| 5 star: | (24) | |
| 4 star: | (11) | |
| 3 star: | (8) | |
| 2 star: | (8) | |
| 1 star: | (46) |
I tried to open the Bask savings account and my application was denied. They give you a long list of possible reasons why they can't open your account, so you don't know what steps (if any) you could take to resolve the problem. It's frustrating to enter your personal information that's needed to open the account and then be refused.
I submitted an email contact request on their website and so far no reply*. I was able to open accounts recently with other online banks so I'm not going to waste anymore time with this bank.
*UPDATE 6/14/2024:
"Hello,
Thank you for your interest in applying for a Bask Bank® Account. To speak with a Bask Bank® representative, and review your application, please contact Customer Support at 833.260.4320.
You may also submit a new application at BaskBank.com.
Thank you,
Bask Bank"
COMMENT:
If this is the response, then why do you offer the email contact form in the first place? You just wasted more of my time and now you want me to call you...
*UPDATE 6/17/2024:
"Thank you for your application.
Thank you for your interest in opening an account with Bask Bank®. Based on the information provided in your application, we are unable to open an account for you at this time.
Bask Bank uses multiple third-party verification services to authenticate your identity and validate your banking history in order to comply with federal regulations and protect the identities and assets of our customers. We are unable to provide specific details regarding the decision of your application; however, here are some common reasons applications are not approved:
The information provided could not be verified as your information.
Multiple applications were submitted with inconsistent information.
Your application contained an error or typo.
Your application was submitted from outside the United States.
The documents submitted were unreadable or expired.
For more information about our application requirements, please read our FAQs.
Bask Bank"
COMMENT:
- Your third-party verification services are unreliable (I've already been verified and approved by 3 online banks this year and 3 online banks in prior years)
- I gave you the same information as the other banks (except for the drivers license not required by some banks)
- I typed carefully and checked for typos before I clicked continue
- Only one application was submitted
- My application was submitted from a state in the continental U.S.
- No documents were submitted
Bask Bank is fabulous! I have a Bask Interest Savings account and I earn 5.10% APY. This gives me about $240 per month in interest alone. When I purchased a new car in December my down payment was transferred in one day. I am very happy with my Bask Bank experience. I love being able to handle my banking needs online.
I had the very fortunate occasion to experience GREAT customer service earlier this afternoon by a gentleman by the name of Eric in their customer support center. He was professional, polite, knowledgeable, and, above all, helpful. And he spoke English! Thank-you to Bask Bank!
I had difficulty in opening an account with Bask Bank, and called customer service for assistance. Eric answered the call, walked me through and resolved the issue, and was able to get my application submitted. Easy Peasy!
I appreciate that this is but one data point, and that my experience may differ in the future, namely after I become a Bask Bank customer. Yet, for right now, I couldn't be more pleased!
Great bank that has always treated me right.
I have 2 accounts with Bask. A savings account at 5.10% APY. I believe when I opened it in May 23' it was at either 4.75 or 4.85% APY. Did it require me to make two deposits to fund the account due to the limitations on transaction limits, sure, but really I'm not too worried about making 2 transactions or if they may need to be a day apart. All I care about is the ease of the transaction, the time it took to open and fund the account and that this Bank chooses to raise their APY accordingly, if not leading the pack at times. While I had my $$ there, they offered a great 12 mo CD at 5.6% APY, a steal of deal and an easy transaction. I have yet to transfer any $$ out of Bask and back into USAA, my home bank, as there is no need due to the vast difference in the APYs. Still, I doubt there will be and if so, will report on it accordingly.
I’ve been with Bask Bank for about 8 months and have had zero issues. Highest interest rate in the savings game on your full balance and with no surprises. I’ve read reviews for other banks where they lowered the interest rate after 3 months. Deposits take 5 business days to credit to your account but you start earning interest as soon as you make the deposit. Every time I’ve called customer service, they pick up the phone immediately and everyone so far has been very helpful and professional. They have limits on transfers but you can make up to six per month which is a lot, I think. Good usable website and app as well.
Called Bask Bank about my savings accounts. I dont have much but just $20K and unfortunately experienced very poor service from Nita. Just by her voice, one can tell she is not happy, not smiling and not professional way of asking questions let alone be providing good service. She is just a bad apple i encountered today. Other times when i called Bask Bank I had pretty awesome experience in accomplishing my task.
I made the mistake of making too many deposits into my savings account. as of now they show 6 deposits into my account this month. now they tell me I cannot transfer money out of my account this month because i have reached my 6 trans a month limit.
When i said it was to be 6 withdraws a month not 6 trans a month counting deposit as trans, I was told that they count deposts against this 6 transactions a month.
I then asked if i have hit my 6 trans a month limit does that mean you will not take the remaining biweekly deposit from my external account this month. They said the 6 trans limit only applies to taking money out.
So as long as you make more than 6 deposits a month into your bask saving account then you cannot withdraw money that month.
Like so many other reviews posted on this website, I too had my application for their "Bask Interest Savings Account" automatically rejected by their automated systems/vetting bot. I wish I would have read some of the reviews on this website, because I would have easily seen that a lot of other folks have had their applications rejected as well despite having a good/solid financial background/status. I didn't even call their customer service line to discuss why I was rejected because I didn't see a single person say that they had success in reversing the rejection decision. Here is the wording/notice I received right after I submitted my application:
"Based on the information provided, we cannot open a Bask Bank account for you at this time. We are unable to provide specific details regarding the decision of your application; however, here are some common reasons applications are not approved:
-Your application contained an error or typo
-The information provided could not be verified as your information
-Your application was submitted from outside of the United States
-Multiple applications were submitted with inconsistent information
-Documents submitted were unreadable or expired
For more information about our application requirements, please read our FAQs."
