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| 1 star: | (25) |
ally keeping degrading its rates, I decided to move most of my funds to LendingClub. I am unsure to understand why initial transfers got help up for a week, but despite that, it has been a nice experience so far. most of the negative comments here look more as advertisings for other establishments, therefore the truth is probably elsewhere! no communication problem so far, the chat option works quite well. great rate on the savings account if you can establish a monthly $250 deposit from an external source. both website and app are intuitive. the initial application was easy enough, but strangely it was quicker for the savings account than the checking account (a 3-day delay to get approved). I can reasonably recommend.
I completed an application 7 business days ago for a 25k 2-year CD. The website kept saying it was being reviewed. I called today and they said it's still being reviewed. I had them cancel the application. I have CDs at many other institutions, and this has been my worst experience. As a side note, I instead opened an account at Bread Saving where I have another CD My account was opened immediately and funded by the end of the day..
I got a phone call on my work phone from a Dan. I kindly told Dan this is my place of employment and I have asked several times for your company to stop calling me I am not going interested.
Dan got very very irate and proceeded to tell me that he was going to kill me. He said that I was going to suck his penis because I was nothing but a wh**e. All because I asked him to stop calling me. I hung up and thought that was the end of it. It wasn’t.
Dan called back from a different number and acted as if he hadn’t threatened my life. I told him I had nothing to say to him but if he wouldn’t stop calling me after threatening my life I was be going to the authorities. At this point I could only assume that I had insulted his ego because he started yelling that he wishes could kill me. He said he was going to send to men to murder me right away. I quickly hung up and blocked the number.
After a few minutes I got another phone call from a different number and when I answered Dan said let’s talk about this. My jaw was actually on the floor that he really thought I needed to talk about this with him. I told him I didn’t have anything to say and to never call me again. He started yelling very very nasty things as I went to hang up. The last thing I heard was 2 men will be on there way to kill me.
I have no clue why me declining the service sent him into a violent state but considering he was yelling and I could hear people talking in the background it doesn’t appear that this company even cared that he was threatening someone’s life.
I would never do business with this company and as I still get calls from them I will continue to block every number they call from.
Do to a medical emergency I was forced to cash in a 5.25% $10,000 6 month CD early. I had the CD for 4 months and after waiting almost a month to get a check from them the total was $9985. Not only was all the interest gone but part of the principle as well. Good luck if you choose to use them, you will need it.
They have tied up my money for review and even when I sent documents they did not review. Made 6 calls to customer service and everyone gives me different answers, so having to resend all docs again. This has been going on for over 2 weeks so no access to my money. They want send it back to the original account or nothing. Getting run around, I would not recommend anyone deposit money here.
I already have several CD accounts with this Bank. I tried to open another one a week ago. Completed the application and have heard nothing since. Zero communication. Next time, I'm taking my money somewhere else.
My CD matured on 11/01/2023. Lending Club will not wire transfer the funds to my bank account. Their policy is to issue a check. I have been waiting since the maturity date for the check to be mailed. Useless to call because the rep will say they're behind.
Applied for a $50,000 CD and never even got a thank you or confirmation email. After two days I got the world's briefest email telling me it was not approved. That's it, no other info. I called the number provided and she said she couldn't tell me anything either. I told her I would take my $50,000 elsewhere.
We opened a basic savings account of $100, waiting to transfer it to our Trust before putting in our main deposit. We have other bank trust accounts for our Trust. They were extremely simple to set up. NOT SO with LendingClub. We requested the Trust option on our member account and received a long list of requirements with various convoluted options for submitting their (long) application and (many) required docs. In July I opted to mail them - hard copies - to the address provided. In Oct, I logged on expecting the account to be in the Trust name. NO! Another online request, a call to their Support...no record on our account of any application or Trust designation. Another application...more trust docs...requested a link to their online "secure" system for submitting docs. No link yet. What a tremendous waste of time. If it is this difficult to put a simple savings account into the name of our Trust, it is unthinkable get involved with this bank, depositing large sums in a savings account. There isn't an interest rate high enough to make up for all the lost time, not to mention a growing distrust of their desire to meet the needs of customers.
