PurePoint Financial is a division of MUFG Union Bank, N.A., itself a subsidiary of Mitsubishi UFJ Financial Group (MUFG), the fifth-largest financial group in the world as of this writing. Founded in 2017 and headquartered in New York, NY, PurePoint Financial is a digital bank. Like an online bank, it offers its customers convenient and secure access to their accounts through online and mobile banking options.
PurePoint Financial currently offers an online savings account and online Certificates of Deposit (CDs). The bank caters to clients with larger balances, as all accounts require a minimum $10,000 opening deposit. In addition to funding their personal deposit accounts via mobile deposit, check, or wire transfers, consumers can initiate an online funds transfer after linking their PurePoint accounts to external bank accounts. Online funds transfers can also be initiated through Online Banking to make additional deposits or to withdraw funds. Other methods for withdrawing funds include a wire transfer and requesting a certified check.
The online savings account has been offered since PurePoint Financial was launched in 2017. Since that time, the rates have been competitive with savings accounts at other online banks. No ATM cards, debit cards or checks can be used with the account.
Since its launch, PurePoint Financial has expanded its CD offerings to include terms from six months to five years and to include no-penalty CDs with terms of 11-, 13- and 14-months. If the CD is funded within 10 days after successfully applying to open the account, the interest rate is guaranteed to be the best rate offered within that same period. When the CD matures, there’s a grace period of ten calendar days, beginning on the date the CD matures.
PurePoint used to operate a network of financial centers in several large U.S. cities where customers could receive help opening and managing their bank accounts. Due to a change in customer demands, these financial centers were closed in 2020. PurePoint now only offers its products online and by phone.
I have had an on line account with PurePoint for 16 months and have been nothing but satisfied. No issues opening the account, no issues transferring money into nor out of account, and in large sums.
I am writing the review since I saw more than one person mention that they had issues with PurePoint outgoing transfers. I have transferred out 4 or 5 times this year, and all in amounts over $100,000. NO issues, no questions, no hold up.
I also cannot be more pleased with their processing of incoming transfers. They actually credit my funds when I enter the request on line vs waiting for the funds to actually hit the account. Folks, you just don't get any better than that.
Highest interest rate out there, ease of transfers, and awesome phone service. Just not sure what else anyone could want.
1) Opening the savings account on-line was like a hot knife through butter - only a few moments. No need to upload a drivers license, social security card and utility bill (speaking of Live Oak).
2) An ACH transfer, push and pull, usually appears in the savings balance the same day. And the limit is $250,000 daily, not a few thousand dollars like many other banks.
3) Customer service has been friendly and helpful.
4) The interest rate is either the highest, or near the highest, offered by banks. If the interest rate lags behind the top (not far) then typically within a few months it's readjusted higher at, or close to, the top with at least $10,000 deposited.
5) No maintenance fees and no minimum balance after the initial deposit.
6) I use this account to earn higher interest on my savings, but not as a 'hub' for other banking activities. It does not provide a card for cash ATM withdrawals, nor a service for paying bills online.
opened a savings account and received an email that the transfer of funds was initiated at 12:27 pm on 2/28. thought all went smoothly as the funds showed in the account. then before going to bed, checked email and discovered that a 2nd transfer, that we did not authorize, was initiated at 9:07 pm for the exact same amount. our account now shows double the money it should, and the account from which the money was funded (pnc) is going to be overdrawn. unfortunately, customer service will not be available until 8 am.
it is now 3/1. i have been on the phone this morning for 4 hrs. over and over, i was told (by scott m) that we initiated a 2nd transfer request at 9:07 pm. however, during a 3-way call with pnc and purepoint rep heather, the pnc rep stated that 2 duplicate transactions were sent by purepoint to them at 6:36.17. finally, after 3 hrs and 45 minutes, the call was escalated. in the end, absolutely nothing can be done to stop the duplicate pending transaction. supervisor martena promised that purepoint will reject the 2nd transaction when it comes back to them tomorrow and they will pay all insufficient fund fees to pnc.
