| 5 star: | (6) | |
| 4 star: | (5) | |
| 3 star: | (2) | |
| 2 star: | (4) | |
| 1 star: | (21) |
I wouldn't recommend this bank to my worst enemy. I tried to open an account with them and was denied, even though I have never bounced a check and have a high credit rating. They claim that they utilize ID information provided to them by consumer reporting agencies to help validate each applicant, but I have a hard time believing this because none of the information that they asked me to verify is on my credit report. They asked me to verify streets that I never lived at, credit cards that I never opened, and mortgages that I never had. I answered "none of the above" for every single one of their security questions because none of it pertained to me. I chatted with them about it and the person I chatted with asked me to apply again. I didn't bother, and just opened up an CD at another bank. I don't see how anyone gets accepted to this joke of a bank since their verification system has some serious flaws. I just wish I had seen all of these negative reviews before I gave them my sensitive information.
I've had a bank5 connect checking account for a while and i would not recommend it, here is why, but let's talk about the pros first:
Decent interest rate (not the best)
ATM fees reimbursement (up to $15)
Now the cons:
It took forever to open a checking account, they denied my application at first and required more documents for no reason, so i had to re-apply and it took about 4 weeks (that was in 2015, their process might have changed now)
Limited support, their customer service is only available during business hours, so if your card is stolen or you need to increase your daily limit or contact them for any other issues outside of business hours, you are screwed.
Their website and mobile app lacks features and not easy to navigate.
Mediocre processes and practices- in 2017 i tried to use my debit card to make a purchase and it was declined, i call customer service (luckily it happened during business hours) and i was told my card has been canceled and they already sent a letter and a replacement card which i never received and that if i want a new one i have to pay a $70 fedex overnight delivery fee, i refused to pay and asked to be transferred to a manager, and he finally waived the fees, but still very inconvenient and such a pain. Also not too long ago, they changed their banking platform and all customer settings were reset, including debit transactions notifications.
They use a third party fraud detection company which royally sucks (I work in InfoSec), their fraud detection algorithm is bullshit, they would sometime suspend my debit card just because i made a transaction of ~1$ at CVS so you have to call them and go through the stupid automatic recording and sometimes get transferred to an agent (last time i had one ask for my social security, wtf?).
Now this was my ultimate nightmare, i purchased a condo in May 2019 and i had to wire-transfer my down payment to the title company, so i log in to initiate the transfer and i couldn't find the option, i picked up the phone and called customer service and boom i was told that they don't offer wire-transfer services!!! what kind of bank doesn't offer wire-transfer services in 2019? the agent suggested he mail me a certified check because it has worked for other customers, which he did and i ended up paying $70 for fedex overnight delivery, only to find out that my state law doesn't allow title companies to accept checks more than $50k. So bank5 screwed my closing day twice. I finally figured it out and closed but it was a nightmare. A NIGHTMARE.
Well i can name a few more cons but that should make you think twice if you are thinking about opening a bank5 connect checking account, because this bank is a joke.
I opened a 36 months CD in July 2019. The process was okay, just has trouble with the personal questions for verification, as I am listed with one of my daughters and she moved a lot. Once the account was opened and funded (I choose the mini deposits route), had to wait for snail mail before I could create a logon account. A week after opening, finally the CD # and logon information came. After creating the logon account, I attempted to assign beneficiaries. I was told by phone, only one beneficiary PER ACCOUNT! It is a Massachusetts thing for all banks! I had to send an online secure mail requesting the beneficiary form, which I received by secure email. I decided to open another equivalent 36 months CD (interest rate had dropped from 2.90% to 2.75% by then) so that the other daughter would be beneficiary of said CD. This time I choose the "quicker" way (you had to give the userid and password to the funding bank account - I changed it after the funding was complete. Still took as long as the slower way. If you are expecting to name more than one beneficiary to the CD, be prepared to open multiple CDs for each one. I am off to get the forms notarized to do either secure email or snail mail. Still going! I gave four stars because this is a first setback I encountered.
Bank5 Connect has absolutely no problem accepting large deposits from other banks to Bank5. However, when you try to withdrawal YOUR money ( large deposit) and send it to another bank there is a $6,000 dollar limit per day!!! I spoke with customer service, there is no way to get around this. I will be closing both of my accounts. Very unacceptable way to treat your customers.
