| 5 star: | (10) | |
| 4 star: | (3) | |
| 3 star: | (2) | |
| 2 star: | (6) | |
| 1 star: | (88) |
Was with them briefly before and maybe I didn't receive the same ick has I have now. Prior, I do remember they pay their interest in the middle of the month, on the 15th and that was definitely... Strange. Now, I opened a new account due to the rate and strictly the rate as the issues I have are ridiculous. They blocked my external account, asked me to double and triple verify them with wasteful phone calls and copies of statements, their customer service is absolutely terrible and rude and they have held my money for 15 days even though I was a customer prior. If this is standard practice then it's probably buried in their TOS somewhere, but not clearly disclosed. There are plenty of quality banks with high yields. Pick any of them, just stay away from brio direct and Webster bank as a whole.
WHY do ppl keep depositing ... or trying to deposit .... into this RIPoff "bank"?
READ and BELIEVE the REVIEWS! SAVE YOUR FRUSTRATION!!!
I have multiple high-yield savings accounts with other institutions, and I have never experienced anything like this. After my confirmation on phone last week my account was verified, Brio allowed a transfer from my (long-time) external account. They then emailed that they were rejecting the amount and account as I was not "verifiable" - I was shocked. That was this past Saturday. Yesterday, Monday, they emailed to say I was now verified. The funds had left my account and were with Brio. I called and spoke to Brio/Webster for an hour just now to learn that the funds would be returned anyway by them and "if I liked" I could re-transfer them again once returned (no) - however, and this is what is worrying, it was up to my external institution to pursue the funds from them. I should call my external bank to recover the funds from them. My transfer is still caught in the ether between the two. They "hoped" it would be resolved this week. A highly disorganized bank playing with a provably stable and consistent consumer's funds - a worrying and, as yet, unresolved situation. Stay away.
Opened an account with them. I had many issues linking accounts. They also don't comply with Reg CC funds availability--held my electronic deposit 10 days. Customer service was horrendous. Do not waste your time.
I saw their great rate and got suckered into opening an account with them. We're heading into the 3rd week and my account has been locked saying "they can't verify me." My funds are not available.
THIS WILL BE YOUR EXPERIENCE TOO ^^^
The CSR yesterday said they'd be available today and today's CSR said they'd be available next week. Can we get some consistency in bs answers, here? Nowhere in their documentation does it say they will lock & hold your money for 3 weeks.
Anyway, I need access to MY OWN MONEY so I can transfer it the hell out of this trash bank and put it somewhere else trustworthy. I'm out of ideas here...
I saw their great rate and got suckered into opening an account with them. We're heading into the 3rd week and my account has been locked saying "they can't verify me." My funds are not available.
THIS WILL BE YOUR EXPERIENCE TOO ^^^
The CSR yesterday said they'd be available today and today's CSR said they'd be available next week. Can we get some consistency in bs answers, here? Nowhere in their documentation does it say they will lock & hold your money for 3 weeks.
Anyway, I need access to MY OWN MONEY so I can transfer it the hell out of this trash bank and put it somewhere else trustworthy. I'm out of ideas here...
2023 reviews? Come on, get rid of any reviews older than 6 months!
Webster (and its online division Brio Direct) have been nothing short of an absolute nightmare to work with.
I recently had a CD mature and I called them to redeem the full balance. Initially I called Webster directly, not knowing there was a separate number for Brio. When I told the rep I wanted to redeem my CD, she said I'd have to do that in person, without even considering the fact that I lived hundreds of miles away from a Webster branch or that I might have been a Brio client. An hour of panicking later, I realized there was a separate number for Brio, and I was able to get it redeemed, but only after multiple calls and over 2 weeks of waiting.
The real issue comes with documentation. We were trying to use the funds from our matured CD to pay for a mortgage, which required documentation from Webster. Webster does not provide any form of statement for CDs, and any documentation you do get (such as a renewal notice) is ONLY through mail. They do not make anything available online. Without writing 10 paragraphs explaining every interaction I had with them, I'll summarize the main points
- They initially promised to send a letter with info about the CD. They can't give me an ETA on when it'll be done
- 1 week goes by, no letter and no communications from them. I call and they said the letter is stuck "waiting for review" whatever that means. They still can't give me an ETA, but they said they would escalate it after I explained the urgency of this documentation.
- Several days go by with no update and no letter. I call again and the rep says they will personally look into this and call me when they find out. It's been 3 weeks since that call and no one from Webster has called me.
- Another several days go by and I call again, trying to up the pressure and pressing the urgency of this request. All they said is that they could "escalate" the case, but they could not put me on the phone with anyone empowered to actually do anything.
As of writing this, I still do not have any letters, emails, or calls from webster about this. Luckily I was able to make alternative arrangements for the mortgage, but if I had to rely on Webster I would have been screwed.
I'm astounded at how banks like this are allowed to operate.
Do not touch this bank with a 10 foot pole.
I too fell victim to the high interest rate advertised on a savings account so I decided to open one. Unlike some the process was mostly painless. Everything verified without issue, however I was unable to instantly link a Chase Bank account and an American Express Savings account instantly with BrioDirect to fund the account. They used some shoddy 3rd party service that just didn't work for me. I had to go through with deposit verification which took several days. Otherwise mostly painless.
