5 star: | (11) | |
4 star: | (4) | |
3 star: | (5) | |
2 star: | (8) | |
1 star: | (17) |
Should be named Live Hoax Bank. They accumulate deposits with high APY's and then screw customers in every way imaginable. LOB technology platform is an oxymoron and the bank's staff is completely ignorant of basic banking. It is incomprehensible that this organization was granted a banking charter and participates in the FDIC insurance program. This is a bank waiting to fail and unfortunately U.S. taxpayers will be fitting the bill. Do yourself a favor and bank with a competent institution with knowledgable staff unlike Live Oak Bank.
I've had this account for a while (since 2017.) My funding account was a credit union which closed operations in my town, and all the members' accounts were closed including mine. So I went with another credit union.
Well, I have yet to get LOB to accept my new credit union account for funding. I've tried a few times. I was told to mail a voided check. Uh no, I don't want to do that. That is too risky for me.
Well, the last couple of times that I've tried, they have a new system where you search for your institution by name and login to it. I was not a fan of doing that, but I did it. Yes, you login to your other account (username and password) from the LOB platform. I think it was called PLAID or something. In theory, it is supposed to help them verify, and then they will send you a couple of micro deposits.
The first time, no micro deposits came. I think that was the time I reached out and was told to just mail a voided check. I'm not doing that.
Time went by. Months maybe a year or more, I can't remember. I tried again. This time I actually got the micro deposits in my funding account. I was so excited. So I logged back into LOB, and there was absolutely NO WHERE to type in the amounts to complete the verification.
So again, more time has elapsed. I tried again tonight. I hope that it works this time. I can't get money in nor out of this account. And get this... I actually live in Wilmington NC!
I've never tried going to their HQ here in Wilmington. I'm not sure they are a retail bank like that. I've seen pictures of their facilities, and they have some sweet digs though. But as for showing up in person, I shouldn't have to do that. It's 2024 for goodness sake.
**Update** It seems that my review here was noticed by LOB, and a customer service rep named Tabitha called me the next business day. Tabitha was amazing, very friendly and understanding. I really enjoyed talking with her about all this. She is a gem.
But with all her help, I was again not able to receive any micro deposits. She suggested that I email a copy of my credit union statement to show that I am indeed the owner of that funding account. She even said that I could email her a redacted copy.
I still don't feel comfortable doing that. So I thought about it. I have a 2nd checking online account that I never use. It is a well known bank, not a credit union. So I decided to try to link that account to LOB. Well, PLAID wouldn't even let me log in to that account.
I don't think this is LOB's fault. This is a PLAID issue. I did some research online, and this sort of thing is a big issue with PLAID. Also, looking through the other reviews here, I can see it is a PLAID issue.
When my original CU closed down in 2022, I had to make changes to all my other accounts. Being the weirdo I am, I have several online HYSA, a couple of brokerage accounts, a Money Market, and the 2nd checking account mentioned above. They all were changed very easily, except for LOB and another HYSA from DSD.
DSD won't do an online verification at all for any secondary funding account. I have no idea why, but they want me to send them a voided check, which I'm not doing. But of all the accounts that did let me change my info easily, the common thing is that they did NOT use PLAID. They just asked me for my routing and account number, did the micro deposits, etc. So it has to be this PLAID system that is holding up my LOB setup.
So what to do? I have decided to just leave the money in there. It's not much, and it is earning interest. Maybe one day, PLAID will work, or LOB will move to a different system or do it like it was when I originally opened my account there. It's not a big deal to me. There's not much in there anyway. I will just try again in the future, maybe once or twice a year.
I will say that this bank has awesome customer service. Please do not let my experience dissuade you from trying them out. But if you've ever had trouble with the PLAID system, be aware that LOB uses PLAID. You can still get on LOB, but you may have to email them proof of your funding account.
Tabitha, if you read this, thank you again for your excellent customer service and for trying to help me. I really do appreciate it.
Oh, I also wish they offered an ATM card.
iPhone app cannot deposit mobile checks. Can you imagine that for an online bank? Lots of other bugs and issues that they do not care to even fix. It's kind of mind boggling that an online bank would have such a crapp online experience. They do well in other areas. They just simply don't care to have their app and online site work well. Don't care to fix it. Don't waste your time or headache.
