All online banks I use is easy process to open and fund
They needed a copy of my license kept saying they never got it. Sent it twice . Back and forth for a week over a copy of a license
Horrible customer service
Was going to put substatial 6 figure deposit in money market
A very concerning conversation with a CSR who didn't seem to know banking issues such as Disclosures. Claimed there were no transaction limits on the Savings Account! Didn't understand basic questions like how to fund the account or access my funds, questions about fees.
So, I saw this attractive yield of 2.5% and the feedback is a mixed bag, so decided to give it a try. It was really bad. Opening an account and registering with them was fine, many intrusive and unnecessary questions notwithstanding. And then I was supposed to fund the account which I intended to do via electronic transfer from Bank of America.
There were no instructions how to do it and no account number was provided. Actually, nothing was provided save the confirmation number. So, I tried to call them to find out how to fund this. After 45 minutes of listening to elevator music (it was enough time for shaving, making some coffee, drinking it, etc.) a pretty clueless woman answers and tells me that I have to wait a couple of business days and they will e-mail me instructions, no problem.
OK, I wait but nothing. (I "opened" the account last Friday, so it's more that a couple business days, right?). So, I sent them an e-mail and explained the situation and asked to do something. Nothing in response.
So, I feel I am bothering them and foisting myself on them. It's a pretty unpleasant feeling to be dealt with as if I was a bothersome insect. I see they really don't want to have a customer who wanted to invest $25,000 with them. I realize it may be not a great deal of money to them but it is to me. Lack of interest on their part and lack of communication were appalling. The most terrible service I've seen in years.
If they behave like that before the account has been funded I can just imagine what would happen down the road when they actually have the money, how hard it will be to withdraw, to close the account if necessary, to get any information, etc. Especially since their actual branches are only back East and I am in San Diego.
I would say that their rate being 0.2 or 0.3 % higher than elsewhere is not worth the hassle.
I will not fund this account even if by some miracle they did come back to me with information and will never again deal with them.
Instead I'll go to other banks who do care and value their customers or potential customers. There are plenty of those I believe. And I recommend that others do the same and steer clear of this bank.
I agree with earlier reviewer that the application asks too many unnecessary questions. And like a number of others, I had trouble signing in the first time with the system requiring to send a security code, but it doesn't have the correct phone number on file. After 10 min wait for the rep, I found out that I also need to create Online Banking access via ebsb.com to enable successful sign-in. This is the part that the Open Account instructions from ebsbdirect.com didn't mention.
So, for the last week I spent hours on hold just trying to talk to someone over the phone. The website registered my username and then had someone else's phone number on my account so I could not access it. Fast forward five days and after spending more time yet again on hold, I finally talk to someone who could not help me get into my account. They could only give me some information. I also could not close my account because a hold had been placed on my initial funds. I was told that when that hold does end, to close the account there are fees to do so. This bank is a sham. I would recommend that if you want to do business here, just call and listen to the hold music. It is the same 5 second loop that goes over and over and over again. Think about listening to that for an hour. That should be enough deterrent!
Spent a long time on the phone with a front line rep who really wasn't very sharp. Took a total time (15 min on wait, then 25 minutes either speaking or on hold while rep went to research questions.) At 40 minutes, the answer to my question still wasn't clear: If I withdraw money in the middle of the month, do I get interest up to that date, or is interest gained only after a posting date? I asked the rep if I could speak with a supervisor, and she ignored the request. I asked again, and was told a super would call me. Never got a callback. This, in combination with the review from 2017 saying there's an account closing fee, plus a previous review suggesting that their promo rate drops after they collect enough capital, has made me less sanguine about funding this account substantially. Don't want to be having problems moving money out if this is a teaser rate. Will update as/if I gain more info.
Just set this up and on the very first log in, it asks me to receive a code at one of the two numbers associated with my login name BUT neither of these numbers are the one I entered during account application -- and I used a very unusual login name that there'd be no chance someone else duplicated. Then it also separately offers to send a text to the number I entered when I set the account and when I enter that one, it says there's an error and I need to call them. This and the other reviews really cause me to doubt their security and competence, so think I'll keep my $$ in the MemoryBank MM Savings at 2.25% and wait for a more competent bank to hit 2.5%
Investor beware! Called customer service because I was interested in their 1.25% interest rate on their Money Market Special 3 accounts. Prior to calling I read their fee schedule included a Closing Fee of $25 if closed within 180 days. I asked customer service:
1. Is their 1.25% interest rate a promo rate? Answer: yes, which means they intend to drop their interest rate.
2. Does the $25 Closing Fee if closed within 180 days applies to this account? Answer: yes, which means that when they drop their interest rate, you're either stuck with their lower interest rate for the balance of 180 days, or forfeit $25 to close your account!
I don't consider that Fair Banking! Looking elsewhere.
I don't usually review but I did have a strange experience with opening up an on-line money market account.
I opened it on-line and the next day linked it online to an account at another bank so I could fund this new account. It then took three business days before the trial test amounts appeared in the EBSB account so that I could link them. Once they appeared, I transferred the funds to the EBSB account. Five days later the funds came back. I called my bank and they said the EBSB account had been closed.
I called EBSB and it said that I hadn't funded my account quickly enough. I told it that I couldn't see how it was possible to fund it any more quickly than I had online.
Over the years I've had online accounts at several different banks and can't recall ever having this problem with another one.