I've run a successful professional services business in the IT field for over 5 years, have excellent credit and resources.
Instead of providing a request for information or clarification, Lending Club rejected my application, and when I questioned it, was told to reapply. Suggested maybe take my additional signer off and add them back after the account is opened. The can't let me edit or sign off on the change, I have to start over and reapply. The last time I got a phone call from a gentleman that said they just needed a copy of my EIN from the IRS, which I sent the next morning. Boom, Denied again. 3 times- the last time not even a notification, just instructions to login to find I was denied again with no explanation. Ridiculous.
I am assuming Lending tree pays big affiliate fees to be included on review sites. Those sites only evaluate rates and features, they probably never had to actually try to apply to this customer-service lacking institution.
I am a disabled veteran and I run family-owned small online business. I opened a business checking account with Radius Bank in December of 2020. Lending Club Bank bought out Radius Bank not long after and my account was moved over to their platform. Fast forward to this past month when I went to send a wire transfer to one of my Chinese suppliers for my business (a supplier BTW that I had sent wire transfers to about 10 times previously). There was some issue on their end with the wire transfer and this caused a manager to ‘randomly’ (their words) examine my account. They came back and asked for my identification, what the purpose of the wire transfer is and a discrepancy between the name on the account and the name on some of the deposits that I had made earlier in the month. Very strange, since I had been banking with them for over 2 ½ years at this point and they hadn’t asked me for any of this since I opened the account with radius bank when I had given them all the necessary documentation. I complied and gave them everything I could, but as I said my business is family owned and I sell online on many different platforms. They didn’t like that one of my store names on a platform that I received deposits from was in my spouse’s name and didn’t match the name of my legally registered LLC. I explained the situation to them, that this was just one of my shop names. I sell different products online, this was not another company sending me deposits. My company had been set up this way for the entire 2 ½ years that I had been banking with them and had never been an issue before, but apparently it was a huge issue now…
This is when they locked me out of my account and stole my money to lend to desperate people at higher interest rates than are legal (not making this up, there is an FTC lawsuit against them). As a small business this was a huge disruption to my cash flow, and I couldn’t run my business at all. It is also my family’s sole income. I called them several times to explain the situation again and try to work out another solution with them, but they just kept asking for this same paperwork that I told them didn’t exist. After a week of this with no resolution I wrote to the Better Business Bureau and the Consumer Financial Protection Bureau and started talking to Lawyers about the situation. Lending Club still had not done anything and said that they were not going to do anything to make the process of their ‘investigation’ go any faster. At this point I told them that I just wanted to close my account and get the money transferred to an external account, because I did not under any circumstances want to do business with them any longer. They of course replied that they couldn’t do that until their ‘investigation’ was complete and that I could make a complaint to their complaint department! Why would I want to make a complaint against a bank to their own complaint department?!?!?
They finally made a decision that my account could be closed and they would mail me a check of my remaining balance with 15 business days. Of course, they have to make as much money off of the money they stole from me as they can. As one final screw you on my way out the door, they told me that to get my last bank statement (on the account that they wrongfully froze and forcefully closed) I would need to pay $25!
DO NOT EVER DO BUSINESS WITH THIS BANK UNLESS YOU WANT THEM TO STEAL YOUR MONEY!!! IF I COULD GIVE THEM O STARS, I WOULD.
They thought a check I deposited was suspicious, so they froze my accounts for almost a week, telling me that they would remain frozen until I provided a document they knew I couldn't get, so my payments and transfers started failing. I had to threaten to call a lawyer. If you want to stick some money in a savings account for the interest rate and leave it there, fine, but you cannot risk using them as your primary bank with the risk of them functionally seizing your assets on a whim. I've returned to the bank they lured me away from with that shiny interest rate.
