I also have had an account at Brio for a couple of years. I decided to take out roughly half of my funds back to the original funding account and after that my account has been frozen. I've talked with customer service twice and all they say is my account is under review and I'll be contacted and they hang up. It's been about 3 weeks now and nothing. Looks like I may have to get an attorney to access my funds.
The rates don't matter when you can't access your funds.
I am going to file a lawsuit with the NYS attorney generals office against this crime organization. This so called bank verified all my information when I opened my account but as soon as I tried to withdraw any funds the froze my account and would not give me a legitimate reason why. Their customer service, if that is what it is supposed to be, takes HOURS to access. Their information is useless and rude. They tried to tell me that I needed to submit my drivers license and bank statements from the institution I was transferring to. This was after I verified deposits at a long standing bank. They froze all of my assets and provided my with a bogus email that I could not access .I will be contacting any organizations that will help in exposing this corrupt bank.
As others state.......this outfit is cheating is depositers by not giving themt the current rate on their account. It clearly states that it is a VARIABLE rate and should go up as they raise their rates, but NO.....it is not happening on my account. My statements show the amount it was when I opened it 3 months ago. Will soon be dropping them when my interest is received for this month!!!
They are also refusing to answer my emails about it with a direct confirmation that this is happening.......STAY FAR AWAY!
HERE ARE HINTS AS TO HOW TO GET YOUR OLD SAVINGS ACCOUNT SETUP WITH YOUR FUNDS MOVED TO A NEW PLUS ACCOUNT:
1) Do not do not do not do any funding or transferring online using Plaid or anything else! Doing that delays the money being moved by up to 5 business days-a week! DON'T DO IT!
As painful as it is, you have to call and sit on hold for about an hour during the day and talk to someone-this AFTER you have gone through the process of applying for a new Plus account. If, when you apply for a plus account your application either fails or gets put on hold, wait an hour, then try again ON A NEW BROWSER ON YOUR COMPUTER. Firefox worked for me, so my second try was no problems at all. Then, BEFORE trying their limited to 250000 funding amount, I called them back after the first call, mentioned below, talked to a lady who was well informed. She immediately setup my new account to be attached to my old login online, and it went flawlessly, as did both the transfer of all of the funds in the old account they screwed us over on by lowering its rate to 2.21 while upping the rate to 3.75 on the Plus with zero notice of the change, Anyway, all the funds moved instantly, and my closing interest from the old account went a day later.
THE KEY IS TO CALL AND HAVE THEM DO THE XFER SO IT IS INSTANT AND NOT HAVE TO WAIT A WEEK GETTING 0 INTEREST!!!
Was long time customer, got screwed when they added PLUS account and lowered rate on "regular" savings. Tried applying for the Plus and was immediately stopped for review. 7 days later, NOTHING. They do not value account holders!
I tried calling, 2 hour hold, then the guy was completely unhelpful. Had no answers at all. Money is trapped in crap account with well below market rates. They make is stupid hard to get any out.
As others have stated, BrioDirect takes several more days than other institutions to credit deposits to your account or to transfer money into your non-BrioDirect account. When I transferred money in to my BrioDirect account from another institution, BrioDirect would promptly withdraw the money, but it would be about 4 business days before the deposit would appear in my BrioDirect account. The same delay happened when I transferred money out of my BrioDirect account -- it took days for the money to finally be deposited into my account at the other institution. Of course, BrioDirect does not pay any interest while it is playing its delay game. So, I withdrew all of the money that I had at BrioDirect, and opened an account at DollarSavingsDirect, which promptly processes transfers.
They tell you you'll be getting this great interest rate, but when rates go up and they advertise their great new rates, you have to close your account and open a new account where the higher rates apply. This is dirty sleight of hand. No thank you, Brio.
I was getting ready to link this account to move funds elsewhere to better paying account but first was going to send a message asking if the 2.8% rate was long term or not. Looked at my BRIO DIRECT PLUS account and the interest rate had increased to 3.682%. I thought it must be an error and called up and spoke to CS today. Was told that 3.75% is the new rate for the PLUS accounts even though it is not reflected on the bank webpage. So, moved up their rating to 5 stars as will not have to move funds elsewhere now as this is the top paying savings account out of 6 banks. Will have to overlook that attempt to scam 20 dollar bank fee last month as with this rate increase it pays $200 more per month.
With an online bank, I expect long wait times and less than exceptional customer service. I’m FINE with that if they can give me that sweet, sweet interest. However, BrioDirect’s incompetence is outstanding. I cannot access my funds, and they are doing absolutely nothing to help.