Now we get to the reason for this review: Transferring money into the account has been a nightmare. I setup an ACH transfer from Chase Bank to BrioDirect after everything was linked. It was a large sum of money as this was a second savings account and it would be well funded. About 8 hours after setting up the transfer I received an email from BrioDirect requiring further verification of my identity. They wanted a recent bank statement from Chase Bank and a photo of my driver's license. Both were provided and the transfer purportedly continued. It has been over two business days now and the money still has not posted to the BrioAccount. I've NEVER seen it take this long to move money around and frankly the lack of communication from BrioDirect is unacceptable. My money is just lost in a void somewhere right now. It is no longer in my Chase Bank account and it hasn't been posted to the BrioDirect account. It is just sitting somewhere inaccessible to me. An email was sent to their online banking email address requesting an update so I'll see when or if they reply or maybe, just maybe, the transfer will post. If not I will begin filing complaints with various banking regulators to get my money back and close the BrioDirect account and never do business with them again. The sweet interest rate they advertised is not worth this stress.
So heed my warning - stick to a more well known, reputable, and better reviewed bank. The interest rate might now be as high, but there is nothing worse than sitting around wondering where your life savings went.
I have used BrioBirect which is a sponsored by Webster Bank. The reason I chose it originally was the 5.35% savings account. The bonus was that it allowed you to monitor the all your other accounts from savings, credit cards, brokerages and investments. My experience overall was very positive. The BrioDirect app on the iphone gives you a detailed accounting of your income, spending, investments, transfers through line item detail that allows you to customize categories. A Spending pie-wheel chart shows you major categories that you can drill down on. You can set Budgets, and get Insights. It does have a few rough edges like having trouble linking to a few accounts. Like all new software there are always a few rough spots that a few updates can usually address. I heard from Webster Bank, the parent company tha they are ending the application effective June 16, 2024. It's a shame really. If you have had a good experiemnce you might want to call them up and ask them to just fix the few bugs that it has.
My certificate of deposit matured and asked the customer service rep to close it out. 2 days after the first call called again to know the status, they said money will be available that day. 10 days later I received a statement that I renewed it for another year. Called again asked to close it out again they have all kinds of damn excuses why money not transferred and have to wait another 3 to 4 days to see my money in my checking account. Try not to deposit any money with them.
Why is this bank still in business? Just a reminder:
Finally (after jumping through numerous too-high hoops), my CD WAS opened;
After 7 weeks, BRIO closed my account and sent me a lame email after-the-fact!;
I received the intetest for the 7 weeks, BUT, I was NOT given the "closed early " penalty that I would have to pay TO them! NO JUSTICE IN THE BANKING INDUSTRY ... THAT WHEEL JUST DOESN'T TURN!!!
I wish I had seen this thread before making my CD deposit with BrioDirect/ Webster bank. They are scamsters and the two reps I talked to looked for pretenses to not release my funds. The first guy Eric verified me with my SSN, address and last 4 of CD#. He then wanted to know the full CD#. I asked if it is located somewhere online that he can tell me, because I could see only last 4. Or he can verify me in another way. He refused to help and alleged that I was being hostile. I called again and spoke to someone called LL. She didnt need the full CD# to verify, but told me that she cant close my CD. Asked to send secure message through their portal, which I did. After 3 days, got a response that I will have to call.
I had to open a complaint with Consumer Finance Protection Bureau. Still waiting for funds. it appears to me that Webster seems to running a scheme of coming up with names like BioDirect, advertising online for stellar rates, and then holding on to the CD for as long as unethically, but legally allowed.
I wish I had read these comments here opening my CD
CD matured on May 18, 2024. Made request for proceeds on same day. Today is May 29 and still no money transferred out of account. No additional interest credited to my account since maturity. NICE FREEBEE FOR THE BANK!!!!
Just went through two days applying for a new savings account. Very time consuming and they want to know everything there is to know about you(mug shots, social, shoe size, you name it. Anyway, got accepted. Had trouble setting up the ACH account but was able to transfer a bunch of money to fund the account. Hour later, I checked and they suspended my account! Called and after speaking with a broken english customer service rep,half hour later after being placed on hold, said they wanted a copy of my bank statement. Crazy. This bank has to be the worst online bank experience I have had. Paranoid. Got several other online accounts with no problems whatsoever. I should have listened to the one star reviews as they are all right on. I am running from this corrupt and inept bank and you should too. This bank cannot be trusted period. Minus 5 stars.
My experience was exactly as prior post. Do not do business with this company. I 'redeemed' CD, was told would receive funds in 3-5 business days (ridiculous but it gets worse). On 5th business day still no funds received and contacted Brio. Was told by agent I had not responded to a message they posted on their website. I had not been told to check the website, or that would receive any message. After I responded to this unexpected message (confirming all info had previously confirmed 5 days earlier), agent told me I would receive funds via wire in a few hours. After checking and checking my bank account, no funds received. A day later I contact Brio again, and agent this time cannot get anyone in 'the department that handles transfers" to respond to him. He eventually (after at least 30 min on phone) they can call me back. Tells me should be within the hour. At end of day, no call back so I call again, speak with same agent this time. He again has no luck getting through to the 'department', and says they will call me next day. I decide to call first thing next day....and was then told that they could not verify my bank was not a new account and I have to send them a recent statement. When I tell agent have had bank account for 40 years, he checks on this and then tells me the funds will be released via ACH transfer...within 2-3 business days. When I request wire transfer he tells me it will take just as long as ACH. Summary: I redeemed CD on April 29, and today, May 9, 10 days later, I still have not received my funds, despite multiple follow up calls and requests. I have never had such a incredibly bad and unacceptable banking experience.
