Bread Financial Reviews

Average Rating:
Based on 37 review

Best Rates, Poor Customer Service

Posted by: |

Once you learn how to navigate their website, it's a piece of cake. The learning process is not easy, however with several hurdles, Wait times to contact customer service are horrendous as it is outsourced to India with language issues. I had to escalate my issue with customer service to get back to the US. However, in the end, you have highest bank rate offered on a 2-yr CD in the country at 3.5%; higher than brokered cd's or treasuries at this time.

Awful Customer Service

After being on hold for 45 minutes, the CSA informed me that the 855 number listed on this website is wrong, but the correct number is 833-755-4354, which I then called. The auto attendant said my hold time would be 10 minutes. After 20 minutes on hold, I gave up and hung up. Neither of the two numbers I called offered a callback option, and their website doesn’t provide an email address to send written question to. Overall, a waste of my time!

Smoke & Mirrors

Posted by: |

Yes it's Comenity reincarnated! Stay away from "BREAD". I was finally able to remove my money from this institution after many attempts and the release of much unnecessary personal information. This happened six months ago and the experience was so uniquely bad I still feel the need to warn other people. As I said back then, 'If you try, you might be able to find some other institution that's worse somewhere'.

Good Experience With Bread Financial

Posted by: |

I opened two 5 YR CDs in the past week. I can always reach a rep via phone calls within 30 minutes. Almost all the reps are knowledgeable. If I got a rep who might be new and inexperienced, I just call the main number again. The portal has a secure messages feature that I can ask questions, make requests, upload and download documents securely. The mobile app is pretty easy to use.
My recent experience has been good.

Worst Bank I Have Ever Dealt With!

Posted by: |

I have a lot of money in CDs at Bread Savings which matured on July 29 and July 30. I spoke with someone on July 11 to request that they be closed when matured and funds sent to my originating bank. I checked a week later to confirm that everything was in order. I spoke with the same person I had spoken with on the 11th and was told all was in order. I called the week before they matured to check again and was told that all was in order. I called on August 1 to check and was told all was "in process" and that I would see my funds in a few days. Nothing happened. I called on August 5 and spoke with someone and told my request and action thereof had been closed. I was told that she would resubmit and reopen my request and ask that it would be quickly taken care of. As I have lost total confidence in this bank I called back today, August 8 to see where my funds were. I got someone on the phone who looked at the file and said they did not understand what was happening. I asked if my funds were on the way. She said no and said she was going to put me on hold and find out what the problem was. I was on, as we call it, infinite hold for 10 or 15 minutes and then the line went dead as I was cut off. I called back, was on hold for another 15 or 20 minutes until I got someone. It was the same person I spoke with Friday. She finally remembered, said I had spoken with two people previously today, I said no just one. She said she wanted to read what I was told earlier today. Then I was cut off again. I am on hold again, beyond exasperated and while on hold am writing this and researching who I should speak with at the FDIC to report my experience and help me get my funds back. I have had a large number of CDs over the years and have never had an experience like this to get my funds back. Is this any way to run a bank? I don't think so. I have a T Bill purchase to pay for . Just FYI, I just got off the phone with Rayonna, whom seemed concerned with what was happening, looked into it and told me that the original paperwork that the person at the bank submitted on July 11 was done incorrectly, that she was personally taking hold of this and would get it done. She seems competent, concerned, and I am impressed with her. Kudos if she gets it done. She gets 5 stars for customer service, the others 1 and if I could give zero I would.

Bummer I Say

Posted by: |

I was trying to take out one of their high interest CDs. The website takes me right up to linking an external checking account then the site circuits me back to sign in to Bread once again. The site successfully links up my funding account and even has me enter the amount for my hopefully new CD but the site has me sign in to Bread once again only to say I tried to sign on too many times and I'm locked out. I tried CS and the rep couldn't seem to figure out how to help me fund a new CD. I only wanted the high interest 3.25% 2 year CD but Bread says they cannot approve me for an account. Someone else will take my money that's for sure. Rates are slated to. climb throughout the year so I guess I get to wait for a mainline bank to surpass the early leaders

Good So Far... Just Opened Savings

Posted by: |

After reading mixed reviews I did notice that many of the negative ones are from people using their credit card service and most of those were not real recent so took a chance on their savings account.