We were rejected twice even though we have impeccable credit and we answered all of the security questions correctly. They asked us to verify credit cards that we never opened and asked us to verify former addresses that we never lived at. I checked my credit report and none of the credit cards or addresses they asked me to verify were on our credit report. I chatted with them when I was rejected the first time and they said they didn't see any problem with my application so I should apply again. I wish I hadn't bothered applying the second time since it was a waste of time.
Not sure how anybody gets accepted at this "bank". Just got two letters delivered on the same day informing me that my application was declined "based on something on your TransUnion credit report". I just pulled my report like I do every month and it's 100% clear, credit score is 825. Look elsewhere and don't bother with these fools. I suspect they're harvesting low-credit people so they can profit off of overdraft and other fees.
I opened a checking and savings account. I made the minimum deposit of $10 for each account using my debit card with my current bank. As expected, the money was taken out of my account instantly.
I emailed customer service the next business day asking when I could expect to receive my login information. I was told it would be a couple days which was fine. I received my login information a few days later. I logged in and tried to set up bill pay, but a message popped up stating I did not have any eligible accounts.
I chatted online with customer service informing them of my situation. They informed me they hold the initial deposits and first mobile deposit for five business days. I had to wait until after the five business days hold before I could even set up bill pay.
The bill pay is simple, easy to use, and laid out well. However, electronic payments to billers take two days and checks take four business days to deliver. This is twice as long as other banks for both methods. In addition, they deduct the money from your account the send on date instead of the deliver by date like other banks.
You can get your eBills delivered to online banking like other banks, but not all of them. You are not able to get eBills from Synchrony Bank. This includes popular credit cards from Lowe's, PayPal, and Walmart. I closed my account because they did not meet my expectations.
I applied for savings about 5 days ago, but got declined, called CS and they said once you get declined there's no way to manually verify you with ID/utility bill, and they use Equifax, Chexsystems which I already had unfrozen, but CS suspected since I just got declined at another bank (I have my files frozen) it may have triggered a fraud alert of some sort. So I waited about a week, reapplied and completed the application added my external checking account info. and the site said the application will be reviewed. Waited 2 days, sent CS a message, they responded by saying I was declined, they use Transunion, and to email CS ID and utility bill before reapplying online.
I know I contributed to having my credit files frozen, but they gave me bad info and they could have asked for paperwork instead of just immediately declining me (service, I want service I tell you, I am an entitled american), with a "that's the way it is" attitude.
But I guess it's for the best, I just got approved for Vio savings with 10 more points :) c'est la vie
Great rates from this bank and customer service is very responsive when calling. My only problem with this bank is there is no ability to do ACH transfers to or from your Bank5 Connect Savings Account unless you open a checking account. They seem to be able to do it when you open an account, it is strange to me that you can set up an external funding source, fund your initial deposit amounts via ACH, then no longer make ACH transfers in and out. I will deal with this for now because it is a great rate, but this would be a fantastic online bank if they could get an ACH option like every other online savings account player.
Regrettably, I had the same application problem as mentioned previously by others regarding identify by Bank 5 based on information received from Equifax. This is apparently a longstanding problem that still has not been corrected.
On-line application/enrollment was straightforward and as expected - no issues whatsoever. Application process/pages were actually organized better than most.
Note that12m CD has a 180d early withdrawal penalty - larger than normal. But... great rate.
Also, other bank rating agencies give them 5 stars.
Followed deposit accounts recommendation and applied for a investment CD with Bank5, online application process took less than 15min, a couple of questions about accounts or credit cards I applied to nothing major, connected to my funding bank and I was basically done. It took around 3 days to get approved but that was it, worked like a charm. I actually already opened another CD with them in the meantime.
i decided to use Bank 5 Connect as a way to put away money into a checking account that i can use, aside from my primary checking account, to minimize security risks and internet fraud as i was primarily going to use this account for internet shopping . i decided to use this internet bank because after some research i heard that it provided a .75% interest on checking accounts if you keep a balance of grater or equal to $100. They also have no minimum to open an account. the setup process for a new account is fairly straight forward; you enter most of the pertinent information, provide supporting documentation and make a deposit to start the account. the hardest part of opening a new account was providing document information to confirm identity, namely, you have to provide a driver's license information or other type of state issued ID. Also, providing funds for the initial deposit was a bit cumbersome as their website does not seems to want to add information from a current bank online, in fact, after multiple tries to do this i ended up having to upload a bank statement from my current bank in order to make a initial $10 deposit. The bank statement also serves as a secured confirmation of identity. after providing a deposit you open the account and it works the same as most banks, except that there are to brick-and-mortar branches so deposit and withdrawals can be made online, or you can use ATMs participating in their network to get cash out. i use this account for internet shopping so taking cash out was not a big deal. They also provide you with an ATM card you can use and a web application - which needs work, but has all the main functions available. in summary, Bank 5 Connect serves its purpose in providing me with a simple means of accessing and transfering money over the internet without too much hassles and the need to visit a physical branch at any time.
