MemoryBank, a DepositAccounts.com advertiser, 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 am very favorably impressed by Memory Bank.
Friday, April 14, 2017 funded account with credit card which was instantly
opened subject to approval
Monday, April 17 account approved giving me online access to all features
The website is very easy to navigate and user friendly; there's even a
tally of interest earned each day of the month
Wednesday April 19 3 free paper checks arrive
Friday April 21 ATM debit card arrives. Activated and selected PIN
of my choice with the same call
Friday swiped card at a supermarket showed up in account as debit
I have made several calls to the phone support and the reps have all be very knowledgeable, friendly and have answered my questions to my satisfaction.
They speak American English which is a plus.
I linked my account to Mint and it worked perfectly.
If you are looking for a liquid account with a bank that seems to go the extra mile, try Memory Bank.
Memory Bank is a solid institution that is worthy of recommendation. I was able to open an account online easily, quickly, and with little hassle. Additionally, I was able to fund the opening deposit with a credit card which made it even easier to load funds. It only took a few days between when I applied and when my account was opened. Your account has access to all the common features that other banks have: bill payment, online transfers, etc. While I have not interacted much with customer service, when I have, I have found their representatives to be courteous, helpful, and diligent. One of the best things about the account is that monthly fees are incredibly easy to avoid. Additionally, I have not found it to be a problem that the bank has no physical branches. This has not had an effect on the great service I have received.
I just opened a "Interest Checking Account" with MemoryBank online, It is something I really want to do, because it is important for me separate what I buy on line. The service custumer was really good, I dont have nothing bad to say about it. It is a easy way to transfer money. I liked to open an "Interest Checking Account" because It allows me to enjoy free checking with free ATMs and earning a good interest. They have many benefits, you are able to do everything from your smart phone, It is really easy to use the app.
at first everything went smooth got an account opened asap. I was pretty pleased, then my job took awhile to get direct deposit set up and I had my monthly fee come on there I went online thought I could use my pre-paid card to get money on the the account like I did when I opened the account but wasn't able to so I called the bank and they let me know I could use what is called pop and get money on the account so I tried that and still wasn't able to get money on the account. So another month went by and still direct deposit hadn't been set up at my job yet, so another monthly fee on my account and still no way to get money on the account so it wouldn't be delinquent. Then my job gets direct deposit set up and I hadn't received nothing in the mail that the account had closed received a bank statement on 12/16/17 showing what I owed so I had my job deposit the check and then I go online and see they closed the account after my check had already been sent to deposit in the account. I call them and the first person I spoke with was very nice and was really trying to help me out. She explained about the 12.96 that was owed on the account and I told her yes I knew and had tried to get that taken care of and pretty much learned that unless you have your check directly deposited in the account it is almost nearly impossible to get money in there. She tried to see if they could open up a different account for me and her supervisor said no. Not sure why because if they would take notes properly they would have known that I tried to get money in there to take care of the -12.96. SO since her supervisor wouldn't let me open up a different account since there other one was closed she promised me that as soon as they received my check they would deduct the -12.96 and then issue a check and send it overnight to me. well that was on Wednesday of 12/20/17 here it is 12/27/17 and I called the bank and now being told that they deposited the check on the 12/21/17 and that it can take up to 7 to 10 business days to get my check which I was not told that on 12/20/17. Their excuse was well that was a different department and we have no control over that. I told them COMMUNICATION GOES A LONG WAY AS WELL AS TAKING GOOD NOTES WHEN A CUSTOMER CALLS. That they could have sent the check overnight like promised but hey it isn't anything they have to worry about for it isn't their bills not getting paid. If I were you I would not bank with this bank there are other ones out there that I am being told that is a lot easier getting your money into the account without having to go through hoops.
|FDIC Certificate #||23627|
|Return on Assets - YTD||0.93%|
|Return on Equity - YTD||8.14%|
|Annual Interest Income||$218.5MM|
|Assets and Liabilities|
|Assets||Q4 2017vs Q4 2016||$5.08B$4.81B|
|Loans||Q4 2017vs Q4 2016||$3.99B$3.79B|
|Deposits||Q4 2017vs Q4 2016||$3.53B$3.26B|
|Equity Capital||Q4 2017vs Q4 2016||$569.2MM$542.0MM|
|Loan Loss Allowance||Q4 2017vs Q4 2016||$42.8MM$32.9MM|
|Unbacked Noncurrent Loans||Q4 2017vs Q4 2016||$15.1MM$16.1MM|
|Real Estate Owned||Q4 2017vs Q4 2016||$115.00K$1.4MM|
Always verify rates and promotions with the bank or credit union. We are not MemoryBank; we are a rate comparison website and cannot provide official rates or promotions.
*APY shown includes first year bonus of 0.50% APY
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.60%*||-||$250k||EarnMore Interest 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