Revised: Hey Kids! Let's Build An App And Call It A Bank!
Edited: After 1 month, I had given them 4 stars based on early direct deposit, 2 percent back on debit card swipes and competitive savings rate.
But then I got locked out of the app when I switched to a new phone and that is when trouble started. Absolutely no live human support (hey, if you get your debit card stolen or victim of fraud -- wait until they get back from Starbucks and they may answer your email).
They tell you to go to support in the app to request help. Um, you locked me out of the app. Ok, email Michael a closeup picture of your driver's license AND a selfie/hostage picture of you HOLDING your driver's license. Never mind that email is the least secure form of electronic communication. "That's the way we do it".
After sending in my hostage pics, I had to wait 4 hours for them to send me a security code to get back in via text... except I never got it... then I got like 6 in a row and I didn't know which one I had to use.
Basically, it took me an entire afternoon of emailing back and forth and trying the different crap they wanted me to try in order to get access again.
Then they dropped the 2 percent cash back for swipes.
Direct deposits started coming in later than my other bank.
The the fed dropped the interest rate so they are following suit and dropping their interest rate on savings.
At this point, I had 1 buck left in my accounts. I tried to transfer it out to my real bank with a real IT department and real humans. But, of course, the app wouldn't work.
I emailed them and told them just to close my account -- and they could keep my buck! Funny, when I wanted to close my account, I heard right back from at least 2 people asking me why and telling me it wasn't their fault about the interest rates -- it was the evil FED!
Empower seemed like a good idea but it lacks professionalism. It's like a bunch of high school kids got together and built and online banking app and then hung out a shingle. They definitely are not ready for primetime.
Data as of Q4 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 1299 |
| Year Established | 1925 |
| Employees | 334 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.97% |
| Return on Equity - YTD | 10.78% |
| Annual Interest Income | $24.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $451.3MM$473.2MM |
| Loans | Q4 2019vs Q4 2018 | $382.9MM$390.4MM |
| Deposits | Q4 2019vs Q4 2018 | $373.6MM$383.8MM |
| Equity Capital | Q4 2019vs Q4 2018 | $45.6MM$42.3MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $6.3MM$6.2MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $3.0MM$3.0MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $666.00K$2.3MM |