Nationwide by Axos Bank
Related Posts
7/29 - Axos Down To 0.90% Nationwide Probably Next.
6/9 - HUGE Rate Cut By Nationwide By Axos Bank
6/2 - Nationwide By Axos Bank My Savings Drops From 1.61% To 1.51% APY
5/26 - Nationwide By Axos Bank Drops To 1.61%
5/23 - Still Offering 1.70% APY On The MY SAVINGS Account [Not Shown On The DA Savings List]
4/23 - Nationwide By Axos Bank Savings Rate 1.70% [Not on DA Savings List]
Update. Issue Has Been Resolved.
Updated 7/15/20. I was contacted by the bank this morning and my issue has been resolved. Thank you.
Be very cautious with opening an account with this bank. They participate in very shady business practices including those that may prevent you from receiving interest that had accumulated in your account. I accumulated almost $300 in interest during June, but because of a small technicality buried within their terms of agreement, I didn't receive any of it.
Good Luck Accessing Your Account And Making Deposits
This bank loses major points with me for three reasons: The first is being locked out of my account daily; the website failing to recognize my username/pw on a daily basis - requiring me to reset it only to have to call and go through a security check ovee the phone to verify my account. The second is having to go into a CVS and use their register to make any cash deposits. Why can't this company utilize atms for cash deposits like every other banking institution. Mobile deposits for checks are convenient, but sometimes scanned checks are rejected and there is a verification period and an addtional processing time which delays fund availability. Third: I phoned customer service to verify the max amount you could withdraw from an atm. I was asked what I needed the money for. Excuse me? It's my money I earned, and none of your business what I intend to use it for.
Great Rate, Difficult Application.
Since I previously had a UFB (also Axos) account I had to register as an existing customer.
Unfortunately, it did not recognize my old UFB username/password, so I had to go to UFB to re-register on their new system, with all the emails, access codes, and associated security procedures.
Finally got into Nationwide/Axos with its associated access codes and procedures to fill out an application. I received no confirmation I had actually opened an account until two days later.
It was a long tedious process, then they dropped their rate the next day.
Very Difficult And Inconvenient To Retrieve Your Funds
I wish I had read the other reviews prior to opening my CD with Nationwide AXOS bank. It is a frustrating nightmare to close your account for several reasons:
1. They do not support ACH to external banks except to RECEIVE funds. You have two options when closing at a Matured CD: paper check or wire with a fee of $35.
2. When you request a wire, you can fill in online but you must print and sign. Okay fine but .. they rejected my wire request with a cryptic message the following day "Amount required". When in fact no amount is required. I called... was on hold forever.. finally was told the wire would go on Monday and there was nothing wrong with the form.
3. Then they decided my wire information was "invalid". which it is not. I wire frequently to this instituftion. They do not CALL YOU.. they send another secure message forcing you to call them.
4. I finally called and said "mail me a check".. even that process is stupid and time-wasting.
In today's digital world, I am not interested in dealing with a company that cannot provide standard communication in a timely manner. Are they hoping to make a profit on my funds which have not not received a penny of interest for the past 10 days? While the support personnel are polite, apologetic, and so forth.. what good is that when I don't have my funds?
I have had CDs with multiple firms... and never had this level of frustration. So be warned.
Nationwide Customer Given Run Around
I wish Nationwide would remove their endorsement to their customers for this bank. I tried to open an account, and I'm a former UFB accountholder, so their online would not allow me to open as a new account holder. I called twice and left my 'call back' number. Never received a call. I sent email, 3 days later, I received an email, to 'log in as a new customer'..duh...that does not work. I then called and sat on hold until I could speak to someone. The person I spoke with told me they needed to take my app over the phone. This is a joint account, so we went thru all the info for both accounts. The agent then tells me his computer blanked out and lost the info. So we go thru the process again. At the end, he asks me, do you have a credit freeze, I answer yes. He tells me I need to lift the freezes and then call in and apply again. He apologized for not asking me that at the beginning of the process. I then get an email from Nationwide Axos, with the info to contact the 2 bureaus, to lift the freeze. I go ahead and lift the freezes. Several hours later, at their instruction, I called in to start the app process again. This time, I was told, I do not need to re-apply, that I lifted the freezes timely. I had previously lifted my Chex System fraud alert as well. So now, with both applicants, seniors, with excellent credit. we get a 'decline' from Nationwide Axos. What a waste of my time and energy. As an insured with Nationwide, I wish Nationwide would stop sending me emails promoting Axos. Nationwide can do better than using this dysfunctional institution to offer banking to its customers.
Won't Allow ACH In....
I have an existing CD at this bank (I opened it prior to Nationwide turning their banking over to AXOS) and yet online it would not recognize me as an existing customer when I started the application!! The process to open is tedious but I still persevered. When it came time to fund the account, I couldn't figure out how to ACH in, so I called them. I was told I had to link an external account and then could do a one time transfer IN to them since it was a CD. I thought that was weird but still started the process and waited for 3 business days for small deposit verification. Instead I received a note from the external bank (where the money was coming from) that the Axos account was not active! I Live Chatted with Axos and they said I could NOT ACH $$ in, that I could only mail a check or wire transfer. They apologized for the incorrect information I received, however it's now been a week that I've been trying to open this CD. I have since taken my CD $ elsewhere and will let this one die on the vine.
UPDATE 7/30/19: I did receive a call from AXOS saying that they WOULD accept an ACH in but I had already moved the $$ elsewhere and I still question why they say one thing and then say the opposite and then back pedal
Good Luck Opening A Account. Get Ready For The Run-Around.
I was enticed by the 2.9% 2yr CD offer. Opening a account is a nightmare. You first go through the tedious online process and submit your DL electronically. You have to unlock your credit reports in order to do so. After which your account goes into review. When you don't hear anything you can then contact their customer service who will ask you to go through the whole process again, including unlocking your credit reports. After which your account will go into review again. Then you will get a email asking you to do the whole thing over again. A CSR told me that this is standard operating procedure for new accounts. All I experienced was run-around and a waste of time. I should have known better after dealing with UFB in the past, which is now also part of Axos/Nationwide. Save yourself some time and frustration. I have never had such difficulty opening a online account and I have dealt with more online banks that I can count. I regret giving this bank any of my information. At this point I have given up and went ahead and opened my CD elsewhere, which BTW took less than 5 minutes.
Data as of Q2 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35546 |
| Year Established | 2000 |
| Employees | 1024 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.74% |
| Return on Equity - YTD | 18.23% |
| Annual Interest Income | $308.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $12.75B$13.02B |
| Loans | Q2 2021vs Q2 2020 | $11.42B$10.68B |
| Deposits | Q2 2021vs Q2 2020 | $10.96B$11.36B |
| Equity Capital | Q2 2021vs Q2 2020 | $1.30B$1.15B |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $132.8MM$75.6MM |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $141.4MM$86.0MM |
| Real Estate Owned | Q2 2021vs Q2 2020 | $6.1MM$6.1MM |