Extra Money
Your service is outstanding. When we ran into a problem and needed more money, it was there for us. Now we have a new HVAC system. Thank you!
I Like The Bank
I really like the bank for it's 0 interest home imporvement loans, but I wish they would send year-end or quarterly statements indicating the outstanding balance. Even if only available electronically.
They only send out payment coupon books (antiquated) and nothing else.
Deliberately Opaque Online Account Services
I obtained a Home Improvement Loan through Enerbank. It was a no-interest loan for 18 months, which was processed quickly which accounts for 2 stars instead of 1 star because the online account information is seemingly not provided.
Would you consider it necessary or important to know the current status of your loan or loan amount?!?!?
Apparently Enerbank is still figuring out "how to provide that information online" (see vzo comment 26 Dec 2018).
The online website is set up to make payments and see payment history, but nothing else. There is no way to know if your payment has been processed or what your current loan amount is, which is extremely relevant information if you are concerned your loan is not fully paid off before the almost 20% interest rate kicks in.
If you have other options, try any other bank or lender. Enerbank has been aware of customers dissatisfaction with lack of account information access online since Dec. 2018, and they have done nothing. It appears to be deliberately opaque to trick their customers on defaulting on their loans.
EDIT ADDED: Enerbank has known that customers would like "means for getting your balance online" since 2015, see AndyMac10 comment 19 March 2015. Avoid Enerbank if possible.
Liars And Not Transparent
First thing, the company doesn't let you see your full account balance on their website. You can only see your past payments. You can change your email reminders from monthly, to monthly. And your monthly reminders don't have your account balance on them either.
Second thing, your statements mailed to you, only show you your principal balance, that is it. They do not show your total balance with your interest.
Third thing, you can only get your total balance by filling out a form on their website, for them to contact you back at their leisure, or by calling them on the phone.
Fourth thing, the reason for all of this hiding of your total balance, is so that you won't see that all of your payments go to your interest balance, and nothing at all to your principal while you have an interest balance. Even if you make extra payments, it does not go to your principal balance. They do not want you to see that.
Fifth thing, they have been saying online in any reviews of their company, that they will have the website updated soon to see account balances. They have been saying this for over 4 years. They say they are looking forward to doing that.
Through emails I have had with their customer relations lead, and contact with their customer service line, they will only ever say the same soon, and at this point, it is very apparent, that their business model is to keep principal balance up as high as they can, for as long as they can, to rip off their customers. Do NOT use this company. Avoid them at all costs.
Data as of Q3 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 12368 |
| Year Established | 1928 |
| Employees | 18903 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.89% |
| Return on Equity - YTD | 15.8% |
| Annual Interest Income | $3.02B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2021vs Q3 2020 | $155.3B$144.5B |
| Loans | Q3 2021vs Q3 2020 | $82.77B$87.27B |
| Deposits | Q3 2021vs Q3 2020 | $133.8B$121.3B |
| Equity Capital | Q3 2021vs Q3 2020 | $18.08B$18.24B |
| Loan Loss Allowance | Q3 2021vs Q3 2020 | $1.43B$2.28B |
| Unbacked Noncurrent Loans | Q3 2021vs Q3 2020 | $585.0MM$851.0MM |
| Real Estate Owned | Q3 2021vs Q3 2020 | $17.0MM$35.0MM |
