Use this bank at your own risk! I had a CD mature with IgoBanking/Bank Purely for $200G. I also have a IGo Banking Money market account & a Savings Purely (by Bank Purely, same bank with different name) Money Market. When the CD matured, I did an internal transfer to my Bank Purely Money Market to attempt to transfer out the funds for other uses. When trying to transfer the funds out, they have a $15G limit per day, & $25G limit per month to transfer funds to your linked external account. So it would take me 8 months to get my money out for my CD funds while earning the poor rate of 1.3%. Luckily I also had the IGo Banking MMA linked to the same account (only paying 1.1% since I am not a new customer). That account has a $15G limit per day with a $50G monthly transfer limit. So I thought no problem, between the two accounts I will get my money out in about 3 months. I proceeded to do this for several months trying to get my money out.
When doing an ACH transfer, it takes 7-9 days for the ACH transfer to actually go through, pathetic compared to other online banks I use. It is hard to keep track of transfers when it take 9 days to arrive in your external account. Then they send me an email saying I exceeded my 6 transfers per month ,I really did not since the actual transfer dates were much later than initiated. Now they say they will be closing my account and my funds are locked, they said they will send out a check on 8-30-18 (1.5 months from now). Their advertised 2% IGo Banking Money market rate is only for new customers, mine has been at 1.1% since opening it, another poor practice.
Since I still have another CD yet to mature, now I will have no way to transfer funds out when that CD matures, if you do not transfer the funds in 10 days your funds revert to a new CD with the same length terms at .05% This is just one of the pains with this bank. Below is a list of several of the bad consumer practices of this bank compared to other online banks. Unless you are really desperate to receive their rates, I would avoid this bank at all costs. They try their very hardest to screw you at every turn.
I opened an IGO Banking money market when it was at 1.1%. Now the same money market rate is 2%, but it is for new customers only & my rate was still at 1.1%.
Takes 7-9 days for an ACH transfer to show up into your linked account, triple the time of most other popular online MMA accounts.
Bank Purely Money market only allows $15G per transaction, $25G per month out. Rate still at 1.3%
IGO Banking MMA only allows $15G per transfer daily out, $50G per month total
If you accidentally exceed your transfer limits, they close your account & lock up your funds for 2 months (they don't just allow them not to go through or give you a count like Amex MMA does)
Just a few of my problems with the deceptive practices of this bank. I have at least a dozen online MMA accounts & online CD's, no one operates with the restrictive & deceptive practices of IGO Banking/Bank Purely in my experience, except maybe Popular Direct. With so many great rates and consumer friendly online accounts out there, I would stay away from this bank unless you are putting in under $25G. For now I am stuck with them until my last CD matures next year, then I will be saying goodbye to this bank forever and having to quickly do a costly wire transfer to wrestle my remaining funds away from them.
I have really been enjoying using Bankpurely. If you haven't heard of them you can sign up on their website very easily. I opened both a checking and savings account about a year ago. Since then I make deposits through the app i downloaded. I can check my statements at any time. Bankpurely also works perfectly with the direct deposit which comes straight out of my work account. I did have an issue with a mistake on my account when a check was deposited for a different amount than written on it. This was handled professionally and quickly once i emailed their customer service department. Overall I have really enjoyed banking with bankpurely.
If you're like me, you have a busy life and want the necessary and not so fun parts of life to be quick and easy. With BankPurely, I've been able to meet all of my banking needs online and mostly hassle-free. I was skeptical about an online-only Bank and checking account at first, but opening an account was easy and I've had no troubles since. There's not much else I could ask for with a savings and checking account and with helpful customer service available when I need it. I've only had to contact customer service once and the guy that talked to me was extremely nice and genuinely sounded like he wanted to help me. My only complain is the fees, but you can't get around fees with any bank.
I presently bank with Bankpurely. As a primarily online bank you would expect the online feature to be very strong and they are. I will say however the lack of an accessible physical location is sometimes an inconvenience. The rates have been outstanding for the most part, 0.75% Checking and 1.3% Savings. I have been very happy with the general banking products. I have casually looked at the CD and other products. I may explore those more in the future. The customer service element is sometimes lacking as it can be difficult to reach customer services by phone. This makes the lack of a physical location an even bigger issue. I believe they are a fairly new bank so hopefully in time they will get these issues ironed out. As a whole though I would give the institution as a whole high marks. I intend to stay with them in the future. I also have recommended them to friends who have opened accounts and have been very happy.
Over the last 2 years I have opened a checking and savings account with BankPurely. I was originally skeptical about the online only form of banking, but I have never had any trouble accessing my money or moving funds from one account to another. I primarily decided to do this because I was tired of the large and numerous fees associated with brick and mortar banks like Chase and Bank of America. I am happy to report that BankPurely does not charge me any fees unless I break their Terms of Service and even then they are very reluctant to charge me any kind of additional fee. BankPurely also offers an IRA program to help me save for retirement. Their interest rates are very competitive with major institutions and while they are certainly not the highest on the market, they are a good value and offer a chance to further diversify your retirement funds. I would recommend BankPurely to anyone who is tired of the major institutions and wants to experience a smaller, more personable online only banking organization.
