Primis Bank's Savings Account Is First To Reach 5% (Rate Update)
Virginia-based Primis Bank (Primis) has significantly increased the rate of the Primis Savings Account. Following a 98 bps increase, the Primis Savings Account currently earns 5.03% APY – currently the highest rate offered on a nationally available savings account. The fee-free Primis Savings Account can be opened with a $1 minimum deposit, with all balances earning the stated APY.
DA reader, RBB, announced the new Primis Savings Account rate in a Forum post yesterday, with several other DA readers commenting on their own experiences contacting Primis for additional information about the Savings account. Unfortunately, there doesn’t seem to be much of a consensus among the various CSRs concerning the information DA readers want and/or need to know. I did two separate Live Chats and got different answers for almost every question I asked.
It serves no point to list the conflicting information I obtained, but as soon as I can confirm certain details (ACH limits, credit check, making deposits), I will update this blog post. What I can state with certainty is 5.03% APY, $1 minimum opening deposit, and no fees.
Primis Premium Checking
The Primis Premium Checking rate was also increased by 98 bps and currently earns 5.03% APY. DA reader, abzurd, opened a Primis Premium Checking account at the beginning of January and describe the experience in a comment to RRB’s Forum post, including a link to the Primis Premium Checking Account Disclosure which he downloaded into a Google Drive folder. While the Disclosure is mostly 56 pages of legalese, the first page is a Truth-in-Savings disclosure that provides basic account information: APY, $1 minimum opening deposit, interest compounded monthly, and no fees. Currently, the Primis Disclosure page lacks account Truth-in-Savings disclosures.
It'll be interesting to see how long Primis maintains the top rate on the checking account. Online banks have a long history of launching checking accounts with rates that compare well with top online savings account rates. Those top rates (on standard checking, not rewards checking), however, never last in the long run. Salem Five Direct is a good example, albeit not a recent one: in 2007, the eOne Checking offered a 5.30% APY. The eOne Savings was introduced later and soon had the higher rate. As rates fell, the eOne checking rate dropped well below online savings account rates (eight years of 0.25%, followed by 0.10% for the last 3 years).
Availability and Account Opening
Headquartered in Tappahannock, Virginia, Primis’ online product line is available to U.S. citizens and resident aliens who are at least 18 years of age and have a valid Social Security number.
Opening either a Primis Savings Account or Primis Premium Checking Account can only be done online.
The online application and the online banking platform are based on the Savana platform, the same platform used by Live Oak Bank. According to a December 13, 2022 press release,
Savana, an industry leader in financial software for banks and fintechs, today announced that Primis Bank has successfully launched its new all-digital consumer offering leveraging the Savana platform to unify and orchestrate its technology ecosystem and automate processes between its Finxact core and customer channels.
Led by President & CEO, Dennis Zember, Primis’ initial rollout is focused on deposit products for retail customers, with small-business checking and savings expected to become available in Q1 2023.
“To be a different kind of bank, we have to bring a different kind of offering to customers, including a modern, frictionless digital experience,” said Dennis Zember, President & CEO, Primis Bank. “Savana’s processes, paired with our beyond-competitive products, create a streamlined and attractive experience that brings our vision to life.”
Bank Overview
Primis has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 3.95% (excellent), based on June 30, 2022 data. In the last year, Primis' deposit growth has been weak, with a loss of $87.33 million (-3.13%) in total non-brokered deposits. (The loss in deposits is likely a significant factor in the competitive savings and checking account rates.) On a more positive note, Primis has an excellent capitalization level (15.56%), the result of holding $3.23 billion in assets with $502.84 million in equity. Please refer to our financial overview of Primis (FDIC Certificate # 57968) for more details.
Primis Financial Corp. is the holding company for Primis Bank. In Primis Financial's 2022 Q4 earnings report, the new digital bank offering was mentioned:
While newly launched, the Bank's new digital banking offering is beginning to see balance growth with $29.7 million of deposits on the new platform at year-end and almost $40 million at the time of this press release.
Primis is currently the eighth largest bank headquartered in Virginia, with assets in excess of $3.2 billion and nearly 69,000 customer accounts. Established in 2005, the original Sonabank, N.A. acquired four Virginia and two Maryland banks between 2006 and 2017. Following the 2017 acquisition of EVB, Sonabank moved its headquarters to Tappahannock, with the Primis rebrand occurring in March 2021.
How the Primis Savings Account Compares
When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit and do not have small balance caps, the Primis Savings Account APY currently ranks first.
The above information and rates are accurate as of 1/31/2023.
To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.
Would appear that I too, ..am about to join the 'bad CSR' club.
The one I've got on the phone now was about to tell me these accounts pay interest annually...
let's see what other things she doesn't know. LOL.
EDIT: Apparently, I couldn't even get that far...she took my name & number for a call back from a supervisor. I did find out that mobile deposit limit is $25k per day, though. So many questions, ..so little time. LOL.
25k is high for mobile deposit. Chase was at 5k now at 7.5k$ limit.
Will be hard to beat Emigrant Bank's "instant" deposit crediting on any amount you transfer in, 24/36 hours transfers out, and the lean and mean website that just works.
I'm looking for a review of the ACH performance in and out of one of these PRIMIS Savings Accounts. Do they pay interest monthly like MSD does? How long do they hold deposited funds for? How much $$ can you withdraw per ACH transfer?
Are the funds showing as part of your total balance? As in "Daily Interest" being paid during the hold period? MSD always puts a 7 day hold on new deposits, but you start earning interest immediately on the day you initiate the transfer. In my case, I have seen up to 3 days transpire between when the deposit immediately posted to my total balance and when the funds were actually pulled from my funding account.
This is why I like Emigrant Bank's approach so much. None of the other High Yield Savings banks I have had accounts with were so generous with crediting deposits literally starting the second you click the TRANSFER button to start the deposit ACH process. Most make you wait until the funds have cleared your funding account and are physically in the bank's coffers before your balance reflects the deposit and interest payments start.
Depending on how often you add money to the account, this difference in interest payment days can really add up over time!
Watch Emigrant, They sometimes don't raise their rates when savings accounts go up or drop their rates. Dollar Direct (An Emigrant on line bank) a couple of months ago had the highest rates and stated America's Highest Rate. They then stop raising their rates and changed the slogan to One of America's Highest Rates.
In my personal experience... Emigrant Bank has been slower to cut rates when things cool off compared to many other online banks. They usually just let their online products get passed up by some other bank offering a more attractive APY, rather than cutting their rate. DSD still has the same 3.50% APY it had back in October of 22 when that was the highest APY available online. Rather than cut the rate, they just let it languish and raised MySavingsDirect up to 4.35% APY to attract new depositors instead. Fine with me, since the web sites and functionality, including their awesome ACH transfer times are identical.
https://www.courthousenews.com/judge-approves-settlement-ordering-plaid-to-pay-58-million-for-sellin...
Just one breach can end up being a nightmare for years.
That's one danger of this bank shopping game. The more accounts you have, the more you are giving out account information to CSRs and third parties, the better your chances of having a security breach.
I would rather give out my private information to a computer than a human being. Neither one is airtight but there are typically more safeguards on electronically stored information then there are on humans. I get a bad feeling in my gut every time I have to talk to someone at an FI on the phone, some stranger I don't even know, and not so uncommonly someone who clearly doesn't have an understanding of what they are doing, and they are asking me for highly confidential information. But you can't play the game without it.
There have been one or two times when I just hung up because the person on the other end of the phone sounded completely incompetent and I did not want to give them that information. But that's a very unscientific way of protecting yourself and bound to fail eventually.
Also, the benefit you get from changing your password is becoming less important since most FIs have implemented some kind of 2FA. Still it's still a good practice to change it not only after you use a third party like Plaid but on a periodic basis as well. But it is becoming less of an advantage to do so than it used to be.
Fortunately having a stolen credit card is is one of the least harmful forms of identity theft.