On 10/17 I submitted a request to transfer funds into my checking account. They send me an email they had to “verify the account” (mind you, the funds were transferred into Brio from this account in the first place & it was verified by micro-deposits). I sent all the necessary information on 10/19. Today it is 11/2 and my funds still aren’t in my checking account. They aren’t in my Brio account either, they are sitting in some limbo account, so I’m not earning any interest. I have this exact situation in reverse as well, as I initiated a deposit on 10/18 that is also “pending” and earning no interest. I’ve been calling every other day and getting the same “I’ll send an escalated email and call you back” nonsense. Spoiler alert - no one has called me back.
I filed a complaint with the CFPB yesterday. Will it help? I don’t know, but I do help this review encourages someone to NOT OPEN AN ACCOUNT WITH BRIODIRECT!
Run, do not get involved with this online bank. Moving money out to another institution is a nightmare. Just yesterday I called three times and had to wait 1 hour and 25 minutes on hold. It has been 8 days since they "sent the money" to Fidelity and it is still pending. And I'm told I will not get any interest while the funds are pending.
For starters, weeks after opening my account I found that their advertised interest rate increased but my rate did not because it was a different product. This alone is a huge red flag as rates will go up but you will be set at a lower rate. Additionally, they have arbitrary limitations on transfer amounts limiting your ability to pull money out of their bank (the deposit limits are substantially higher). They also don't have a way to initiate a wire transfer online and are very hard to reach over the phone. If you care about any of these things stay away!
DO NOT BOTHER OPENING A HI-YIELD SAVINGS ACCT HERE. ITS NOT WORTH THE TROUBLE YOU WILL EXPERIENCE GETTING YOUR MONEY OUT. The customer service is non-existent. On hold for 2 hrs, then disconnected. Called again and left them a call back number....they called back in 7 hours! I have multiple accts at other banks, and none are anywhere near this bad. They are the WORST! BTW, their website also sucks. Nothing works.
Heed all the negative reviews and save frustration and quite possibly money as well.
Since there was no way to give instructions regarding CD renewals on their website as there is with other banks I used, four weeks prior to my CD maturing, I instructed Biro/Webster NOT renew it. After numerous attempts to call and sitting on hold for several cumulative hours, I sent a secure message instructing this organization not to renew, and instructions on what to do with the funds.
They renewed it anyway, at a pitiful rate of just .449% when their regular online savings accounts were paying over 2% (which was a blessing, as they would have demanded an even higher early withdrawal penalty had they given a competitive rate!
They did send a secure on their website 4 days later telling me to call - yeah, tried that already. They did NOT send a note to my regular email telling me that I had a message on their server as other banks do.
Of course, they charged over $50 for an early withdrawal fee, and would not budge, even though they knew I did not want it renewed weeks prior. A supervisor was supposedly going to review the case and call me - never a call back.
Then it took several calls and a few days to get them to finally execute the simple ACH transfer.
Don't chance it.
Website says you can to ACH transfers $75k daily. This is not true. I scheduled 3 transfers @ $75k each and only the first one went through. The rest cancelled. Since you can only wire in person at a eastern US branch, I canceled all remaining ACH transfers and requested the account be closed. And to expedite, I would pay $60 for next day FedEx. This request was made September 30, 2022. They did not send the check till October 5. It took them 6 full days. Not mentioning the 5 days it took to realize that they provided false information on ACH transfers. Those 6 days included waiting on hold each day and receiving promises that were never kept. Most stressful. And my Chase bank put a 12 day hold on the funds. Trying to expedite. From ACH to closing to getting to release of hold? 4 weeks. :(
When FED increased interest rate .75% Brio / Webster created a new banking product and did not increase the interest rate for existing account holders. When I attempted to open a new account for the higher rate was unable to fund it with an ACH transfer. Instead Brio is using something called ‘Plaid’ which requires that you provide your login and password for the bank the funds will be taken from. Uncomfortable with this. Will be moving my funds back to either Ally or Marcus (Goldman Sachs) whose rates did increase with the FED.
Like other reviewers, I have found their application process frustrating and therefore took that as a sign of things to come if I had an account with them. They have an online secure messaging system which simply doesn't appear to work. Their first contact with me was a strange, cryptic email that just said "Request Drivers License" and took me into the system where there were no instructions on what to do. Got a call from a representative, who then told me to send in copies. Got the feeling she was nudging me away from their own e-mail system.
Anyway, just got the denial that they could not verify my identity, despite the fact that I have a few bank accounts out there.
Whether legit or not, the bank does leave you the impression that they're not the most established operation out there.
I recently opened an account at Brio Direct Savings Bank and I totally regret doing so. Opening the account online was simple but that is where it ended. I decided to transfer some of the money in my Brio account to a different bank so I set up the external transfer which was verified by Brio. It has now been 7 days and the transfer of my funds has still not been completed. Worse yet, the transfer shows up as "pending" on my Brio account which means that I cannot access ANY of my remaining funds as well. It takes an act of God to get through to any associates and each time I actually succeed, the person on the line does not have access to the information needed to correct this problem so I get transferred to a different person and then my call gets dropped! As soon as I finally get this matter corrected, I am moving my remaining funds to another bank and closing this account. BRIO IS THE WORST! STAY CLEAR OF THIS BANK!
