I opened up an account and that went reasonably well, was getting secure messages and all worked fine; able to log in and see the account and everything.
Trouble started when I sent $5000 to the account using an ACH bank transfer. Now they have frozen/restricted my account with no email or any other contact as to why. Calling up customer service gets me "yes, the account is restricted but we can't see why." Finally one rep told me that they seem to not be able to understand where the money came from. ??? This is an ACH transfer; they know exactly where the money came from. I sent a screen shot of my online banking with my other bank to show the transaction entry, as it is too soon to get a statement. Plus, the statement would have sensitive information about other transactions that are none of LaurelRoad's business. The customer service rep said that they would send an email with a secure link so I could upload the statement, but I have not received this email yet, and may never.
Now the telephone number doesn't work ("all circuits are busy, try your call again later").
This is banking fraud and grand theft and if I don't have access to my money real soon, I have already filed complaints with the CFPB and BBB, and will contact the FBI and the FDIC and see if the actual perpetrators of this can be sent to prison. Absolute scam.
LR is the biggest scam in banking (and KeyBank, the parent company). I'm not sure how what they're doing is even legal.
They wooed me with the signup bonus and then froze my account after the first time I tried to deposit a check in my checking account. Froze both my checking and savings account -- because it's an online-only bank, no way to go into a branch and talk to a reasonable human being. They are owned by Key Bank and half the Key employees don't even know Laurel Road exists, and can't see our accounts in their system.
Received 4 different reasons as to why the account was frozen, and every employee has given me a different estimate on the timeline to resolution, from one day to thirty (!) business days.
The cherry on top was receiving a letter where KeyBank in writing promised to close my account and mail me my money -- at that point, that would have been a relief! When I called in about the rep said (this is a direct quote), "sometimes when they send those letters it means the exact opposite, it's just automated." I have written proof they will be sending me a check, and nobody at the bank will send it out because the account is 'under review'
In the meantime, my money is tied up, my checks are bouncing and my utility company is wondering why I haven't paid my bills.
I have opened a complaint with the BBB as well as the CFPB. It's impossible to overstate how bad of an experience I've had with this bank, and this sort of chicanery should be illegal.
On December 8, 2022, with no warning, no text, no email, no letter, no call, I went to check my online checking account at Laurel Road Bank to see that it was "restricted" due to so-called "suspicious activity," I called and was given next to no information, other than my account would be "under review" for ten business days. In other words, I was shut out of my bank account, I could not touch my own money...the money that flowed from my job in daily direct deposits. I shut that flow off immediately, because as soon as I can get back into my account I will be immediately removing all funds and shutting it down and never having anything to do with this scam of an online bank again. I will be alerting the authorities about the fraudulent behavior of this bank as well as their abusive consumer tactics. Unbelievably bad bank.
Overall | |
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FDIC Certificate # | 17534 |
Year Established | 1849 |
Employees | 18447 |
Primary Regulator | OCC |
Profit Margin | |
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Return on Assets - YTD | 0.84% |
Return on Equity - YTD | 11.8% |
Annual Interest Income | $1.81B |
Assets and Liabilities | ||
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Assets | Q1 2023vs Q1 2022 | $195.2B$179.1B |
Loans | Q1 2023vs Q1 2022 | $120.2B$107.2B |
Deposits | Q1 2023vs Q1 2022 | $147.4B$151B |
Equity Capital | Q1 2023vs Q1 2022 | $14.12B$14.99B |
Loan Loss Allowance | Q1 2023vs Q1 2022 | $1.40B$1.13B |
Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $499.9MM$519.4MM |
Real Estate Owned | Q1 2023vs Q1 2022 | $22.5MM$18.3MM |
Always verify rates and promotions with the bank or credit union. We are not Laurel Road, A Brand of KeyBank N.A.; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
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5.00% | - | - | Laurel Road High Yield Savings Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
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0.01% | - | - | Laurel Road Checking Account |
Laurel Road, A Brand of KeyBank N.A. is an Internet only bank and does not have branch locations. Its headquarters is located at P.O. Box 191 855 Main St - Bridgeport, CT 06601