As long as we're living in the Stone Age with social security numbers from the 1930s and the lack of modern identity technology methods this will go on forever. With all the trillions of dollars we give Washington every year it's outrageous that they haven't developed a much more secure identity system. We've had the technology for decades already.
"For our affiliates' everyday business purposes -information about your transactions and experiences
Should I be worried about this?
Also the rep I spoke with said you can transfer out $30k/day & $100k/month...BUT ONLY THROUGH THEIR PLATFORM AND THAT YOU CANNOT MOVE MONEY AT ALL USING AN EXTERNAL BANK.
But you can wire money out and that domestic wires cost $5. I tried to look up ACH in and out limits in their 35 pages of fine print but didnt notice it and searched for $30,000 and $100,000 and found nothing but the following under:
III.3. Restrictions; Limits. In most cases you may use Online Banking to gain access to deposit accounts in which you have an unrestricted right to withdraw funds. However, the Financial Institution, as it may determine at any time and from time to time in its sole discretion, may deny Online Banking account access, restrict Online Banking account transactions, or place limits on the specific dollar amount of funds that may be withdrawn or transferred from any account.
Not impossible but highly unusual and often incorrectly stated by CSRs.
Considering the apparent accuracy of their CSRs I would confirm and reconfirm that one and want to hear from a manager before concluding it is correct.
I guess most of you here that applied got an instant approval?
Oh and my chat rep told me if it is pushed in from an outside bank's ach there is no limit as far as they are concerned...
I hit SAVE&EXIT and will return to complete the application process once the test deposits have been made by PRIMIS. So based on that... I am assuming I was approved. I have a user name and password that gets me onto the website as of now, but it just takes me back to my application page asking for the micro deposit amounts.
This is a case by case basis analysis. It depends on your investment needs. If, for example, a predictable cash flow is part of your need, then holding callable bonds can be highly unsuitable and add important risk to your plan (in actuality it adds risk to your plan no matter what your plan because it creates unknown returns over the planning period, that is the definition of risk).
The typical purpose of the call is to protect the issuer so that they can exit the obligation if market rates fall. And if they exercise the call under those conditions, you will be stuck with cash in the unfavorable rate market. This is a risk for any holder of a callable bond although in this period of generally rising rates it may not be so obvious.
So I don't think you can generalize that an aversion to callable bonds is overblown because for some investors it more risky than others and other investors may not see the risks until conditions expose it.
Thus far, I was approved immediately after applying on 1/30/2023 and got my dollar in the next night.
As for other matters, I just deposited a check and will see how long that process takes. I will soon test if I could transfer in 6 figures. My biggest concern is that this does seem too good to be true like others have pointed out, and really hope that I do not shoot myself in the foot.
Edit: An e-mail from a customer service rep advised that business accounts do not have the option of using Zelle either.
I don't anticipate problem. When Republic Chicago had a high rate, many posted that they believed pulls initiated from another bank had limits and that was not the case.
I've little doubt that Primis has few restrictions on ACH transfer deposits originating from external banks, but...
Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
"Relax, " said the night man
"We are programmed to receive
You can check out any time you like
But you can never leave"
On the other hand this administration got us into a very scary war that is creating a terrifying alliance between Russia and China and a four star general just predicted we will be at war with China within two years and is telling our troops to prepare for war. In addition we are being overrun by foreigners entering the country illegally in record numbers including tens of thousands of know terrorists and felons posing a severe national security threat that the president seems to have no interest in stopping. So anything is on the table.
More than 30% in congress registered as GOP are Rinos, especially look at the real US history (not what is written in the school's books), but what happened to USA in 1871, that may bring you to the real reality. FDIC is just a shell department to calm the nerves of the savers and not a real savior.
America is as strong as its people and its ideology. And I still have faith that it will ultimately prevail in the face of the assault it is now facing. But we need the bull in the china shop to take office in January 2025 to clean house to accomplish that, not the candidates who follow the Marquess of Queensberry Rules and have perfect manners and decorum. This is a dire situation and we need the only guy who has a proven record of being able to get results to shake things up in Washington... and that is why the Washington deep state is so determined to try to prevent him from even running.
I would be surprised if their external ACH policies are radically different than any other online bank.
Did a large transfer from Chase today to Primus. After going through Chase's fraud verification and them locking my on line access the tranfer should go through tomorrow. Over 30k. Will post results.
You are probably using the app titled Primis Personal Banking. Download Primis Digital Mobile App instead. It should then work.
Let me know.
Started application yesterday morning...couldn't link account instantly.
Trial deposits sent promptly; showed up at SoFi this morning ..account
completely approved and mobile deposit app now ready to go.
(BTW, the disclosures state that ALL deposits begin accruing Interest on the DAY OF DEPOSIT.
And cut-off time for mobile deposits is 6PM Eastern.)
Online banking displayed "Debit Card Ordered" as soon as the account was funded;
additionally, I just now got a Digital Platform rep on the phone (not a local branch)
who promptly ordered my first batch of FREE checks.
All-in-all, a simple and trouble free process.
I'm planning to put a respectable 6 figure sum into this PRIMIS savings account and let it ride until they lower the rate.
Better than any of the brokered CDs I am seeing on Fidelity right now! lol!
What is the hold time for the funded amount? Does it depend on how large the amount is? Wonder I should enter a large amount during initial funding (risk long hold time) OR I should just do a small initial funding and then try to either push or wire transfer larger amount from external bank?
Whatever external banks you linked during initial funding, are they being saved in the external accounts list so that in the future you can use them in external transfers initiated from Primis Bank?
In terms of how much cash to deposit starting out? I would suggest opening with whatever amount you are comfortable with. I'm going to start with a couple of hundred bucks just to get access to my new account and check out how everything works, including the transfers section, ACH transfer times etc.
They list the minimum deposit amount as $1.00, so technically you could start with that if you are not sure about using this bank as a major holding location for more substantial amounts.
So yes, in this case it is indeed Primis; my SoFi account had the same entry.
So far, 2 separate deposits on 2/2 (one ACH, one mobile deposit) are both showing a 3 business day hold; elapsing on February 7th.
Possible Primis Bank slogan: "We Primis you high returns and the best banking experience ever!"
After opening the accounts, I looked things over and noticed a BIG BIG BIG problem. At the account opening, I linked this Personal Savings Account to my Chase checking account for the initial funding. It asked for my Chase login credential (username and password) which I entered and my account was instantly linked... supposedly.
Upon closer inspection at the last 4 digit Chase account that was linked to my new savings account shown in the external account information, they linked the wrong Chase checking account to my new savings account. That linked Chase checking account does not belong to me!!! I got a email this morning saying the initial deposit was successful and the money used for the initial funding has been pulled from that linked account. I checked my Chase checking this morning and no money has been pulled for the initial funding meaning they took the money from the wrong account at Chase! Now, I have to contact them to fix this mess. What a big headache!
Be careful guys and gals! Always check everything throughly.
I verified my funding accounts via micro deposits method. It took 1 business day from initial application to verifying micro deposits to account actually opened.
If FrugalTed had used this method, he would have discovered his error with the account number long before any funds were pulled from someone else's bank account. (Still surprised such a thing happened to be honest)
And after you have verified your funding account, just deposit $50.00-$100.00 to get the account opened so you can poke around and make sure everything is to your liking. Once you are satisfied, then you can drop the 6 figure deposit in there or whatever large sum you want to park for the 5.03% APY.
That is my game plan with my PRIMIS Savings account. Just waiting for the trial deposits to hit my credit union likely early next week.
So it only took 1 business day from initial application to verifying micro deposits to account actually opened. Pretty quick.
I will wait until the fund is successfully debited from my external account. Then I can add joint owner and beneficiary. Will also call to order the free 40 checks.
Since I just recently open this savings account, I will wait a few days to see will happen. I will report back to give everyone an update.
The invitation thing has failed twice now because of "error" messages. I'm not too concerned about it, but it's an inconvenience. Their phones are slammed right now at 5.03%, so I can't easily clear this up. It's something you might want to be aware of if considering Primis.