I've had the same experience as a handful of other users. Great rates pulled me in... when my CD matured, there was no way to withdraw the money in a timely fashion. It's two full weeks later, I've spoken to customer service a handful of times and I keep getting the same we'll process your ACH in 3-4 business days excuse. I've had dozens of bank accounts over the years and have never had an experience like this. This is the first negative review I'm writing. Bottom line is stay away at all costs. With the number of banks and the ease of banking online, there is absolutely NO reason to ever bank with Brio Direct.
I give this bank 5 negative stars! If you already made the mistake, file a complaint with the BBB, the F.D.I.C., the Consumer Protection Bureau and the Office of the Comptroller of the Currency (OCC)! Write reviews on social media!
Their employees say one thing and do whatever it takes to keep your money even though your C.D. matured, and you asked them 4 days ago to put it into your Brio Savings Direct account to do an External Transfer Out! They lie! They have NO INTEGRITY! 0! I screamed to the top of my lungs at least 15 times, and they simply don't care to expedite anything, and make the wrongs they made right! Their Customer Service stinks! When the 4 hours they said it takes to increase your limit to do an external transfer out turns into 8 hours+, you know you're in trouble! Save yourself a lot of time and heart ache, and don't make the mistake in the first place! What's too good to be true IS! Run Like Hell! Sasha, Lorraine Taylor, & Bob C., Lorraine's Mgr., lie through their teeth! Bob C. won 't make an executive decision to to keep the ripple effect positive! He just passes your feedback to his manager! They have an on-going class action suit for a data breech to 200,000 of their customers, due to lack of security, and failed to tell their customers in a timely manner, IF AT ALL! :( What kind of bank does this? One who doesn't care!!! Run Baby Run!
You close a CD and tell them to deposit it in your savings.
You have to call because they don't allow you to do it online (a pain)
You ask when will the money be deposited in the savings.
They tell you "When somebody gets to it." (How very unprofessional)
Three days later, the CD still shows as open.
These people are outrageous.
Hanging on to your money without paying interest.
I got the 12 month promo CD last May. It was a pain taking out the application then after I funded it Brio wouldn’t acknowledge anything. They never sent me an account number or any emails after they got my money .
Come time to redeem the CD I called in to get instructions on how to do this. I was to simply request the funds be sent to me or sent back to the funding account. I spoke to a parade of representatives who kept sending a secure message to reply to. Brio automatically renewed the CD over the top of my requests to have them close it and get me my money. It’s been 33 days after the maturity date and I still haven’t been able to impress on these pidgins to get my money to me. I had to refer them to the government to get them to move. I was surprised by a phone call from an English speaking white man who readily understood that I wanted my money. He promised to escalate my request and give me interest that might be worth 50 cents or so. I wouldn’t recommend Brio Dorect Webster Bank or Flagstar. They are all under the beleaguered Nycb.
Application Declined
Sorry, but we're unable to approve you online for our account at this time.
Thank you again for completing your application. We regret to inform you that, after review, your application for an account has been denied because we were unable to verify your identification during the application process.
Nobody reviewed my application, your software just sucks.
I am suspecting this is just another data mining operation.
after CD maturity called to transfer out to my account as an ACH. was told can not verify my identity on Friday. called Saturday and a Doreen took all information and verifying and spending 15 minutes on call was told my funds will transfer within 48 hours. after 72 hours nothing was transferred, so call for the third time.
This time was told that the information taken was incomplete, and reverified again after spending another 15 minutes with Debbie, but was told it be another 3-5 business days after verification message on their online banking site, yet no message was received. The representatives at this scamming bank will lie to you, and bank holds your money without interest, unwilling to pay it back.
I got on board with a high interest promotional rate CD this time last year. Application was lengthy with enhanced security involved. Once I funded the CD I never got an email acknowledging the funding nor was I even given an account number. I finally got through to a helpful customer service representative who got everything sorted out for me. They send email and USPS notice that your CD is up for renewal on it’s maturity date:
If there was ever a bank that deserves 5 negative stars, then Brio Direct would be that bank. My experience started off fine with the initial deposit of $5000.00 from Sikorsky Financial Credit Union. After that I set up transfers from my UFB account by using the two small deposit method. I got the email that same day from Brio saying that all was well for the world of transfers from UFB. Great, I executed a transfer, the transfer went through to completion and was deposited into my Brio account.
I then set up my Sikorsky account for transfers. I was able to do that by signing into my account and using a text verification code. The pop-up box said the system had accepted Sikorsky and transfers could be made. I then transferred through the Brio system from Sikorsky in the amount of $20,000.00. Everything seemed fine and the transfer showed as pending, Okay Great, but that is when the nightmares began. The next day I received an Email from Brio saying that the transfer was rejected, and the money would be returned to my Sikorsky account within three to five days. The very next day I received an Email from Brio stating that my Sikorsky account had now been verified. Okay Great, but that was when another nightmare happened.