Requested my personal report from ChexSystems to see if I can figure out why I was denied:
https://www.chexsystems.com/request-reports/consumer-disclosure
Another bank that puts caps on the amount of $$$ you can withdraw from your account. Might not matter to 99.9%, but....$300,000 is the monthly cap in credits/debits. $150,000 per transaction. There are other caps, but you get the gist.
Very pleased over my nine months. Reversing the direction cured the three-day no-interest hold issue. No limit on withdrawals. Debit minimum twice per week for T-bills buys. Customer service is better here among the ultra high yield group. So far no surprise fees. Make sure you toggle any transfer from drafted to authorized to have it go through.
Admittedly, when I first tried this bank, I was chasing interest rates, and they have some of the best. However, they take forever to credit your account for an inbound transfer, holding your $ longer than my bank did back in 1980 when I was the one placing them. I am in the process of finding a different tertiary (for me) bank.
The good: above-average interest rates.
The okay: the information provided about one's account. The American Airlines points miles account is an interesting and unique option, though given today's interest rates is a lesser option than taking the interest, though I would think that miles aren't taxable?
The should be better: their website looks somewhat dated and uses small fonts. Limited CD offerings. Contacting & interacting with customer service. Limited external connections.
The bad: a long time to hold your funds.
They put a 2 week hold on my money before I could do anything with it
Excellent credit score. over 20k in checking account at another institution. Applied for a savings account and was denied. Upon asking for a reason, they hung up on me.
How does a bank like this stay in business?
Rates to go to 5.0% on Interest Savings July 31, 2023 per email from Bask Bank today. Interest rate 4.88% with an APY of 5.00%.
I have had an online savings account with Bask Bank since June of 2022. For about the first 10 months they were the leaders paying the highest interest rates. For the last 2 months the have lagged behind the competition and the are no longer the leaders in paying higher rates. That’s usually the way it goes with these internet banks. I’m very disappointed and looking to move my money out of this bank!
I found this bank on Nerdwallet, never heard of it previously. I saw the high rate and decided to open a savings account with my wive only to get denied. I thought perhaps it could be her maiden name causing an issue so I tried again just with my info and I was denied again with no reason why, no follow-up. Called customer service which was absolutely awful, the reps could not tell me why I couldnt open a savings account, the site never even asked for any documents to verify my identity, makes be believe this bank is getting paid to gather data and luring folks in with the high interest rate...smh.
I have transferred $5,000.00 twice and $200.00 once
in the last month no problem at Bask. I have money in 10 "high interest banks" move money all the time only 1 small problem with one of them in the last year, and it was more me than them. I believe that its more peoples misunderstanding than bad banks.
My credit rating is impeccable,
This bank took a copy of my drivers license and a photo of my face, all my personal information and ONLY AFTERWARDS said "Based on the information provided, we cannot open a Bask Bank account for you at this time."
I feel very violated. There is no reason to deny me an account. If they have some obscure reasons, they should provide a phone call and assure us they deleted the personal data.
But there is no reason on this earth that I should not be able to open a financial account anywhere on this earth.
The interest rate is good & higher than most but the customer service is HORRIBLE. I transferred money last year only because I was told that I could soon open a joint account and add my wife. Now that joint accounts are allowed I’ve tried numerous times to add her but their system is flawed. It has us go through the entire process just to receive a message in the end stating “…we are unable to open an account for you at this time”. I’ve contacted customer service a number of times about this and was told that there is nothing they can do. They stated the application for my wife to be added is automated and done strictly online so they are not able to assist. They also stated that my wife can’t be added any other way and that there is nothing else they can do. Seriously??? This doesn’t make any sense, their customer service is incapable or unwilling to assist.
For those looking for other options aside from Bask Bank here are others that meet or beat their rate:
VIO Bank 4.77%
CIT Bank 4.75%
UFB Direct 4.81%
(Rates as of 5/2/23)
During online application for savings account, Bask Bank required copies of state issued ID (front and back) and a selfie with a phone camera using bank app. I have stopped the application process and would not let them collect this very personal info. Do not sacrifice your personal data for a few bucks. There are other banks who do not collect such personal information and have very competitive interest rates.
Opened account with Bask a couple of months ago just as a place to park emergency savings and add to every so often. Only compliant I have with Bask is that of the 3 other online banks that I deal with the Bask website is the least user friendly but, everything else has been as good as advertised with them. I do see reviews that some people were turned down for an account with them. Well, I was turned down by VIO Bank & Brilliant Bank for my emergency savings account that I wanted to open prior to Bask accepting me. I do not take it personally and just moved on. Who knows why some of these online banks deny accounts. Sometimes I think they do it strictly based on areas where potential new clients are located.
Wish I would have seen read these reviews before trying to open a savings account. They collect a lot of personal info including copy of ID, then rejected my application for no stated reason. They don’t reach out to remedy or explain, they just hold all your personal info. It’s clear they don’t care about you as a customer. I went to a larger, recognizable name bank with slightly lower rate instead. Opened an account in 15 minutes without the intrusive info gathering. Bask bank can take a hike.
She said they do not open accounts for non-US-Citizens, which is against their stated policy that clearly states US "Persons" can open high yield saving accounts with Bask...