My Dad said, "I've never heard of Primus Bank". I said, "This is Primis Bank. Primus Bank has the Wynona's Big Brown Beaver Account and did the South Park theme song." (ha-ha)
The question i have is they must be able to pay this rate from a strong loan business? I'm struggling understanding how they can pay a higher interest than almost all treasuries.
Once again I am in the review stage but this time I'll let it play out. 5% on checking is strange to me, but who am I to argue. I'll take it!
Re: The free checkbook:...Certainly not automatic I didn't see anywhere on the online banking site to order one, though I'm sure you can send them a secure message. I decided to call them to request it.
Let us know how pushing the funds with another bank goes. Did you notice on Primis' online banking that the external transfers section does not discriminate between sending in or out? Contradicts what we've been told. I plan to test it out, but not just yet.
If the deposit is over $5 or $10K (can't remember which) it's a five business day hold. Lower amounts are only 3 days. And no reductions based on your tenure with Primis.
Re. the 4 digits; I'd hazard to guess its a function of what kind of security that bank has.
I (unsuccessfully) tried to link a small community bank located in PA, but did notice that the last 4 numbers did not match.
The only problem I have experienced with this Primis account is attempting to add my wife as a joint account owner. I uploaded the three identification documents that Primis requested, but her approval as joint owner is still in a review status six days later even though it states that approval "could take two business days to process". Perhaps their 5% rate has them overwhelmed with new account activity?
I will be doing a test withdrawal this week and if that goes well I will be moving a greater amount of liquid $ into this account. 5% is worth the inconvenience of moving some money around.
1. Does the account accrue interest while your funds are in a hold phase? I have Bask Bank and it does so.
2. Does your account show the daily interest you have accrued? For example, my Bask Bank shows changes daily to show the amount I have accrued from the previous day.
1) Yes. Per the Primis disclosures, deposits begin accruing on the day of deposit.
2) No.
Regarding viewing the accrued, no, unfortunately we can't. Big minus for me.
To make matters worse, we can't even get the accrued from a representative until the hold has elapsed. But I was assured the accrual would be as per their policy regardless of the hold.
So Jury still out on whether we'll be getting the interest we're supposed to...
..will have to wait 'til my holds elapse; then do an average daily balance calculation.
Anyway, when you set up a transfer for deposit into this savings account (4.35% APY), the funds appear in your balance immediately after the transfer executes, which usually happens just after and often before the 5PM ET cutoff that same day. Interest payments on that new deposit amount begins then despite it usually taking 2-3 days for the funds to actually leave your funding account.
They do place a 7 day hold on all new deposits, but this has never been a problem for me since I am not going to be pulling new funds out the same week I put them in there.
MySavingsDirect is currently my primary HYS, but instead of putting the 100k I currently have in a Capital One 360 account in there, I plan to move all of it to PRIMIS once I meet the qualifier for the free $1000.00 bonus I got from Capital One for leaving 100k+ in there for 3 months. That happens on the 13th for me. Plan to add another 60k to that PRIMIS deposit at the same time.
You can't beat that 5.03% APY with a stick!
The process is definitely taking longer than most banks take to get this done. And it sounds like they are not aware of this obvious delay in pushing those test deposits.
So far... My only complaint is that they do not display your accrued interest for the current month or YTD anywhere on the account pages. At least nowhere I could find. I assume the total interest for any given month will appear on a monthly statement, but I much prefer being able to check it online on any given day to see how much I've got.
I might chat them up about this and find out if this missing feature is something they plan to add in the near future. Pretty much all the online banks I have dealt with offer this on their websites, so it is odd that PRIMIS currently does not.
I am assuming that there is a delay in this interest specific data being added to the Account Details page... Or... Perhaps PRIMIS got enough complaints from new account holders about this missing data, that they just happened to add it in today?
Either way... I now have ZERO complaints so far. Application process took me all of 5 minutes to complete, and other than having to wait from Friday to Monday for the micro deposits to appear in my funding account, as soon as I had those, I completed my application and made my initial funding deposit in less than 2 minutes! Smooth as silk process!
Annual Percentage Yield (APY) 5.03%
Interest Paid Year to Date $0.00
Interest Paid Prior Year $0.00
Interest Paid Account to Date $0.00
And for the record... Only the Monthly Interest number is going to be updating daily for now. The YTD number won't update until we get paid out for February.
After re-reading the wording on those various stats, it appears that they don't actually provide a field for "Interest Earned This Month" which I took directly from my MySavingsDirect Account Details page, which gets updated daily. Notice that the PRIMIS Account Details say "Interest PAID Account to Date" instead.
So...Based on that difference it appears that we won't be seeing a daily interest amount added every day and slowly building towards our actual monthly interest payment. That kind of sucks for those of us who are accustomed to have this number provided at a glance whenever we log into our other HYS banks, like MSD.
I'm going to write to them asking for this additional feature to be added, and I urge everyone else with a new account to do the same. You never know... They may add it in if enough people complain about it not being there currently.
Of course, you can easily calculate your daily interest earned value yourself based on your total balance. If you plan to park a large sum in here and let it ride, you will know exactly how much you will be getting paid every month from PRIMIS. Which according to now three sources is on the 15th of the month.
I already added my Capital One 360 account to my PRIMIS External Accounts list, which is in addition to my Credit Union checking account as my original funding account. I'm not expecting any drama with the transfer, unless Capital One makes a stink about me pulling 90% of my funds out in one go. ;o)
I will be interested to find out what is going on with the Monthly Interest paid not being updated daily like it should be. Please keep us posted on what they say, or if the numbers suddenly show up.
So now, I'm calingl in and the phone number is off line signal (busy tone). How do you leave a voicemail? Maybe I'm going to take off the mobile app since I suspect it caused problem. I only got locking problem since I downloaded/logged into mobile app.
Has anyone tried to initiate more than $30K from external bank to see if it worked?
Initially, I did not download that one, but another one, since it had more downloads, but the one with 100+ seemed to be the correct Primis Digital Mobile app.
I would suggest just using a web browser instead of that mobile app of now.
thanks :)
Before I open an account at an institution, I check to make sure I can easily link more than one institution, and also check limits on the number in a manner of internal and external transfers.
PRIMIS is using the same approach as Emigrant Bank/MySavingsDirect but with a much shorter hold time. But the main thing is that the deposited funds are credited immediately and you start earning interest on that deposit that same day.
None of that waiting 3-6 days for the funds to physically arrive at this bank before they include the funds in your balance and start paying you interest on that money. Considering the 5.03% APY, I was fully expecting them to pull that kind of thing. But I was pleasantly surprised that they credit you immediately. :o)
A six-month T-bill was at 4.82% on Jan. 23, compared with 0.36% last January, and the three-month T-bill was yielding 4.58%, up from 0.13%.
The Schwab CD marketplace also has great rates for one month and three month CDs. I bought a couple of those – I can’t remember the rates but they were over 4.5%.
I have no connection to Schwab other than as a customer.
As for these reported access problems with PRIMIS... I suspect it might have something to do with past account histories on a customer's credit report, or a lower than desired credit score according to PRIMIS Bank's credit report/score requirements.
Just a guess, since I obviously know nothing about the credit history of those having problems.
I would suggest refraining from using the Mobile App and just use a conventional web browser to interface with the PRIMIS web site. There might be some kind of security thing going on with the Mobile app that is triggering a fraud protection on your account or something. Someone asked about this account locking thing of a PRIMIS rep and they stated excessive failed login attempts can trigger an account being locked.
I've been on an off the PRIMIS website over a half dozen times today without a problem using my MacBook Pro with Safari. Logs in successfully every single time with no issues.
They never asked me for a bank statement or anything above and beyond the info I provided on my application. I have not had any contact with anyone at the bank yet because I don't need to talk to anyone at this point in time. The only delay for me was the fact that I used my credit union's routing number and account number and had to wait over the weekend for the micro deposits to show up before I could make my first deposit. I got those micro deposit amounts and made my initial funding deposit earlier today for $100.00. That full amount is showing in my total balance with a hold until the 8th, which is a very reasonable hold period. Most banks are 7 days or longer on all new deposits.