I recently opened a savings account with BrioDirect and I did not experience any negative problems like many of the negative reviews posted here. I was able to set up my opening deposit through the Zelle portal with no problems. I was able to transfer money from BrioDirect to my linked bank account with no problems. I also linked my external bank account to BrioDirect and initiated a transfer from my external account with no problem. So initiate a transfer from either side. They do have a 75K limit per day transfer out and a monthly 250K transfer out limit. Reasonable IMO but I do wish the daily limit was a little higher. I made 5 calls to the Briodirect customer service and every time my call was answered in less than 5 minutes. I am earning an excellent interest rate backed by a solid bank being Webster Bank. The mobile app also works great. The only downside that I have found is that the ACH transfers probably take 1 extra day compared to most of my other linked banks. The other thing is that I have not found an easy way to set up a beneficiary but I have reached out to BrioDirect to add my beneficiary. I would not listen to all the negative reviews found here. Try it for yourself and earn a great rate FDIC insured. I have found the customer service to be top notch that will go above and beyond. An excellent experience so far!!
I funded $133K to a new savings account with Brio Direct on July 26 and up to date (August 10) my money is missing and unable to enroll online banking. Call the bank toll free number listed and it has a disconnected busy tone. Is this bank a scam? Where is my money now?
After my last disaster with an online bank here who froze my account and held my $2500 hostage for 5 weeks opening my account with Brio yesterday was a breeze. Application was approved in 3 minutes. Setup my external transfers this morning and have begun funding my account. Called customer service twice and they were pleasant and very helpful. Everyone has different experiences with these online banks and some were happy with my last bank but not me. Banking is not rocket science. Thanks Brio.
Reader's review was spot on. I just went thru BrioDirect's online app entering everything asked for (I used my DL number), read thru all the legal docs and clicked apply only to get an instant message I was denied and to check my email. I check my email and find message I was denied because BrioDirect could not identify me. I have multiple online accounts with Ally, Barclays, Bask, FNBO and TIAA and never encountered such a hassle. Reader1 was right, BrioDirect is not worth the effort for a tiny increase in rate. And reading their disclosure doc I found that to transact one had to sign up at another website and that withdrawals require 7 days notice and must be made in writing. Avoid this bank. The five I mentioned serve me well.
Jumped through all the hoops to open account. Confirmed ID with encrypted email etc. Two phone calls to verify ID. They had my application confused with other peoples ID and information. Total plane crash! Stay far away from this bank! Very scary to think I was going to put my money into this bank.
Their customer support is non-existence. I call the customer support number but was on hold for as long as 1.5 hour and then got hang up when got connected. I tried to call 3 times, the hold time is so long I gave up calling customer service.
On ACH initiation, several times on each experience below:
1. initiate from BrioDirect to pull $ into BrioDirect account: the $ was withdrawn from the other bank the next day, but the fund does not show up in my Briodirect account until 5-7 business days later. which means you lose at least 1 week of interest.
2. initiate from BrioDirect to transfer $ to external bank: he fund was take out from BrioDirect Acc 1 day after the ACH defined date, it took 8 days to show up in my other bank account. 8 days of interest lost.
3. closing account within 90 days will cost you $25
4. many unexpected requirements from the bank that is not listed out previously. One example, I set up external bank link, the I set up ACH transfer $20K to the external bank but effective 3 weeks later (set up ACH in June to transfer on July15). BrioDirect has plenty of time to contact me if they want statement from the destination bank to double make sure, but they didn't. They stopped the transfer on 7/18 (ACH is set up for 7/15) and send me an email.
Very easy to open account. But no answers the phone and I want the current interest rate posted with my account information. They need to take guidance from Marcus and Ally Bank. You open those accounts, and your interest rate is clearly shown. Additionally, since there is virtually no phone or email support, how will I know when rates change. I get email and text notifications from Marcus and Ally. Webster and Brio Direct need to fix this or I will be moving on. There are plenty of offers for higher interest rate online savings to be found. SO GET IT TOGETHER!!! Not that anyone will probably read this from Brio Direct or Webster. Their lack of communication is cause for concern!!!!
I thought it would be straightforward to open an account here. They managed to take my opening deposit of $25, but I cannot set up an account on their website, I get some sort of error. They won't respond to me either. I guess I'm out twenty-five bucks. Don't have anything to do with this outfit!
