CFG Bank Reviews

Average Rating:
Based on 23 review
s


Stay Away - Horrible Experience

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Opening an account was easy.  Called Customer Service a couple times with questions (and to test them) and they answered promptly and knew the answers.  However once my money was transferred in I was supposed to receive a secure email within 3 business days with my account number so I could register with their online system and check my balances.  I never received this email and it's been 8 business days.  Got nervous on day three and started calling their various Customer Service numbers.  Each time I was transferred to a voicemail box that was full and no longer taking messages.  I called them more than a dozen times over three days.  At this point, I'm starting to think that CFG was a fraud and my money was gone.  On day 6 I finally got a hold of a live person who was clearly stressed out and she told me I needed to go into a branch to get my account number.  I told her I live in California and their two branches are in Maryland.  She said I need to call the branch, which I had been doing unsuccessfully for 3 days.  I finally got a hold of the right person on day 8 and she gave me my account number.  Also note that the Money Market account has a $5K daily withdrawal limit and a $50K 30-day limit, which makes it essentially useless for any serious money management.  I'm hoping I can pull unlimited money from another institution.  I'm a very experienced investor and have opened over 20 online accounts over the last few years.  I'm used to jumping through hoops.  This was by far the worst experience I've ever had.  Their rates are great and I'd like to give them a lot more money, but I wouldn't sleep at night.

Dormancy Notice Received On New Account

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This week I received a dormancy notice on a new money market account I opened late in July 2022. Normally an account is considered dormant in perhaps a year or two with no activity. The account still had a zero balance. What is with these people?

Sounds Frustrating

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Why go through all of this hassle for 3% when a brokered CD at your brokerage firm will also pay 3% for 1 year with ZERO hassle. It appears the mental anguish this small bank creates because they are not geared up for so much volume is not worth it, I always say if opening up and account is a hassle, how can it be upon maturity ?

Not Reliable At All.

I tried to open this acct after supplying all my personal details, and I have called them many times over the course of a week to check the status, and there is no information. I feel uncomfortable to have shared these details with them seeing how they do business. After opening many CDs with many banks, and credit unions, this one leaves me with many doubts.

Is This Even A Real Bank? ZERO Response, ZERO Customer Service

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Filled out the application for a CD three days ago and submitted it. Didn't receive any confirmation of receipt of the application by email, and I've sent emails both to their address and through their online "send us a note" form. I have called 3 different customer service numbers from the start of their business day to the close, and the only time I got an answer was after 4PM, when the POS CSR said "Oh, the bank is closed now, so you have to call back tomorrow between 9 and 4". I don't even know how to cancel my application. Not sure what to do at this point - the money hasn't been withdrawn from my account, so I don't know if anything has even happened regarding what I submitted. This shouldn't even be legal.

Dishonest Account Opening Process

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Tried at least 5 different applications including giving them copies of my license that all end with "unable to verify identity" - the identity verification questions never show up. I thought it was my browser having issues so I kept trying different browsers. Chatted with with customer service over email who all say they know nothing.

It turned out, they pull your Early Warning Systems report and then just make an arbitrary and automatic decision based on it and just use identify verification as an excuse to deny you. I pulled my own EWS report and found all 5 inquiries from CFG. My EWS report has no negative marks whatsoever and I have 820 credit scores so who knows what random criteria they used. Ended up parking my money at Comenity/Bread.

You know CFG, I don't care what criteria you're looking for, but lying about it as "unable to verify identity" is a low blow and a blatant violation of the Fair Credit Reporting Act.

"Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment - or to take another adverse action against you - must tell you, and must give you the name, address, and phone number of the agency that provided the information."

And thanks no thanks for your 5 inquiries.

Warning! Small Bank. Hard To Get Money Out.

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This is a very small bank with no easy way to get your money out. When I first opened this account a long time ago, I was told that I could request them to wire money out, but the fact is that they do not answer their phone, so that it is no longer possible. Worse, their ACH limits are very low.

Impossible To Contact By Phone.

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Phone calls goes to voice mail with message that ‘THIS BOX IS FULL’.
How can a Bank conduct business this way.
Online application is error prone.
Save yourself the frustrations and look elsewhere.

A Simple Way To Evaluate The IQ Of CFG

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Just go to their https://www.cfg.bank/personal-banking/personal-deposit-rates/ page, click the High Yield Money Market "Apply for Account" button, and look at their extraordinary long questionnaire which includes the dollar amounts and numbers of all kind of transactions you might plan to do, addresses of places which might briefly visited up to 30 years ago, etc, etc. A great thing is that they might push general saving rates higher. ??

What A Crappy Bank

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Do they ever answer their phones??

CFG Pulled 1K

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Edit: posted August 08, 2022.
CFG accepted my application & verified my external funding account & then pulled 1k from my external funding account on Aug 02, 2022 to fund/open new HYMM account.
Last I heard from CFG was CFG trial deposits info/explain "open new accounts" process email on July 31, 2022.
I've left messages.
I've sent emails.

A Trial Of Endurance

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Their application system cost me hours of frustration and without any success. As with others " dont bother"

Sucks Bigtime, Avoid.

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Went through opening twice. No security questions asked. Then they say if they weren't asked it means we can't open the account despite application completing, credit score above 830, impeccable history. In my opinion, they feed you bullshit because they don't want to take new clients or filter you by how much money you say you want to bring in.

Money Market Steadily Declining

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We moved our savings over to CFG because they had some great rates at the time. Unfortunately this seems to be only a promotional thing and every month the interest rate has decreased to a point where it is now less than half of what it was when we joined. Is pretty inconvenient to need to be shopping again for a new bank so soon.

Solid Overall Bank

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Overall, I'm very happy with having my money at CFG Bank. The rates are the best in the country and the customer service was very helpful when I called in to finish setting up my account.

I agree that the withdrawal limits could be better, but luckily for me I'm not moving large sums of money regularly in and out of the account.

As for the fact that they want a bunch of personal information, I didn't find it anything out of the norm. Banks have a TON of regulations they need to comply with they are doing what is required. If I had to choose between a bank that did MORE due diligence than less....well I'd always go with the more rigorous.

Just my two cents...

Bank Review

To open an account is somewhat onerous, but worth it. They just want to make sure all is on the up and up with a new account holder. Can't be too careful these days. I think this is a great bank.

Must Provide Passwords From External Accounts

Must give them username and password from external accounts to set up transfers!!

"Money Market Accounts (NO CHECK WRITING PRIVILEGES FOR ONLINE MONEY MARKETS; CONSUMER ACCOUNTS ONLY) Once funding occurs the daily external transfer limit for the CFG High Yield Money Market Account is $5,000. Your external transfers may not exceed $30,000 in a 30-day rolling period."

CFG Bank Review

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Application response was an email request for "A valid copy of your driver’s license OR a copy of a utility bill from the address with your name on it
A copy of a phone bill with your name and phone number on it" The app required the amount and account # for initial funding of accout.
So I called and asked them what the problem was. I've dealt with numerous banks and never put out so much personal data for so little success. I told them to cancel the request after I asked them why they didn't just call me and why they didn't compare the DL data to the app.
Forget it; the APY is not worth it. Wish I had walked away when I was filling out the app.

Fine Customer Service And Good Rates

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CD's were recently above the market -- but were dropped this week; are now equal to top-tier banks at 2.45 to 2.5 for 12 to 18 months. Excellent customer service.

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