But according to the disclosure details, I should be earning interest on that $100.00 beginning today, even though the funds have yet to leave my funding account. That is what I was hoping to see and is identical to how Emigrant Bank handles their online deposit credits and interest payments.
Barring any last minute drama, I plan to pull a healthy 6 figures into this account next week, provided that I can verify interest is being paid daily on my $100.00 deposited today.
I hesitate to deposit more money to Primis account in case initial funding amount somehow get refunded and they close the Primis account for whatever reason.
Update: Actually the external withdrawal posted late in the afternoon on 2/3. So the withdrawal happens next day after funding amount is credited.
Not sure why you would deposit money into a savings account and then immediately need to withdraw those funds days later, but whatever... 3 Day Hold on new deposits appears to be how PRIMIS does things, which is a much shorter hold period than any other online bank I have dealt with and more than works for me! :o)
I would suggest that you just sit tight and confirm that you are seeing a daily interest amount from your first deposit being provided before adding in more cash. Your "Account Details" page should show this monthly interest paid total increasing every day as well as a YTD Interest Paid total once your receive your first monthly interest payment at the end of this month.
I have no idea what is going on with those who are having their deposits refunded, accounts closed or suspended etc. I've never heard of such a thing, but without knowing all the details of these individual's credit report histories and actual credit scores, it is impossible to comment further.
Annual Percentage Yield (APY) 5.03%
Interest Paid Year to Date $0.00
Interest Paid Prior Year $0.00
Interest Paid Account to Date $0.00
Annual Percentage Yield (APY) 5.03%
Interest Paid Year to Date $0.00
Interest Paid Prior Year $0.00
Interest Paid Account to Date $0.00
-----------------------------------
As I mentioned in another sub thread, our PRIMIS accounts are currently missing the "Interest EARNED this Month" stat that MSD and most other online banks provide in their account details. Only "Interest Paid Account to Date" which is obviously not the same thing, and won't increment on a daily basis.
I just chatted with a PRIMIS Rep and they were not sure why this data point was not currently listed, but said that they would forward the feedback and see about getting that added to the Account Details.
I would suggest that everyone send them an email or a chat based request for this feature in the next few days and see if we can get this added by sheer numbers of requests from new account holders coming from this blog forum!
Annual Percentage Yield (APY) 5.03%
Interest Paid Year to Date $0.00
Interest Paid Prior Year $0.00
Interest Paid Account to Date $0.00
But I just opened two days ago with a small amount so the account has not really accrued any interest yet.
It will be nice if they show "Accrued interest" which means "Interest earned but not yet paid". Once monthly interest is paid, it will be included under "Interest Paid Prior month" , "Interest Paid Year to Date" and "Interest Paid Account to Date". And "Accrued interest" is back to zero.
CFG Bank shows Accrued Interest in account detail.
In online banking, I cannot locate Secure Messages functionality.
I hesitate to deposit more money to Primis account in case initial funding amount somehow get refunded and they close the Primis account for whatever reason.
Update/corrected: Actually the external withdrawal posted late in the afternoon on 2/6 Mon (not 2/3) . So the withdrawal happens next day after funding amount is credited on 2/3 Fri.
Something to consider for those who are use to the MySavingsDirect FLOAT, which usually gives you a good 3 business days between the deposit credit in your MSD account and the funds actually being pulled from the funding account.
6 months later, it is still 3.50% APY, but it is hardly the must have HYS it was back when it first raised its rate considerably higher than any other bank at the time. Oh how times have changed! ;o)
I predict that PRIMIS will remain at 5.03% APY through the remainder of 2023, and will eventually be eclipsed by some other online HYS offering an even higher rate.
The Fed ain't lowering rates until 2024 at the earliest despite what all the clueless market bozos keep pushing for and buying into their own BS to the contrary. Even if they pause, it likely won't come until Q4 2023.
After many attempts to call them, I finally was able to reach a rep at 1:30am. I wanted to order my free 40 checks. But I was told I have to do it online myself via the "Reorder Checks" option. She cannot do it for me on the phone. I thought "Reorder checks" means you already ordered your first free 40 checks before and now you want to order more (probably not free anymore). But the rep said it is the same. She said she has submitted a ticket to IT department to update the website to label the option as "Order check" and hopefully I can see the change tomorrow morning and order my checks from there.
The "Reorder Checks" link will leave the Primis site and land onto a third party site. I did not really click through the link.
@RichReg, you mentioned that you got Digital Platform rep on the phone (not a local branch)
who promptly ordered my first batch of FREE checks. Is 833-477-4647 the number you called?
If you need to contact PRIMIS, the best luck I've had is with 833-969-3992. I do not trust the answer you received...they did indeed order the checks for me over the phone.
However, for following up on the check order, I'd call Harland Clarke @ 800-275-1053 (which I just did).
Get your account number & routing number from online banking. Found out that my order was processed and ships out today.
I also confirmed that interest is paid out on the 15th of each month, so the interest cycle runs from the 15th to the 15th instead of the more common calendar month cycle.
Maybe that's why I too, was able to order checks over the phone.
I wouldn't be surprised if they totally under-estimated the volume of new accounts that would be flooding in. As others have said with other complaints... Cut them some slack and give them some time to catch up! Or... You can cancel your account and loose out on a great deal because they can't instantly fix a problem for you. Your call.
Is the amount credited immediately?
How long is the hold time before fund is available?
As of now, I have not run into any ACH limits within account. As for transfers out, I don't really care about any supposed limits as their $5 wire free is super cheap compared to the usual $30 fee most banks have. I'd make that up in a day with these interest rates.
Let us know if everything continues smoothly.
Then we can all double-check Primis’ calculations after the 15th; which
will hopefully live up to expectations.
I’m pretty sure they’re going to do what they’re supposed to.
Let’s hope they take you up on your advice to add the accrued interest metric.
1) Stop Sonabank/Primis @stopsonabank 2) PrimisFraud @FraudPrimis
Should we be worried? Have you guys seen this happening to other smaller banks?
I don't base my financial decisions on the opinions of Internet Trolls. My PRIMIS experience to date has been A+. Instant account approval, timely micro-deposit verification, lighting fast ACH transfers and courteous customer service. (Albeit slower than normal due to them obviously being flooded/overwhelmed with applications for new accounts due to their 5.03% APY on both savings and checking accounts)
Everyone at PRIMIS I have interfaced with so far have been more than helpful and answered all my questions and resolved any minor issues.
By the end of next week, I would have deposited the FDIC maximum into my PRIMIS Savings account.
There's an FDIC calculator (https://edie.fdic.gov/calculator.html) that explains & let's you test drive the accounts you want, to see if they are all insured
Quick Recap: Got enticed by the 5.03% APY and opened a Personal Savings Account. Linked my Chase checking to Primis by entering my Chase userid and password. Got very spooked when I saw the last 4-digit of the Chase account linked to my Primis account does not match my actual last 4-digit Chase account. Started sounding the alarm here.
User xer00, Rickny and Orderly Chaos is 100% correct when they say this is a Chase security feature. I confirmed this by speaking to a Chase banker at my local branch. He explained due to the way how I linked my Chase account to another bank by providing my login credential, Chase use substitute account number to protect their clients. You can see this by logging into your chase account and going to the Security Settings page.
The initial funding did correctly came out of my Chase account into my Primis account. Initiated at Primis, I did 2 small ACH pull transfer and 2 small ACH push transfer and they all correctly came in and out of my Chase account despite the last 4-digit shown not matching.
Conclusion: Everything works as they normally would. For those of you that are on the fence about opening an account with Primis, I say DO IT! We savers suffer for so long with pitifully low interest rate. It's about time we got some decent returns on our savings. I'm getting ready to move my liquid fund parked at SFGI Direct (3.51% APY) to Primis.
