| 5 star: | (3) | |
| 4 star: | (0) | |
| 3 star: | (0) | |
| 2 star: | (0) | |
| 1 star: | (4) |
I have a lot of experience with financial institutions when it comes to savings, because I have always preferred CDs to riskier investments.
After having a ton of trouble trying to open a CD at Eagle Bank, which was terribly slow and inept, I applied for a CD at Colorado Federal Savings Bank, and this latter experience was refreshingly delightful!
The online application process at Colorado FSB is perfectly clear and streamlined (although I have minor suggestions for improvement, noted at the end of my review).
What sets Colorado Federal Savings Bank apart is the absolutely delightful customer service: my call was picked up immediately, and my questions/concerns were listened to very patiently, and answered efficiently and kindly by Karen and Donna.
Now some details about the CD application process, which took 2 days for me.
The most part of the 2 days was spent waiting to verify the external account by 2 small deposits.
After linking the external account as a source for the CD, I got a welcome email in less than 1 hr, and was able to register for the online account immediately. The instructions provided by email were clear and straightforward.
The financial institution that is the source for the CD must be added at the same time as entering the data for the CD application, and verified BEFORE the application is approved.
The mother's maiden name also must be entered BEFORE the application is approved.
This is where I balked a little, as I don't like to enter more personal data than absolutely necessary.
IMO both pieces of personal information should be required only after the account is opened, but perhaps there is a good reason for not doing it this way.
The online account user interface is well designed, intuitive, and flows well.
Overall, I am very impressed with Colorado Federal Savings Bank, and would happily recommend it to my family and friends.
I opened a CD and they could not establish online access. I spent lots of time on the phone with all 3 bank associates: Donna, Karen and Brandon.
If you plan on investing on any CDs that this Bank is offering, Please look elsewhere. They have the worst on-line access of any bank that I know of and I have invested in several. I have opened a CD for a month with this bank as of today and still don't know what is going on with my money!!!!!
After spending all the time to complete a CD application, Colorado Federal denied it via email with no reason specified. When I called they said the reason was because I answered the identity verification questions wrong. In fact, I answered the questions correctly. THEY (actually the 3rd-party they sub this to) had the answers wrong. I'm pretty familiar with my life, having lived it myself.
The only recourse was to have a form notarized "proving" who I am, as if that couldn't be fudged. Well I know who I am, and I'm not driving an hour to a notary for them.
Having wasted a couple hours, I certainly can't recommend Colorado Federal. It's beyond me why a bank would be reluctant to accept my money.
Bad experiences with this bank and maturing CD's. I wanted the funds returned to my external bank and not rolled over into another CD. After several phone calls, and messages sent through their secure message center giving them instructions, they still rolled over the CD's! And at a terrible rate! It took 5 days to finally get my funds returned, costing me a week of investment income! I requested they wire the funds to my external bank to cover their mistake and they refused, saying a (three day) ACH was the best they would do. Why was I paying for their mistake? Or, is the shell-game one in which they wait for the retiree to forget about a CD, allowing them to roll over at terrible rates? As a retiree, I live on these small investments, and the loss of a week's income is meaningful, and painful when it's lost.