Very Easy Account Creation Process
I signed up for an account and the signup process was exactly as described by enduser above. No documentation was required. I was also completely verified by the security questions asked during the account creation process. You have to go slow since there is one page where they provide you with your account number and you can roll right over it if you are not looking for it. You will need your account number to create the logon and also to link an external account when pushing funds to this FI.
Easy Opening Process & CSR Access
I just opened a new savings account at this financial institution (FI). The opening process was easy, fast, and painless. I did not have to provide any type of documentation. I was completely vetted by the security questions asked during the signup process.
Since I'm a rate chaser, I needed to know that there are no monetary limitations or loopholes set in place by the FI to trap my funds there for any period of time if I decide to withdraw funds or close the account for whatever the reason.
The CSR answered the telephone quickly, spoke fluent English, answered all my questions in great detail that I could not find answers for, and clarified those that I needed to reaffirm. Below are the answers to those questions that I asked:
1. No fees if you wish to close the account prior to a specific time period. Account can be closed at any time as long as it is in good standing.
2. Accrued interest will be paid if the account is closed through the date of closure. (See also #5 below)
3. Interest compounds daily and is paid monthly on each statement cycle.
4. No ACH limits for PUSH/PULLS initiated from external source(s).
5. No low balance fee if balance drops below the $25.00 opening deposit, however no interest will be earned/credited while the balance is below the $25.00 threshold for those specific days, not the entire statement cycle.
6. Account is considered inactive when no deposits or withdrawals are being made for a period of one (1) year. Account will then become dormant, and will be considered abandoned. A $20.00 account processing fee will be charged to your account before the funds are escheated to the state.
Be Careful. Write Down The Account Number After Opening The Account Online.
I didn't have any problems when opening savings account with Sterling. Sterling sent 2 small deposits to my checking account at another bank. The verification process completed after 2 business days. I requested an ACH transfer of 10K after the external account was verified. Everything went well until I requested an ACH transfer of very large amount of money to my account at Sterling. Money was taken from my external account. My account was suspended after 2 days the money was withdrawn my external account, and Sterling customer service representative tried to reach out to me via phone. They left a message on my phone. I called Sterling the following day and talked with B. He asked me the account number at Sterling. I told him I couldn't give him the account number because online access was suspended and didn't receive the first statement yet. I asked B he could search for my account number based on info I gave him. I would give him all information so he could verify my identity and told me why they called me and my online access was suspended. He wasn't helpful at all; he refused to do that. I understood he did that to protect my identity, but I didn't have the account number. I finally remembered I saved the account number right after opening the account. I told B that he could wait for me so I could retrieve the account on my laptop for him. He refused to wait and hang up the phone. I finally got the account number from my laptop. I called Sterling again and provided the account number. They told me they suspected illegal ACH transfer request. I told them they already verified my external account before I could transfer 10K. They demanded me to send in my driver license and external bank account statement so they could restore my account. I sent them the copy of my driver license and bank account statement. What a pain!
Updated Sept 15, 2019:
My account was enabled again after sending my driver license and recent external bank statement via secure email twice. I finally got an email regarding about the availability of the first statement from Sterling. I just downloaded the statement but only saw the last 4 digit of my account on the first statement. Therefore, if you plan to open the savings account with this bank, make sure you write down the account number. If you don't have the account number, there is no way you can talk with customer service representatives. They don't bother to listen to you if you try to explain why you can't give the account number. If you ask to talk with their manager or supervisor, they will say there is nothing to talk to their manager or supervisor.
Ridiculous
Me and my wife wanted to open a joint saving account with Brio Direct. They've collected all our information, social securities, IDs, etc., jobs, all the addresses we lived at, like 5-10 years ago. It was like applying for a credit card. Which is ridiculous. It's us who wanted to give them our money. After lengthy application it said application under review for three business days. What?! After a week we received an email that our application was declined because they were unable to verify our identification. Really?! Have you also needed PIN numbers for all our cards?... Don't bother with this jokers! Now I'm just worried that all our sensitive data is out there with 'organization' that you definitely can't trust.
Prepare To Spend Lots Of Time To Open An Account
Tried to open the account on line. Received a link to enroll into online banking. Well, in order to enroll you need to call to get your account number ( given by phone only after multiple detailed security questions). So after 30 min of phone time, tried to enroll online banking again. The system says” You are not recognized, call customer service”. I don’t know who has so much time to spend on the phone, I don’t. Will not be pursuing the account opening with this bank. FYI they require NOTARIZED beneficiary form mailed, that’s the only way you can add beneficiaries, also withdrawals are limited to 25K per day, 125K per month.
Can't Open Account Online
The online application process is a joke, after asking for sensitive personal information like ssn, drivers license number, and security questionnaires, they're unable to verify you. They sent you an email saying the "Application is Pending Review". Then they will call you and ask for more documentation. My wife is an immigrant, they ask through secure email a copy of her green card. After sending the green card, nothing happened, anyway. I will not waste time with this bank. Not worth the hassle.
Worst Online Banking Experience
Worst online application process ever
Data as of Q2 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 30337 |
| Year Established | 1895 |
| Employees | 1820 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.37% |
| Return on Equity - YTD | 9.25% |
| Annual Interest Income | $611.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $30.18B$31.40B |
| Loans | Q2 2019vs Q2 2018 | $20.29B$20.62B |
| Deposits | Q2 2019vs Q2 2018 | $21.07B$21.21B |
| Equity Capital | Q2 2019vs Q2 2018 | $4.53B$4.46B |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $104.7MM$86.0MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $192.6MM$191.0MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $13.6MM$20.3MM |
Always verify rates and promotions with the bank or credit union. We are not BrioDirect; we are a rate comparison website and cannot provide official rates or promotions.
BrioDirect Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.46% | $25 | - | High-Yield Savings |
BrioDirect CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.50% | $500 | - | High-Rate 12 Month CD | |
| 2.20% | $500 | - | High-Rate 9 Month CD |
BrioDirect is an Internet only bank and does not have branch locations. Its headquarters is located at 400 Rella Boulevard - Montebello, NY 10901