I was tired of having to drive to banks and wait in lines with tellers/ATMs. So i looked around to see if there was any good online banking options and that's when I stumbled across BankPurely. I was so surprised to find a bank that allows me to have a free checking account with absolutely no monthly fees and no minimum balance required. I did need to have at least $1 minimum in order to create a checking account with BankPurely, but I don't think that anyone can consider that a hurdle of any kind. I was able to get started in less than 5 minutes and I was good to go. Even downloaded their mobile app and checking my account is even more convenient now. Shortly after, I set up my direct deposit for my work paycheck to my BankPurely account for even greater convenience.
I have been really impressed with this bank. I was worried about starting an account with an Online bank. The process was very simple. My direct deposit goes straight into my account with no problems. Depositing the random check is a breeze. It is even easier than it used to be at my old bank. I have purchased some CD's from them as well. The yields are very competitive, it's very easy to purchase them. I have had to call customer service once. Due to my own mistake on filling in a deposit. It was in the middle of the day, and I had no hold time! That was amazing. They were caring, professional and they cleared up my mistake and corrected my deposit.
I've got nothing but good things to say about Bank Purely! Although account setup does take a number of days compared to other online banks, Bank Purely doesn't take much longer. If you call them it is possible to get online access quicker then waiting for the code in the mail. They are paying the said interest rates and I've been very happy with both my checking and savings accounts. Very simple online interface and excellent phone support, what more could you ask for in a bank! Supported by the great employees of Flushing Bank. It's a small bank feel, but with fantastic online rates! 1.30% savings! 0.75% checking!
Sure enough, all the bad experiences dealing with this bank that happened to other people happen to me, too.
Bank Purely is powered by igobanking.
I opened a bank purely account using a "bank purely" website, but they said I opened a "igobanking" account using a "igobanking" website. I said it wasn't true. So they said they would need to do a transfer which would take 2 to 3 business days.
Every time I call bank purely, I make sure I tell them I have an account with bank purely and not igobanking, because igobanking has lower rates than bank purely.
I closed the account. I've had enough. I can't take it anymore. All those hurdles and hoops needed just to activate the account. I was very close to make deposit by doing a bank-to-bank transfer, but I couldn't verify the very last verification I needed to do after I went thru all those validations and verifications before.
The whole process took about two weeks, and other banks have higher rates already during this time.
Bank Purely is a scam. Worst experience I have ever had simply trying to open the account. It's the old switch and bait scam. You are constantly being redirected to iGObanking were the APR is lower than they advertise about Bank. Problems from day one. Had to send copy of drivers license because after spend time setting up the account they said the could not verify my ID. Called customer service line 1-888-432-5890 and was not directed to anyone but one long sales pitch of products, DON'T waste your time.
Not impressed with this one at all. Account opening takes way too long. They actually send you a PIN in the physical mail in order for you to gain access to your account. That seems very old school and not at all user friendly. They already pull your credit report so why can't that serve for address validation? I don't really get them. Nice interest rate, but that's about it. Other online savings banks do it much better.
Let's face it; what's really going on here is that iGObanking / Flushing Bank is trying to collect other deposits without having to raise the interest rate for the savings account of their existing LOYAL customers with iGObanking accounts (well, maybe not so loyal after this stunt).
This is great, they come up with this bogus third banking entity that touts itself as having a "minimal carbon footprint" and then they make you wait to gain access to your account by sending out a piece of paper of all things with a PIN for your access. Seriously? This is carbon friendly? What it is is pretty ironic in that most other online banks send you an email for initial access, which means the competition is actually more carbon friendly. They are slow and backwards. The whole thing is ridiculous.
And they say they are going to plant a tree? OK. Maybe I'll ask them to take a picture and send it to me. That will probably have to come in the regular mail too.
I tried to open an account online and it's three days later and nothing. i received an email saying that they would contact me shortly, but nothing. I called customer service, and again nothing. They must work one day a week. For slightly less interest I can bank with Purepoint where I was able to open the account the same day and start earning interest. Maybe this bank should be called "Purely Nothing".
Bank Purely has an unusual system that is required to login to a new account. They require that you wait 5 business days to receive a PIN in the mail. Therefore, your money is on deposit but you cannot view it online. This does not sit well with me. If they have my money, I want to see it online immediately.
Also, when I called to talk to a representative, they do not give you the option to wait on hold. They require that you leave a message and they will return your call. I have been waiting an hour and still no call. This is UNACCEPTABLE.
As of now I give their customer service the lowest rating possible.