Milli Bank

Deposits held and insured by First National Bank of Omaha

Overview / Commentary
1620 Dodge Street
Omaha, NE 68197
Deposits held and insured by First National Bank of Omaha

Related Posts

Milli Plummets From 5.50% To 4.75% APY - 2/29/2024

Milli Bank cut its savings interest rate by .75%, dropping to 4.75% APY.

Rate Drop As Of 2/29/24 - 2/22/2024

Per email rate is dropping to 4.75% as of 2/29/24

Milli Now 5.50% - 12/5/2023

Milli website is now showing APY of 5.50% for the Savings Account.

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Bumpy Start, Now Better

Posted by: |

I was invited to open a Milli account through a special promotion for existing FNBO Direct customers last July. I've had a great experience with FNBO Direct since 2013 so I submitted an application. The application was denied as I "didn't meet Milli's requirements". I emailed Milli and FNBO Direct support and they identified an issue with the pre-approval process and Brody personally helped me open a Milli account. It's been smooth sailing since then. I transfer funds between my FNBO Direct and Milli accounts and have not tried connecting to an outside bank using Milli.

My Experience With Milli Bank

Posted by: |

Milli Bank’s accounts are solely accessible through a smartphone app. It currently requires at a minimum an iPhone iOS 15.0 or later, or Android devices OS 8.0 or later. There are no fees and no minimum balance requirements. There is no monthly cap on the number of withdrawals. Funds are FDIC insured through First National Bank of Omaha, FNBO.

Customer Service is carried out either through the in-app chat or email. When I used the chat feature there was never an immediate exchange with a representative. I would leave a message, and anywhere from a half-an-hour to an hour later I’d find a reply. This worked for me because I didn’t need an instant answer. Emails sent after business hours would be responded to the next morning.

The application went quickly, but was puzzling at times. The process involved jumping from the app to the web and back, with minor inaccurate directions. It did not involve asking me questions drawn on personal information from credit reports, nor documents such as a driver’s license or a utility bill to verify my identity. I don’t know, but maybe my identity verification was expedited because previously I had an account with FNBO (the custodian bank) even though it was closed years ago.

With my application approved, I automatically had three separate accounts: savings, spending (a debit card), and jars (“Organize your savings into personalized Jars.”). Checking and check deposits are unavailable.

The savings and jars accounts earn 5.25% interest. The spending account earns absolutely zero interest. The debit card linked to the spending account may be used anywhere Visa is accepted, and it enables you to withdraw, without a fee, cash from any ATM in a network. There is no overdraft protection. If necessary, you can lock your debit card in the app.

Beneficiaries? “We don't limit the number of POD beneficiaries you can designate on your Milli account(s). Upon your passing, the surviving POD beneficiaries will receive an equal share of the remaining funds… Any living person can be a POD beneficiary.”

Mili Bank’s ACH transfer platform is slow. On a Wednesday morning, from my Milli savings account, I scheduled an ACH pull (deposit) from a linked external bank. That sum was deducted from the external bank account on Thursday, and then it disappeared into the netherworld. The money popped up and posted to my Milli account the following Tuesday. Conversely, I ACH pushed money into my Milli account from external banks that arrived the same day, or next. So, I’ll be using the ACH platforms of other banks for speedier deposits and withdrawals of funds with Milli Bank.

If you do use Milli Banks’s sluggish ACH system, here are the limits: “Milli doesn't have any daily limits on the amount of money you can transfer, but it does have limits per single transfer… For transfers from external accounts: all incoming transfers from external bank accounts have a limit of $100,000. For example, if you wanted to add $200,000 to a Milli account, you'd need to complete two $100,000 transfers from your linked account. Outgoing transfers to external bank accounts have a limit of $10,000.”

Account Restriction Resolution Is Slow

i got my account restriction resolution after 45 days

Might As Well Buy Bitcoin And Loose Your Digital Wallet

Posted by: |

I think it would be better to store your money outside your house in a cardboard box. At least then there is a chance you could have access to it. I opened my account and funded it- I transfer money into it from another checking account. After seeing many issues with customer support I decided that I probably shouldn’t use the bank. I then I tried to transfer my money back into the same account it came from. At which point they restricted my account. Basically couldn’t use the debit card or transfer any money out. They would not respond- I could not speak to anyone. The customer service just kept saying the same thing over with canned response. We may reach out to. No time frame. I couldn’t escalate the issue, I couldn’t call the fraud department and couldn’t call anyone or email anyone else. The insanity is there is literally nothing you can do. You might as well have flushed down the toilet

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Health
A

Data as of Q3 2023

Data displayed below is for insuring bank: First National Bank of Omaha
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #5452
Year Established1857
Employees4712
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.01%
Return on Equity - YTD11.59%
Annual Interest Income$1.71B
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$29.97B$26.64B
LoansQ3 2023vs Q3 2022$21.05B$18.41B
DepositsQ3 2023vs Q3 2022$25.83B$22.85B
Equity CapitalQ3 2023vs Q3 2022$2.5B$2.65B
Loan Loss AllowanceQ3 2023vs Q3 2022$910.3MM$369.9MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$155.9MM$103MM
Real Estate OwnedQ3 2023vs Q3 2022$2.8MM$2.6MM
Rates
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Milli Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.50%--Savings Account
4.75%--Jar
Locations

Milli Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1620 Dodge Street - Omaha, NE 68197

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.