I should have known from the silly, time consuming application process that this would not be the bank for me. But I jumped through the hoops, in search of their (at the time) very good savings and CD interest rates, and their live customer service. What good is human customer service if the bank itself has the reps' hands tied with cumbersome and unfriendly procedures? I have a one person business and I travel full time. I can't even tell you how many times I have been unable to access my money because they've shut me off for some silly "fraud" thing or other (like asking for your balance at at ATM before withdrawing money - seriously, that gets a fraud flag). They're not open nights or weekends, and have no fraud department, and when you call the customer service people they can't even see any flag. The reps have to "reach out to the team" for the most basic answer, and when you complain they tell you the issues are because this is a "new product." Everything seems to require a verification letter. Transferring money to external accounts is always fraught with some kind of issue, and they always blame it on the other institution. But it was when I lost my wallet containing everything - all my debit cards, my IDs, everything - that I lost all hope that they'd ever straighten out. I requested that they expedite me a debit card, and they told me that while they could request that it be expedited, I should not realistically expect it for 10 days. I'm contacting a bank that has all my money, I've got about 10 bucks to my name, I'm 3000 miles from home, I don't know anyone... and they want me to wait ten days? There's no option to get it faster even by paying a fee. They offered to wire me my money but of course you can't pick it up without an ID, and mine was in the wallet I lost. Another bank suggested I add the card to Apple Wallet, but they had shut it off already so that wasn't going to work. My other bank gave me a virtual card to use with Apple Wallet and that's what saved me - not something Live Oak would ever have done. Their slogan is that they want to be America's business bank. How about you learn how to service business customers and stop punishing them for giving you their money?
Opened a Business Savings Account and 6-Month CD in January of 2023. Easy process. When rates rose, it was reflected in the Savings Account automatically. The CD funds were easily transferred into the savings account at maturity. Moving funds from Live Oak to my external biz account and vice-versa was just too easy through the web interface. Couldn't ask for more.
Absolutely, the worst bank I've ever dealt with. They wasted so much of my time. In addition to all the problems in my first month, Live Oak Bank automatically closed my account because I do a small amount of international business. They didn't like that I get an occasional wire transfer. You know, that standard thing that all banks handle.
In addition to that, there's all kinds of "fun" surprises you'll learn once they have your money. Like, they restrict how and when you can move money around. They don't tell you this upfront.
I only found out because I transferred some money from a LiveOak account to a Chase account. LiveOak manually canceled my transfer between the linked accounts because "they didn't want it to move there". To be clear, Chase was a verified and linked account within the Live Oak system, and LiveOak would let me transfer the money to a different bank account, just not the one I wanted it to go to. I was told by their customer service rep that "as our relationship gets established, I'll have more freedom to transfer my money between MY accounts". WTF????
Anyway, this bank is way more trouble than it's worth. Don't waste your time, or they'll waste yours.
After 5+ years as a customer I dropped them which I did not want to do but.... CD rates at 2% across the board except for the 1 year. There are dozens of others over well 4% and 5%+ now for 2+ years. Savings rate just upped to 4% when dozens of others are well over 4% and have been for months now while LOB languished for months on end at 3.50%. They used to be top 5 in rates consistently but as soon as rates began to climb LOB seems to be content to not even crack the top 20. Also their 7 - 10 day hold time (yes 10 days hold depending on what day of the week funds were transferred in) was not worth it anymore. Their Customer Service was always Stellar though for sure. I really do not know what happened to them (other than their stock price being down over 50% in the last 1 year). It WAS a really good online bank but I can see over the last 8 - 10 months they really are not going to do anything to separate themselves from the middle of the pack. I am sad to have left but my money has been working A LOT harder for me over the past few months.
Their CDs interests nosedived from 4.6% to 4.45%. As Fed. increased rates, Live Oak reduced its rates, this left no incentive to invest in CDs with them.
Just a FYI to folks who got the $200 bonus for opening a $25000 account at Live Oak Bank in 2022 - Live Oak Bank is not reporting that bonus in your interest income on Form 1099-INT for 2022.
I called them to ask about this and they said that the amount was not reportable since it is below $600. I don't think Live Oak Bank is handling this properly since all the other banks that have paid me bonuses for depositing funds have reported the bonus amounts as interest on form 1099-INT for the year that the bonus was paid.
So if you do your taxes and rely on the amounts that Live Oak Bank initially reported on 1099-INT there is a chance that Live Oak Bank will send a corrected form 1099-INT in the future forcing you to file an amended tax return.