When I first applied for this bank online, my application was denied because "my identity could not be verified". I contacted someone via the chat feature to see how to resolve this; the first person said to wait and re-apply, the second (who I called) said to re-apply again with my email in all caps, the third said they would have management reach out, and the fourth finally let me re-apply with automatic approval. After each attempt to reaply, I received the same email. No one could tell me why I was getting this message, and the entire process took over a month. I also never recieved an email from management to correct this issue, like I was told would happen. After I've finally got approved, I began moving money from a different bank and noticed they hold all incoming deposits for at least a week. Everywhere on their website says either 3-5 days or that funds will be available by the next business day, neither of these are true. Having to wait an entire week each time I want to get money in or out of the account is a major flaw, I'm lucky to have another bank account that I can keep funds in so I can access some money if I need it. Overall, there is definitely some improvements to be made in regards to customer service, communication between departments, explanation to applicants who are denied, and better/quicker access to funds.
LendingClub is really not great. Seems like it is built on 1990s technology and customer experience.
I have a current Founders Savings account and tried to open a separate High-yield Saving Account. One would think this would be simple, since I am a current customer. But no. Online application was denied because LendingClub “could not verify my identity.” What?
Chatted with customer representative who looked up my application and replied with “use a different email address to reapply.” I asked if that meant you couldn’t have more than one savings account with the same email address.
“Nope”
“Is that also true if I wanted to open a CD or checking account with LendingClub? All different emails?”
“You can use the same email address, however, sometimes it does not work so it is best that you use a different email address.”
So different email address, different login for each separate account with LendingClub Bank. No thank you.
I finally made the effort to move money out of our BofA Checking account earning 0.01 interest into a HYSA, did my research and decided on Lending Club. Like any account I have opened online the initial application process was normal except that they would review my application and respond in 48-72 hours. Being I am almost 60 years old, high net worth individual, credit rating on the 800's, and was looking to fund this first savings account with $250k I was surprised to not be instantly approved, but whatever.
Two days later I received an email informing me that LendingClub denied my application for no stated reason. I called customer service who is not connected with the department that processes applications and asked for a reason, but the person I spoke with said everything looked good and they would communicate with the application department and get back to me to tell me what she learned. I did not get a callback, but I did get another email parroting the first email. I called again and I could tell it was now groundhog day. I would like o know why so if there is some red flag out there I do not know about I would get it resolved.
I am not sure what type of customer LendingClub is looking for so if I don't meet their requirement, I have no clue who will.
Since I couldn’t verify my beneficiary info on my account from website/app/statement, I followed up with them. They responded that they didn’t have it on file from the time when I opened account. I submitted another beneficiary form and followed up 7 business days later and it still has not been processed. They said would take 3-5 business days. If the beneficiary info isn’t available on your account via website/statement/app how do you know they processed it correctly? It’s making me uneasy knowing that FTC sued LendingClub for charging hidden fees. I am looking to move my money elsewhere.
Horrible! Worst bank I’ve ever done business with. In retrospect, My first clue should have been how they held my incoming deposits for 8 days, which was annoying but ok I guess that’s bc they were large amounts. But the thing that BLEW my mind was when I scheduled a wire transfer recently and they told me someone would call me the next day to confirm. Nobody called by 1:45 so I decided to call them and see what the status of my wire was. I was informed that my account has been flagged for “possible fraud” and they had sent me an email. An email?! And subsequently my wire was canceled! Sorry, what!?! I couldn’t get a call to confirm this fraud and my wire was just canceled with no notice? That’s Bad business! Obv I had someone on the other end waiting for that wire. I handled my business with another account (luckily!) but then I called back several times that day trying to speak to a supervising manager to work out whatever the issue was. No supervisor was available whenever I called and I was told they would call me back when available. NEVER got a call back, even to this day (a week later). I decided that night to withdraw all my funds and close the account. Of course, the micro deposits to verify my other bank would not go through and so I just decided to call back to request a check be cut and mailed to me. Two days later I called to see the status of my check bc I noticed my account was still showing the balance. I was literally told “it can take up to 3 business days but THEY ARE RUNNING BEHIND so allow for a couple more days.” I am in actual shock! This bank does not understand “Time is of the essence” and business deals are expected to be handled in the digital world we live in. There are HYSAs with better rates so save yourself the headache go with someone else. It can’t be worse than these guys!
