Home Loan Investment Bank, F.S.B. is headquartered in Warwick and is the 6th largest bank in the state of Rhode Island. It is also the 1,964th largest bank in the nation. It was established in 1979 and as of December of 2019, it had grown to 131 employees at 3 locations. Home Loan Investment Bank, F.S.B.'s savings rates are 3X the national average, and it has a B+ health rating.
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Great Bank
I went to a local branch in person on 1/4/20. I understood that in order to get that rate I had to go in person and not open online. I received immediate service at the Warwick, RI branch to open 2 accounts. The CD rate at that time was 3.00% and I opened without any problems. Then I needed an account to have the monthly interest payment transferred to. They recommended the checking account at 1.75% with maintaining a minimum balance of $2,500. I did not have the $2500 on me and they said they would wait to fund the account without any penalty fees as I would return with the deposit within 24 hours. Works for me and they even gave me a sheet of printed starter checks for free. I gave them $100 to get started and then came back with the $2,500 within a few minutes. This branch was extremely accommodating and I felt very good about my choice. Like clockwork on the 30th day of January, 2020 the interest was placed into my checking account without one bit of trouble. And I can view all of the transactions online as well as making any online transactions myself. I will be banking at Home Loan for many years to come, especially if the customer service continues the same way!
Very Impressive!
It was very easy to apply online for their 18 months CD account with 3.15% APY! In a matter of minutes (in the end of the process) they had already approved and gave me my account number. I was very impressed because it takes other financial institutions days (and even weeks Andrews FCU).
All's Well That Ends Well
Shortly after 9 a.m. this morning, I began the process of opening a new CD with this bank on line based on their advertised rate of 2.50%. All was well until I got to the Truth in Savings disclosure, which showed an APY of 2.00%.
I spoke to customer service, who told me that the 2.50% rate was no longer good because they were changing the rates today. When I suggested the bank might be guilty of false advertising she contacted her supervisor. I was then advised that they would honor the higher rate if my application was completed before 9:30 a.m. I scrambled to complete the process (which of course took much longer than it should have) and got an email at precisely 9:30 a.m. telling me the application was complete.
At this point the T-I-S statement still shows a 2.00% rate. I believe they will honor their commitment to give me the higher rate, but I haven't seen it in writing yet. I'll update this review once that happens.
UPDATE: I was able to log in to the new account, and the rate shown is the higher rate as promised. So, kudos to the bank for honoring its word, but thumbs down for continuing to show the outdated rate on their website.
Completely Botched Application Process And Incompetent Customer Service
I applied for the 3.15%?APY 18 month CD on Wednesday, 7/25/18. After answering the identity verification questions correctly, a notice appeared onscreen that I had failed to answer correctly, but then I received an email stating that the account application was accepted.
On Thursday I received an email asking I provide a utility bill which I did and then on Friday I received an email that the account was opened and that I should enroll in online banking and be sure to input my account number.
However, I was not provided an account number so I called the bank and spoke to a customer service person who was clueless. He couldn’t find my account number but assured me he would ask his superiors for help and call me either Saturday or latest Monday, 7/30/18.
Monday came and I had not received a call so I called and spoke to him at 2 PM but again he still couldn’t find the account number number. He said he would call me Tuesday at 2 PM. I don’t know why he had to wait until that late in the day so I angrily told him to find the account number while we were speaking or close the account.
He hung up on me and I called back 5 times and my calls went to voicemail.
I finally got through to another operator two hours later, but she couldn’t help me. She couldn’t even close the account so now if they try to fund the account through an ACH debit, I’m going to have to call my bank and reject the ACH.
This bank and its customer service staff are incompetent.
I will not entrust my money with them. Good luck to those who do.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27417 |
| Year Established | 1979 |
| Employees | 131 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.42% |
| Return on Equity - YTD | 15.58% |
| Annual Interest Income | $21.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $346.2MM$302.0MM |
| Loans | Q4 2019vs Q4 2018 | $292.4MM$266.1MM |
| Deposits | Q4 2019vs Q4 2018 | $311.1MM$253.4MM |
| Equity Capital | Q4 2019vs Q4 2018 | $32.6MM$28.3MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $4.8MM$3.9MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $4.5MM$4.2MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $259.00K$218.00K |