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So Far So Good
Have only been with Juno for a couple months and only use for the banking, not the crypto. The 5% is competitive with other higher end checking interest rates and doesn't require any special hoops to jump through for it. I ordered the debit card and it has worked as expected without problems and automatic payments I have setup for outside credit cards and services have gone through without issue. I like that I can actually see day by day how much interest I'm earning on my balance (the payout is once a month, but that isn't a problem). The app can seem overwhelming with the crypto/nft stuff on there, but its easy to ignore all of that to just use it for banking and so far I'm perfectly happy with it and watching my spending account earn significantly more than it was with my old bank.
"Your Checking Account Is Now Earning 5% Yearly Bonus"
Received email today saying for earn $500 if you have $10K account balance at end of year and for 1st $10K earn 5% and 3% over $10K up to $250K. Not the clearest info and nothing on their website on it
Juno Rates Dropping From 5% To 3%
Juno just sent notices to account holders that they will be dropping their rates from 5% to 3% if balances are below $20k.
"Currently, our cash bonus program lets you earn 5.00% on cash balances only up to $50,000. With this change, you will be able to earn 5.00% on all your cash balances up to $250,000 by simply maintaining a daily closing balance of $20,000."
I literally just signed up with them. This is a bummer because there are a lot of other banks that offer better rates than this.
*Update*
I had a fraudulent transaction that spiraled into $5k worth of funds being spent from my account as they didn't freeze the card. I've been battling since 9/8 to get the funds credited back. They force you to create a report for each transaction and then a few days later you get an automated message stating they are looking into it. I had to chat with them to cancel my card and have a new one issued. I was a metal card member and was told that they can't send me a new metal card as they cost $60 a piece. The basic card was supposedly mailed on 9/11 and as of today, it hasn't arrived. All of their support team is based in Bangalor, which is fine, but they aren't very responsive, which isn't fine.
Awaiting the credit to post and I'm closing my account after less than 2 months with them. There are better options out there and I'm upset that I wasted my time giving these bozos a chance to handle my secondary account.
High Rate But Glitch-Prone
The pros are that it's an interest concept with good rates near the top for checking and savings accounts for smaller banks. The cons are that it is very much a work in progress, and I don't really trust them with my money because of a history of glitches and lack of basic features. Like historical balances always showed a large negative value for a while, small amounts of money in transit would not be visible on the account and therefore inaccessible for a few days (sketchy), there is no way to show a running balance, and there is no way to disable reminder emails for cashback on every single debit card purchase.
Lousy, Very Slow Customer Service
The first glitch was not being able to get money out. I used as a savings account only, nothing with crypto. Customer service takes TWO WEEKS and is hard to find. When I left a minimal amount in my account as i contemplated using them again, I noted I received no bonus. I asked if tripped a minimum for a bonus. Have received two "still looking into your issue" emails, so I initiated a final transfer out. Next email will be about the quarter they owe me and closing.
JUST STAY AWAY - YOU WILL PROTECT YOUR MONEY!!!
They unnecessarily hold your money and won't provide any response to the emails. Just say that, their customer support is
Already I had many problems
a) Many banks don't even recognize them in Plaid or doesn't want that bank to be added as external accounts. So, I can't take or send to this bank
b) They have a very annoying feature of name match, for a single character mismatch in my last name, they rejected the credit and I even end up paying ACH return fee, because of their poor practice. As someone pointed out they are very very amateur. Many very old banks, doesn't have this crazy annoying security feature, but they do, because they are very very immature and doesn't know the security well.
c) Their support is useless, they won't respond to your questions but only say we got huge volume of queries. If you want to scale the customers then scale the customer support also. Don't just annoy customers. They just say, you will get response in minutes. What they really mean is minutes = "many weeks or months". But, if they want something from you, there will no huge volume of queries, they will ask that the moment. That's how great their customer service is.
d) Their app, many functionalities on their app, doesn't even work and I have even pointed out several things and they also call me and try to convince to remove the comments on the app store. They even removed my old comments. I have no idea how Apple app store allow that. Many a times, I pointed out many things that doesn't work on their app.
e) Forcing to join the Crypto account. As someone else pointed out, they forcibly ask us to sign in into the crypto account.
f) Now, they just say they are doing some review on my account and doesn't allow me to withdraw but they allow credit. Now I am stuck on taking my funds out.
Such a pathetic and annoying and very very amateur banking experience from this wrapper bank. They don't even have their own banking and they provide from some other bank called Evolve bank.