I should have trusted previous reviews instead of wasting time with this bank. Received a rejection letter 5 days after online application for a CD account,
asking me to reapply online and to mail a copy of driver's license and ssn card. No thanks, I will never reapply.
Stay away unless you wan hassles just to open the account. We've opened other on-line accounts with the usual ID material with no problems. Not this inflexible bank. We have FICO scores in the low 800's, never have paid a bill late, never bounced a check, yet ultimatley i was declined. It is an ID problem they told me.....that is garbage (we're in our seventies and have live here for 10+ yerars and passed all their on-line security questions and I even offered to furnish additional ID information and they said "no". Stay away unless you want hassles,
Just thought to chime in that as someone with an 800+ credit score and considerable savings I was just itching to give these guys, I've been denied via a rather incomprehensible letter in the mail that doesn't explain anything, and in a way, contradicts itself.
Come to think of it, I'm glad that I never got a chance to give my money to this "bank" (aside from my "initial deposit" which is still being "processed"), and rather concerned that they now have my sensitive info. Judging by the reviews here (click "view more reviews" below, and don't fall for the two suspicious positives that somehow always appear on top), I can't help wondering if this is all a scam to begin with.
I've switched bank after bank after bank deciding which one was right for me, in doing so my Chexsystem score was 112 out of 100 - 900... I was hesitant to choose this bank at first because of $100 requirement in order to earn stated checking interest, but it became very easy for me to do this versus making 20 signature based transactions for other stated interest checking accounts. Although lower, definitely worth my time! My favorite feature is the secure message feature, which I think almost all banks have, but this one is exceptional in that Kyle is usually the one answering, and Kyle's the manager. So what he says is for real for real. The overdraft fee is a minimal $15, but be careful! They only excuse 1/year. And there's no budging (Chase would excuse every single one for me, if I pushed hard enough!) There system layout is pretty dated, but still manageable. They seek an outside provider to do external transfers, and your only allowed 5 accounts, and 1 transactions per outside account per day. (Chase allowed 25 accounts and unlimited transfers!) They're heavy on marketing; I think if they lowered their marketing just a bit, and increased the APY, they would have people flooding the Internet to set up an account, but who am to say how things should go and not go, I've only been deeply researching for 2 years.
I opened checking account and saving account a few months ago, and I am very happy with this Bank. I have never opened a online banking account ,was not sure if i could trust internet banking however I did open and no regrets. It was strange at first , but once I got familiar with the site and learned how internet banking worked I was very , very pleased with my decision. So far so good, will continue to post as time goes on..
Time lines offered are false. I've been waiting 3 weeks for a debit card that was to be delivered in 5 days. Every time I call to check in and ask for a card to be sent out overnight I get a new story from Kyle the bank manager. I was assured if the card did not arrive by today a card would be sent out to me overnight. Well....... guess what, Kyle would like me to wait another week. I wouldn't recommend this banking institution based on their lack of reliable customer service.
Already doing something different than advertised.
After idling for 5 minutes (not the 45 minutes as advertised) the session expired and the application cannot be completed.
It says that there is a problem with the information that I gave them, which not only is correct but also was approved the 1st time.
Obviously is not the bank to have an account.
It fails to do one of the most basic requirements of online banking.
Just like other websites that are made without thought, this one does not accept 0 starts so I will record 1 star but obviously they have 0 stars.
Applied for an online account. they asked some verification questions, most of them were none of the above (I think 1 out of them was actually applicable). Then wait, no follow emails. Waited a week contacted them online. They said they could not verify my identity. They say the questions were from Equifax and that my answers did not match. Which is probably true, because Equifax has never had any accurate information about me for over 20 years. This is the problem with using credit bureau information. If you have ever had bad information in your credit file, it will despite every attempt to correct it, remains. So sum up. No follow up, poor verification methods, and improperly trained online CS people.