and the saga continues. it is now 5:30 pm and i just got a call from adam w the managing director of client services for purepoint. finally an apology and an admission of fault! he said they had identified the problem--a systematic error that he claims has never happened before in the 100s of accounts they have previously opened. interestingly, he thought the duplicate transaction had been put on hold and i had to inform him that it was still pending and that it was going to go through with insufficient funds. stay tuned to see if this mess is finally resolved.
this will be my last post. purepoint was to reject the duplicate transaction when it came to them on the morning of 3/2. i received a call that this did take place. it did not! it is still unclear to me exactly what happened, but i believe they accepted the transaction and then wired the money back to pnc. this action then set off a whole other chain of events that affected a cd which had simultaneously been opened at purepoint. so on march 3 (a friday) at around 8-8:30 pm there was another 3-way call with managers at pnc and purepoint. i now need to reapply for the purepoint cd as that money ended up back at pnc too.
i have got to hand it to purepoint for their customer service. i have the personal phone no. of a manager and he wants this to end as much as i. they however are unwilling to accept fault. i was repeatedly told that i had made the 2 transfers. then after the 1st 3-way call with pnc, i got a call saying that purepoint's IT people had found a systematic error. but the next day, it was back to i had made the duplicate transfers.
word of warning: do not open a purepoint savings account and a cd simultaneously unless you have online banking set up at your bank. i did not. i had 2 purepoint applications open, one for the cd and one for the savings account and that is where i believe the problem began.
and one final word of advice to scott m, the 1st customer service rep to whom i spoke. never ever say to a woman, "this is a joint account, would you prefer i speak to your husband."
update: 1 wk later, i received a much appreciated handwritten apology from Pierre Habis, President of Purepoint.
Had a CD mature and previously requested the funds be moved to my savings at PurePoint. To my surprise I received a notice that CD renewed. I called them and they charged me 180 days interest even though CD renewed a couple days before. I did not have proof I called them and so they would not eliminate penalty. As far as I am concerned they are a dishonest company. I closed my account and would never recommend them. Worst bank I have ever dealt with in last several years.
|FDIC Certificate #||22826|
|Return on Assets - YTD||-0.03%|
|Return on Equity - YTD||-0.25%|
|Annual Interest Income||$3.47B|
|Assets and Liabilities|
|Assets||Q4 2020vs Q4 2019||$132.1B$133.2B|
|Loans||Q4 2020vs Q4 2019||$80.60B$87.48B|
|Deposits||Q4 2020vs Q4 2019||$103.6B$97.29B|
|Equity Capital||Q4 2020vs Q4 2019||$15.81B$15.10B|
|Loan Loss Allowance||Q4 2020vs Q4 2019||$1.26B$522.8MM|
|Unbacked Noncurrent Loans||Q4 2020vs Q4 2019||$742.6MM$444.9MM|
|Real Estate Owned||Q4 2020vs Q4 2019||$251.00K$651.00K|
Always verify rates and promotions with the bank or credit union. We are not PurePoint Financial; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|OTHER TIERS: 0.10% → Up to $10k|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.25%||$10k||-||12 Month Online CD|
|0.25%||$10k||-||24 Month Online CD|
|0.25%||$10k||-||18 Month Online CD|
|0.25%||$10k||-||36 Month Online CD|
|0.25%||$10k||-||15 Month Online CD|
|0.25%||$10k||-||30 Month Online CD|
|0.25%||$10k||-||48 Month Online CD|
|0.25%||$10k||-||60 Month Online CD|
|0.15%||$10k||-||6 Month Online CD|
|0.15%||$10k||-||11 Month Online No-Penalty CD|
|0.10%||$10k||-||13 Month Online No-Penalty CD|
|0.10%||$10k||-||14 Month Online No-Penalty CD|
PurePoint Financial is an Internet only bank and does not have branch locations. Its headquarters is located at 1251 Avenue of the Americas - New York, NY 10020-1104