After maybe opening accounts at 100 banks/CUs over the past years and learning to hate the process I have to say their signup was the quickest and easiest I ever did. Then I realized I didn't see info about a beneficiary, tried calling them but their lines were busy and I didn't want to wait so sent a message from my account. Sooner than I expected I got a reply and received the form for a beneficiary, filled it out and returned it. All went smoothly. Hope it stays that way. The ACH deposit I made showed up there in my account in 2 days!

Was tempted to give 5 stars but I rarely do that. May up it later if that's possible after I see how things go.

Beware Of Bread Financial

Posted by: |

The CD process does not give all the information that is needed. When trying to contact customer service you get a call center that can not help but they tell you someone will get back with you in 3-5 business days. No one gets back with you. The call center people closed my account after I repeatedly told them that was not what I wanted. The call center uses caller ID. They kept hanging up on me when I called. After using a different phone number I was able to get through. i would not recommend this company

My Recent Experience Has Been Good

During the last month I have opened a couple of CD's. Was on the phone with Bread whilst I was setting up a new funding account and they were very helpful. Later last month I asked for the interest to be sent monthly to my outside funding account. That went very smoothly. Opened a second CD last weekend and everything went very easily. These were both less than $50k but in about eight weeks I have a bigger CD to purchase and if the rates stay competitive will put it there. My only negative on Bread is the very small amount that can be withdrawn each month from a savings account ($30000). This actually stops me holding a bigger balance .

Terrible Experience Trying To Get A CD!!!

Posted by: |

I did research on this bank and spoke to their customer service people twice. After deciding to open a CD, I entered all my information, SS, bank info, DL number, address, and received a immediate response that they were unable to open my account and to contact customer service. I did and they were unable to give me ANY reason why they were not able to open my account, but they said it was NOT a credit problem. I wanted to try a second time but the system would not let me so I called them back and they told me to create a new email and use that to try again! I told them no way, I should not have to create a new email just to open an account and they should be able to help me do this. They were unable to offer ANY other help so I decided to find another bank. Something about this banks stinks. I would not use them.

Difficult Voicemail Prompt System, Rude Customer Service, "Dormant" Account

Short summary: rude place with rude people

I deposited just under the max amount to remain FDIC insured, so my account was a decent one. I didn't log in for a few months, then tried to log in and got a message, "this account is dormant,." Where I understand their security concerns, when I called in, the person was defensive and unconcerned.

Other people I called there were also unconcerned and unpleasant.

Most online banks are almost "overly" nice when you call, they seem to be pleased that you called and generally seem eager to help you as much as they can.

That's where my money is going!

Unable To Approve Me For A 2-Year Account

After giving BREAD all of my banking information including SS number, and after connecting my home bank to BREAD for a transfer of funds, I received the "We're Sorry" message that I was not approved for a 2 year CD. I called the given number on the message and the rep. said to try in 30 days using all caps for the email. Meantime, on the site form, it states that the email is case-sensitive! Same thing happened to my husband a few days earlier. Now Bread has both of our information and the routing numbers to our other banks. We can see approval for a loan, but not approval for a savings CD. Beware, Beware, Beware of BREAD.


Posted by: |

I wouldn't bank with them if the only alternative were dragging around a sack of coins.

I have literally worked with over 50 banks in my life and never run into a bank as untrustworthy and cumbersome as this.

An update on my CD situation, now they've opened 3 cds, after two weeks of total silence, a day after I cancelled the applications and rearranged my money to open a ladder elsewhere. What an utter nightmare.

(Just an FYI, Fidelity was (would have been) able to open a cd ladder for me with rates that are as good or better, the entire process for that took (would have taken) less than five minutes.)

Update On A Cd Ladder I Tried To Open On July 1.