Applied for a checking account with Bank5Connect and waited over a week for any communication from them. When I called to find out the status of my app they told me they needed more info from me- driver's license and utility bill to verify identity? Strange that they wouldn't have done a credit report check? I have excellent credit and have never had to provide extra info. But the more annoying thing was they never contacted me to tell me they needed this info. I sent it and waited another week- still nothing. Called again and got some excuse that the people who review applications were sick and no one else had access to the applications. I was told my app would be put on the top of the list since I was already waiting more than 2 weeks. It all seems a bit sketchy. I know they are FDIC insured but it still raised some red flags. I waited another 10 days and still no communication. At this point I called to cancel my app. Was told they were waiting on more info to verify my ID. When told I had emailed it weeks ago I was told they didn't see it. Why had they not contacted me then? I cancelled my application. They either are severly understaffed or just don't have it together either way not someone I want to give my money to.
I have never every had an issue before until I tried to open an account with this online bank. Can you believe that they actually said they couldn't identify me by using Equifax! This is absolutely insane! I check my fico scores, all 3 almost everyday for security issues. I'd stay far away from this online bank... I am not sure what their criteria is for selecting customers but I am amazed that they wouldn't take someone with a 784 credit score and money to deposit... weird !
I tried to open a new account. A few days later, I received a letter in the mail stating that Bank5 Connect would not be allowing me to open an account because of something that they had found on my "CHEX report." I have good credit (over 750), and I have never missed a payment in my life, so I decided to order a copy of this "CHEX report" for myself. Just as I suspected, there was NOTHING on the report. Needless to say I was very disappointed. I spent a fair amount of time deciding which online bank to choose and even more time on applying with Bank5 Connect. If Bank5 Connect is all that it claims to be, I'm sure it's a good bank; however, it appears that they aren't accepting new customers!
Applied for Checking account because of its .76% interest and read about it in Kiplinger's "Best deals in online banking" article. Took 2 weeks to get my log-in setup email, but everything else has been positive. Every time I've had a question, I've used the Live Chat and got my answer. Was reimbursed for using a fee incurring ATM as stated. Since then, I've opened a Savings account but the interest is not good enough. If Bank5 would raise its Savings interest from .90 to at least 1.05, they would have my savings and a 5 star review.
Tried to open a joint checking account with Bank5. Entered all my sensitive information. Contacted Bank five and was told that there was an error in one SS# and they would send me a letter. Told I could not correct information over the phone. I was told that I could reapply with a new application. It is possible that I could have transposed a SS# on the application but there is no guarantee that on their 15 minute process I could not make another mistake no matter how careful I was. Sounds like a never ending cycle. I have opened accounts at other online banks and never had a problem. Ask to have my application with all my sensitive information cancelled and the information deleted and was told that this was impossible.
I am now concerned with having all my sensitive information at a Bank that I have no relationship with.
Very bad system and customer service.
Just as others indicated, I was declined at first, but i actually knew the reason why i was declined before they emailed me, it was because i misspelled my name, so i emailed them and they responded back confirming and asking me to re-submit another application, couple days later i connected via live chat to check on the status of my application, then unexpectedly i was asked to confirm that i have no connections with some politician in Europe, I LOL'ed and confirmed, my account then has finally been approved. It's been only 2 weeks now, so i haven't used much of their services, except for mobile deposits but so far i m satisfied.
Their account opening process 'declined' me after telling me I should expect access credentials in 2 days. I had to reach out to them and then they just said they'd *send me a letter* (in 2015, mind you) telling me why they 'declined' my 'request' to open an account.
Keep in mind, again, I'd already received communication telling me to expect access information and checks, then they arbitrarily decided they weren't going to honor what they said.
Other reviews on this site seem to indicate they decline everyone who tries to open this account; is this even a real product? Regardless, it's a total cluster; don't bother.
This is the absolute worst bank I have ever dealt with.
I opened a savings account with them recently, but I was not please with the level of service I received. I had to contact them no less than 7 times to get the to close my account. I tried calling them, and I was told to close my account I had to email them. When I emailed, I received a response stating that I had to call. It was a vicious Catch 22, all the while they held my money hostage.
Suffice it to say, I was only able to close the account by reporting them to the Better Business Bureau for unfair business practices.
Stay as far away from this bank as you can if you ever want to see you money again.
If I could give this bank zero stars I would because I truly do not think they even merit a score of one. Shady business practices which align more with scamming customers out of money.
