Limelight Bank is a new nationwide, online bank that Capital Community Bank (CCBank) launched in 2017. The Utah-based community bank has positioned Limelight as an eco-friendly alternative to traditional banking. Of course, all online banks are going to be “greener” than traditional, brick and mortar banks, as there is a reduced amount of paperwork involved, but Limelight takes it a step further by stating that “a portion of deposited funds will go towards solar energy initiatives.”
It will come as no surprise to those familiar with internet banks that Limelight offers very competitive rates; however, the product selection is limited. At launch, Limelight is offering only short-term CDs, with terms ranging from 6 to 18 months, but it will be worth watching to see if they expand their product offerings in the future.
While Limelight has been branded as new online bank, it’s worth noting that (at launch) they are not offering their own mobile app. Mobile banking is done through their parent company’s app.
Accounts at Limelight can be opened through the online application found on their website. Customers then have the option to fund their account(s) through electronic funds transfer (EFT), wire transfer, or check. Deposits in Limelight Bank are FDIC-insured under Capital Community Bank.
Good CD Experience With Limelight Bank
Just opened 2 CDs with Limelight, and the process was easy and quick. The online application is fine, although there is no way to double check that both names on the joint accounts were accurately listed until we received the copy of the certificate of deposit a few days later. The customer service reps who answered our questions were responsive and competent.
Some of my "go to" banks for CD roll-overs have been pulling back on competitive rates, so I'm glad we gave Limelight a try with their 2.95% APY for 18-month CDs. We have not accessed our first statement yet, but thus far we are pleased with the process for opening new CD accounts.
Limelight is a great option for online CDs
I have an 18 month CD with Limelight Bank. They got my attention because they say they are eco-friendly, and they contribute to funding solar projects. I love the fact that I can get a banking product I need while also contributing to the future of the planet. Their customer service was also very good, I never had a problem setting up my account and never really had any questions. Because it is an online bank, they obviously put a lot of of effort into a good web experience. When I created my account it was quick and easy, and I was able to purchase a $2,000 CD without any assistance. I also use their iPhone app which is very good. I will be using Limelight in the future if I choose to get another CD.
Unusual Sign Up Process
Signed up, used ACH to transfer funds. No notice of fund's receipt, had to call CSR to confirm.
Had to wait two additional days after fund's receipt for verification. Most banks I use allow immediate access when an ACH transaction has been completed. CSR claims it is for my protection, which I do not buy.
Basically for at least four business days, there is no confirmation of funds transfer and receipt. Which is not comforting.
If I have to do it all over again, I will not use this bank. I totally disagree with their policy.
Run, Don't Walk, AWAY From This Bank
Limelight is the most disorganized, corrupt financial institution I've ever dealt with. I opened an online CD, believing their hype about being sustainable, etc.
Two days later, they had debited the amount AGAIN from my originating account. After a series of frantic emails, they refunded both withdrawals and closed my account - as I no longer wanted to do business with this institution.
So lo and behold, 5 days later I find that they have ONCE AGAIN gone to my originating account and STOLEN the money. Since it had already been sent to a reputable institution, I was left with a huge overdraw and bounced checks.
DO NOT DO BUSINESS WITH THIS BANK.
Data as of Q4 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33823 |
| Year Established | 1993 |
| Employees | 81 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.44% |
| Return on Equity - YTD | 12.63% |
| Annual Interest Income | $31.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $481.4MM$415.7MM |
| Loans | Q4 2020vs Q4 2019 | $378.2MM$317.3MM |
| Deposits | Q4 2020vs Q4 2019 | $385.6MM$325.0MM |
| Equity Capital | Q4 2020vs Q4 2019 | $54.7MM$48.2MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $5.6MM$5.9MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $1.6MM$594.00K |
| Real Estate Owned | Q4 2020vs Q4 2019 | $4.1MM$1.0MM |