After initiating the transfer from Sikorsky I had also initiated another transfer from UFB. Now I got a phone call from Brio saying that my account had been frozen, and I needed to call Brio. I called their transfer department, and I was told that I needed to send them verification that I am the owner of the UFB account. Now remember I had already verified this account and Brio had accepted one transfer from this bank already. So here I go back and forth with Brio sending them information, then being told they needed the information sent another way. Needless to say, I was getting a bit upset.
Finally, that problem is solved, now back to the Sikorsky Financial Credit Union issue. The five days expire, and Brio has not transferred the $20,000.00 back to Sikorsky, I call the transfer department once again, mind you, now I am on a first name basis with some of the people. I was told I needed to go to Sikorsky and ask them to request the money be returned. Great, Brio screws up and I must run around trying to fix the problem that they created. So, off to Sikorsky I go only to be told that they cannot request the money back. Now I have $20,000.00 in limbo because of Brio’s incompetence. I called Brio once again and I was told that a supervisor would call me back. Okay, they call, and I miss the call. I call back and speak with an entirely different supervisor. She explains to me that Brio needs to send Sikorsky a letter of reconciliation and Sikorsky needs to request that the money be sent back. Now remember the first time I called Brio on this issue I was told that the money would automatically be returned, and I didn’t need to do anything. So, I asked this supervisor to send out another reconciliation letter to Sikorsky and she did. After almost two weeks of hassle the money was returned to my Sikorsky account.
I looked at my account today and they have two holds on two different transfers. The original transfer from Sikorsky, and the first transfer from UFB. I transfer the initial transfer from UFB back to UFB and it goes to completion. Great right? No, the nightmares have not stopped. I then initiate the second transfer back to UFB and everything seems fine, The transfer shows as “Pending.” Problems solved, right? Not so fast, they have a hold on the money from the second transfer from UFB. Four more days go by and I check on the transfer. The settle date for the transfer is supposed to be tomorrow, but this time I notice a “Hold” Fee of $35.00. Again, I call Brio and I am told that because I initiated the transfer before the 15 day hold Brio was going to recall the transfer and once the money was returned to them they would wave the $35.00 fee. Now think about this; the Brio System allowed the transfer to be processed, posted the transfer as pending, and then someone at the bank decided to refuse the transfer because of a “Hold” rule. Why does the Brio system accept such transfers? This bank has serious IT issues. When speaking to the Brio employee she mentioned that the second transfer back to Axos (UFB Direct) was completed but was not supposed to be completed.
In conclusion if you want a bank who is disorganized and will keep you up at night then BRIO Direct is the bank for you. Don’t say I didn’t warn you.
Brio will massively tie up your funds and charge you high fees for it. Once they show ACH transfers inbound clear and funds available, if you try transferring any funds out, there are additional holds placed on the originally cleared funds, as well as the transfer holds, making your available balance negative.
Then transfers will fail due to lacking "available" funds, which were available at the time of transfer.
Each fee for this is $35 and they do retry failed transfers without checking if the funds are currently "available".
Then they will likely flag your account, request additional verification documents, and the account will be suspended for who knows how long until they get around to processing these documents.
Customer service is largely not good. They will accuse you of seeing things, making transfers that shouldn't be possible, and refuse to refund fees caused by their system.
There seems to be good potential for a class action lawsuit against this bank - Brio/Webster.
In case you are thinking about Brio, here is some nice reading for your due diligence. I've done your work for you. You're welcome.
Enjoy.
https://www.businessinsider.com/personal-finance/briodirect-bank-review
"The BBB gave BrioDirect's parent company Webster Financial Corporation a B- rating because it received numerous customer complaints filed against the bank and hasn't resolved a complaint.
Webster Bank is undergoing a class-action lawsuit over a data breach. According to the lawsuit, nearly 200,000 customers were impacted, and plaintiffs claim the breach was due to Webster's lack of security. The lawsuit also states Webster didn't inform customers in a timely fashion. This case is still ongoing."
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Check out the reviews from BestCashCow.com
https://www.bestcashcow.com/online-banks/brio-direct-a-division-of-webster-bank-comments-87
"This is just an absolutely terrible bank. It had been competitive and then that stopped. Best day of my life was when I finally got all of my money out."
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"Judge Gives Initial Nod To $1.4M Webster Bank Privacy Deal"
This talks about the customer class action lawsuit against Brio/Webster.
https://www.law360.com/articles/1781952
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"Webster/Brio will massively tie up your funds and charge you high fees for it. Once they show ACH transfers inbound clear and funds available, if you try transferring any funds out, there are additional holds placed on the originally cleared funds, as well as the transfer holds, making your available balance negative. Then transfers will fail due to lacking "available" funds, which were available at the time of transfer. Each fee for this is $35 and they do retry failed transfers without checking if the funds are currently "available". Then they will likely flag your account, request additional verification documents, and the account will be suspended for who knows how long until they get around to processing these documents. There seems to be good potential for a class action lawsuit against this bank - Brio/Webster."
A quote from the BBB website:
https://www.bbb.org/us/ct/stamford/profile/bank/webster-financial-corporation-0111-77000397/customer-reviews
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"It was good until the buyout. Still can't get online banking. Tech support is in India and can't get to speak to anyone I can understand. Two weeks now and I am fed up. Currently in the process of switching all my accounts to another bank.