I am a Green Card holder and I should have been able to open an account with them based on their own policies! When I asked to talk to their manager, they simply hung up! Very Rude!
I have other online savings accts (citizens access, mysavingsdirect/emigrant) also brokerage. All opened online. No issues.
This bank wants you to take a picture of your ID, also a live pic of yourself. This is done using a service called Socure.
Also, The banking documents make it clear there will only be Binding Arbitration, that must take place in Dallas, Tx by their arbitrator, all rights waived to any Trials. Socure service also mentions this upfront. Not that much could happen from a savings account, but still. In the worst case, imagine your identity gets stolen because of their setup and you suffer losses.
All the other banks I dealt with do not make you go thru this, it is a huge amount of personal info to collect, and to trust to some startup tech company with remote workers in India (per their job descriptions).
I understand why they do it it, but is unnecessary (there are many alternatives, e.g. CRA questions, even a verification letter sent to my address to verify with bank statement copy) and intrusive in my opinion. I would rather go on live video chat with US based bank rep.
They are not the only rodeo in town. My Brokerage has treasuries and CDs that pay even more and there are tax advantages too. The bank itself seems ok if you are fine with these conditions.
UPDATE: March 3, 2023: After numerous calls to Customer Service and no solutions, I resorted to filing a complaint with CFPB. It was a relatively painless process, given that it IS the federal government. I received a call from Bask Bank within the week. I was able to then close the account and put Bask Bank in my rearview mirror. I received my funds last week. Again, if you are reading these reviews prior to opening an account, save yourself the headache and go elsewhere. I have opened a couple of other accounts and had no problems. The problems lies with Bask Bank.
As of today, I have been locked out of my savings account for 3 weeks.
I opened the savings account and a CD account on 12/27/22. I transferred test deposits of $10.00 into the savings account on January 3, 2023. The login was disabled on that same day. Three different CSRs have told me there is a "case" pending with "Internal Tech Support" to re-enable my account.
Today, I have mailed the required letter to the Dallas address indicated in Bask's Terms of Service for closing an account. We'll see how it goes.
Thank God I did test deposits and only have $20.00 tied up at Bask. For the doubters, I have multiple online banking accounts, some of which USE THE SAME SECURITY SYSTEM, and Bask is the only bank with which I have experienced this issues.
Save yourself some heartache and avoid Bask Bank at all costs. Bask is only marginally competitive and there are better institutions out there if you're chasing yield.
Bask will allow just the 1 external bank link that you used for the initial funding of your new Bask accnt and no more!! Simply put, they don't want to provide any paths for you to be able to transfer your cash out to higher paying banks. I logged into my practically dormant Bask accnt with the intent of depositing $50K with Bask. The 2 external banks I linked up months ago no longer hold cash, so I wanted to create a new external link with another bank to transfer the 50K into Bask with. But Bask will NOT allow me to open another external link. I now recall somebody in Bask feedback stating that if you already have more then one external bank link set up with Bask, then you are lucky. Because now when you open an accnt with them, that external bank used for the initial funding is going to be the only external link allowed! Of the 10 savings accounts I have, Bask is the only bank that has this obnoxious policy in affect.
Pushed a few thousand dollars from Bask to my externally linked account this morning. It reached the destination account in 12 hours and became available immediately. This is the fastest ACH transfer I have ever seen. Looks like Bask Bank has improved its ACH transfer efficiency :-)
I have put money in 9 of these high rate banks all kind of problems all different problems all worked out in the end, you have to read and be careful as you apply Bask may have been one of the better banks .I have stuck with all of them and will only move money if interest falls below 400%
Use an outside bank to transfer out. Link Bask with outside bank. Limits do not apply, as long as your outside bank will draw larger amounts out.
Tried to open a savings account using the online form. Can't get past the first screen. When I click on 'Proceed to review' button it just freezes.
Tried over several days using different computers. My wife has the same problem.
Tried calling customer support but they had no idea what was wrong.
In the end gave up and went elsewhere.
Tried to set up an account and purchase a one year CD. The online set-up was so difficult I gave up and went to another back. In the process I learned that Connect One had a better rate.
I have had a Bask Bank account for nine months. Thus far, Bask Bank has provided excellent service and rates. While Bask cautions that external transfers to my checking account can take a few days, I have been surprised that on many occasions, outgoing transfers have been accomplished OVERNIGHT, not days! Of course, when I transfer funds from my checking account to Bask, it takes a few days for those funds to be available for withdrawal, but the availability delay seems quite reasonable to me. As everything has been working perfectly so far, I have never had a reason to contact customer service, so I cannot evaluate the quality of customer service.
Attempted to set-up a savings account online and found it impossible. Lack of live customer support did not help. Moved on to a different institution and no problems. Not a great sign when it's this challenging to even set-up an account
They've been bumping up my rate on my account as they increase. Unlike some other banks, ie Pop Direct, who keep changing the names of various accounts and keep your interest frozen, while offering a higher rate to slight different named savings accounts. Bask has been great so far.
Researched Bask Bank prior to submitting online savings account application (which included every aspect of personally identifiable info including SS#) only to receive an immediate pop-up window indicating that an account could not be opened. After contacting Bask Bank (day of online application), no one, not including 2 Supervisors could explain reason for decline. On 11/30/22 a Bask Bank verification code was texted to me (original application submitted on 11/11/22). After contacting Bask about the non-requested verification code, I was told it was associated with the original account application even though a pop-up window denying the application appeared immediately after submitting the application. When asked when my personal info would be purged from their system I was told 1 year. Why is Bask Bank collecting personally identifiable information? Are they selling prospective customer information? Like other reviewers I plan to submit a complaint with supporting correspondence to the CFPB. BAD Banking practices.