If I could give negative stars I would. This was a terrible experience. I applied for a business account and after 6 WEEKS and multiple phone calls, was told this was still under manual review for over 3 weeks. I have gone with a different bank and had a wonderful experience. Lending Club was terrible.
Lendingclub froze my account. For weeks it was frozen because the links sent by their third party vendor wouldn’t work. I had to threaten that I would file a police report with the Boston police department for theft of funds for lendingclub to take me serious and actually put in extra effort to help me out. I am currently in talks with several lawyers.
I have about 3 banks I use, I decided to get a checking account with lending club, I had lost my debit card from my main bank, so I transferred money to lending club, they said that it was suspicious, the money had already left my other account, they asked for proof of this, I sent it, then I emailed them, they said to call, the lady on the phone couldn't help me, she said to email the fraud dept, you can't call anyone, this is all the money I have until my new debit card arrives from my other bank, I have no money for food, I can't get gas, it has been days, my account is still locked, I asked for a supervisor, oh of course they don't have one. worst bank ever.
Has anyone here been able to open a business savings account recently at this bank? All one can do is leave contact information so somebody at the bank can "reach out," but nobody at the bank ever reaches out. I've left half a dozen messages with customer service people since August, but now it's three months later and nobody at the bank has contacted me.
When you push money from Lending Club to external account, the fund is usually available in external account on the next business day if you initiate the transfer on Lending Club site before noon.
Sorry I dont trust to put my fund into a company runs through outsourced . No thank you.
I signed up for a business account with Radius bank, which was later bought out by Lending Club.
They slowly drained my account with their fees, and by the time I noticed there wasn't much money left.
I closed the account and asked for the balance to be sent to my other checking account. There was some kind of issue with this going through on their end, and it was never done. They then took more fees out after the account had been closed. After multiple phone calls and getting nowhere I asked this to be escalated, I was then told a check had been issued, but never received this confirmation by email. I will never do business with this bank again.
It took me 5 weeks to get a business savings account set up for my trust. I was told I had to create a personal account first, then the trust department would convert. This was not true. Now I have two accounts, one of which I must close. TRANSFERS. I just tried to transfer in $10,000 after the phone rep said that was my daily limit. The website said I cannot transfer in more than $5000 to my business account. I want to transfer in about $150,000, so no way I will do $5000 each day. Also, NO WAY I want to spend weeks taking my money out when I need it. Lending Club offers good rates, but is unusable imo. Everyone you speak with on the phone tells you conflicting information. I wanted to use this site for the high yield, but unfortunately I am closing my accounts. I have spent hours on over 20 phone calls with Lending Club on various issues. Too many problems to detail here. CONCLUSION: TERRIBLE ONLINE BANK
If you want to use this bank for business banking forget it. They can't wire to a foreign country over the web; you have to call them. They consistently make errors while sending wire transfers or simply forget to send it. Customer service is terrible. Never anyone to talk to, you just have to hope and prey the money gets sent. There's no point in using them over a big bank like Chase.
the whole linking with Chase via Plaid fell flat on its face, so I went the traditonal route, with micro deposits, verify amounts etc. So, after a few days, up and running. No problems. My account isn't limited on $ amounts for withdraws, so I've factored that in. Their rates are very competitive. No issues so far. for those worried about daily withdraw limits, just initiate the transfer at another bank once the accounts are linked...you can bypass the daily limit. ie. have an account at Chase, or Wells and initiate the LC Bank withdraw from your Chase or Wells account. You can do any amount