From 1.5 out of 5 stars at Yelp:
https://www.yelp.com/biz/webster-bank-waterbury-4
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From the almost 500 Complaints at the CFPB. Complaints about EVERYTHING.
https://www.consumerfinance.gov/data-research/consumer-complaints/search/?date_received_max=2024-05-07&date_received_min=2021-05-07&page=1&searchField=all&searchText=Webster&size=25&sort=created_date_desc&tab=List
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Here is an article from the Wall Street Journal that talks about the scummy & scammy tactics that banks like Brio pull on consumers.
https://www.wsj.com/personal-finance/savings/when-high-yield-savings-accounts-come-with-an-asterisk-781f28e5
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Here is where the Department of Justice litigated against Webster/Brio for discrimination against people with disabilities. Nice...
https://archive.ada.gov/webster_sa.html
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Here is where Webster/Brio spilled the data of almost 200,000 customers. Information included names, addresses, and social security numbers. All the information keys for identity theft.
"The lawsuit alleges that on Jan. 26, 2023, Webster first learned that, beginning on Nov. 27, 2022, an unauthorized third party obtained customers’ personal information by accessing Guardian Analytics’ systems. The unauthorized access continued undetected for nearly two full months, ending around Jan. 22, 2023. The stolen customer data has already been found for sale on the dark web, according to the lawsuit.
The litigation alleges that while Webster learned of the data breach in January, it didn’t begin notifying customers that their personal information had been compromised until April 10, depriving them of an opportunity to take steps to protect themselves and minimize the impact of the breach.
https://www.hartfordbusiness.com/article/updated-class-action-filed-against-webster-bank-over-data-breach
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Brio is a problematic cancer in banking.
If you choose to do business with clowns & cons --- don't complain when it doesn't work out.
I can’t access my funds, I can’t get a statement, I can’t get my 1099, online website and app both do not let me access any of these documents. How am I supposed to file my taxes when brio won’t provide me access to my tax statements?! Trying to get someone real to help you is difficult. I’ve written to them through the app, I’ve called 5 times. Each time I get through, they say they don’t know why the site isn’t working and promise to follow up and then nothing. They’re holding my money hostage! Is this a scam bank???
850 FICO.
Same professional job for years.
Own two homes, lived in same one for years.
No issue purchasing a new car last year.
Never changed my name or marital status.
No issues obtaining several high end credit cards.
Always early paying off bills.
IRS loves me.
Desire to drop thousands in a new savings account.
3 attempts to open a Brio Direct account using laptop, phone and tablet. According to Brio Direct, my identity can’t be validated so DENIED.
Despite the fact that I provided my SSN, driver license number, birth date and street address where I’ve resided for years, it appears that I don’t exist.
CIT’s online banking thinks I exist!
WTF?!
I have accounts with SOFI, Betterment, Chase, Amex, BofA, etc. And I have 750+ credit score with no history of delinquency. I don't understand what could be the reason that they couldn't approve my application.
External Accounts Transfer restrictions are absurd. Brio Direct is an online & mobile savings
account . They blocked my ability to transfer external funds because they are asking for my id and statement from BofA. I provided my id when opened. I told them TWICE. Delete/forget the BofA account. Allow me to transfer my funds to my other accounts. I will no use BofA. They still saying they need the BofA documents while I'm telling them
I will not use it. They still have restrictions in my savings account to do external transfers. Now, because of their fault I'm late to pay my credit card. So I will have to pay interests, charges & penalties. Poor service.
Solution: Remove the restrictions to do external transfers.
I've been attempting to sign up for their online HYSA and it's been a disaster. All my credit reports are unlocked and my credit is outstanding (FICO currently 800+). I attempted to open a joint savings account. When I got the identity verification part with Socure, the page started spamming popups that said "ERROR: NO DATA".
I called Brio to ask if they had received my application. The rep was unable to find anything under my name and told me to start over.
A few hours later I tried again. This time, after finally uploading my driver's license and selfie to Socure, the page again started throwing popups saying "ERROR: NO DATA". This was followed up with a helpful error telling me that they're having system problems.
If this is how broken their onboarding process is, when they're trying to win me over as a customer, I can't imagine what a nightmare their actual system is. Now some random third party has a copy of my driver's license with a selfie, and who knows how secure they're keeping it.
Hard pass. Go with literally any other bank.
Working on my pc info was provided. Then sent me link on phone to take pictures of documentation and head shot, all was okay. Then my pc said, something went wrong. I called brio spoke to a rep gave my application # and they told me I would have to reapply......my sensative info is somewhere...will be scared to deal with them now.
This bank has false, extensive, security to open a high yeild acount. The selfie should be enough security, though the bank does bot use the selfie for good. Then they use a illegitimate third party called Plaid that takes all your personel private information to steal it from you. Then Brio has a five question security every time you log in. Also brio steals your other banks login information from you, when you fund the acct yourself not using plaid. This is bad security breaching from brio direct in stealing your user id and password to fund your account. Do not bank with them. The process to apply is fraudulent and unsatisfying to the customer.
As a new client, when will my initial deposit be available? may take up to 15 days.
There are special rules for new clients within the first 30 days of account opening. If you are a new client, the following ACH debit transfer rules apply during the first 30 days your account is open: Funds deposited via ACH debit transfers are not made available until we determine that the transfer was not fraudulent, and the availability may be delayed for a reasonable period of time and may take up to 15 days.
DO NOT deposit money into Brio Direct or Webster Bank. Your money will be placed ON HOLD FOR 15 DAYS!
You WILL NOT receive the 5.35 APY as promised.