You can always email Ken & ask, but first off ...this new "Primis" has no track record. And as others have been speculating, could easily drop this rate after something like 30 days.
So if I were Ken, I'd tend to post on the cautious side, ..if not for just a little while. At least let Primis first pay their initial amount of interest out at this newly published APY (on the 15th).
Hey waryman ;...appears you got your wish.
PRIMIS is now in the checking and savings account lists.
(Now where did I save that Daily Balance calc spreadsheet..LOL)
Received the checkbook today. Two separate lots of 20 checks. :)
Then I chatted with their facebook page on messenger. I asked:
"I was looking into your online savings account which presently has an APY of 5.03%. I was told by one of your customer service reps that once the account is open, that even I attempt to withdraw money by ACH that is initiated on the external bank's web site, that anything withdrawal over $30,000 in a day will be rejected by Primis. Is this correct?"
The response I got was:
"Hey Gary, sorry you were told that but it isn't correct. There are no ACH limits from Primis when you initiate a transaction from another bank, company, or financial institution. That goes for our savings and checking accounts. Hope that helps!"
"So are you saying that even if I want to "WITHDRAW" money from my Primis online savings by ACH, if I initiate externally, I can withdraw as much as I want? The representative insisted that the withdrawal limit by ACH was $30,000 and that if I wanted to withdraw more, even when initiated externally, I had to use wire transfer."
Their response:
"Ok, so it seems that I may have misspoke. The customer service rep was correct for how our accounts currently function, however we're in the process of changing that. I was under the impression that the change had already occurred. Soon, there will be no limits on external withdrawals so long as they are initiated outside of the Primis system. I'm waiting to hear back exactly on when that will be implemented, but it should be very soon. I'll let you know when I get a precise timeline. Sorry about the confusion!"
Did that back in the day with PSECU.
Hadn't even asked for a card and only had a CD and Shared Savings
account with the bare minimum.
The old-fashioned way: Go to a bank branch and make a withdraw. Obviously, if the only banking you have is via online only banks, a debit card would be a must have, but most people tend to have at least one account at a physical bank, in which case debit cards become an optional item one can opt out of using.
Personally, I tend to use my cash back credit card(s) for most purchases (except for small purchases and purchases where I don't trust the use of a card) so tend not to need to "get cash" all that often. Since credit cards offer better protection and cash back (and I pay the bill off immediately, so pay 0 interest), I much prefer them to debit cards
I like having a Nationwide FREE use debit card, so I activated mine as soon as it arrived. But for security reasons, I would suggest only keeping a grand or two MAX in there at any given time if you plan to use it on a regular basis.
My checking account is pushing the FDIC limit at the moment, but I've got my eye on some attractive direct CDs right now that will probably get funded out of that balance.
pulled an ACH deposit test like some of you others ($500) late in the afternoon yesterday.
Posted same day (2/14) to PRIMIS...left SoFi this morning.
If PRIMIS' policy is what they say it is...that's an extra day of interest using ACH.
(Maaaaaaybe).
Because tooday is INTEREST day.!!!
So keep your eyes peeled and your calculators handy after midnight folks...
With the way their accounts are working in this first cycle, you don't even
need mobile deposit to get funds into the account in a timely manner.
Freakin' awesome!
I've had the hold time tick down...then 10 minutes later it comes back with an even longer
hold time than it first started with.
Vanguard is my hub so with the now available Primis credentials I went onsite to link this new account. Recently Vanguard has also adopted the instant link option and appears to be favoring it over micro deposits. Primis was in their database so I assumed the link would go smoothly. However despite entering the current credentials the link was rejected so now I will need to wait for the micro deposits to register. As those familiar with Vanguard are aware, a long verification hold is placed on new links before pushes can proceed. The work around is to get lucky by reaching a csr within 30 mins and initiating a free wire transfer to the new bank. It is also my understanding that Primis does not charge for incoming wires. All in all a lot of effort in order to extract just an extra 42 bps of interest!
Before 5PM for sure.
Edit: guess the no max ACH pull will come to the test sooner than later.
However, the fine print does say that the new rate is for accounts only now being opened,
going forward.
[10:27:32pm] Helen:
Thank you for chatting with Primis, my name is Helen. How may I help you today?
[10:28:19pm] You
Hi Helen. I saw the rate for the checking account dropped from 5.03% to 4.35%. Is this for existing customers as well as new customers?
[10:28:25pm] Helen:
No
[10:28:51pm] You
So existing customers will continue to earn 5.03%?
[10:28:55pm] Helen:
Yes
But like midas89 said in another thread, who knows for how long.
OTOH, current news headlines are saying that the Fed intends on continuing their rate increases going forward, so... ?
"Soon, you may see on our website that our APY is changing to 4.35%. This will not apply to you. As an early adopter of our digital platform, you will continue to earn 5.03% APY. While our rates are always subject to change, we want to currently hold your rate at the highest level possible."
Here is a quote of the entire message I received this morning at: 6:05AM PST
PRIMIS
TAKE A BOW
You were one of the first - and you deserve the best.
"Thanks for being one of the first customers to take advantage of our Primis Savings. You’re earning the top-notch annual percentage yield (APY) of 5.03% and we’re glad you’re here.
Soon, you may see on our website that our APY is changing to 4.35%. This will not apply to you. As an early adopter of our digital platform, you will continue to earn 5.03% APY. While our rates are always subject to change, we want to currently hold your rate at the highest level possible.
Congratulations on being a banking trailblazer. Our goal is to continue to impress you and create a long-standing relationship.
Thank you,
Your Primis Team"
Just a note, I successfully opened a Primis Savings account yesterday (I was totally unaware of the rate change) and my account still shows APY of 5.03.
The answer to your question is YES.
The rate applies to the account, not individual deposits or dates of deposit. You will continue to be paid at the 5.03% APY for as long as Primis maintains this promotional rate for early adopter accounts.
Personally, I am fully expecting them to maintain our 5.03% APY for at least the next 90 days, if not longer. Their "Take a Bow" email emphasized at the end that their goal was to "Continue to Impress Us, and create a "Long Standing Relationship".
"Our goal is to continue to impress you and create a long-standing relationship."
You don't achieve that goal of a long-standing relationship by Rug Pulling the #1 reason all of us signed up in the first place. That is why I am cautiously optimistic that this email was basically an insurance policy against a ridiculously short lived promotional rate.
No way to know for sure, but I have no plans to pull my significant deposit out of Primis for fear that the 5.03% rate is going away at the end of February/early March as some are now predicting.
It would have been a PR disaster on steroids! lol!
It sounded to me based on the very personable one on ones I had with Helen Holt and some of the other Primis folks that they hit their new money/depositors goal in a matter of days, not weeks, and obviously not months. And once the proverbial Genie was out of the bottle thanks to the speed of The Internet, they were helpless to control it going forward. Something obviously had to give.
Considering what they were up against, I think their modest team of regional staff did a pretty good job in the face of some pretty overwhelming numbers. Personally, I had an excellent new customer experience and got my two accounts approved and funded in record time based on past experience with other online banks. I remain very impressed, and I really like this bank and the folks that work there. They definitely take pride in what they do, and the company they work for, which is always a good sign for a new depositor.
If I hadn't been following things so closely via this blog forum I would have never known how out of control things were, and how many potential new customers were literally locked out of completing their applications and even being able to contact a Primis rep over the phone. (Phone system was crashed numerous times due to call volume)
The whole thing was nuts! I'm just really glad that I pulled the trigger immediately after hearing about the bank's offer, and didn't waste any time hemming and hawing over whether to apply or not.
I know a lot of the Primis Doomsayers have been gloating over the recent rate cut news, but in the end, we are getting paid 5.03% APY on a checking and savings account and they aren't. ;o)
Of course I'm sure everyone who opened a checking and/or savings account prior to February 16th (yesterday) would like to know EXACTLY how long we will receive the 5.03% rate. I wonder if Primis will be forthcoming with that information in advance or just suddenly "cut us off at the knees" with a sudden rate reduction to their current rate at the time.
