PBI Bank is headquartered in Louisville and is the 10th largest bank in the state of Kentucky. It is also the 748th largest bank in the nation. It was established in 1902 and as of December of 2015, it had grown to 244 employees at 17 locations. PBI Bank has a C health rating.
I am writing this to update people on what happened after Ascencia Bank became a part of PBI. When it was Ascencia, it was a paper-driven bank (forms would need to be emailed/fax/mailed, had competitive rates and were relatively friendly folks.
The accounts were easy to setup (the checking account had 50 starter checks) and had very competitive rates. Billpay was a little clunky, but functional. The rates were listed on the website for customers, current or prospective, to view.
ACH setup was straight forward and officially had no limit on the number of banks linked to an account (min transfer amount was $25 in either direction) (The bank understandably did question, but officially no limit) I don't think there was a maximum number of transfers in either direction or an amount per transaction or "total" It was a decent bank. (Its one of the few banks that I opened without thought of any "promotional offers") Good rate, pretty convenient (it allowed bank by mail with preprinted deposit slips and prepaid envelopes) and a respectable hub.
After the update to online banking and perhaps final conversion to PBI, former Ascencia customers were notified that the billpay info would convert, but the ACH info would not. "Improvement" was in the form of being able to setup ACH online with trial deposits. (Previously, one had to email/fax/mail a form that had a voided check/deposit slip image with the routing number and account number) However, there were quite a few bugs that needed to be ironed out in the first few days (after 11/25...almost a week)
"To add a new Bank-to-Bank transfer, complete the fields below and select Submit. You may submit up to five (5) inbound transfers and five (5) outbound transfers per day. The total dollar amount of inbound transfers cannot exceed $3,000. Any incoming bank-to-bank transfers will have a two-day hold placed on the funds before they are available for use. The total dollar amount of outbound transfers cannot exceed $3,000. You may set up recurring or future dated transfers. These transfers will count towards your totals on the day that the transfer is scheduled to occur."
is what is shown now. What is also not mentioned is lowered minimum transaction amount of $1 (previously $25) and the "hold" mentioned in the quote is where "pulled" amount is debited with the heading "memo debit memo." instead of just showing a current balance compared to a available balance.
Also, unfortunately, if a person tries to setup a transfer and there's an error, the system does not tell the customer the error message/reason. (no reds, nothing) As a result, this bank is not recommended as a hub account.
In terms of convenience, I think it's okay if a person knows to ask the customer service for the deposit slips and envelopes (no deposit slip results in at least a $5 fee; probably higher now) The mobile app does not have mobile deposit yet.
I hope this review might help other readers. Thank you for reading.
I opened online accounts two decades ago (1995) with what was then known as USA Bank. At the time, they had the most competitive rates and services of the fledgling internet-only, online banks. For a long time, everything went well.
Well, I guess over a half dozen years ago they were taken over/merged/whatever with Ascencia. As the other reviewer pointed out (correctly), things didn't go well. The worst was how bunged-up the bill pay set-up changed. After about six months, they finally got it fixed.
Now, with the currrent PBI takeover, it's even worse. Rates have gotten so low they're about the lowest of anyone, but I stuck with them because I had everything setup. But the last straw was when they 'updated' their webpage about a month ago so certain, popular Android OS will no longer work, specifically Android 4.3, which is the OS that the second most popular smartphone, Samsung Galaxy S4, uses. Maybe it's a blessing in disguise because one of the service reps told me that they're now concentrating on building local B&M outlets and phasing out Ascencia products (like online banking). The trouble is, that doesn't do non-local customers much good.
Customer service was nice enough, but all they really do is apologize for the bank's problems with the vague "We've made note of your concerns". I don't think PBI management is too interested in resolving problems anytime soon (if ever), and that doesn't bode well for long-term solvency.
The bottom line is that, with the dismal interest rates, USA/Ascencia/PBI bank is simply not worth the effort, anymore. I moved all my money to Ally. It's a shame because, if you can access PBI's webpage, it is nice and easy enough to use. It's just that you can't access any part of it if you're running anything older than Android 4.5 OS on your smartphone.
|FDIC Certificate #||9314|
|Return on Assets - YTD||-0.22%|
|Return on Equity - YTD||-3.87%|
|Annual Interest Income||$36.5MM|
|Assets and Liabilities|
|Assets||Q4 2015vs Q4 2014||$948.1MM$1.02B|
|Loans||Q4 2015vs Q4 2014||$606.8MM$614.6MM|
|Deposits||Q4 2015vs Q4 2014||$879.0MM$928.1MM|
|Equity Capital||Q4 2015vs Q4 2014||$53.9MM$58.1MM|
|Loan Loss Allowance||Q4 2015vs Q4 2014||$12.0MM$19.4MM|
|Unbacked Noncurrent Loans||Q4 2015vs Q4 2014||$13.9MM$46.8MM|
|Real Estate Owned||Q4 2015vs Q4 2014||$19.2MM$46.2MM|
Sorry, we do not have rate data for PBI Bank.