Laurel Road, A Brand of KeyBank N.A.

Deposits held and insured by KeyBank

Overview / Commentary
833-427-2265
855 Main St
Bridgeport, CT 06604
Deposits held and insured by KeyBank
Reviews (8)

Internet Banking

Posted by: |

LR is a typical internet bank. All banks are very sensitive to "suspicious activity" now. Chase restricted my accounts three times to block so called "unknown transfers" to myself at LR.

The Worst Bank !!!

Posted by: |

i can't believe i got scammed into this.... I was watching George Kamel (he works for Dave Ramsey) who happens to endorse and promote Laurel Road. I love them so i trusted what they promote. Opened an account and transfered $23k of my savings. my account got locked after I have made the transfer. i called everyday to check on them and see what is the issue. It's been 10 days now. nothing. your case is pending and under review, just have to wait they say. and now i'm learning all the horror stories of this fraud bank! I have 2 other high yeld savings banks (Cit Bank and Webster Bank) and non have issues like this. Stay away from this fraudulent shady business!!!!

Fraudulent

Posted by: |

I created a checking account at Laurel Road and deposited more than $2700 in the account. When I attempted to withdraw the money, the bank locked the account without notice.

I called customer support and explained to them what happened. They told me the account was "under review", threw a metric ton of "Unfortunately,"s at me, and then told me that my account would be locked for a duration of the bank's discretion.

This bank is illegitimate, malicious and maximally rapacious. Avoid them like you would a diseased close talker

Worse Bank Ever - Stay Away

Posted by: |

Locked my checking and savings account after my retirement check direct deposit.

Can’t get them to unlock. Non-responsive after giving them all the documents requested. I think this is intentional. Their bank rating is horrible as well as their bank grade. Freezing peoples money to shore up their business.

The internet is rife with complaints exactly like these. Freezing people out of their money.

By far the worse bank ever. STAY AWAY!

Account Restricted For No Apparent Reason

Posted by: |

Applied and was approved for the loyalty checking account approximately 2 weeks ago. I linked two external accounts by routing and account numbers. The first did not require trial deposit verification but the second did. I submitted the trial amounts correctly for the second external account. A couple of days later (today), I tried to access the Laurel Road app and received this message:

Your Online Banking account is restricted.
To verify your identity and gain access, please call us at 1-833-427-2265 or TDD/TTY 1-800-539-8336 for our hearing impaired members.

I called them and completed verification questions. They told me that my account had been restricted and my online banking also. They said their back office had notes asking for a copy of my ID and bank statements to be sent for both external accounts. They have no time frame on a resolution or whether there would even be one. Quite an unfriendly tone from the customer service agent.

Online Account Restricted??

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.

Like Others, This Bank Freezes Your Account At The Drop Of A Hat

Posted by: |

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.

Worst Banking Experience Of My Life

Posted by: |

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.



Health
B+

Data as of Q1 2024

Data displayed below is for insuring bank: KeyBank
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Health Grade Components

Overall
FDIC Certificate #17534
Year Established1849
Employees17306
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.6%
Return on Equity - YTD7.53%
Annual Interest Income$2.01B
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$185.2B$195.2B
LoansQ1 2024vs Q1 2023$108.9B$120.2B
DepositsQ1 2024vs Q1 2023$147.7B$147.4B
Equity CapitalQ1 2024vs Q1 2023$14.75B$14.12B
Loan Loss AllowanceQ1 2024vs Q1 2023$1.56B$1.4B
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$785.8MM$499.9MM
Real Estate OwnedQ1 2024vs Q1 2023$21.6MM$22.5MM
Rates
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Laurel Road, A Brand of KeyBank N.A. Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.15%$0-Laurel Road High Yield Savings Account

Laurel Road, A Brand of KeyBank N.A. Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.01%$0-Laurel Road Checking Account
Locations

Laurel Road, A Brand of KeyBank N.A. is an Internet only bank and does not have branch locations. Its headquarters is located at 855 Main St - Bridgeport, CT 06604

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