Posted by: |

A week later and I have still heard NOTHING, it's been two weeks since I attempted to open a cd ladder. I did receive a generic offer for a Bread Credit Card, so apparently they want MORE customers when they're completely incompetent about the ones they already have. TOTAL FAIL.

Horrible Service

Posted by: |

Applied for a 12 month 500,000.00 CD on line and told I was denied. I called and asked why and they would not tell me. They gave me a scripted response that was bullcrap. I would stay away from this bank and I hope they go out of business soon. I would give them a Zero , but as usual not an option.for this review.

Glad I Opened An Account

Posted by: |

Opened an account with them and it was very easy & smooth. I've transferred money already and linked more external accounts with no issues. Can't beat their great interest rates!

Slow And Inconsistent

Posted by: |

I attempted to open a cd ladder here, the rates are excellent at the moment. Two of the five opened on July 1, the other three are still "being reviewed" nine days later; I haven't even been contacted as to why there's a hold up yet. I have called the bank twice and been assured that they have my applications, but this really isn't acceptable for a ladder - the whole point was the simplicity and consistency of one bank and one due date. Now I have two open accounts so I can't even walk away without creating more complexity and hassle when I wanted less.

Deal Breaker - Backup Withholding Is Not Available

Posted by: |

It is important to me that backup withholding of federal taxes on earned interest be available. I was informed today via phone rep that such an option is not available. Disappointed as I was interested in making a large investment in the above average interest rates being offered on Savings and CD's.

Frustrating. They Have No Tech Support Dept.

Posted by: |

Really terrible experiance trying to open a second CD and savings account. They do not have any kind of tech support dept at all and any online application problems are left up to untrained customer service people. If any kind of application rejection problem happens they tell you to use all caps on your email address and then they will tell you to use a different email address. One person said they were a supervisor and to call back and speak to the approval department. When you call back they say there is no approval department because they use two different outside company's to approve applications and customers can't talk to them. Then you'll get a online message that says to call and talk to the account security department. When you call and talk to them ask why you tried to open an account with a different email address. When you tell them customer service told you to try that they say that's completely wrong. Never in my 40 years of investing have I dealt with such an incompetent group of people.

EWP Is A Little Stiff

Is there an early withdrawal penalty with a Bread Savings CD?

Yes, an early withdrawal penalty applies. For terms shorter than 1 year, the penalty is 90 days simple interest. For terms 12 months to 3 years, the penalty is 180 days simple interest. For terms 4 years and up, the penalty is 365 days simple interest.

Easy To Open. Hard To Get Your Money Out!

Posted by: |

I saw the higher interest rate I was looking for a place to park $40,000. I tested the water with $100 bill to see how easy it is to deposit and withdraw money with this company.

So I deposited and waited for it to clear my bank. I waited to see the money post in the bread account.

I then attempted to withdraw it 8 Days later they hadn't even attempted to send my money back!

When I wrote to their support team asking them where my money was they locked my account.

Now this is my personal opinion run at full speed from this company don't even consider putting your money in their account you may never see it again!

Open an account with a company that offers you a debit card where you can withdraw your own money at any time at any ATM machine.

Be Aware Before You Sign Up

Bread Savings doesn’t tell you that during the first 30 days of opening an account, every deposit is subject to a 10 business day hold and you have no access to your money until after the hold. And the daily withdrawal limit past the hold period is only $5k. If I had known these arbitrary rules, I would not have signed up.

Best Interest Rate In The Market,

Posted by: |

I came to this bank because of their high interest rate, one of the best saving rate in the market.
And just like all the others I didn't like the 5K withdrawal limit per day. But for me I found a work around, I used other bank to transfer money out of this bank.

Money Trap W/840 Credit Score

Posted by: |

Fell into the trap just like all the others…. Moved 150k in within a couple days. Account opened for two months.

Had problems linking to capitalone to pay credit cards (no idea if that was a Bread thing.. but cap1 was a super pain about it) so tried to ACH push transfer money out.

