I opened money market account and did not encounter any problems when opening the account like others indicated. My transfers in from my funding bank did take at least 5 days to clear compared to other banks. First transfer took 5 days, and second transfer took 6 days (including Saturday and Sunday). It would be nice if Investors Bank can improve the ACH transfer and provide 2-factor authentication.
I opened an account and there was some aggravation:
1. A number of obscure questions are asked for verification. One question was "You lived at address xxxx. What county is it in" (with a list of counties). That was 20 years ago. Of course, I had to do a Google search to determine the county name. Another was a list of peoples names and asked if I knew any of them. One name sounded familiar, but it might have been a brief encounter many years ago. I answered "none". I must have answered correctly since I "passed".
2. I tried to use the instant verify of my funding account, but after connecting and being prompted with a security question from that funding account, the reply was something similar to "We are unable to verify the account" so I had to do the deposits and withdrawal method.
3. The instructions state "Once you receive the deposits in your external account, log back into this application and record values" with no link provided. Plus the web page does not have "continue application" button. So I created a login and the account was there
4. Even though the deposits have been made the "external transfers" page says to wait 1-2 business days to enter the value for the deposits for the funding account. The funding account is listed on the page so that is good.
I wish online banks would use the "PurePoint Financial model". When activating an account there, it was simple, easy and I was able to link my funding account right away.
Their "10 minute" estimate of opening the account is wishful.
In spite of this, the GUI interface for the account seems good and I gave it a good rating because of the interest rate and reasonable fess.
I totally agree with another reviewer. Customer Service with this bank is horrible. I tried opening a Money Market account on two (2) separate occasions and each time I 'supposedly' failed the identity verification questions. Totally ludicrous because I know every single address that I've lived at, phone numbers I've had, etc (I keep a log of everything). I asked customer service to verify my identity over the phone with questions, and I even told them that I would fax or upload to them any information they need to verify me. Nope - they said that was not possible. I was then told that I would receive something in the mail. Well, that was over three (3) months ago and have I received anything in the mail?? NO, nothing, not even an email. I decided that this was not a bank that I would trust my $100,000+ dollars with to save my life. I have an online account with Discover Bank, CIT Bank, and Northpointe Bank. Completed verification with them with ZERO problems. Investors eAccess Bank is UNREAL!
I tried signing up for their Money Market account and my application was denied, with no reason given. I called them and they said it was due to the address and they had no further details. They suggested I send in a copy of my driver's license, but I told them the address on my driver's license issued one year ago will not match the address I just moved into two months ago. They said they don't think it will work but to try anyway (as if all my info floating out there in the application isn't enough). If their customer service doesn't have any details about internal decisions, what are they really there for, and do I trust them with my money? I think not.
The identity verification questions with this bank is absolutely absurd! I have tried to open a savings account with this bank (2) times and they keep saying that I did not pass their identity verification questions. This bank is asking me to provide the exact number(s) to addresses I lived at when I was in college over 30 years ago ~ seriously!
When I was answering their address questions, I even referred to my Experian, Equfax, and Trans Union credit reports, which have my addresses on the credit reports. The verification still said there's a problem verifying my identity. I called the bank and spoke with a rep. The rep advised that the questions come from my credit reports. Well, apparently not, because I was taking my precious time answering the questions, and looking at my credit reports to verify the addresses. And, the verification came back that my answers were incorrect ~ baloney!!
I may not know the exact apartment numbers or house numbers I lived at over 'many, many years ago', but one thing for sure - I know the streets I lived on, including the cities and states.
The first time I tried opening up an account with this bank, I was told by a rep that I would get something in the mail in (10) business days. Did that happen? NO. I never received anything! I opened a savings account with Discover Bank and CIT Bank and they had zero problems verifying my identity!! Investors Bank say that they are trying to protect my information and security - Well, I say this - DO NOT PROTECT ME FROM MYSELF!! If you want to see a copy of my social security card, driver's license, etc - then allow me to provide that information to you. I have never been so frustrated with a bank before, like I have with this bank - absolute absurdity!!
BTW: Other reviewers have had the same or similar experience as I have - just read some of the other reviews.
Spent 15 minutes opening a joint account, then received message that process was not successful. Never had a problem opening online account before, and I've done this over a dozen times at other banks.
IF THEY HAVE TROUBLE OPENING ACCOUNT AND TAKING YOUR MONEY, HOW GOOD WILL THEY BE SERVICING AN ACCOUNT AND RETURNING YOUR MONEY??? It's not worth the extra few basis points of interest-- look elsewhere!