So Far So Great!
PROS: So far the experience has been great. Set up was easy. I just deposited $100 a paycheck for a couple months to meet their requirements, and then I was earning 3%. I then transferred in $80k and am earning the 3% on that also. Their customer support has been good and responsive via chat.
CONS: The website is klunky but seems to work. However, being a web developer, I can say it does not inspire confidence from a security perspective. My biggest concern is that they are hackable. They are clearly a startup with a skeleton crew. It is just a matter of trusting that they have FDIC set up correctly.
I Opened An Account And Willing To Give It A Try.
If it does not work out, I will just take my money out and close the account.
Already I am concerned that they are having issues with their computers and need more customer support. I added 4 external accounts that needed to be verified but after a week they were not verified? I contacted the bank and was immediately called by one of their customer service reps who said they had had some problems and recommeded deleting the external accounts and reentering them. She also answered a few other questions I had about how long it was taking to clear my intial deposit? It states 3-5 business days, but she said some have taken up to 9 days?
My suspicions were confirmed this morning when I received a letter from the CEO indicating that they have been overwhelmed opening new accounts that they had to limit new accounts to invitation only (referals).. So in the meantime, I will watch them closely and if I see or hear anything that they may not deliver on their promises, I will immediately withdraw all my money and close my account.
UPDATE: Everything has smoothed out now and their slow transaction processing issues have appeared to have been resolved.
UPDATE: 8/12/2021
i still have nto received my Debit/Credit Card. I called about 4 weeks ago after receiving a msg that my card was sent but I never got it? I was told then that my card was never ordered and not sure why I got the message that it had been mailed??
After a 3 week wait I still did not received my card, so I called again yesterday. Now I was told that there was an invalid special character in my name and they could not process my card??????? I did see an (`) accent mark at the end of my first name on my account, but just thought it was a spot on my screen. Anyway, not they need 2-3 days to remove the ivalid character in my name and another 10-14 business days to get my card.....grrrr
Why did they not tell me there was an invalid character in my name, and why don't they have sufficient edits to catch it immediately.
One more stupid excuse from HM Bradly bank and I am taking out all my money and closing my account !!!!!!!!!
Qualifications Are Horrendous!
I have reviewed the requirements to attain the maximum 3.5% rate and I don't think it is possible for a normal customer. I think this choice should be removed or the rate should be lowered.
Data as of Q3 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 25803 |
| Year Established | 1982 |
| Employees | 7 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.51% |
| Return on Equity - YTD | 5.94% |
| Annual Interest Income | $3.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2021vs Q3 2020 | $466.3MM$110.2MM |
| Loans | Q3 2021vs Q3 2020 | $66.9MM$49.0MM |
| Deposits | Q3 2021vs Q3 2020 | $436.0MM$69.5MM |
| Equity Capital | Q3 2021vs Q3 2020 | $28.5MM$27.8MM |
| Loan Loss Allowance | Q3 2021vs Q3 2020 | $796.00K$849.00K |
| Unbacked Noncurrent Loans | Q3 2021vs Q3 2020 | $76.00K$8.00K |
| Real Estate Owned | Q3 2021vs Q3 2020 | $0$0 |