The other reviewers are correct, it is nearly impossible to talk to a representative. I did reach one by calling on a Saturday, but because it was a Saturday, they weren't able to help me and said they would call me back on Monday. No call on Monday. Now I'm on hold again. The first person who answers the phone then puts you on hold for a real rep. After 40 minutes, I am now speaking to a rep who needs to talk to a supervisor. I'm on hold again. The supervisor now says that they can't help me and someone will call me back.
Brio Direct/Webster/SNB also doesn't always pass along rate increases. They use the same tactic as UFB Direct. You have to discover for yourself that they are offering a better rate. Then, to secure the higher rate, you must move your funds into their new savings plan.
The web site has some glitches. The first time I tried to apply, my passport information was not accepted by the System. Today all went well. I opened my account and funded it by HCA transfer. I was even successful in setting up my online access. I actually logged into my account today, and while there, did a few more things. After the first attempt I called their Customer Service for help, but had to leave to tend to important issues. I left my phone number for a Callback, and MIRACLE!!!. Someone from the Bank actually called me back, while I was gone. Compared to my awful experience with Ivybank- still holding onto my $2500 initial deposit- this was a breeze.
on 9/25/2022 The bank raised the interest rate to 2.61% but my savings account rate is still showing online as 2.15%. That is because the higher rate has to be BRIO DIRECT PLUS account. NOT the old BRIO DIRECT. What a fkng scam! So, you can open a new Plus account and use the same funds as in the old account to fund it but what a pain in the neck it is. CIT bank pulls this stunt routinely however they make it so easy to transfer everything it doesn't bother me. This Webster bank is a stupid POS and they also have the worst setup for adding a beneficiary on BrioDirect. If I find out that the new Plus account has the same beneficiary setup I will be opening a Connect One savings account the same day and take the 250K out of this shithole bank and move it over there.
I just opened and funded a savings account, and quite honestly had a very acceptable experience and none of the issues of which I've read below.
I thought the application process was very "user friendly" and they promptly verified me and authorized an account. (I actually applaud/like their security measures... protects them and me.)
As to initial funding, I'm not fond of the Plaid System and used ACH transfer. I had them "pull" from one of my accounts and it was a full 5 days to posting... which is the max ACH time limit... but that is OK. One peculiarity is their system does not show "pending or in process"... but that is OK, and they are probably working on their systems.
I subsequently have further funded by "pushing" from my external account, and that was virtually 1 day immediate. One peculiarity is that for one day they will show "available funds" exceeding "deposited funds" ... until they actually post it to the account. That's OK also, I'm not worried about one day interest and probably has to do with integrating their Webster and Brio systems.EDIT UPDATE 7/20 Their final actual posting was entirely 100% correct as to dateing.
As to customer service, I found it pretty darn good. I received an immediate and correct response to my first written inquiry. My second inquiry was not responded to, so I called and immediately got thru to Johanna who understood, was professional and friendly, and promptly forwarded me the beneficiary forms.
I am yet unsure how to verify that my beneficiaries are of bank record. (Important to me for both my estate planning and levels of FDIC insurance). I don't believe they are available on their web site. But I'm pretty confident that their customer service will be able to assist me. EDIT UPDATE 7/20 I subsequently had immediate and excellent response to my request and received the exact verification I needed for my files.
There are NO "curve balls" in their Truth in Savings Disclosure... and I suspect that any operational peculiarities that may exist are just a result of probably being very busy and refining their systems.
I'm happy with Brio to date, and wish them a very successful future.
Brio Direct is a joke. Guarantee that ANYTIME you try to phone them you will NOT get a representative to answer. Even if you spend two hours on the phone you will NOT be able to communicate. Because of this user unfriendliness I have requested closure of my account through their e-mail system in writing. They even blow that off. It seems that once they get your initial deposit to open your account they are determined to keep your money. It appears that I will have to seek legal action to get my money back. This bank is a conglomeration of the biggest fly by nights and bunco artists that I have EVER SEEN. Please do not bank there or you will have HUGE REGRETS!
It took BrioDirect TWO WEEKS to process my application, only for them to then ask for a copy of my utility bill. They could have asked for it in the initial application, but no, do it this way and see if you can snag a sucker and lure him into another two-week utility bill inspection delay. I had read the reviews and expected something like this, and BrioDirect didn't fail me. So well before I got their response, I deposited my $350k at Discover Bank at a much lower interest rate. They processed my application immediately, answered the phone promptly and answered my questions satisfactorily. Those four weeks of interest-gaining time more than compensate for BrioDirect's attractive interest rate and the flies buzzing around their brains.
Successfully completed the Brio online application a week ago. I did not use Plaid for initial funding and decided to push funds from Marcus. I established links between Brio and Marcus on BOTH sides using trial deposits which were all confirmed. I then pushed funds from Marcus to Brio which, according to Marcus, Brio rejected !!! This resulted in my Marcus account getting LOCKED, due to security reasons, something that has never happened to me before! Spent an hour on the phone with Marcus to unlock my account.
