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!!
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.
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.