ACH pushes are limited to 5K per with a 30K monthly. Contacted customer service and politely said that was too low for my needs. They said there was a process to request new limit so I did for the max of 50K. They denied request a couple days later saying account was too new and I could rerequest in another 90 days or something. Told them no thanks and closing account. More on principle as you can ACH pull from external institution based on external limits vs. Breads.

For reference SoFi doesn’t post their actual ACH limits either.. but when contacted customer service (immediate chat vs 3 business day wait at Bread) my limits were

ACH in/out limits with an high credit score @ SoFi:
ACH Deposit (Initiated by SoFi) Daily - 100k
ACH Deposit (Initiated by SoFi) Monthly (calendar month) - 200k
ACH Deposit (Initiated from another institution) Daily/Monthly Limit - unlimited

ACH Transfer Out (Initiated by SoFi) Daily limit - 1 Million
ACH Transfer Out (Initiated by SoFi) Monthly limit - 2 Million

Be Careful When Banking At Bread Savings

Posted by: |

All the reviewers' comments are 100 percent true. This bank will allow you to deposit large amounts but then it doesn't want to let you get your money when you need it. I experienced the same situations other reviewers expressed. Finally took all my money out. I do not recommend this bank. Too much trouble. I don't like it that calls to their customer service are routed to India/Bangalore.

Don't Bank Here

The web/mobile experience is nice, however, they don't really advertise that there is a 9 business-day hold on your funds when you first deposit them in your account. You can't even transfer between Bread Savings accounts for 9 business days. Also, there is a $5,000 daily withdrawal limit.

Their customer service isn't the best either. Long hold times and always someone who's first language is not English.

I'm closing this account the second this 9 business-day hold is over, and after I withdraw $5,000 dollars per day until my balance is Zero. LOL. Such a joke.

Stale Bread

Posted by: |

Changes abound at Comenity Bank, now marketing themselves as Bread Financial.

But same old tactics. They'll allow you to deposit $1,000,000 in a day, but limit you to $5,000 per day in ACH withdrawals (with a max of $30,000/ month). That could take month or years to get back your deposit, unless you pay up for a wire transfer.

Further... Looks like the customer service team in USA got the pink slip and replaced with Reps from India.

Don't get toasted. Avoid this bank.

Easy To Move Your Money In, Hard To Get It Out

Posted by: |

Re-posting my old review since their name change wiped out almost 60+ old negative reviews on this site. Shady as hell!

This bank makes it very easy to open an account and transfer your funds in. It let me link my external bank (Ally) through a service like Plaid, initiate a transfer immediately (no limits), and the account was open the next day with funds appearing soon after.

Then, you start realizing how much of a pain it would be to access your funds. That account you linked to initially fund things? Nowhere in sight. You have to re-link the account, and this time, the only option available is using the 2 micro-deposit method, which can take up to a 3-5 business days. After I do this, I discover that there is a hold on the funds I deposited. For accounts 30+ days or older, that's 5 business days. For new accounts, that's 10 business days.

There's a $5k/day and $30k/month transfer limit, which I only found out later you can circumvent by initiating the transfer from an external bank account. But this information certainly isn't available to customers unless they really search for it!

So because I didn't know about the external transfer method, I started to move my funds back starting with $5k the first day it was available. After which Bread Savings hit me by setting my account to Restricted due to fraud concerns... There was NO notification that this happened, except a letter that came in 2-3 weeks after the fact, telling me I had 14 days to fix the security issues after I'd already resolved the problem because I noticed it myself online... Yeah... Thanks. That's helpful.

I was now required to mail in front/back of my driver's license, social security card, as well as last month's bank statement from the linked bank accounts. I love how there were no fraud concerns when I transferred money *in* from the same bank account, but the moment I did a transfer back out, I was immediately blocked...

After getting handed back & forth between multiple CS departments, I finally was told that instead of mailing these sensitive documents via USPS, I could also upload it via their secure messaging center. So I did that, and about a week later, the restriction on my account was lifted. Finally, I managed to get my money away from them, but this was a nightmare process I'm not going to go through again.