I had also tried to pull a small amount from Marcus to Brio to test the link on Brio's side. Since Marcus locked my account as stated above, this pull by Brio also failed and I received an email from Brio informing me that my "external transfer capability has been suspended" ! All this for an account that still has no money in it.
I called Brio several times in the past two days and each time gave up after 30 minutes of hold time. I also called Webster's main customer service number but they just transferred me to the same Brio line and music! I used the callback option and finally a CSR called back this evening who was not very helpful and had no idea why my initial transfer from Marcus had been rejected and informed me that I would need to send copies of my DL and my Marcus statement to Brio for them to review and restore my external transfer privileges!
This is simply too much hassle for a little extra interest and indicative of future problems. I will be closing this account.
Completed Brio’s initial funding request via PLAID, which Brio processed 2 business days later. External bank shows initial funds pulled, but Brio has no record or confirmation of those funds’ status. Brio stated ACH transaction details are not accessible from Brio for 5 business days until funds have been cleared by PLAID and Webster Bank. I do not have a good feeling about my new Brio account.
Tried calling several different times to inquire on receiving statements to avoid the $5 fee in addition want to know the transfer limit per day and monthly allowed transactions. Each time the number 877-573-0846 went to a busy. Not sure they want my business? They already are hard to do business with!
The interest rate on my existing savings account is not increased to the latest 2.61%. This bank is now at the level of a dirtbag. Would advise others to look at their accounts and verify the current interest rate on it. It should have already been updated if it was going to happen as it is automatic at any bank. Now I have to go open yet another bank account to dump this bank. Getting sick of this crap!
I just called BRIO today with several questions such as Daily Compounding, Deposited Monthly, 2-step Authentication. The answers were all YES. However, I was not too happy with their daily transfer limits. The following information was captured from the FAQ's:
Standard outbound limits: Clients are eligible for standard outbound transfers up to $75,000 that are completed within 3 business days (provided that funds are available). These transfers must be submitted by 10PM ET/1AM PT for current day processing. Transfers submitted after this time are processed on the following business day. For standard outbound transfers, the client must wait until an outstanding transfer(s) that exceeds $75,000 has settled before another transfer can be made and the monthly limit on outbound transactions is $250,000. You may be eligible to transfer additional amounts in excess of these limits by calling our contact center at 877-369-BRIO.
As an investor, I need access to any amount I deem necessary and I strongly object to them placing limits on my funds. Therefore due to this limitation along with other horrid reviews I've just read, I am giving Brio a THUMBS DOWN. Note that the Federal Reserve has been keeping interest rates near zero for an extended period of time to prop up Wall Street and force those looking for a better yield to take on more risk in the Stock and bond market. If you are seeking higher yields and willing to take on more risk, look at the Eaton Vance ETF's. A good place to start is CEF Connect.
Just wanted to provide some red flags to help prevent you from banking here:
- "BrioDirect" is Sterling National Bank
- I opened 2 CDs online at different times and it took over a week from when the acct was opened to fund it both times.
- CD rates can change after you open them before they are funded.
- no grace period to close the account before the CD matures, only 7 days after
- no way to close the account online nor through secure messaging. By phone only (877-369-2746 Monday through Friday from 8 a.m. EST to 8 p.m. EST and on Saturday from 8:30 a.m. EST to 3 p.m. EST).
- over the phone they ask a lot of verification questions -including the last 4 of SSN-then they offered to txfr funds to a savings acct. The rate is still so low that it made sense to decline. Then I was asked to provide my FULL SSN to proceed with Exprian questions. It felt unnecessary if they already verified me. I got pulled away from the phone and had to call back which brought back more of the same: verified me, I declined the savings, they asked for the full SSN. I was unnerved by the agents when they asked this of me so I consulted a 3rd party adviser who said I wouldn't need to give that info over the phone if I had all the other information, which prompted my 3rd call. Only this time I made a fuss about the SSN before I was verified and I WAS able to request my funds back.
- they have you answer security questions as if you were on the computer or in person but, over the phone instead. This is such a weak security point I felt like the whole bank was a scam.
- it can take 5 days for funds to be returned.
- since trying to close the 2nd acct I merely told them I called to close a CD and they immediately wanted a full SSN, they didn't even have my name or acct info & I was calling from a different phone number. It was so jarring that I asked for a manager to discover that I was already talking to one, only then did she look up my acct then asked for the SSN again, no other bank offers. I requested a call back from another since I was able to get my funds before. This prompted me to write the review. I'm sure the bank is hurting so they don't want to release any funds but I imagine it will only get worse. I should have closed the other CD before, all interest rates are so low anyway the percentage it earned isn't worth what it takes to get it back securely.
