank a bit constraining, but it isn't much different than other banks and I'm using the account to earn interest on funds, not as a HUB and the availability of paper checks is a easy work-around. I'll update my review, if the need arises as the months/years go by, but so far... WOW! I'm extremely happy with my decision because my experience has been stellar and it's good feeling searching for HYSA rates and consistently seeing my choice as a rate leader.
Brilliant Bank? More Like Backwards Bank
I've had a lot of bank accounts and so far this is the only one that charges a fee to make a simple ACH transfer.
No Wires Out Only External Initiated Achs >5K
Just spoke with a CSR manager. Can take wires in but cant send wires out. Internally initiated ACHs limited to 5k per day and month.
No limit on externally initiated achs
Hotel California rules of money transfer I guess
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 25858 |
| Year Established | 1985 |
| Employees | 689 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.36% |
| Return on Equity - YTD | 13% |
| Annual Interest Income | $86.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $5.00B$4.27B |
| Loans | Q2 2022vs Q2 2021 | $3.18B$2.77B |
| Deposits | Q2 2022vs Q2 2021 | $4.32B$3.71B |
| Equity Capital | Q2 2022vs Q2 2021 | $494.4MM$468.9MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $48.2MM$51.8MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $16.3MM$56.9MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $13.0MM$10.9MM |