I have two HYSA business accounts and a personal HYSA with Live Oak. It is not easy finding a good bank that offers HYSA for businesses. Their on-line platform works flawlessly; their communications are always prompt; their transfers to external accounts are exceptional. I have transferred six figures from LOB to external accounts in the morning, and the money is in these external accounts the next day. Due to the nature of my businesses, that is important to me. What would make LOB a great bank is a more competitive savings rate. Its not bad, but not the best. I'm sure greatness comes with an economic cost, and perhaps that explains why LOB isnt in the top tier of personal HYSA.
I had a Live Oak savings account for a couple years and it was a mostly smooth process opening and funding my account, and doing ACH transfers. Website and app are simple but easy to use. For awhile, it wasn't working with Mint, but that was eventually fixed.
I ended up deciding to close my account, trying to simplify and consolidate my accounts and get slightly higher interest elsewhere. The closing process was VERY easy, talked to a couple customer service reps who were great, knowledgeable, and processed the closure fairly quickly and on the schedule they promised. That has not been my experience with other banks, so Live Oak Bank gets some bonus points for that.
I've had LOB accounts for several years and overall, I like this bank.Their customer service has always been responsive. ACH transfers are usually quick and easy. The current savings account rate (3.50%) is good but not great. Regarding wire transfers, they need to provide reasonable security without overcomplicating and delaying the process. I gave up trying to fund a new account at another bank via a LOB wire transfer. Providing an "account verification letter" for an account that hasn't been funded can be difficult.
I'm a 60 year old dude who sold his home and have money to invest that earns more than 0.013% from local banks. I have seamlessly invested money in Ally.com, without problem. Because of FDIC insurance rules, wanted to diversify. Saw the good rates at Live Oak Bank, and gave it a shot. Submitted my application. First rejection e-mail received said my SS card was not acceptable, need to submit a photo of "color" SS card. What I submitted was "color", but it's 60 years old, right? It was color! So I resubmitted. Next rejection e-mail I received stated that the credit card invoice I submitted as proof of my address was not acceptable, as it was not a "utility bill". I am currently renting, after selling my home, and am not responsible for utility bills. Which is why I submitted my credit card bill. Hmmm.... which invoice do you suppose carries more weight? A credit card bill or an invoice from your waste disposal vendor? Regardless, Live Oak Bank, which should actually be names Dead Oak Bank, rejected my application. I'm done. These guys are amateurs. Put your money in Ally.com.
I've been a customer of Live Oak for over a year. I have tried a lot of different online banking over the years, and I can say I find them very customer friendly. Contacting customer support for questions about CD's, transfer have been very smooth.
The only problem I have is that they lag behind other online banks for simple interest rates. But I do feel secure with them holding my cash.
Recently opened a business savings account, and I have found the application process, as well as customer service, to be great! We have had no issues whatsoever! As long as this bank continues to be top-notch with a strong savings interest rate for their businesses, we plan to stick with them.
Customer service is friendly, polite, cordial and yes incompetent. Call at least 3 times w question to get two like answers to that question, before relying on an answer. Funds are welcomed and easy to bring in, transferring out, barricades and road blocks abound. Attempt a wire out, be prepared for for an array of hoops to jump through. As in: incomplete/wrong info from CS as to whats needed, letter from receiving institution verifying your account, written instructions to LOB sent by a secure web site to LOB, refusal of wire department to let me speak w supervision and as I recall a Docusign verifying the transaction. So I missed a time sensitive wire out of funds, costing me money. Certified letter to bank CFO and CBO about the Chinese fire drill at CS and the wire department--no reply.
I don’t know what’s going on at this bank. Live Oak has been continually falling behind the APY rates of even the big name conservative online banks. And it’s not like I ever expected 3.5% - 4% from this bank either. (though that would be nice!!) I’ve been with L.O since January, but lately they can’t even keep up with the classic laggards like American Express, Marcus, or Barclay who are all at 3% now. I’m with 7 different online banks, and at 2.75% L.O is the lowest paying APY. And LiveOak is NOT the easiest bank to set up external accounts or initiate ACH transfers either. Barclay, AmEx, and a couple of others I’m with are much easier. I see a pattern with this bank;They will have you sit around and wait while they drag their feet and at the last minute reluctantly play APY catch up with the other lower paying banks I mentioned. So then, why do I need to keep my $200K here? The Fed Reserve will raise rates again in early December and I expect that L.O will still be playing this same game.