To start off I never write reviews but I want to make everyone aware of the flaws and the reasons why I feel it is not safe to put money into Bask Bank. I had similar experiences to others below where I deposited money into my account and within a day or two it hits with a "fraudulent detected" notifications and locks you out of withdrawing money out of your account. This happened quite a few times and no reasoning behind it and when asked they have no response. I had a problem where I could not transfer out money from my bask account but I can transfer in money. It took them over 2 weeks to resolve that issue on my account online. Just to add, over the phone customer service was great! Everyone please be aware that while this is a FDIC approve bank, there are some suspicious practices this banks uses and does.
First, make sure you are signing up for the correct savings account. I somehow signed up for a mileage account when attempting to sign up for the interest-bearing account.
Second, make sure that you are aware of online transfer limits for newer accounts:
$100,000 per transaction
$100,000 per day
$150,000 per month
It is unclear if the $150,000 per month is total transfers and therefore it would mean you can transfer out zero dollars if you transfer in $150,000, but it is worth paying attention to.
The numbers change somewhat for established customers, but it is unclear how much time is required to be considered established.
I created my account a two weeks ago with an ACH transfer from another online bank. There were way too many hiccups in setting up external accounts for ACH transfers. So many that I withdrew all of my funds and CANCELED the account.
Setting up an external bank for ACH transfers FROM my Bask account worked fine. The test deposits & withdrawal went were easily verified at my primary bank. However, I ran into serious "hiccups" trying to set up Bask Bank as an external account at my primary bank. The test deposits from my primary bank went through, but the test withdrawal never showed up at Bask. I did it twice. Same result. Called Bask and found out they don't allow transfers OUT without getting a text security code (which was NOT sent to me). AND, they put a SECURITY HOLD on my account due to what they considered "unusual" activity. Since when are "test deposits" or "test withdrawals" unusual activity? And why didn't they call me to discuss it??
Once all that turmoil and confusion settled down, I attempted a $5 test deposit and a $5 test withdrawal to see if ACH transfers would work at Bask. The ACH deposit from my primary bank showed up in my Bask account in 1 business day. Perfect. However, the test ACH transfer FROM my Bask account to my primary bank did NOT happen. It went into a "Pending" mode. I waited 5 days and called Bask. Again I learned I should have received a text message with a security code to activate the ACH transfer. Again, I did NOT receive that code. And I learned that if I had not called, Bask would not have contacted me to resolve the "Pending" status. This was the straw that broke the camel's back.
Further, the Bask Bank website is horrible. It is terribly confusing. One of the worst online bank experiences I've ever seen.
I regret opening this account. I have 5 online bank accounts and have NEVER encountered so many hiccups and so much uncertainty and confusion around setting up and verifying ACH transfers as I did with Bask Bank. So, while they offer high interest rates, I recommend NOT ever using this bank.
Bask Bank takes 5 DAYS - ONE FULL WEEK, to do a task that should take a few minutes.
If you enjoy LOSING MONEY and stress, you'll LOVE Bask Bank, a division of Texas Capital Bank run by CEO Rob C. Holmes.
Furthermore, Bask Bank LAGS behind others when it comes to changing interest rates that benefit customers.
P.S. To make it even more "fun" they will lie to you by phone.
I tried to transfer my money from bask bank to an external account and they simply cancelled the transaction. They did not call me or text me to tell me the reason. When I called they informed me that they had to disable my account because of some "fraud activity"!!! , the customer service rep. did not let me speak to a manager, nothing, just kept saying that it was disable and that it was going to take some time until the resolve the problem?????? I don't know what to do, please advise????!!!! DO NOT GET NEAR THIS BANK!!!
I created the account a few weeks ago, verified my existing bank account, and have been waiting 7 business days for the funds to be transferred (the website says it can take up to 5 business days.) I sent in an inquiry yesterday and haven't received a response. Imagine waiting over a week to do a transfer, and having no idea if or when it will clear! I haven't received a response to any of my inquiries yet. I regret opening this account, I should have picked a different institution.
**Update: It is now 9 days past when I ACH transferred funds into my account, and they still show up as unavailable. **
My funds were ACH transferred from another bank into Bask Bank 5 days ago and continue to show as $0 available. Customer service is only available through an online messaging system, and it takes several days for each message to be responded to. That would be tolerable, except they do not actually answer your direct question and you are then waiting another few days to hear from them. Imagine an online chat in which each reply takes 3 days, and that's what you have here.
Last, be aware of what account you are signing up for. I clicked a "sign up for an account" link when looking at a high-yield savings account rate page. I went through the signup process and sent over a lot of money - only to find out that they opened a reward points account and not an interest-bearing account. Here I am 5 days later with no available funds to transfer to the interest-bearing account, and waiting for my second message reply.
I read a lot of negative reports on Bask Bank along with most of the others here. Not sure what isn't working for other folks, but I have had a very satisfactory experience since opening account couple months ago. I have submitted questions and received answers within 2 days, I linked 4 other accounts without any problem, I initiated a transfer out to a linked account and the money showed up next day. the web portal is simple to navigate and the account opening process was simple and straight forward. I've had far worse experiences with other banks including not getting past one bank's magic software that read's uploaded IDs.