I guess you could ride it out until the grandfathered rate ends and even add additional funds to your account in the interim. If you are going to go that route, you should keep a very close eye on this forum and the interest rate showing in your account so that you can act immediately (should you choose to) when the grandfathered rate ends. FWIW
I'm sure you realize it's not a CD type rate with guaranteed terms. They can change rates tomorrow or in 2025. Just based on the tone of their email i'm quite sure they intend on at least holding it for some time to come, especially with the Fed still increasing.
I haven't touched based with anyone from Primis since all this went down, but I would be surprised if the new application submissions hasn't fallen off a cliff over the last 24 hours. Customer Service calls will likely remain high for the next week to 10 days as existing new account holders call in to ask about the fate of their 5.03% APY etc.
And let's not forget that the new rate Primis dropped down to isn't crap! It's the exact same 4.35% APY that Emigrant Bank's "My Savings Direct" has been offering as the HYS market leader since December 16th, 2022. It isn't the Eye Popping 5.03%, but it is still a very competitive rate as of 02/17/2023.
In light of all of these recent developments, I have started to monitor the "Emigrant Direct" website. I think there is a growing likelihood that this currently retired Emigrant "Store Front" will be the next place we see the "Emigrant Flex" with the new market leading APY. They have already used "Dollar Savings Direct" and "My Savings Direct" to roll out their last two market leading APY offerings. That leaves "Emigrant Direct" as the last "Store Front" shoe to drop. ;o)
And unlike Primis, these guys are totally setup to handle the National Demand when the flood gates open on "Emigrant Direct's" website. The big question is WHEN is Emigrant Bank going to pull the trigger and set the stage for the next round of record breaking HYS rate increases?
https://www.emigrantdirect.com/securebanking/login.do?_flowExecutionKey=_cF12D8A9B-E97C-5A61-54F1-3C....
I just applied for an Emigrant Direct account in order to save myself some time in case my prediction becomes a reality. I called them ahead of doing this to see if I could transfer all my user data over from my other two Emigrant accounts, (DSD & MSD) but the Rep said No. Each is treated as a separate entity, but he confirmed that any future rate increase would be reflected in my APY going forward.
What is interesting about this conversation is that I laid out my suspicions about ED being their next focus for the next APY announcement, and the Rep was noticeably taken aback by my comments, and asked me "Where did I hear about this?"
I informed him that it was just speculation based on my observations of Emigrant Bank's moves in the past. I said that I knew he could not confirm or deny whether this was actually going to happen or not, but it was obvious that he was SMILING when he informed me that he was unable to confirm or deny that Emigrant Direct was going to be used for the next big Emigrant Bank APY announcement.
Very interesting indeed! ;o)
CHILL !
MSD was the market leader until a week or so ago when Primis was added. My Savings Direct was in the #1 slot for the second half of December and all of January.
I am referring to Ken's list of top HYS banks ranked from highest APY to lowest APY. Primis was listed as #1 until just recently, with MSD being #2. Prior to that, MSD was listed as #1.
If you have a problem with the accuracy of this list, maybe take that up with Ken and the folks that run this website? It does change over time, but accusing me of fanboyism and spreading misinformation by quoting data from a page on this website is not only wrong, it is confrontational and LAME!
https://www.depositaccounts.com/savings/
Good thinking!
I am considering opening an ED account. What would be the fastest way to transfer all your funds from MSD to ED when the time comes? Is there a direct way? I only have my Capital One checking connected to MSD and that would be a bottleneck in the transfer process.
"What would be the fastest way to transfer all your funds from MSD to ED when the time comes?"
The fastest way would be a Wire Transfer. Emigrant Bank only allows you to have (1) Funding Account connected to the account, so I don't know if I would want to have another Emigrant bank account as the funding account for the long haul. I don't know... Its might work well... Never considered it.
Since we are talking two Emigrant accounts with your situation, maybe call them and ask them this question?
I chose my Primis Premier Checking account as my funding account for my new ED account this time instead of my credit union.
The reason is that Primis is SUPER FAST at pulling funds back in. A couple of days faster than my credit union, so when you need to take money out of an Emigrant Bank account, it helps to have a fast funder on the other end to receive the withdrawal. Emigrant is really fast on withdrawal, with the only hold up being your funding account crediting that money to you.
I would suggest calling them on Fridays (usually they'll drop a change prior to a weekend),
and checking with customer service. And yes, it will probably be sudden. But the reps will
usually receive an email in the morning...long before any potential rate change is made
public on their website.
Just ask whomever if they've received any emails from management about a rate change.
You said: "I wonder if there is an account opening cut-off date for you to receive the "TAKE A BOW" email. I applied for their savings account and was immediately approved and funded on February 11th (last Saturday) and as of yet I have not received any such email (even checked spam folder). My account is showing that I am still earning the 5.03% rate when I log into my account."
-------------------
I have a relative who opened and funded an account on the 14th and they also have not received the "Take a Bow" email either. Their "Account Details" page is showing their APY at 5.03% just like my accounts do. (Savings and Checking)
Couple of additional details about that email...
1) The actual SUBJECT of the email was "Your Primis Savings rate is standing strong."
2) My Apple Mail app indicates in the display window: "This message is from a mailing list"
3) I have the option to UNSUBSCRIBE from receiving any future emails from this Primis Address
4) The sending email address is: [email protected]
So they obviously have a list prepared of some of us new account holders. The fact that this went out via a mailing list seems to indicate that it was a one shot deal, and anyone who has not received a copy by now (6:20PM Pacific Standard Time / Friday Feb.17th, 2023) is probably not on this mailing list of early adopters.
I submitted my online application via the Primis Website on Friday evening, the 3rd of February. I got approved during that first session, but I had to wait until Monday the 6th for the micro-deposits to arrive in my funding account so I could complete the funding portion.
The original announcement day of the 5.03% APY was Monday January 30th. Since you didn't get the email based on your application approval on Saturday the 11th, then more than likely, their "Early Adopter" list ranges from either Monday January 30th, through Friday Feb. 3rd, or Monday January 30th through Friday Feb. 10th.
Maybe someone who got the email and was approved on the 10th can post a comment. Or...Anyone who didn't get the email and was approved between the 7th and the 10th.
Technically, NONE of these higher rates are sustainable without encouragement and hikes from The Fed. With some pretty clear signals from recent data releases like the CPI, we can expect at least (2) more rate increases this year and no pause announcement until Q1 of 2024 at the earliest.
Based on all of that, we have not seen the end of HYS rates going higher. I remember when Doomsayers were predicting that the 3.50% APY from Dollar Savings Direct was only going to last for a month or two. And that it was pointless to bother moving money out of your current 2.85% APY account into an account there. Sound familiar?
Here is the original headline posted from this very website on October 27th, 2022...
"DollarSavingsDirect Savings Account Is New Rate Leader
POSTED ON THURSDAY, OCTOBER 27, 2022 BY Ken Tumin
Update 10/27/22: The rate has been increased to 3.50% APY. Previously, the rate increased to 3.01% APY (10/1/22), to 3.05% APY (10/8/22), and to 3.11% APY (10/13/22). The original post was first published on 9/21/22."
Not only did the rate not drop back down, it remains in place to this day as you can see by clicking the link below...
https://www.dollarsavingsdirect.com/
What happened instead was that this previous market leading APY was surpassed by another online bank, and savers either decided to stay with DSD or move their money to one of the growing number of banks coming out with APY rates above the 4.0% mark.
There wouldn't be a clearly defined new HYS rate leader until December 16th, 2022 when once again Emigrant Bank stepped up and offered yet another standout APY for the time. The rate was significantly higher than any of the previous sub 4.1% offerings that were out there in December.
This time, it was Emigrant's previously dormant "My Savings Direct" which would be the recipient website of this new leading APY. MSD remained the market leading HYS through the remainder of 2022 and into early February 2023 when we finally saw the next jump in HYS rates with PRIMIS BANK and their now somewhat infamous 5.03% APY.