This bank will freeze your accounts for no reason. Transferring funds is almost impossible. Also they change the rates after you open the account. Find another bank with better customer service. You have to wait 30-60 minutes every time you call customer service.
The single worst banking experience of my life. Less than a month after my first deposit, this bank froze my account and completely removed it from my online view. I cannot access the money whatsoever. They will not let me withdraw it. They will not let me close the account. For 4 days now I have had no access to the account and after hours and hours on the phone, not one person can even explain to me why they have restricted the account or what can be done to unfreeze it. I've been promised call backs that never came. I've had to file a complaint with the Office of the Comptroller of Currency. I've never seen anything like this. This bank needs to be shut down.
I, just like probably most people, was wooed by the high yield savings return they offered. I've learned the hard way that that shiny number is NOT the most important thing in online banking. The functionality of the website is horrible and customer service is even worse.
I've had my account locked several times just for trying to transfer money out of it. When I called for an explanation, I was told that the transfer was denied for some unknown reason and to contact my other bank. I am still restricted from making any external transfers and customer service has no explanation or ability to rectify it. Basically my money is now being held hostage.
Learn from my mistake and go with a more reputable bank
My primary bank's savings rate kept coming down. I looked around in September last year and decided to open an account with BrioDirect, one of the top three highest rates. I had no issue with account creation at all. Within two weeks I moved a sizable portion (6 digits) of my funds to my new account and have been enjoying a better than average interest payment every month since.
As of this writing, BrioDirect is still one of the top three while some others have dropped off. Funny that some other sites no longer mentions BrioDirect anymore. This prompted me to share my positive experience with BrioDirect.
My only suggestion for improvement: if Sterling would like their customers to park their funds in BrioDirect for the longer haul, they should make it easier to designate beneficiaries.
I've never written a review before and I just thought I'd share my experience. I opened a savings account on 1.10.20 and the transfer didn't post until 1.17.20. I never had a bank take that long to post a transfer. The most 3 business days. In addition, I received a voicemail that there was problem opening my account and my account was closed. I called and the person I spoke to said my account was open and everything looked ok. They couldn't verify my transfer and told me to check back everyday. There was also no record of any transfer. I would stay away from this bank unless you want to hope your money will make it to your account without any transaction record.
Where do i start......
1. They (BRIO) closed my account without notice, even with transactions pending. Their reason, i had too many withdrawals (during the month of Nov 2019) for which they charged me $140 in fees. I spoke to them about the policy and they told me as long as it did not happen again my account would be fine. They lied. They closed my account today, with no notice to me whatsoever, and cancelled one pending ACH transfer which will leave my other bank account short.
2. the only reason i found out about the account closing was because they notified me by email that my ACH transfer had failed. So naturally i logged in to my account to see if i could figure out what had happened. after logging it, the only notice i received was ::::YOU HAVE NO ACCOUNTS TO DISPLAY::::::. Please understand i had a great deal of money in this account and not knowing THEY closed it i started to flip out. So i called them, waited on hold forever and when I finally go thru THEY had know idea THEY had closed the account, only that it has been closed. So the customer service rep said she would need up to 2 hours to figure out what was going on. At this point they could not tell me where the money was.
3. i waited the 2 hours, and they did not call me. So i called them again. She could only re-state the account was closed but she had no idea where the money was or who closed it. I said i was not getting off the line until they could give me an explanation. I waiting 15 minutes on hold and she finally cane back and told me THEY had closed it due to too many withdrawals the month before and that they had mailed me a check closing the account. She had NO explanation as to why i was not notified in advance, and she had no explanation as to why customer service did not know about it either.
I've taken up too much of your time already to go into all of the other problems i had with them before all this happened. My only suggestion, don't do business with this bank. By the way, BRIO is Sterling National Bank NY.
FYI: The cannot do wire transfers out of the bank. Have you ever heard of such a thing?
I have been with Brio for less than a month and I am hit with a Returned Mail fee...wtf?!?! Apparently they sent me mail that was returned. I don't know why as my address in file is correct. Plus why are they charging me a fee because my mail didnt get to me? I have no control of this nor does it justify a 15.00 fee. I am not even wasting time calling on this. They clearly have hidden fees and look for ways to get you. The higher interest rate isnt worth the games. My money has already been transferred back to Ally and my account will be closed. This bank is a thief avoid them!!
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I'ts a button to spam you. Also the verification sistem failed for me... I haven't moved in 3 years and have all my paper work rock solid.
After submitting a savings account application, they emailed and called ask me to send in a copy of my driver license so that they can verify my identity, so I sent it in as instructed by replying their email. The next day I got an email says my application has been denied because they couldn't verify my identity. I don't even know if they received my email or not. I called them and ask, they said they can't help me and can't even look up why it's been denied. What a joke.