PS - For those of you wondering, a lot of people had much worse experiences than me. I highly recommend going through the CFPB if you are having issues accessing your money or closing your account. The previous reviews all cited the CFPB as a huge help in resolving issues that took months+ to fix.

Avoid This Bank

Posted by: |

Teaser rates come at a high price. Undisclosed $5,000 daily transfer limit and $30,000 monthly transfer limit. They won't let you get your money. Their technology is integration to Quicken, QuickBooks or Plaid. No US employees. Outsourced call center to India.

Very Disapointed, Bank Is Unusable If You Have Money

I created a new account, Liked every thing about it. Very easy. I then I attempted to transfer money to the account. It failed so I contacted the bank. I found out that there is a $5,000 daily limit on a transfer in or out. I was very disappointed because I thought this was a bank I could use. Turns out if you have money they are after fees. I was told by the bank that they may wave the $5,000 daily limit if I transfer by wire and pay the $25 fee for each transfer or my money will be locked up for a long time. Too bad they did not disclose the extremely low transfer limit or explain that only a wire transfer with fees may allow a larger transfer. This bank is unusable for any one with actual money to deposit.

Transfer Limits Make The Bank Unusable

Posted by: |

Bread offers an attractive interest rate, but what they DON'T DISCLOSE when signing up is that there is a $5,000/day transfer limit. This may work for people with smaller accounts, but I'd like to put 6 figures in my savings account, and only being able to remove $5K/day makes this an impractical choice. Keep in mind that after 6 transfer/month you're charged a fee, so even if you wanted to just take out a larger amount of cash over several days, you're gonna get hit with these fees (any they may cut off your transfer ability). This is an absurd limit for an online savings account, and it's also TOTALLY UNACCEPTABLE that this isn't disclosed up front. I wasted a bunch of time setting up this account and linking external accounts only to find that this bank will be unusable for me. As soon as I can withdraw my initial funds (after 10 days) I'll close the account...I wouldn't trust a bank that hides this important information in their disclosures anyway. (They also have no chat feature and their message response takes a LONG time; you're stuck calling if you need someone, which is just not something that should be necessary in this day and age.)

Changed Name From Comenity Direct

Posted by: |

Comenity Direct Bank is now named “Bread”, probably to erase the barrage of negative reviews on this site. It should be noted that it is really hard to locate these reviews online, so I will just describe my experience.

They have a very good rate for a savings account, which is currently .75%. That is their one redeeming feature.

However, there is a lot they do not disclose, the most important thing being that they place a $5,000 daily cap on transfers out to third party verified accounts. When I asked them for an in increase to $10,000 daily, they refused, claiming that the account needed to be in place for 90 days. This rule makes the account more like a CD and not a savings account, where you should be able to withdraw 100% of your account funds at one time.

I have had accounts with a lot of internet banks and have never run up against these withdrawal limits. I have done 6 figure withdrawals without a problem elsewhere, so this bank’s withdrawal restrictions are shocking.

There are 77 reviews for Comenity Bank on this website, but because the bank no longer exists, only a handful can be retrieved. There are some complimentary ones, but pay attention to the ones that have described some really unbelievable situations that should never happen with a bank that has federally insured deposits.

This $5,000 limit and 90 day rule also do not appear anywhere in their disclosures, which they would be required to issue under Federal banking law. I have filed a complaint with the CFTC.

Comenity Capital Bank

Posted by: |

Comenity Capital Bank
Last year i had a heart attack, also I have severe COPD and I am on Oxygen-24-7. My wife had a mild stroke. I am 75 years old. I would like to thank you for working with us during this hard time. what I don't understand is that World Financial Capital Bank keeps call me on the phone as many as 8 times a day or more, 7 days per week. I will continue to make some kind of payment on a regular basis, as I have for this many years. If and when I can I will do more. Please get FCB to stop calling, If I have another heart attack and die. You will not get anything. I will pay each and every month.
I Thank You
Jerry Flowers

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.