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 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 92,000 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anywhere on their website, their customer service representative told us the following about the ways that money can be withdrawn from this account: The account does not offer any paper checks or a debit card.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 a couple of stupid rules.
1) It is impossible to add an authorized user AFTER you open an account. They will not do it because of “security” concerns. I guess they are the only bank on planet earth that cares about security, because everyone else can add authorized users without any issues. If you want to remove an authorized user you have to close the account and open a new one. The only exception is if the authorized user dies.
2) Their money market savings account is really a checking account in disguise. So if you select “savings” for an ACH transaction, your money won’t make it. You must select “CHECKING.” 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 banking institutions.) 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 used to put holds on my check deposits at the beginning, but they don’t do that anymore and it seemed like it used to take longer to complete and ACH than normal, but that all seems to have stopped now. 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.
It took the bank over 3 months and half a dozen attempts to process my initial deposit (a bank to bank direct transaction)...long enough for over a hundred dollars of overage fees (their new and increased fees, not the ones I signed up under) and low balance fees. Note that my balance and deposits were OVER the minimum required to keep it fee-free...but because they kept drawing enough fees to keep the net balance too low...yeah that's how they steal from you.
I finally managed to get what little left I had out...and gave written instructions to close my account.
The bank is not complying with written instructions and leaving the account open to wrack up, you guessed it more fees...even as the balance has dropped below zero from their own fees. I'd give it zero stars if possible.
|FDIC Certificate #||23627|
|Return on Assets - YTD||1.62%|
|Return on Equity - YTD||13.68%|
|Annual Interest Income||$280.5MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$5.61B$5.23B|
|Loans||Q4 2019vs Q4 2018||$4.42B$4.13B|
|Deposits||Q4 2019vs Q4 2018||$3.89B$3.56B|
|Equity Capital||Q4 2019vs Q4 2018||$699.9MM$625.8MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$43.4MM$44.7MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$23.5MM$16.3MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$113.00K$160.00K|
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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|
|0.50%*||-||$1m||Online Money Market Account|
|OTHER TIERS: 0.01% → $1m+|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.05%||-||-||EarnMore Checking Account|
MemoryBank is an Internet only bank and does not have branch locations. Its headquarters is located at 601 West Market Street - Louisville, KY 40202