It's been over 15 days and it still won't let me transfer money into my BrioDirect High Yield Savings account. My account setup went really smoothly and when I log into my account I can see my initial deposit and everything looks like it's all set and ready to go but... The only way I can transfer money into my acct is with an EXTERNAL transfer from my local bank and it tells me right on my account transfer web page that transfers OUT of my savings account are not allowed yet. I've never had any problems with other online high yield savings accounts I've set up before. Most likely, I'll just close my acct and go with someone else.
There is an asterisk next to the 2.30% savings account interest rate. If you read the fine print, it says, "You must deposit at least $500 to earn the disclosed APY." It also says, "In the event of withdrawal before stated maturity, an early withdrawal penalty will be imposed. Offer can be revoked at any time." I couldn't find anything else on the savings account page about stated maturity.
Update November 23: The asterisk next to the savings rate (currently 2.20%) is still there, but now it says, " You must deposit at least $25 to earn the disclosed APY."
so I signed up for the rate. I am unable to complete the initial deposit, which is a harbinger of doom, imho. I tried on two different computers before I started looking into reviews on this bank, with a host of error messages. I'm not sure it's worth the rate for the difficulty of transactions I'm experiencing as a new customer. I calculated my extra rate savings as about $150 over 2 years (on a down payment nest egg) but I don't know if this crashy unreliable website is worth that to me anymore.
Just like the other reviewer who had his account frozen for transferring funds into the new Brio Direct, I also have the same experience with Brio Direct. Very terrible customer service. I opened my account about a month ago. So far my experience with them has been terrible and stressful.
With Brio Direct you can transfer funds thru ACH only with very limited number of large banks. If you currently keep your money in a small bank you won't be able to transfer funds electronically. And you can find it out only after you completed application, provided social, drivers license etc. If I could give a zero rating I would.
I was tempted by the high interest rate at Brio Direct Savings and created an account. What a mistake!
Setting it up was difficult and then using it for deposits & withdrawals was even worse. An external transfer takes close to one week while your funds are out in cyberspace- neither in your Brio account or at the external account. (I have another online account that does transfers overnight!) Calling their customer service was next to useless. It took five phone calls to get anything resembling a response that made sense. In addition it is impossible to schedule another transfer until the first one is complete, even though they were requested to occur on different days. There are also limits on the amount you can transfer to an external account. Not the case with other online banks. Finally was able to get all money in the account transferred to another account. It took two weeks to do so even though the funds were immediately deducted from Brio but not in the external account. Don't be tempted by the seemingly high interest rate and avoid Brio Direct as it truly is not worth all the trouble!
Just signed-up for a High-Yield Savings account with BrioDirect and the signup-process was easy and no issues with linking external account (trial deposits) and initial deposit. Only drawbacks are $25,000/day and $125,000/month outbound ACH transfer limits, and ACH transfers take an abysmal 3 business days to clear.
Me and my wife wanted to open a joint saving account with Brio Direct. They've collected all our information, social securities, IDs, etc., jobs, all the addresses we lived at, like 5-10 years ago. It was like applying for a credit card. Which is ridiculous. It's us who wanted to give them our money. After lengthy application it said application under review for three business days. What?! After a week we received an email that our application was declined because they were unable to verify our identification. Really?! Have you also needed PIN numbers for all our cards?... Don't bother with this jokers! Now I'm just worried that all our sensitive data is out there with 'organization' that you definitely can't trust.
I didn't have any problems when opening savings account with BrioDirect (Sterling National Bank). Sterling sent 2 small deposits to my checking account at another bank. The verification process completed after 2 business days. I requested an inbound ACH transfer of 10K after the external account was verified. Everything went well until I requested an inbound ACH transfer of very large amount to my savings account at Sterling. Money was withdrawn from my external account, and my account was locked after 2 days the money was withdrawn my external account. A Sterling customer service representative tried to reach out to me via phone; she left a message on my phone. I called Sterling the following day and talked with B. He asked my account number at Sterling. I told him I couldn't give him the account number because my account was locked and didn't receive the first statement yet. I asked B he could search for my account number based on info I gave to him (SSN, BD, home address, phone number). I told him I would give him all information so he could verify my identity and told me why my account was locked. He wasn't helpful at all; he refused to do that. I understood he did that to protect my identity, but I didn't have the account number since I just opened savings account with Sterling less than a month ago. I finally remembered I wrote down the account number right after opening the account. I told B that he could wait for me so I could get the account number on my laptop for him. He said he had to talk with other customers and hang up the phone. I was so upset. I finally got the account number from my laptop after 1 minute. I called Sterling again and provided the account number. I asked B whether my account was compromised, and he said no. He told me Sterling suspected illegal INBOUND ACH transfer request. I told B that Sterling already verified my external account before I could transfer 10K when I opened my account almost a month ago. B demanded me to send in my driver license and external bank account statement so Sterling could unlock my account. I sent them the copy of my driver license and bank account statements. What a pain!