What a "Clown Show"
No customer service
Strande, very strange rules and "features"
Will exit A.S.A.P
For the life of me, I don't understand the negative reviews! Bask Bank has the most knowledgeable, professional, friendly & caring representatives a customer could ask for plus a level of service that has been second to none so far.
Having problem opening an account as well, with the explanation "the problem is in your computer" from the customer service, who confirmed that they see it a lot. Wonder how many customers they loose to the technical issue that is really easy to solve by adding some information on the website? Very unhelpful - the website gives absolutely no information on what was the problem or how to fix it (enable cookies? delete cookies? is the problem with the credit report? reporting agency? have I been declared dead by the SSA?) and just tells you "we cannot open an account for you" and the bank does not send you emails or help you with the problem in any way. Going to find another bank.
My account was locked and I called the customer support to reset it. The lady was asking for my account #. I haven't made any note of my account # and I said I don't know. I asked why can't you lookup based on my account loginId. She said she can't and needed my account type and account #. I asked if any other way, she can help. She then was raising her voice and kept saying the same thing. I asked what other information, due you need to unlock my account. She said, it depends on person to person. I just said, thank you (person to person made me laugh). How come information needed to unlock an account vary from person to person. Very pathetic customer support and very pathetic system.
Remember to make a note of your account #, account type and other details (security questions) etc., otherwise you are screwed (like how I am now) and you can't enter the system (I am still figuring out what should I do). Having deposited a very very large amount, now, I am literally out of ideas on how would I unlock my account (as I don't know my account #).
if you declined someone from opening an account, you should provide an email as of why and or a way to bypass this questions online. the questions are asking for road names close to the addresses i lived more than 10-20 years ago.
first that is not current information, and sometimes the creditors put stuff on your credit report that is not accurate but it takes forever to erase.
My take is that your system is not set up right, since i have open 2-3 others accounts with no problem and not a single one ask for old info that no even the applicant remember.
so I got the famous we can open and account at this moment!!!, i was still giving you a chance even when i saw all this bad reviews, thinking that is because of the hight traffic because of the rates goin up, but after not receiving and email with and explanation or a way to proceed is very frustrating for costumers.
I will update this if i get a sensible respond and if my account is open with out a glitch.
I'm not a high roller like many other reviewers. I opened an account with Bask Bank to park revenue from my side gig. My transactions in and out of the account are not large (hundreds of dollars maybe each time). And I only deposit a couple of times a month.
For my very limited use it works fine. I don't plan on touching the money for a while and don't need quick or immediate access to it. On the date of this posting, the interest rate is 2.75% which rivals short term CD rates.
I have had nothing but a positive experience from this bank. The "old school" banking of walking into a branch and speaking with a teller still exists, but they pay zilch in interest. If you want to earn a competitive rate and don't need hand-holding, this is the bank for you. I have been able to quickly transfer funds out of my Bask savings account into my BofA checking account; but everything has been done online. I have never had the need to call them. They are FDIC insured so I'm safe up to $250K if something happens to them. They required 2-step authentication each time I signed in for the first 30 days, but then I guess they figured I was legit since that's no longer required.
I felt compelled to share my experience with Bask online savings since there are so many poor reviews for this bank. I personally have not had any issues with this bank in our 4 month relationship and I really appreciate their drive to be competitive with their rates.
Since opening this account I have transferred large amounts initiated from other banks without problems as others have said. Not a fan of the $100K Daily/Monthly transfer limit on ACH transfers initiated by Bask, but I have used ACH at this maximum initiated from Bask in both directions without problems or holds from them.
I have not had to call in for a problems which sounds like where this bank falls down, and I will update my review if I ever have that experience with them. I do think that their in-ability to answer the phone has my ACH link with them suspended with both Ally & Synchrony. I linked both of these to my Bask account and attempted ACH transfers, both banks told me they could not do my requested transfers to Bask because they could not verify my account ownership with Bask and suspended ACH transfers to that account.
I would definitely give them an A+ for being competitive. Wish the transfer limits were higher and they answered their phone, but I just have nothing bad to say about this account and felt I should share my experience since there are so many negative reviews for this bank and that has just not been my experience. With their current rate just above the top Fed funds rate (current Bask rate is 2.53% as of this review), I see no reason not to continue to share a generous portion of my savings with them until they give me a reason not to.
Well, fingers crossed after reading all of these negative reviews.
I too was denied after my first application attempt, despite answering all of the challenge questions correctly.
But I am chasing yield and the main bank is local so I tried again.
The second time I was presented with a challenge question where all of the answers were incorrect. Generally, one is given a “none apply” option as an answer but not here.
So, I picked the first one and fully expected a denial. Afterall it was a completely incorrect answer.
Nope, I was accepted.
That said, I will no longer deposit the large sum I wanted and opt for a smaller amount and see how it goes.
What an amazing few months this has been for me at Bask Bank. It seem that every time a few banks start to get higher rates Bask raises their savings rate again and becomes the #1 or one of the top 3 savings rate banks.
1.50%, 1.61%, 2.02%, 2.20%, 2.53%, 2.75% (updated), 3.05% (updated), 3.60% (updated), 3.85% (updated), 4.03% (updated), and now 4.15% (updated) just keeps on climbing every month.
I keep seeing people complain about transfer problems, I have never had a single problem with Bask Bank and I have done a few large transfers. But I have always been initiating the transfers with my external banks because I know that some of the newer banks have transfer limits.
I will stick with Bask Bank for as long as this ride lasts. Will see what happens with the remaining Fed rate increases the rest of 2022 and into 2023.
