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.
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.