And once again, My Savings Direct never lowered their APY from the December 16th, 2022 debut despite another vocal group of Doomsayers back in mid December predicting that the 4.35% rate was not sustainable. Again... Sound familiar?
Just like Dollar Savings Direct before it, MSD continues to offer the same 4.35% APY they opened with back in Mid December of 2022. The rate didn't get cut. It was simply pushed out of the way by yet another bank looking to take the APY Crown. That new kid on the block was Primis Bank and their stunning 5.03% APY on both a savings and checking account!
And what did the Doomsayers have to say about this one? Take a wild guess. ;o)
We all want the best rate. But there is a non-financial cost called aggravation which needs to be considered. And for that little bit of money I’d get compared to my secure 8 week 4.75% T-bill I’ll just sit on the sidelines for now headache-free.
This whole situation is transient and will likely not be repeated in my lifetime. So I'm going to squeeze every bit I can out of the situation until it all comes to an unceremonious end, and our free cash is once again earning next to nothing in a bank or T-Bills for that matter.
At some point, it will all need to move back into CDs or...Gasp! The Stock Market!
I'm right there with ya Brother! ;o)
I have absolutely no regrets about signing up for these Primis accounts! Based on that "Take a Bow" email I got, it looks like they plan to honor the 5.03% rate for those of us who got in early. Whether that will be for 30 days or the rest of the year, I'm good. Their new lower rate is the same as I was getting with My Savings Direct, and I actually prefer the UI on the Primis interface in many areas to those same areas in the MSD UI, so it's all good!
I can't remember if you got the "Take a Bow" email. Did you? When did your account get approved?
Been trying to nail down the date range of what they consider their "Early Adopters List". Those who may have the best shot at seeing an extended 5.03% APY through the remainder of 2023.
I opened the account on 2/13 and got the e-mail. FYSA.
Thanks for letting us know! A friend of mine opened an account on the 15th, and she didn't get the email. The cutoff date for that mailing list must be somewhere in-between those two dates.
This particular thread has been wonky since it was started. Everything is in italics. The formatting I am seeing right now as I type this looks normal, but as soon as I posted it, the formatting will get changed.
Who do you report something like this to?
i have a couple Ally threads going and the print is fine. So it's obviously a post problem affecting all of us the same. A couple posts up I said site. I meant to say this post. Man I wish we could edit posts longer than an hour or so and also delete posts if wed wish.
I would agree with you that it's a game if they hadn't honored the first group in. And it's not like they dropped it to 2%. I also believe they would have honored whatever the rate was when you applied and not touched it. If you got in at 5.03%, you still are receiving that rate. The digital platform is new to them, and they are probably like many banks losing business to fintechs. A 5% rate on CHECKING is unheard of though, and I'm excited to see what the future holds.
Personally, I fine with these people pull their money out. Where are they going to put it now? My Savings Direct? 4.35% baby! Same rate as Primis is offering to new applicants as of this post.
We've got some Financial Einsteins at work up in here! ;o)
I don't think you are the only one who was told 30k (too many posts to go through). But if this is true it almost sounds like someone higher up the food chain made a recent change that didn't make it to everyone. I mean why would person after person say the same amount? I really don't as a rule get too upset with incorrect answers unless the person was obnoxious about it. Stuff happens. Front line employees have a tough job.
The 30k INTO is categorically FALSE! I pulled 150k out of my Capital One 360 Savings account INTO my Primis account using the Primis Website/Transfer System. I was credited for the deposit immediately, and 2 days later the funds were pulled out of my Capital One account.
I have not pulled any significant funds OUT of my Primis account since I just got done funding it, but even if they have a 30k per day cap, (which I don't believe is true), you can always use an "OUTGOING WIRE TRANSFER" to transfer as much cash as you have in your account, which Primis charges a whole $5.00 bucks for.
This is a NothingBurger based on what options you have as a Primis customer.
BTW, some posts here apparently assume that the saving and checking accounts are FDIC insured indipendently, while in truth the FDIC limit relates to the total deposits.
Grandfathered at 5.03% rate = I'm happy
I then tried to link Merchants Bank of Indiana using trial deposits and the 2 deposits from MX Technologies did show up in my account. The thing is I could not verify them on the Primis website because it said "micro deposits in progress" and it would not let me verify the 2 deposits even after waiting a few days for the verification box to pop up.
Customer Service suggested that I totally remove the Merchants Bank of Indiana entry in my external account list and start over (seeing that it never got past the micro deposits in progress stage even after waiting many days). They had no other suggestions or information to share to resolve the issue.
I've tried to request trial deposits again and they do not appear in my Merchants Bank of Indiana account even though they did the first time that I requested trial deposits. I think I may have gotten locked out of linking my MBoI account because I already tried to link this account with login credentials and trial deposits previously. Any thoughts on a workaround other than going through a "middleman" like Ally or Alliant to move money?
It would seem that you may have no choice but to use a "Middleman" account to ferry money across and over to Primis. I basically had to do that during my funding deposits because most of my cash was parked at My Savings Direct which only allows for (1) funding account. For me, that meant my credit union, so I had to push the money from MSD over to my CU and then pull those funds from my CU into Primis using the Primis website/transfer section.
It didn't really take that much longer to do all that, since MSD is well known for their super fast ACH transfers, and Primis is right there with them in terms of their ACH speeds too. I moved a total equal to the FDIC limit into Primis using the above Middleman process. Once you're done, you're done.
I did go to VIEW/ADD EXTERNAL ACCOUNTS to reach the verification box but it kept showing "micro deposits in progress" for many days after the trial deposits were sent. I had the 2 trial deposits show up in my Merchants Bank of Indiana external account but I could not verify them on the Primis site. Something went off the rails as the micro deposits linking worked fine with my Marcus account and I was able to verify those on the Primis site the same day they arrived at Marcus.
No idea why they have that policy. It wasn't a problem for me that often, but in a situation like the migration over to Primis, I did have to bounce my funds through my funding account CU first and then pull those in using my Primis account. It added an extra day or so to the move, versus being able to link Primis to My Savings Direct and just do a straight across move.
Bank holidays are a pain! I am sure that is why there was a delay with gpagpa01's linking process. Always need to consider those the same as a Saturday or a Sunday. Nothing gets done.
What's concerning though is I've used Experian to monitor my financial data for several years and it cannot sign into Primis to update my accounts. So it looks like I spent 80K too much this month lol. I am concerned they will ding my credit though because it looks like i went on a ridiculous spending spree. So yes, I have issues too. Some stuff great (overnight ACH, 5.03%) Some stuff not, like above.
Unfortunately, now I am locked out of my account and can't get through to them to unlock. Last night there was an estimated hour wait (with no option for callback). This morning it just went straight to the "customer service voice mail box" which was full. I don't want to be to hard on them - they are probably just slammed as the whole internet heard about the high rate - I've seen this happen recently with other banks offering the current highest rate - they get more traffic than they can handle - it's an FDIC insured bank so I'm sure my money is safe and I will get the account unlocked sooner than later. Lowering the rate for new accounts was a necessary move so they can get caught up with the demand - I'm pleased they are keeping existing accounts at the same rate for now.
Have you tried calling a branch? A rep named Lindsey recommended that to me. She also replied to a message I sent them on site within 10 minutes. Probably just got lucky. Maybe you would as well.
Sounds like the Mobile side has a lot more restrictions than just using the conventional website and a browser on a laptop, desktop computer like I do.
I used the website and a browser for all of my deposits, which I did in chunks over several days. One of my larger single deposits was a 160k pull from Capital One. The Primis initiated transfer immediately credited my balance with that amount and 2 days later the funds were pulled from my Capital One 360 Savings account. There was a (3) day hold placed on those funds before the entire deposit amount of 160k was available for withdrawal or whatever on my Primis savings account.
Same. I only use their website. On my other matter, i did see that Experien uses FinCity as their plaid or MX. Someone is blocking someone access, and because my experian financial situation now looks ridiculous, I guess I'll have to find a solution.