Absolute intentional hoarding of people's money to inflate their deposit reporting. They need to be investigated by authorities. Changing their rules constantly and baiting people with a high interest rate.
Stay away if you are serious investor...will not let you access your funds for 30 days. Zero communication! No remorse when I finally reached a phone banker!
I opened an account becuase they had a good rate.
But be aware that once they have your money they will make it very very difficult to get it back!!
Example: When I scheduled a transfer to an external account they disabled my account staying that's what they do when verifying external accounts. They will not give you a case number and tell you that some one will contact you, but can not give you an ETA!
Currently, I am locked out of my account and no one has contacted me via email or phone. I am looking to get legal recourse.
Update: They have added almost every feature I have asked for. I am truly impressed. I have changed my rating to 4 stars. I hope they can earn 5 stars soon.
1. (Update: They added this feature) No running balance! (Update: They added this feature after I complained for 2 months. I am impressed they actually took action to add this.)
2. (Update: They fixed this) Incorrect balances that go up and down for no reason
3. (Update: It is still very hard to get a manager on the phone) Terrible customer service
4. (Update: They added this feature) No information on accrued interest (Month to date or year to date. My other bank shows both and I love it.)
5. (Update: They still need to add information on transfers showing when they are expected to settle) Long ACH holds
They still provide no information on dates that ach holds or transfers are expected to be available. But they have impressed me so much by adding features I requested. They added them quickly. Wow I truly am impressed and will be adding money to my account.)
More app feature suggestions
1. Add 'Dark Mode" the screen colors are too bright
2. Add a transaction count as only 6 are allowed. i.e "2 of 6 transactions used this month 2 are remaining"
3. Add the ability to nickname external accounts
4. Add the ability to pay bills
5. Add home screen widget for Android users.
Easy, painless, straightforward account opening. I love that their rates are constantly upgraded, so that they are consistently at the very highest in the country.
I attempted to sign up for an online account and during the verification process, the website asked me to verify cross streets to an old incorrect address that I never entered manually into the site. I was not able to verify and my application was closed. I attempted to contact customer service and now 3 days later no response. There are better alternatives out there for online savings. Having zero customer service is never a pleasant experience. Buyer beware on this one. The headaches of "no customer service" aren't worth it.
They updated their terms of service to now include forced arbitration for dispute resolution. And it's a pretty draconian version of it.
If you're not aware a lot of companies have been adding this forced arbitration. By doing so they remove your right to form a class action lawsuit and a trial by jury. Instead disputes are resolved, in secret, through a third party arbitration service.
That's where most companies end. Bask Bank goes even further. The arbitration process has several steps involved. First you have to meet with Bask Bank "in person" (their quotes, not mine, not defined). Perhaps that means virtual meetings are ok? don't know. Then you have to meet them again in person, in Texas or else you waive the right to claim fees if you win the dispute. This is the first time I've ever seen this sort of language in an account agreement. They have set terms to make it as hard as possible to resolve any disputes you have with the company.
For reference as of August 2022 this is all detailed in their terms and disclosures starting on page 7 and continues on till most of page 9
Yes, like many, I fell for the high savings rates and opened an account earlier this year. Shortly after, I noticed that the online account activity page did not have a balance column on the right hand side, just on the top. I don't like that, so I proceeded to transfer out all my deposits. When all my funds were out, I requested that my account be closed. I tried several phone calls and internal emails. My request was ignored time and again. I then submitted complaints to BBB.org and to CFPB. Bask Bank responded that they had closed my account weeks ago. I do not agree: I can still log into my account. It's the only bank that I have encountered that does not block me from entering my so called "close account."
They don't credit deposits in timely ways to avoid paying interest. They don't Answer their phone or return calls. They ignore email requests for help. Worse banking experience in 60 years of banking.
Honestly, read the reviews! This has been the worst experience ever. A total nightmare. I have experienced every single bad thing mentioned here by others. I am now wondering if the good reviews are actually fake. Should have gone with the SaveBetter mph.bank account offering the same interest rate. Yes, they are a custodial account but they even allow you to keep every bit of accrued interest no matter when you withdraw it, which most don't.
Over 4 weeks to open a simple savings account. Still not done. Long wait times to talk to customer service who don't seem to care. Cancelled application.
I opened a savings account with Bask Bank. I made a couple transfers to my other external account which I already had linked by the way. I tried to login to my account on Monday morning only to discover my user id had been disabled and was unable to login. I immediately called Bask Bank. I was told they were unable to help me and a different department would have to call me back. They also said it may take 2-3 days. That is all they would tell me. I figured it was probably the fraud department because of a transfer I tried to do online to the external account I already have linked.
As expected, someone from the fraud department called me the next afternoon. I missed his call and called him back immediately, but he did not answer. I called him back on Wednesday. I verified all of the security questions. He proceeded to cross the line though asking me why I transfer my money around so much, etc. etc. He tried to make me feel like I did something fraudulent and like I was a common criminal. I told him it is my money, not his, and I should be able to transfer my money around if I am within my six transfer limits per month which I was. He then told me he released the hold on my account and my access should be restored in thirty minutes to one hour.
I tried to login to my account over three hours later and my user id was still disabled. I called Bask Bank customer service which, by the way, is always over a ten minute hold time. The representative had no record of anyone releasing the hold and told me she was going to email him. That is all she said could be done. I also called him and left a voicemail when I hung up the phone with customer service. I have no idea when I will have access to my money again. Do not let the high interest rate lure you in like it did me. Bask Bank will happily take your money, but can and will block your access to it anytime they want. I am transferring all of my money to Ally Bank and closing my Bask Bank account when this matter is finally resolved. The rate may not be as high, but Ally Bank has far better customer service.