Updated Sept 15, 2019:
My account was finally unlocked after sending copies of my driver license and recent external bank statements via secure email. I finally got an email notice of first electronic statement from Sterling. I just downloaded the statement but only saw the last 4 digit of my account on the first statement. Therefore, if you plan to open the savings account with Sterling, make sure you write down the account number. If you don't have the account number, there is no way you can talk with any customer service representatives. They don't bother to listen to you when you try to explain why you can't give the account number. If you ask to talk with their manager/supervisor, they will say there is nothing to talk to their manager/supervisor when you don't have the account number.
Updated Sept 28, 2019:
I could request an inbound ACH transfer more than 25K/day when I opened account, but I couldn't request an outbound ACH transfer more than 25K/day this week. 25K/day and 125K/month are outbound ACH transfer limits. ACH transfers take at least 3 business days to clear for inbound or outbound transfers. I requested 2 outbound ACH transfers; I scheduled 2 transfers last weekend. The first transfer was on Monday; money was withdrawn from Sterling savings account on Tuesday. The second transfer was on Tuesday; the transfer was canceled by Sterling without any email notice. Today I checked my checking account at another bank and didn't see the second transfer. I just logged into Sterling savings account and noticed the transfer was canceled. I couldn't believe that Sterling canceled my outbound ACH transfer request without letting me know via email or phone call.
I requested ACH transfer 2 days ago. Money was withdrawn from my external account today. Sterling froze my account again. I have to call Sterling customer service again. What a nightmare!
Sterling now offers 1-day inbound/outbound ACH, but daily outbound ACH limit is 5K.
Outbound ACH is ridiculous. 5K is maximum limit. Requested first outbound ACH on 5/31/2020. 5K was deposited into checking account at another bank on 6/3/2020 (in the morning). Requested second outbound ACH on 6/3/2020 (in the afternoon). The second request was canceled on 6/4/2020. Will close this saving account after withdrawing all money. Sterling makes it very hard for you to withdraw your own money from your savings account. Watch out this bank!
I finally closed my savings account after I was able to transfer all money out of this bank.
Tried to open the account on line. Received a link to enroll into online banking. Well, in order to enroll you need to call to get your account number ( given by phone only after multiple detailed security questions). So after 30 min of phone time, tried to enroll online banking again. The system says” You are not recognized, call customer service”. I don’t know who has so much time to spend on the phone, I don’t. Will not be pursuing the account opening with this bank. FYI they require NOTARIZED beneficiary form mailed, that’s the only way you can add beneficiaries, also withdrawals are limited to 25K per day, 125K per month.
I signed up for an account and the signup process was exactly as described by enduser above. No documentation was required. I was also completely verified by the security questions asked during the account creation process. You have to go slow since there is one page where they provide you with your account number and you can roll right over it if you are not looking for it. You will need your account number to create the logon and also to link an external account when pushing funds to this FI.
The online application process is a joke, after asking for sensitive personal information like ssn, drivers license number, and security questionnaires, they're unable to verify you. They sent you an email saying the "Application is Pending Review". Then they will call you and ask for more documentation. My wife is an immigrant, they ask through secure email a copy of her green card. After sending the green card, nothing happened, anyway. I will not waste time with this bank. Not worth the hassle.
I just opened a new savings account at this financial institution (FI). The opening process was easy, fast, and painless. I did not have to provide any type of documentation. I was completely vetted by the security questions asked during the signup process.
Since I'm a rate chaser, I needed to know that there are no monetary limitations or loopholes set in place by the FI to trap my funds there for any period of time if I decide to withdraw funds or close the account for whatever the reason.
The CSR answered the telephone quickly, spoke fluent English, answered all my questions in great detail that I could not find answers for, and clarified those that I needed to reaffirm. Below are the answers to those questions that I asked:
1. No fees if you wish to close the account prior to a specific time period. Account can be closed at any time as long as it is in good standing.
2. Accrued interest will be paid if the account is closed through the date of closure. (See also #5 below)
3. Interest compounds daily and is paid monthly on each statement cycle.
4. No ACH limits for PUSH/PULLS initiated from external source(s).
5. No low balance fee if balance drops below the $25.00 opening deposit, however no interest will be earned/credited while the balance is below the $25.00 threshold for those specific days, not the entire statement cycle.
6. Account is considered inactive when no deposits or withdrawals are being made for a period of one (1) year. Account will then become dormant, and will be considered abandoned. A $20.00 account processing fee will be charged to your account before the funds are escheated to the state.