They will charge FEES for nothing and they will not return them.
Webster Bank and Brio Direct are a ripoff. NEVER give them any money.
Don't let the rate fool you, you won't have access to your fund for long time after transferring in. Extended hold, and suspend your access for no reason, asking all sensitive information to be send to a general unsecure email address, "for security purpose" is the only answer. Customer service over the phone are nice but can't get anything resolved.
Earlier I had a problem with Raisin being unable to verify my identity. Found out if you have a credit freeze on your credit reports you automatically fail but no notification on the site. So I called Brio who advised yes you will fail verification if you have a credit freeze so they advised to unfreeze all 3 credit reports, wait 24 hours then apply for an account. Did exactly what they said. I had a copy of all 3 of my credit reports in front of me as I filled out the Brio application and double checked every piece of information I entered to ensure there were no mistakes before I moved forward. Failed. Called in and was told to double check my information, make sure no VPN and try another device. Failed verification 2 more times. I was also told they use a 3rd party verifier who tells them nothing about why someone fails. Also told if I can't pass online verification, then they can't help me open an account because they have no backup/manual way to verify identity like mailing/emailing/faxing/uploading documents for an actual person to review. Makes no sense (with a requirement of $5,000 to open the High Yield account) when people like me are trying to hand them a big bag of money. Went to Newtek Bank site, was able to pass verification and complete my application in 15 minutes. Yes 5.25% rather than 5.35% but at least they have a an online system that works. If they can't even verify you I'd hate to see the rest of their system. Just move on.
I applied for an savings account online with this particular financial institution and was, ultimately, denied without a reason or explanation of why. It refused to release the reason(s) for denying the account application.Fortunately, I was able to open a similar type of high-yield savings account with a physical and brick and mortar financial institution with no hassles. Online institutions rely too heavily on public records and data sources to identify account applicants which are often inaccurate and unreliable. This could lead to mistaken identity and identity fraud. I would NOT recommend this particular financial institution for any type of financial products or services.
CD matured recently. Never knew I would be taking an IQ test to close out $500 plus interest. Mar-CEE-ah stated she would not be able to repeat questions, and then right in the middle of questions I presume were generated by my credit report, SHE made a comment about my audio. I asked her to repeat that question and she at first she stated she couldn't, then I went off, " I am deaf! You are coming through a speaker! Don't make comments when asking questions!" Sheez, usually closing is the relief to get away from a nasty bank. Will stay away from Webster Bank.
Trouble with Brio started happening from the beginning. I had to appeal to the BBB to get matters taken care of. More problems have arisen since the first run in.
I took out the 12 month promotion CD last may at the advertised rate of 5.25%. After funding the CD I looked at my online account and discovered I am only getting 5.1% interest instead of the advertised 5.25%.
Secondly, I see from the online banking page that I only got interest posted one time and not every month as the ads read. The last time any interest was credited to the account was over 3 months ago. Its high time I appeal to the authorities once again on Brio.
* I'm glad I work for a settlement administrator.
I know how to get my incentive award and our attorneys know how to take on false claims.
Thank you for being a BrioDirect client. We are delighted to share the rate on your BrioDirect Savings Plus account has been raised to 5.00% APY* on July 5, 2023.
This bank allowed me to open a savings acct with a large deposit from a 'verified' bank. Then a week or 2 later I made another transfer from same bank, which prompted an email stating my deposit was declined. They said they needed more personal information, driver's license image, plus other info that was personal that I should send in an EMAIL, unsecured. I declined to do so. They denied any knowledge of the transfer, although the money had left my other bank account. I had to go to the sending bank, and they had to file a FRAUD CLAIM to reclaim my money. I am now trying to close the acct and retrieve the original deposit and they are again asking for license info. DO NOT EVER CONSIDER USING THIS BANK.
I opened their 1 year cd at 5.25% then received email that they were offering it at 5.35% 3 weeks later. I called and asked them if they would raise my rate and was told they would try. Next day my cd was closed... after that a new cd number had my money earning 5.35% with the current date. I called and inquired about the 3 weeks interest I had earned and was told it had been forfeited!! I checked a cd calculator and saw that by doing that I would earn about $40interest LESS than if they had left it at the lower rate! I complained to a manager saying I had not been informed and she basically said they didn't know it would happen that way!! She offered to put the money back into the original cd to get back my lost interest. I'm waiting to see whether they open it with the original date. If they open it with a later date I will have to call them again to ask how they expect that lost interest to magically appear. One other thing, they don't create statements for the 12 month cd and interest is posted quarterly and that bothers me.
2 days later they called to try to tell me I won't be losing 3 weeks interest because the money is in a 12 month cd. This completely ignores the 3 weeks interest they took away which .10 does not make up in 12 months!! I told them to put back the original cd at the originalt rate on the original date with all my interest and I'll be happy with the account. Just stay away from this bank.
April 2024... I had one cd mature today and the final interest had not posted by 11am. I called and had a helpful agent who contacted the right dept so that was soon solved. I also wanted to move the money to savings so I can transfer it out of Brio ASAP. That's showing pending after the bank closed. Hopefully I can make the transfer in the morning. I'm anxious to get it out. Every other bank lets me get money from a closed cd almost immediately. A different problem occurred when I tried to transfer all but $50 out of savings. A free next day transfer option did not work! The same helpful agent found out that you have to leave $100 in order to use next day transfer and that worked. They make everything as difficult as possible!