Update (7/28/2022)
I received an email from the guy I had been in communication with from the fraud department. He apologized and said access to my account would be restored right away. I was able to login to my account shortly after. Bask Bank has tough fraud prevention measures like most banks do, but it is still a bit unsettling to be locked out of your account and have no access to your money. Hard working, honest people have to pay the price for all of the low life criminals in the world.
Bask Bank got an F from this website for Deposit Growth. This bank has a negative 19.66% growth for the year so far because it decreased its total non brokered deposits by almost 6B$. What are non brokered deposits and why does this mean for investors who have savings in this bank? ELI5, please....my 3* rating is meaningless bc I dont bank with this institution but i had to rate it for my post to be admitted.
If your spouse has your login and password is that not pretty much the same thing? They can access the account and transfer money in and out with no problem. Even after your untimely demise they can just transfer all funds to another account right? That really is the bad thing about this banks savings interest account and I am not sure why no joint accounts are allowed? Anyone know?
Login disabled first; then they accepted me. After that i could not login. Their chat line does not answer; they put you on mixed waiting times; ignoring your calls; some rude people; they tell you lies about someone from internal team will contact you etc. Stir away from this ignorance. try another bank. I don't want anyone to go through the frustration and ignorance that they caused.
After some difficulty in opening the account, I've come to appreciate the heavy security I'm seeing with Bask.
Another joke of a bank. They lure people in with high interest rates and I myself did not do due diligence in reading more reviews. Bank application initially declined, had to fill it out all over again. After the unacceptable hold times and poor customer service, I decided not to go forward and so glad I didn’t. You can go with E Trade for 1.4 % and Citizens Access a division of Citizens Bank just upped their rate to 1.75 percent. STAY away also from FIRST FOUNDATION bank, the worst ever. You can see my review if you search for the bank on this site. This site posted 4 & 5 star reviews on top for First Foundation and they weren’t the most recent but also likely bogus reviews. They just had a show on the TODAY show this morning how doctors pay for reviews. Wouldn’t me surprised if banks and other companies pay as well but just haven’t gotten caught yet. When inquiring how interest is accrued on any bank, if they say it’s accrued daily and listed monthly. Be sure to ask if you take about money in the middle of the month if you lose the interest. I can’t speak for this bank but with First Foundation, you lose the interest. As they say buyer beware!
I have been with Bask Bank which is a division of Texas Capital Bank one of the largest banks in Texas for almost 2 years. Bask bank does have a high level of online security so if you have significant funds to invest this is your bank.
Update 10/23/22 They've been fine, and aggressive about rate bumps. I still find the whole interface for transfers horrendous though. I can't ever tell if I'm on the right screen, and it's basically a cluster**** every time, giving me error messages whenever I attempt to edit or cancel. Again, this is not a good account for high traffic, and I'd suggest initiating any outbound transfers at the receiving bank.
I had no trouble opening the account and it's pleasantly straightforward, your typical 6 withdrawal limit account. No hoops, very good rate, prompt and friendly customer service.
I wouldn't recommend this for an account with a lot of traffic. The online interface doesn't list transactions until they clear, it appears they hold incoming transfers quite a while (even if they're electronic and initiated at the other end), and the only balance you can see is the available balance. I wind up keeping a paper register to track this one, and I don't know if electronically transferred money earns any interest while it's waiting.
The automated withdrawal process is not intuitive at all. "On hold?" "Authorized"? What the heck.
I think I have it sorted out and hopefully my money can just sit and percolate now, but again, I wouldn't suggest this to someone who needs speed or volume.
The interest rate is good but they have no idea what they are doing and simple requests can take forever and they will get it wrong. What a hassle, wish I never signed up. You also cannot get your money out easily. low outgoing transfer limit. So they'll take your money but not let you have it. Good luck trying to get it any other way too .not worth the hassle.
I opened account on 6-15 due to their 1.61% rate, it was easy to open and fund account, no need to upload ID, just answer a few personal questions, I also like their instant external linkup with PLAID......while incoming monthly deposit limit is 100k when initiating a pull at BASK, I called and a lady called back after 2 hours authorizing an additional deposit
what I like most is there is no lag time when I initiated pulls at BASK from three different external banks, my deposits showed up as current balance at BASK the same day they were withdrawn from externals....my experience is most banks pulling from their end have lag time that transfers don't show up from one to 3 days, not so with BASK
while current balance does take 5 days to change status to available (standard bank practice), not an issue unless one needs to use the funds right away, the important thing is I have verified with my latest statement that interests start accruing when deposits show up as current balance....that combining with no lag time, deposits via initiating pulls at BASK don't lose any interests
I also like their website, minor point off is I can not nickname external banks so I am double checking every time to make sure I am transferring from the correct bank
another thing is both ALLY and DISCOVER blocked my push transfers to BASK, I don't know if it's because BASK is small bank or it's confused with Texas Capital because BASK routing number shows as Texas Capital Bank, I had to send them proof of BASK account ownership to clear that up
so far I am happy with BASK, its operations from ease of account opening to timely funds transfer and interest accrual seem to be that of a pretty efficiently run bank
They lost quarter of their assets last year for good reasons.
I recently opened an account with Bask Bank. I was soon after locked out of my account. I called the bank several times to get help but no one answers their phone. Then I chose the option to get a call back instead of waiting on hold but no calls were ever returned. I also sent emails to the bank asking for help but have received no replies.
