I Guess I Got Lucky
Within a week of opening and funding, I received bonuses totaling $275, which was more than I was expecting. I'm now inclined to close the account, though I'd hate to miss out on additional promos. I did find the app a bit glitchy, and it was initially impossible to see my transaction history.
Absolutely Appalling Experience — Avoid Or Risk Losing Your Money
On May 20th, 2021, I opened two accounts (checking & savings) with Monifi.
I understand the value of money, so after reflecting on the few, very basic benefits provided by my existing (local) bank, I found myself seeking an alternative bank that could offer more services.
I wanted a bank that was more “with the times”, user-friendly, and accessible. I tend to handle my finances on an ad hoc basis, so the features advertised by Monifi seemed like a great fit.
To add to this, I happened to have 3 checks to deposit at the time, and took note that Monifi sold itself as a convenient, online way in which to take care of those, too.
All of this was a very, very big mistake.
After opening my accounts, I read the T&Cs once more and confirmed that check deposits would be an acceptable means to fund my new checking account for the first time.
For context, I should mention that each check came from a conventional, legitimate source (a payroll check, an official check from my other bank, and a settlement check from an insurance company).
Shortly after I deposited the checks, I received email notifications that each was approved, but my pending account balance did not reflect the deposits I had made. That remained at $0.00.
On the evening of May 20th, I received a message to explain that a hold had been placed on the funds related to one of the deposits (the check from the other bank) while Monifi processed it. Fair enough, I thought, and decided to check back in a couple of days.
On May 22nd, 2021, while attempting to check the progress of my deposits and explore the features on the app, I found myself unable to log into my account. After a couple of attempts, the app displayed a message stating that my account did not exist.
Upon calling Monifi’s support team, I was given a laundry list of explanations for this, ranging from a “glitch”, to a representative’s denial of my accounts’ existence at all, to the more truthful answer, being that my account had been closed for “business reasons”.
Of course, I escalated my complaint about this immediately, but it was pointless. Staff hung up on me, refused to disclose the whereabouts of my money, and repeatedly supplied me with false & misleading information.
No amount of effort led me to an answer. However, I had the advantage of working in corporate litigation for many years, so pulled out all the stops to force it out of them.
After filing complaints with the Federal Reserve, BBB and CFPB, alongside my state’s department of banking and finance and our attorney general’s consumer protection division, I began sending duplicate complaint emails to Monifi until they responded.
Two days ago (June 10th), someone named Priscilla called to inform me that a check for the full balance was in the mail, but remained steadfast in her refusal to discuss the situation any further.
The check arrived today, with a letter attached. The letter read:
“ | FRAUD”.
Please, please, please look at the reviews online for this bank — they are not good.
If Monifi does this to you, get a copy of your ChexSystems report; you’ll need it, because Monifi will ensure that you have no chance of getting another conventional bank account afterwards. You’ll need to dispute their entry on the report.
Stay away from this atrocious business.
Do NOT Bank Here
Made an account on April 28, 2021. Transferred the bulk of my account over because my bank was closing. That Friday my account was apparently closed. Never got a notification or anything about my account status. On Tuesday May 1, 2021 I tried logging into my account and was unable to get into it. Kept telling me that my credentials were incorrect. I called and was told that my account was closed for "business reasons". A check was sent out the Friday before on April 30, 2021. I was told it takes 5-7 days to get and the person I talked to said it would arrive on Wednesday at the earliest and Friday the latest. Well it is Saturday May 8, 2021 and I still haven't gotten the check. I called and after the girl put me on hold multiple times to figure out what is going on she informed me that my account was closed for fraud reasons and under investigation. My account would officially be closed on May 14, 2021 after whatever they're doing is finished and afterwards a check would be sent to me. That leaves them having nearly all my money with no way of me getting any of it back until they decide to send it to me. I have no one to talk to about this because the representative says it's out of her control and there's no way of contacting the fraud department to sort this issue.
I strongly recommend not making an account here and going somewhere else. Their service is less than helpful. If there was something suspicious about my account I should of been contacted about it. Not keep my money from me for over a month
Data as of Q1 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4063 |
| Year Established | 1911 |
| Employees | 2925 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.62% |
| Return on Equity - YTD | 35.39% |
| Annual Interest Income | $300.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $31.48B$24.20B |
| Loans | Q1 2021vs Q1 2020 | $25.57B$16.66B |
| Deposits | Q1 2021vs Q1 2020 | $19.58B$12.92B |
| Equity Capital | Q1 2021vs Q1 2020 | $2.50B$1.53B |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $211.8MM$126.1MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $101.4MM$43.7MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $10.3MM$15.2MM |