I tried 3 times at least 48 hours apart to apply for their promo CD .. EACH TIME... I was declined by the computer with a response: "Thank you again for completing your application. We regret to inform you that, after review, your application for an account has been denied because we were unable to verify your identification during the application process. If you have any questions or require further assistance, please call us toll-free at 877.369.BRIO, Monday to Friday 8:00 am to 8:00 pm E.T. or Saturday 8:30 am to 3:00 pm E.T."
When I tried to call customer service, they told me they couldn't help me and that the website was the only way to get approved. I have a funny feeling this promo is a smoke screen. I am a very easy applicant with a highest credit score. I was immediately approved on Marcus.com for a promo CD account with no delay and no hassle.
I entered ALL info it asked online at briodirectbanking.com and received a deny of CD opening for the first time in my life of 60 years. What it wants is victim’s full name, SSN, addresses, cell number, and other personal sensitive info ONLY.
The email message I received from [email protected] is as following:
Dear XXXX,
Thank you again for completing your application. We regret to inform you that, after review, your application for an account has been denied because we were unable to verify your identification during the application process. If you have any questions or require further assistance, please call us toll-free at 877.369.BRIO, Monday to Friday 8:00 am to 8:00 pm E.T. or Saturday 8:30 am to 3:00 pm E.T.
Sincerely,
The BrioDirect Team
'Applied' to open the BRIODirect 12mo CD. Followed the link from their webpage. They asked if I had an existing account (I did), so I thought great, this should be easy. So I enter my credentials but rather than proceeding to funding I a get a 'Reviewing Application' we’ll get back to you reply. They email'd the next day providing a link to the BRIO 'dark forest' ??. Of course the link didnt work with my browser (I prefer not to enrich Google) so I had to switch browsers. OK, now on to PLAID for funding. I dont like PLAID! They got their knuckles rapped a few years ago for privacy violations and had to send folks a few bucks to settle. Of course PLAID didnt list the account I wanted to use for funding (I had >3, checking, indiv savings, mma, joint savings) so I had to move money around in the middle of the transaction. Then I get yet another delay that they'll fund the CD in 5 days or so (could have left the funds in the higher yielding acct over the weekend, thanks!).
In contrast I opened a CD with SaveBetter. The process was remarkably smooth. Actually, it was a bit scary how little information I needed to provide to get the CD funded. In contrast the CD was opened and funded in two days!
BRIO (now Webster) is definitely a 'my way or the highway bank' as others observed. Not for the faint of heart!
Message from BrioDirect:
"Oops, we're sorry
This product is not available.
While we are not currently offering that product. We do have a great selection of high-yield CDs to choose from."
It seems like the worse the bank ratings are on this site the better the interest rates. Just looked at the savings plus account information and it moved up to 4.0% from the 3.75%. Please keep posting more bad reviews and how the bank will be reported to the FDIC, BBB, FBI and a few other acronyms for fraud and ineptitude. Maybe call up Batman too as Mr. Freeze appears to be on the loose with all these frozen accounts.Thanks again!
January 2023 rates for real? Mark to Market don't have daily savings which can go down but never go up for existing customer as rates change a racket.
2.45% $500 - High-Rate 36 Month CD
2.30% $500 - High-Yield 24 Month CD
1.35% $500 - High-Yield 18 Month CD
0.45% $500 - High-Rate 12 Month CD
0.45% $500 - High-Rate 30 Month CD
0.45% $500 - High-Rate 48 Month CD
0.45% $500 - High-Rate 60 Month CD
0.30% $500 - High-Rate 9 Month CD
0.25% $500 - High-Rate 3 Month CD
0.15% $500 - High-Rate 5 Month CD
0.05% $500 - High-Rate 30 Day CD
BrioDirect Money Market Rates
APY MIN MAX ACCOUNT NAME VIEW DETAILS
0.70% - - High-Yield Money Market
Sterling, Webster, and Brio. What a mess.
They are not incompetent. They are crooks.
Twice, I had to open new accounts to receive advertised interest rates. Then, even though they are INTERNAL transfers, you receive no earnings during that 7 day window. I blamed myself for the first episode of ending up in a lower paying account , became clear after the second new account created with 3.75% interest rate. The only way I knew what happened was by going into Brio site as new customer and seeing the higher rate!
Mobile app will NOT give you interest rate as to the accounts, hoping you will not pick up on the discrepancy.
You can get through to customer service IF you know which entity ( Briodirect, Sterling National Bank, and Webster bank) to call and can find the proper number.
Do not open an account with this bank. The interest rate is fraudulent.
I opened an account on 11/16/2022 with the advertised interest rate of 3.75%. However they have only been crediting my account 2.125%. There was no clear disclosure that this would be the case, as on the primary landing page to open an account the 3.75% rate was advertised.
I am in process of moving my funds away from this bank and will close the account once the next interest payment posts. I submitted a complaint to the FDIC. And I will be exploring whether or not a class action lawsuit can be filed against them.
This is very serious as they are committing fraud and literally stealing money from their customers.
I deposited money from another bank 2 weeks ago. Other account has been verified.
Today I tried to log into my online brio direct account. Access denied. Turned out the account under review. And it may take up to 99 days to resolve it.
I need to transfer money back to my other checking account
I have rent and other bills to pay!!