That whole thing going on with your Experien reports is nuts! You have your solid evidence for what is actually going on, so hopefully you can contact someone and get that straightened out.
My FREE Primis Bank checks finally arrived today. Everything was printed correctly with no errors or problems. They look nice for free checks. Done up in the Primis Bank color scheme with a Lime Green and Black border.
Mine shipped on the 8th, and I just now received them via USPS on the 22nd. No idea why it took so long, but at least I got them. Two full books of 20 checks each.
I tried 3 different web browsers (Firefox, Edge and Chrome) on Windows 10 with the same results on all 3 browsers. I also tried clearing the cache on all 3 web browsers. Anybody else experiencing anything similar or am I just the unlucky one with these issues?
After having an account for a few weeks I'm getting the impression that if everything works totally automatically (without the need for any human intervention) with Primis, you are good to go. If you have any issues like mine, however, good luck trying to resolve them in a timely fashion.
Your last paragraph is well spoken and i concur 100%. I feel as if IT has a very minimum budget and they were unprepared for all the issues people are having. I use experien and it cannot get past Primis and it's MX software to update balances and I'm no longer trying because people are getting locked on for doing benign stuff. But my experien files now look ridiculous as they are considering transfers to Primis as "clothing" lol. Basically it's simply money out to them and not a transfer. I am waiting wirh baited breath for my next FICO score. It shouldn't change but i'm concerned.
As we know, there are numerous FIs that are not compatible with the Primis auto-ACH verification.
A good feature of Primis manual ACH setup is that MX does not take back the two small deposits, which will not count toward one of the six withdrawals of Regulation D, when applicable.
Primis has likely already been in contact with Savana about these issues. Their online banking services are brand new, and there will likely be some issues to sort out right now. The whole 5.03% APY avalanche of new account applications likely didn't help matters any.
https://www.savanainc.com
I ALWAYS use Routing Number / Account Number for setting up ANY new external bank account on ANY Online Bank account I have. It may take a little longer at the beginning, but the odds of a problem are really low. I personally have never had one fail in the last 5 years. Primis included.
https://www.savanainc.com/2022/12/13/primis-bank-launches-on-savanas-digital-delivery-platform/
When you sent your Primis trial deposits to Merchants Bank of Indiana, did you classify your Money Market Account there as a checking or savings account? I classified mine as a checking account and I'm wondering if that caused an issue.
Still a good question and a possible issue if that "Merchant's Bank of Indiana" had a problem with that choice. ???
When Merchants dropped the ability to ACH from their site due to what they admitted was people trying to break into their site, they more than likely ramped up their security. Also got my checks today. 7 days on the nose.
Glad to hear you got your Primis Checks! You got yours a lot quicker than I did, but I am in California, so perhaps that is why mine took so long. ??
The two small deposits went in my MBoI account within a few hours. But I had to wait longer (1-2 hours) until Primis opened up the option for me to input the values. I was all set afterwards.
P.S. Your application was originally flagged by the Chexsystem due to irregularities between what you included on your application and what your financial history indicates according to the Chexsystem.
They are trying to verify that YOU are LEGIT. I have seen a lot of people start freaking out with laughable conspiracy theories when this happens to them. Hope you are not one of "those". (Main Character Syndrome)
I only suggested the CHAT options since it runs on a SECURE connection and a file transfer would technically be more secure than standard email.
Personally... I would just send the document to them through GMAIL and be done with it! ;o)
P.S. I have chatted them up 4 times this month after 11PM PST/2AM EST and the most people in front of me was 3, another session was 2, and two other times I got right on with a rep. I'm in California so waiting till 11PM really isn't a bother.
All of my banks are out of state. I haven't had a bank account with a California based bank since 1977. ;o) With the internet online banking situation these days, it really doesn't matter what state your bank is located in relation to your own state.
Most of mine are back east. Primarily in New York. Primis is the first bank I have worked with in Virginia. But as I said, with everything online now, it doesn't even matter anymore.
Primis offers that FREE NATIONAL ATM Access using your free Primis Debit Card, so if you need to withdrawal cash from your Primis account, you can just use a local ATM in California. I've already used mine and it worked fine with no issues.
I wish they would FIX this broken thread! Edits don't take immediately, and some never get updated!
Your name dates you lol. Anyway bank statements generally don't list your entire account number, and i think most banks have given thought as to how they can design the statement so it's basically useless to the interceptor. I remember when Walmart actually had a full credit card number and expiration date on their receipts about a decade ago! Your name, address, age all that stuff is everywhere on the net. Don't worry about this. Have faith.
It is a tradeoff for everything we do daily, in this case, higher rate vs. security. If you are that concerned about security, seek elsewhere with comparable or lower rates.
Just my two-cents input without retribution.
This is kind of a Nothingburger in my opinion. I've sent stuff like this through email many times and never had any issues. Just use a good email service like GMAIL.
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Our customer care center is currently experiencing a higher call volume than usual. We are also receiving a record number of account applications, which has caused delays to accounts that require manual review. Thank you for your patience.
Additionally, we are experiencing a temporary issue with our online banking “forgot password” functionality. We are actively working to correct this issue.
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Sigh.
The scariest accounts to have right now are all of the Fintech/Neo Banks such as Betterment, Wealthfront, Upgrade, Acorns, BMO, Robinhood, etc.
Are the early openers still getting 5.03? Is it typical for the "Take a Bow" accounts to flip to 5.03 until the funding deposit settles?
Primis continues to provide me with trouble free banking. I've already run a significant amount of $$$ through my Primis accounts to Fidelity, my Credit Union and other FIs since last month with no issues whatsoever.
Good morning! I’d like to provide you with some timely information about Primis Bank and the safety of your deposits. The events within the financial industry that we all witnessed last week were very surprising, and like you, I read and listened to more news reports and opinions than I normally do on a given weekend.
Most experts agree that the failure of Silicon Valley Bank (SVB) last week occurred because too many deposit customers left that bank in rapid fashion. It’s important to note, that despite SVB’s failure, regulators have backstopped depositor losses and have said that no depositor will lose money. Nevertheless, it’s left many wondering about their own bank - where are their deposits and how strong is their bank?
Across the entire financial industry, deposit levels have been falling for several quarters; however, Primis’s results, fortunately, have been very much the opposite. Since January 1, 2022, we have grown core customer deposits by $866 million or 31%. We are strongly core funded, thus we do not utilize wholesale borrowings, crypto related deposits or venture capital customer deposits. Primis has more than twice as much cash ($593 million) on our balance sheet as we do investment securities ($244 million). Our capital ratios are strong, alongside our impressive liquidity results. This dedicated focus on growing core, customer relationships has resulted in some of the best deposit growth rates and resulting liquidity ratios in the industry.
We are proud of our diverse customer base. Primis customers are in all 50 states, with a mixture of consumer and commercial customers. Our account types add more diversity with checking (37% of total), savings and money markets (49% of total), and CDs (14% of total). Lastly, we have extensive, unused borrowing capacity of approximately $855 million, or 24% of deposits if we needed it.
We work 24 hours a day, helping customers when and where they need it. Our team will go to whatever lengths necessary to safely protect the financial health of our customers. Please reply directly to this email if you would like more information on Primis Bank.
Thank you for your continued business and your trust.
Dennis Zember
President and CEO, Primis Bank
As I have said numerous times... There are a lot of people out there, including a disturbing number on this site that really should be hiring a Financial Advisor to handle their accounts.
Frankly... I would be terrified to have some of the people I have read comments from on this site making financial decisions for my family! YIKES!
Most here probably noticed the pay-out overnight at the fabulous 5.03% yield. But as has been mentioned in the UFB thread, PRIMIS and others leaders without a guarantee should be monitored on a daily basis, especially if you are maintaining large balances. And I'd suggest preparing especially with one of those 5.25% - 6% CD specials we've been seeing pop up here and there. Just my $0.02. ..