Better stay away and don't get yourself get stuck on the interest rate, that they are giving. Nowadays many good banks are giving very good rates. Customer experience is very very important from these internet based banks and also the safety of my money.
I am doubting seriously the safety of money there. You can check on the complaints on BBB against them. They are very very immature and don't know the rules very well and cause a lot of nuisance and panics and annoyance to customers. As many of my experience match with many who had bad experience and with the recent bank collapse in silicon valley and also they don't have any core banking (just a wrapper bank), it is very serious to think and get out them.
I have emailed to the concerned team and I have even followed up twice and even after more than a week there is not even a single response. If this is how you guys do business, just give back my money, I will happily leave your platform. I am now more concerned about the SAFETY of my money. As the season is about the bank getting dissolved and that too, you guys are just wrapper banks and the core banking is provided by some other bank. I just wanted to get out and don't want to do business with this FRAUDULENT AMATEUR BANK.
Onjuno Stole $10,000 In Crypto From Me
I woke up on March 30th, 2022 to find a poorly formatted email from OnJuno in my inbox, stating that my account had been placed on hold pending manual review. The email said I would have to provide copies of bank statements of my linked external account -- except that I did not have any external account linked to my OnJuno account. At the time I had about $7,000 in cash and about $11,000 in crypto with them. I tried to contact them multiple times about the hold, over the phone and over email, I got very little response over the phone and virtually no response over email until April 8th. On that day, after at least 10 emails that had gone unanswered, someone named Pooja from the OnJuno support team reached out to me and made me feel as if someone was finally going to shed some light on why my account was placed on hold. She asks me to provide some verifying information about a debit card transaction I had made using the OnJuno card to pay my AT&T bill, which was subsequently refunded back to the card because I didn't realize the bill was already auto-paid. The refund was processed literally seconds after the charge. I couldn't believe this was the reason for my account being restricted, but I was relieved that's all it was. If only that were true. After I verified that transaction, she told me she had submitted it to her verification team and that I should expect to have my access restored by the following Monday. Monday comes, no updates. Then Tuesday. Wednesday. Thursday. It wasn't until, once again, multiple unanswered emails were sent over the week that Pooja finally responded to me again on the following Friday, telling me that my account was still under "manual review" and she had no estimation as to how long this process would take. I was infuriated, to the point I hunted down the co-founder of OnJuno on Twitter, @sidsverma. He was responsive and helpful, at first. It took about 2 weeks for him to get someone at OnJuno to reach out to me again, by this time it was already May. This next person who reached out to me asked me to verify some information about a wire transfer that I had made to my OnJuno account; I supplied that info and this person accepted it. Then, just as it was with Pooja, they tell me they submitted the info and now we're back on indefinite hold for someone to "manually review" my account. At this point I was absolutely livid and I reached out to the cofounder again and said that they had been holding my funds for nearly 2 months at this point. He did not respond to my most recent attempts at reaching him however they did wire back my cash deposits to the account I had originally wired money from. They have not, however, as of May 23rd, 2022, given me access to or transferred my crypto assets that are worth nearly $11,000. Nobody is answering me anymore, on any medium. They are literally trying to steal my crypto because they figure they can get away with it. I want to submit this review as a cautionary tale -- this company has the worst customer service and awful way of following any sense of banking practice, let alone regulation, and you should never trust them with your funds -- whether its fiat or crypto.
Rate Is Good But That's It And For How Long
OnJuno currently offers 2.15% APY on up to $30,000. You have to decide if dealing with them is worth $645/year.
They only link through Plaid so if your bank ain't there, you're SOL.
There is an ACH limit of $10,000/day. I can confirm they block deposits initiated from external banks and then you have to re-link the account or work with the other bank because they process the rejection in correctly.
Their customer service is fast and chat based which is good because you'll be utilizing it all the time.
If I hadn't started down this road, I would not now.
Data as of Q2 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 1299 |
| Year Established | 1925 |
| Employees | 522 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.76% |
| Return on Equity - YTD | 22.24% |
| Annual Interest Income | $36.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $1.50B$1.30B |
| Loans | Q2 2023vs Q2 2022 | $955.4MM$614.7MM |
| Deposits | Q2 2023vs Q2 2022 | $1.27B$1.12B |
| Equity Capital | Q2 2023vs Q2 2022 | $146.1MM$87.8MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $12.3MM$8.4MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $10.3MM$7.0MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $40.00K$0 |