I suggest to file a collective lawsuit action against this bank that caused us to suffer and not be able to have access to our funds!
On Dec/9/2022 I requested this financial institution to transfer my funds to another ban. They informed me that they frozen my account and when asking for details they told me that the review team would reach out to me I have not heard anything from the review team yet. I called for follow up and asking the lady what the estimated time would be to hear from them she said there is no estimated time. I really need access to my fund.
I would never recommend them for banking to anybody.
BrioDirect suspended my account. I filed a complaint with the Office of the Comptroller of the Currency. I hope the OCC can help me.
This bank promotes a high rate and it sounds very enticing since this is a branch of Webster Bank. One would think that this bank would have excellent functionality on the web but it is the worst I have experienced. After using approximately 12 online banks this one is #13. I feel that giving them my personal data and a link to other accounts was a bad decision because if security is as bad as service I am at risk. They failed at setting up online banking for me and did not respond to help requests. They connected my outside accounts to their bank but could not transfer money. After all that they requested a review of my experience. Clueless. any choice is better.
BrioDirect is by far the worst "Bank' ever. I hope the FDIC puts the hammer down on Webster Bank NA who owns them. Brio hangs up or says we cannot help you. Webster says you must talk to Sterling bank. Sterling transfers you back to Brio. If you want your money held hostage while NOT earning interest then sign up. They claim fraud and account under review for 60-90 days but will not take steps to resolve any sooner, no matter what you offer.
TERRBILE!!!
STAY AWAY, FAR AWAY
Technically BrioDirect is a sub-brand of Webster Bank, which is regulated by the OCC:
https://banks.data.fdic.gov/bankfind-suite/bankfind/details/18221
So to file a complaint, go here (and don't forget to file it under Webster Bank): https://www.helpwithmybank.gov/file-a-complaint/index-file-a-complaint.html
They have held my funds and my account hostage now for over 2 weeks while it remains "Under Review". I have called 20 times and they have never given me any clarification as to why I'm under review or when the review will end. As far as I know, my account will be "under review" until the day I die and they will then keep the $10,000 in my account for themselves. Accordingly, I just filed a complain and hope you will too!
Brio Direct advertised a high savings rate so I sent them my money, then I noticed the rate was increasing so I thought I was earning the 3.75% interest rate they advertised...but they ripped me off! They took peeps money and then left them to rot with 2.1% rate while they then started offering a new Brio Direct savings account with a new name "Brio Direct Plus" account and is offering 3.75% interest rate only for the new named account. They know they are scamming peeps by leaving the old money to rot and try to attract new money with a new higher rate account version. The FDIC needs to do something about this, I also see this happening with UFB Direct and DollarSavingsDirect
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.
Any bank that does not update interest on current customers account is underhanded and not someplace I want to do business. Gaming playing with a bank not my thing. Good luck getting them on the phone.
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!
11/10/2022
Current advertised interest rate for BrioDirect high-yield savings is 3.75%. I checked the current interest on my existing BrioDirect high-yield savings account and it is 2.175%. I called them to check on it, and they told me I needed to open a new account with the 3.75% interest rate, that it didn't apply to my existing account.
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.
STAY AWAY!!!!!!!!!!!!!!!!!!!!!
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.
Today, I discovered that my Brio Direct Savings Account is earning just 2.127%, even though they are advertising 3.75% interest.
Feeling cheated....
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.
Earlier this week I had a deposit of 50001 in savings account 50000 in the other account the bank had frozen my account and when I ask for details they told me that the review team would reach out to me I have not heard anything from the review team. When on the phone I asked the lady what the estimated time would be to hear from them she said there is no estimated time. It would be nice to know when the review team should reach out to me that's my only thing. I need access to these funds. I personally would not recommend anyone to bank with these people
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.
Kenneth
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.
On the 14th of October when Brio Direct paid interest for the "statement cycle", I also received a debit of $60 for excess withdrawals. OK, maybe I didn't read something in the TOS when I opened the account, but it's not on their website about their High Yield Savings accounts, even the CSR couldn't find it. The fee isn't based on a calendar month it's based on a statement period and that date can change month to month. Trial deposits count, transfers between Brio accounts count. Reg. D (6 transfers per month) has been suspended as a requirement to savings accounts, but the Fed left it open so banks can still charge a fee if they "want" to. Brio wants to. I got them to reverse the charge as a onetime curtesy, but if you're banking with Brio, you need to know about their fees.
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.
I have 75k in a ach transfer For 8 days and I was
told its going to there until the 21St of OCT......
the worst part about there is no where to go for
help............DON`t EVEN THINK OF OPENING
AN account here!!!!!!!!!! You CAN NOT GET OUT
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.
Cannot recommend.
Getting information almost impossible.
Their automated system said I would receive a call back from them in the order my call was received-- still waiting a day later.
Absolutely awful customer service.
hidden fees
S U P E R S L O W ACH transfers
cannot find a worse excuse for a bank
go anywhere else!
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.
Absolutely horrible experience with Brio Bank. Also takes an act of GOD to close your account!!!!
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!
I logged into my account and hit the account information button it shows the interest
2.127 %.
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.
Not sure why. I have a 840 credit rating. After filling out all the lines just came back saying not approved and i would receive an email outlining the issue. But so far nothing.
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!
Filled out the easy online application and they will let me know via email
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.
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.