Deposits held and insured by Webster Bank

Overview / Commentary
1 Jericho Plaza
Jericho, NY 11753
Deposits held and insured by Webster Bank

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Pretty Decent/Good Experience So Far

Posted by: |

I just opened and funded a savings account, and quite honestly had a very acceptable experience and none of the issues of which I've read below.

I thought the application process was very "user friendly" and they promptly verified me and authorized an account. (I actually applaud/like their security measures... protects them and me.)

As to initial funding, I'm not fond of the Plaid System and used ACH transfer. I had them "pull" from one of my accounts and it was a full 5 days to posting... which is the max ACH time limit... but that is OK. One peculiarity is their system does not show "pending or in process"... but that is OK, and they are probably working on their systems.

I subsequently have further funded by "pushing" from my external account, and that was virtually 1 day immediate. One peculiarity is that for one day they will show "available funds" exceeding "deposited funds" ... until they actually post it to the account. That's OK also, I'm not worried about one day interest and probably has to do with integrating their Webster and Brio systems.EDIT UPDATE 7/20 Their final actual posting was entirely 100% correct as to dateing.

As to customer service, I found it pretty darn good. I received an immediate and correct response to my first written inquiry. My second inquiry was not responded to, so I called and immediately got thru to Johanna who understood, was professional and friendly, and promptly forwarded me the beneficiary forms.

I am yet unsure how to verify that my beneficiaries are of bank record. (Important to me for both my estate planning and levels of FDIC insurance). I don't believe they are available on their web site. But I'm pretty confident that their customer service will be able to assist me. EDIT UPDATE 7/20 I subsequently had immediate and excellent response to my request and received the exact verification I needed for my files.

There are NO "curve balls" in their Truth in Savings Disclosure... and I suspect that any operational peculiarities that may exist are just a result of probably being very busy and refining their systems.

I'm happy with Brio to date, and wish them a very successful future.

New Account

there was not any issues creating the account today. It connected to the external WF account using immediate verification. used the secure message to request online form to add beneficiary. I was told only the beneficiary name, birthdate and address are required for it. I stuck with major online banks saving accounts only because of the name and it was less hassle to add beneficiary. But with 80% more interest will transfer all of Discover Bank savings into Brio account after beneficiary is added. Plus the BRIO customer service was very helpful. Tried calling BASK bank for some questions last week about new accounts and now am glad I never got a callback from their crappy bank and opened BRIO account instead.

Website Needs Work But Otherwise Seemed Okay

Started the new application process on June 29 and it is not lightening speed here to get the account totally funded through BRIO DIRECT ACH transfers. However, it 100% funded now in time for the monthly statement. It does irk me that the statement cycle ends on the 15th of month instead of the end of the month like most other banks. The bigger complaint however is that the website has no ability to view the beneficiaries on it. It is a piss poor setup. What evolved was that I had to submit a secure message with basic name/address/occupation info of the person and request that they be added as beneficiary. There were not any specific forms to fill out. It was basically like a text message. There was no response back so I sent a 2nd message to request the bank validate that beneficiary had been added. So then a bank employee sent a message back saying that it was completed. Then I had to copy and paste this trail of messages into an external PDF file and send that to the beneficiary as confirmation. The bank needs to get their act together and update the website to make it similar to other online banks in this regards. However, they do have an interesting feature on the website that allows you to have other people who are not on the account have access to the account information. Never saw that elsewhere. However, I did not have troubles that other people mentioned with communications like phone call responses as the bank always answered the calls or did a call back within like an hour time. It did not cause any grief to submit the required information to get the account opened up. Submit a drivers license # ? Big Deal!

Brio Direct Interest Rate Not Shown Under Account Info

Posted by: |

Very easy to open account. But no answers the phone and I want the current interest rate posted with my account information. They need to take guidance from Marcus and Ally Bank. You open those accounts, and your interest rate is clearly shown. Additionally, since there is virtually no phone or email support, how will I know when rates change. I get email and text notifications from Marcus and Ally. Webster and Brio Direct need to fix this or I will be moving on. There are plenty of offers for higher interest rate online savings to be found. SO GET IT TOGETHER!!! Not that anyone will probably read this from Brio Direct or Webster. Their lack of communication is cause for concern!!!!



Data as of Q1 2022

Data displayed below is for insuring bank: Webster Bank
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Health Grade Components

FDIC Certificate #18221
Year Established1870
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.17%
Return on Equity - YTD1.41%
Annual Interest Income$415.1MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$65.01B$33.30B
LoansQ1 2022vs Q1 2021$42.99B$21.00B
DepositsQ1 2022vs Q1 2021$54.63B$28.80B
Equity CapitalQ1 2022vs Q1 2021$8.72B$3.36B
Loan Loss AllowanceQ1 2022vs Q1 2021$569.4MM$328.4MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$225.8MM$139.6MM
Real Estate OwnedQ1 2022vs Q1 2021$3.1MM$2.3MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

BrioDirect Savings Account Rates

2.15%$25-High-Yield Savings
0.70%--BrioDirect Online Money Market Savings Account

BrioDirect CD Rates

2.45%$500-High-Rate 36 Month CD
2.30%$500-High-Yield 24 Month CD
1.80%$500-Promo High-Yield 12 Month CD
1.35%$500-High-Yield 18 Month CD
0.45%$500-High-Rate 12 Month CD
0.45%$500-High-Rate 30 Month CD
0.45%$500-High-Rate 48 Month CD
0.45%$500-High-Rate 60 Month CD
0.30%$500-High-Rate 9 Month CD
0.25%$500-High-Rate 3 Month CD
0.15%$500-High-Rate 5 Month CD
0.05%$500-High-Rate 30 Day CD

BrioDirect is an Internet only bank and does not have branch locations. Its headquarters is located at 1 Jericho Plaza - Jericho, NY 11753

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