So I cannot open an account because in trying to confirm my primary/only email address, it sends a code to your email address first to confirm. Live Oak Bank can't send emails to comcast.net addresses.
I phoned Live Oak and the attendant said yep it is a problem that has been reported to us in the past. We cannot send emails through comcast and therefore cannot open you an account
I’ve had a high-yield savings account with them for years. Easy access. Great bank!
Opened 2 CD’s this week with no problems. These were my first CDs with Live Oak. They were opened with ACH transfer. I only had to give my external banks routing number and account number. 2 small deposits were deposited into my account which I verified with Live Oak and my accounts were opened. All banks should be so easy. Thank you.
The rate looks good, but the only way to fund the new account or link external accounts is by giving Live Oak the username and password for your external account. This seems like a major security compromise. It sounded like the Live Oak customer service rep was reading from a script (which he denied -- also concerning...) as he tried to convince me that this verification service has been authorized by my external bank and that only the external bank would see the login information. The thing is, I'd be typing the external bank credentials on the Live Oak website.
I checked with the external bank and they strongly recommended against disclosing the login credentials. I'll take their advice and look for a bank with better security.
I bought a brokered CD from Live Oak through my Schwab account. The Coupon payment was due July 1st. Today is the 13th and the payment still has not shown up. Schwab is supposedly looking into it.
Bank still does not work with Mint, when they originally changed to their new interface back in August of last year, I waited about 3 months to see if they would fix, they did not, so I withdrew all of my money from their bank.
Fast forward 10 months and they STILL do not have a working connection, that's unbelievable. I was considering taking advantage of their new rates, but won't even bother since that connectivity is still broke.
I've had two interactions with LiveOak Bank Customer Service Reps, and was impressed with both individuals. They were professional, polite and quickly solved the problems. I've been with this bank for only a couple months, and so far, so good.
A friend of mine has been with LiveOak for a few years so he recommended me to open a CD account there. My experience was horrible and I thought to caution others about what's going on there. This bank seems to be going downhill--big time!
It is an Internet-only bank, but is worse than a brick-and-mortar bank. Neither they have common sense nor they have technology to swiftly and expeditiously process an online application. My account opening took almost TWO WEEKS, and eventually I got fed up and told them to cancel my application. (If I had physically gone to a brick-and-mortar bank, this would have been over in half an hour!!) Their requirements are so onerous that it feels like they are treating you like a criminal!
I applied online on May 20, 2022. As per their requirement, I uploaded a copy of my driver's license and a copy of my utility bill. I didn't have my SS card with me then, so I uploaded a copy of it the next day. Then, by May 24, they had made two microdeposits in my external account, which I also correctly verified. Please note that their software asks you to provide log-in details of your external account!! (Yes, your log-in details!!) They do have an option to manually link the external account via account number and routing number, but they make it extremely difficult to find that option on their website. Luckily, I found it after some hard work!! I did NOT give them my log-in details for account at another bank.
Anyway, after all of these things, I received emails from their support staff that now they need COLOR copies of my driver's license and ss card, AND the most recent statement of my external bank account. (Remember that their application process does NOT require such color copies. Also remember that neither IRS nor our judicial courts require COLOR copies of such important documents.) Anyway, I had submitted black-and-white copies of DL and SS card during application, and had already verified their microdeposits. So, I decided to speak with the customer service to get their explanation of WHY they need such additional details. I got to speak with a manager who appeared to be well-trained in parroting the corporate talking points without any ability to cogently explain what she is talking about. According to her, such requirements are there to prevent fraud! (Seriously??) Because she did not explain HOW these demands prevent fraud, I had to explain to her that I am submitting a ton of my personal information to LIveOak, and I am giving money TO the bank, not taking money FROM the bank...Who is defrauding whom here?? I spoke with her on two occasions--May 31 and June 2, 2022--without success. All was a waste of time...They take so much time (counted in "business days" as per the manager) to respond to a simple query.
Sensing their rigidity, I eventually requested the manager to cancel my application and delete my personal information from their system and confirm the deletion to me via an email. She has promised me to take care of that--again--in a "couple of business days"! (They can't even close an application on the same day!!) Will update my review as to what I heard back from them and when.