I contacted their parent company, Texas Capital Bank, talked with someone there who said they would send forward my issue to the right person who could hep me and to expect a call back in a day or so but no one has returned my call.
I have contacted the BBB and filed complaints against both companies.
This bank is terrible not sure how the other reviewers missed these points:
$100k limit on deposits for each month
It’ll take 2.5 months to deposit $250k
5 days for your funds to clear
Just try and call their customer service or even bank
Left 2 stay in Q messages 3 days later no call back
$35 to send money out from them
Website has Chinese characters that display on it.
try your luck
Opened up with no problems. Was able to push from SoFi, and Marcus and SoFi appeared in the account later in day, and Marcus next day, but guess that has to do with the initiating bank. I pushed funds to SoFi and it was there next day. I'm not really concerned with the $100K monthly limit, since I can pull funds with limits based on external bank, which are both high enough. Initially, when they increased the rate to 1.50, the telephone csr was a long wait, but they did call back, well after 10 minutes. The hold times when initiating via Bask Bank is 5 business days just like Marcus or live oak, but pushed from external the funds were avail immediately.
Very easy to open. PLAID with BASK worked well with chase and citi but not well with Synchrony. BASK even tells you that Connectivity to Synchrony has issues.I have done lots of these so I am generally weary with speed in and out using push and pull methods before I commit.
Opened acct 1 month ago. Easy peasy to open account. Ach transfers initiated by Bask appears next day in acct.Incoming wire transfers are free and appear within minutes. To add beneficiary you send an internal message. Answers to message requests usually take 1-3 days. CSR's on phone calls have been helpful and easygoing but I got various answers to whether you needed to unfreeze credit bureau accounts to open account. So I just unfroze all 3 for 1 day and had no problems with the opening. Hopefully they will stay at the top of the heap for the long term.
I’ve had no issues. I have this and SoFi account. Both have been great. Moved away from Ally Bank. They are just horrible.
I moved my money to Bask Bank because of the higher interest rate. However, I have quickly learned a valuable lesson and wanted to help others from making the same mistake. I opened multiple accounts and transferred money into each account. I made a purchase and went to withdraw money to cover the purchase only to find that they wouldn't not allow me to transfer the money out. While it would only be the 2nd transfer in the month for this particular account, the count all of the accounts under one person towards the "6 transfer" limit, so once I made my deposits for the month, I had no more transfers for any of the accounts. I am now going to have a hefty fee from the overdraft of my checking account because they refuse to give 6 transfer per account and not per person.
I just tried to open a savings account with Bask. The first pages ask for your DOB, social security number, name, address, email, and only after you have provided that information, does a verification email get sent to you. However, when that happened, two very worrisome things happened. A notification appeared from Bask stating they could not confirm my identity and thank you for my interest - after they have all my information. The worst part, though, was that my email provider labeled the email sent by them warning that the source could not be authenticated and that it was most likely a spoof and I have never seen my email service label any of my incoming email like this. So now, I am wondering what consequences I will have by trying to sign up with this "bank". I am worried to say the least that I have given over my ID to an unscrupulous entity.
The rate is good in comparison to other banks. However, compared to the other major online banks, like Ally, Marcus GS, CIT, etc., their dollar limit on withdrawals to externally linked bank accounts is way too low. It is only 100K per month, which may be okay for some, but not good if you need the money for a house, investment, etc. And, it is certainly much lower than the competition.
Opened account on...Feb 2, 2022.
PROS...
1. Highest rate available.
2. Interest earned on ANY amount.
3. Great customer service 6 days a week.
4. Smooth, simple application process.
5. 5 business days ACH availability.
6. Reasonable ACH limits.
7. User friendly account platform.
8. No cap on balance, However FDIC limit 250k.
9. Mobile app available.
10. Menu offers a "Feedback" form to Bask Bank.
CONS...
1. NO Joint accounts at this time.
2. Only 3 deposit transactions permitted in a monthly cycle, if originated on Bask platform. This requirement was waived for me on 2 occasions, with a simple phone call.
Only after opening an account I found out from their FAQ:
"We are currently not offering joint-ownership accounts. We will update you if this becomes available in the future."
I live in North Texas so was happy to have such a great rate available nearby, however my attempt to open an account was denied.
I'm assuming it's because all my credit reports are locked down and that is how they verify. Have requested a reason from them, will update if it's any other reason.
Just like a few reviews here: it’s 2022 and it takes 5 business days to have your $ available? WTF? I am closing this joker account as soon as I transfer my $ back to my original account. What a loser of a bank!
Read the posts about this bank, you may want to bank elsewhere. 1.25% is going to be pretty common soon.
Seems to take a long time to process items both incoming and outgoing. Requires TWO phone calls to accountholders to allow a transaction, that is, entry of two different expiring codes, one to identify yourself and another to do anything. Then transactions are "subject to review."
Opened account in less then five minutes so easy to open & easy to use so I am going fund from outside bank into this new account due to transaction amount limits & slow ACH times...when calling this bank hold times seem to be longer then ten minutes this is a issue in 2022...On a good note they do NOT charge overdraft fees that is nice cause to error is human!
Wow, does it ever take a long time for your funds to become available! As soon as I can get my money transferred out, I'm gone. In this day, and for an "internet bank" it's a joke that it takes this long after a transfer for the funds to become available. Save yourself the frustration and bank somewhere else.
No joint account ownership. In this day and age I find this so unbelievable and really disappointing.