To begin, I was told to open both a checking and savings for the sake of flexibility. I went ahead and did that and was approved for my accounts. I was also notified that I would be receiving a welcome package in the mail.
Bank5 then immediately withdrew my funds, however, I had no access to them online. I proceeded to call and inquire about my log in info to at which point I was told there was an error in my application and my account was not approved. Also to mention, very first question from rep was "What is your entire Social Security Number?" are you kidding me?
It would only make sense that if there was some error on my account that my funds would not have been withdrawn. Surprises me that they had no problem in taking my money but had oversight in approving my account or not being aware of errors in the process.
Bank5 Connect is a complete scam. Consumer beware; these guys will "accidentally" withdraw your money and obtain personal information such as SSN on accounts they had "errors" with.
No communication to me about any errors whatsoever. Needless to say, there are major flaws in whatever identification system they are using. I have impeccable credit with flawless history of accounts, to which I would be approved for any account or line of credit.
Being in finance myself, I was insulted at how unprofessional and unethical this bank operates. Please go elsewhere for your banking needs, Bank5 Connect is as shady as it gets.
Only negative issue we've experienced is in bill pay, run by a third party. Payments disappear for a while, eventually get to destination, but need to add a few days extra for piece of mind. Good interest (by today's standards) Unlike most other savings banks with similar interest, have checking with ATM card available.
1. Took forever to open account by Web, even after mailing in the usual license copy etc.
2. Hard to deposit online--had to wait for phone call every time to allow access code changing with each transaction.
3. Customer service seems to be trying but does so slowly and often to no avail--cannot change "policies."
I got a letter saying I could not open a savings account. I have held a government job for 15 years, have excellent credit, have numerous credit cards which I pay in full each month, and was able to get a mortgage when most people could not, and they won't take my money??!!??
They will not tell me why, but said it was based on information from Equifax, who did not make the decision. They want me to obtain a report from Equifax and then try to figure out or guess what made deny me a savings account. And then their decision will also negatively affect my credit report. Unbelievable!
After I established the account I learned that you can't initiate an external transfer from the Connect Savings account. If you want to transfer funds to/from the account you have to initiate it from the other institution.
Their checking accounts DO allow you to initiate an external transfer.
I had high hopes for this new internet bank but it turned out to be pretty much a disaster. I opened the savings account online, transferring the money from another bank and that went fairly well. I received an email telling me how to log on to my account online. It didn't work. Contacted CSR through online chat and was informed the account was not even set up yet and the email I was sent was in error. Got that straightened out eventually and was able to log in.
I received a letter in regular mail from Bank5 referring me to an enclosed packet of information. There was nothing in the envelope except the letter telling me there were other things enclosed.
Transferred more money into the savings account with the intention of opening a 2 year investment CD. Logged into my account, clicked on the Open New Account link which took me to another page to open the account. When I got to the page to select the CD I wanted to open, it was not even listed as a choice.
Contacted CSR through online chat and she had no idea how to help me. She could not assist me in opening the CD and could not tell me why the one I wanted was not listed as a choice.
Contacted CSR through phone support and after being put on hold a couple of times I was told that the open account link inside my account was not pointing to the correct page and if I wanted to open the 2 year investment CD, I needed to log out of my account and open it through the home page. Of course, that defeats the whole purpose of opening it while you are logged in so you would not have to enter all your personal information again and verify who you are again.
So, I tried to open the CD through the home page. I entered all of my personal information again and answered all the verification questions again. When I got to the page to fund the CD and entered the info for my Bank5 Connect savings account, it could not be verified and wanted to do the trial deposits again. Bank5 Connect's own CD application software could not verify one of their own accounts.
I called the CSR yet again and was told that she could not see that I had even started an application even though I was on the last step to complete it. I was advised to close the application window and she would talk me through it all again. That is when I just gave up. By then, I was growing very concerned that I had put all of my personal information out in cyberworld and Bank5 could not even tell me where it was.
I am hoping that the application I filled out was deleted when I closed the application window but I have my doubts. Since it was never funded and the CSR said she could not find it, hopefully it is not floating around somewhere for someone to find.
I gave up the idea of opening the CD at all. I am going to transfer the money I have in the savings account back to where it came from and then close the savings account and hope for the best. I have very serious concerns about the security of this bank's processes.
A total waste of about 5 hours of my time. I just hope time is all I did waste.