MemoryBank is a new online banking platform that launched in the fall of 2016. The bank features one headliner product - its EarnMore Interest Checking Account. This account is a compelling hybrid between a reward checking account (RCA) and a standard personal checking account.
Like other reward checking accounts, you must meet a few basic requirements to earn the top APY, though the EarnMore account's requirements are lighter than most RCAs. Furthermore, unlike typical RCAs, the EarnMore account allows you to earn a high rate on balances up to $250K. Some other banks offer a higher rate on their RCAs, but these accounts typically carry with them more stringent monthly requirements and also much lower balance caps for the top rates - often between only $5,000 - $20,000. So, in this sense, the EarnMore account is more comparable to a standard personal checking account. In the regular checking category, the first year bonus APY of 1.50% and ongoing rate of 1.00% blows away the competition. The first year APY is also higher than any of the top nationally available 1-Year CD rates and all but a select few 2-Year CD rates. So, short term CD investors may also find the account appealing.
In addition to offering competitive yields, MemoryBank has the distinction of an online platform with national availability, to go along with an extensive ATM network of over 85,000 ATMs. It also allows customers to use non-network ATMs at no charge, although it does not reimburse fees charged by the bank who owns the ATM. Also, like most online banks, MemoryBank does not charge customers any monthly fees, and the EarnMore Account has no minimum balance requirements.
Deposits at MemoryBank are held and FDIC-insured by its parent bank, Republic Bank and Trust Company of Louisville, KY.
I opened a savings at 2.25%. Took like (2) days but an easy process. I found out they had a checking at 1.60% with no debit requirements to get this rate so I opened it too! Representatives are very friendly and I recommend this Bank. The Mobile App works great and recognizes face recognition.
Even though it is not stated anywhere on their website, their customer service representative told us the following about the ways that money can be withdrawn from this account: The account does not offer any paper checks or a debit card. Outgoing wire transfers are not allowed without special approval from their management. Outgoing ACH transfers are allowed, with limits of $2000 per day and $8000 per 30-day period, for the initial 30 days. After the initial 30 days, you can request that these limits be raised to a maximum of $10,000 per day and $20,000 per 30-day period. You can also withdraw money using one of the ATMs in the networks they participate in, or by requesting that a free cashier's check be mailed to you. Total withdrawals on this account, without incurring fees, are limited to 6 per statement cycle.
Been banking with memory for several months now. Great rates, no hidden fees, but they have very stupid rules!
1) Forget about adding an authorized user AFTER you open an account. It is not possible. I wanted to add my wife. They will not do this because of “security” concerns. They never add them after an account is opened. I guess they are the only bank on planet earth that cares about security, because everyone else can add authorized users without any issues. Also, if you do add an authorized user at the time of opening the account and you later want to remove that person you will have to close the account to get it done. Opening accounts is not easy either. It takes several days to process. The only way they will allow an authorized user to be removed from an account without closing it is if the person dies.
2) I set up my tax refund to be direct deposited into my money market account. It transferred from the IRS, but was never deposited. I double checked my tax return, and I had entered the correct routing/account numbers and I selected “savings,” but the money was sent back to the IRS. I later found out that if you are going to have deposits made to this account, you must select “CHECKING” not savings. It really doesn’t operated as a checking account, and if you google if you should select “savings” or “checking” most sites tell you to selected savings. On a bigger picture, I don’t get why ACH cares and needs to make this distinction anyway, but the whole ACH needs to be modernized and revamped. (The UK’s ACH takes just a few minutes to move money between accounts.) I digress a bit, since the ACH has nothing to do with memory.
3) if you are going to apply, use a username that you don’t care about for the application process because you need a different username for your actual account once everything is approved.
Those are all of the strange things I have noticed so far. They LOVE to put holds on checks and it seems like they take an extra day to make funds available from direct deposits. I have had zero problems with software stability on iOS like others have stated. Maybe those bugs have been fixed. Also, their customer service is very friendly, but they can’t change bank policies, no matter how stupid they are.
I set up a money market account to draft my checking account (at another bank). I could not see the new bank account on my login and I called to see what the problem was. The phone rep told me the account would be visible and funded the next day. (The other bank's account had shown a withdrawal the day before I called.) The next day I called since the account was visible but not funded. I called again and they told me that it was 7 business days before I could see the money in the new account. There was no notice that they would hold the deposit for 8 days. So, they've demonstrated incompetence (two CSRs say different things) and greed (at holding deposits for 7 days.) Better to do business elsewhere.
|FDIC Certificate #||23627|
|Return on Assets - YTD||1.51%|
|Return on Equity - YTD||13.02%|
|Annual Interest Income||$255.9MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$5.23B$5.08B|
|Loans||Q4 2018vs Q4 2017||$4.13B$3.99B|
|Deposits||Q4 2018vs Q4 2017||$3.56B$3.53B|
|Equity Capital||Q4 2018vs Q4 2017||$625.8MM$569.2MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$44.7MM$42.8MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$16.3MM$15.1MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$160.00K$115.00K|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
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* 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|
|2.45%*||-||$1m||Online Money Market Account|
|OTHER TIERS: 0.01% → $1m+|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.60%*||-||$250k||EarnMore Checking Account|
|OTHER TIERS: 0.05% → $250k+|
MemoryBank is an Internet only bank and does not have branch locations. Its headquarters is located at 601 West Market Street - Louisville, KY 40202