Final thought: I am a foreign-born US citizen. If they requested all of these stuff from me because of my foreign-sounding name, then it will be clearly discriminatory and despicable. However, if they do this to ALL their new clients, then it is simply asinine and bad business practice in today's Internet world where other online banks can wrap up the whole thing in a few hours and WITHOUT any submission of documents. LiveOak appears to be either technically backward or intentionally fishing for more and more personal information from a customer. Either way, we lose! (Remember, they have NOTHING to lose in this fishing expedition...)
Anyway, although I wasted almost two weeks for nothing, I am glad I am out of this nonsense. If someone else wants to be a sucker, then it is his/her choice. I just can't keep satisfying their unreasonable demands. There is a limit to data collection...I will keep the readers posted of how fast they close my account and how securely they safeguard/destroy my personal information. AVOID this bank at all cost...There are many equal or better alternatives online.
While the competition is down ~30%, LOB is down twice that. Should we worry?
I have been with Live Oak For a while now. I have never had a single issue with the bank. I have both savings and CDs here. Their savings rates are always at the top of list and the CD rate blow away the competition. The latest app has issues remembering fingerprint login. Rates are easy to find on the website and they are quick to react to fed changes. It's too bad they only offer savings products for personal customers, as this would be my main bank if they offered all services.
I opened an account with this bank in the fall of 2017 largely because it had one of the highest rates I could find. During the subsequent (nearly) 4 years (up until the August 23, 2021 "upgrade") I was very satisfied with this bank. Granted, interest rates gradually fell (as did those of other financial institutions), but still remained "near the top of the pack". I accessed my account totally online to park my reserve savings and was able to easily move money to and from my other financial institutions. Customer service was easy to reach and friendly. The website gave me all the information I needed (ie: routing number, interest rate, etc.),
That was BEFORE the "upgrade". Now things have "gone down the toilet". The website is totally "bare bones". You can't find the current interest rates, their routing number, and little meaningful online help. They place a longer time delay on financial transfers, and don't keep up with current interest rates (you can find rates 40% higher elsewhere). The only thing this "upgrade" (more properly labeled "desperate cost saving measure") has accomplished is to funnel more of your hard earned dollars into the pockets of those in charge of Live Oak Bank. I recommend finding another financial institution to lend your money to.
I tried to contact this bank on behalf of my mother. Phone number 866-518-0286 listed on the contact page is disconnected. Another number found on google search 866-438-9393 is also disconnected! There is no sign in button or dialog box on the https://www.liveoakbank.com/. How can anyone get their money?
What a Joke. Opened a CD account online at 0.75 percent. Five days later I received a telephone call from Live Oak customer service stating there was a problem opening the account online and I needed to cancel my application and try again. When I did this I found out the interest rate had dropped. I questioned why I could not get the interest rate that I had when I first applied online and the answer was " sorry" the interest rate has dropped.
I WAS a new customer in spring 2021....then in August 2021, Live Oak 'upgraded' their system. Account not available for several day and routing number changed! I tried to access my account after the 'upgrade' and I needed to have a cell phone for them to send me a code. They sent a code via email- was only 5 digits, needed 6 digits, then hung up on me. I closed the account. They NEVER indicated I needed to provide a cell phone number to get into my account. The hackers have it easier.
I am puzzled with some of the experiences others have talked about...This is my third CD that I have had with Live Oak, I closed the two prior and in both instances I received the proceeds promptly into my account.
I just opened a new CD account and with 5 minutes I was completed and awaiting the transfer of funds from my account. I thought is was extremely easy, I though the website was easy to navigate.
Absolutely infuriating. I am a banker myself and I am absolutely appalled at this company and how it treats its clients. I opened an account due to the high APY. Month after month they drop my interest rate by .05-.10 percentage points. This is perhaps the most deceitful financial institution I have ever dealt with and they should be investigated for "bait and switch tactics." It is NOT normal for a financial institution to constantly lower its APY... this is typically done an an annual or semi-annual basis and is based on the current economic conditions. With an economy that is booming, it is absolutely mind-boggling that this "bank" would be lowering its rates month after month. I will be closing my account as soon as it's a zero balance.
I opened a savings account with Live Oak Bank two months ago because they were offering the highest APY available at the time. Two weeks later they dropped the APY. And then 1 month later, they dropped the interest rate AGAIN, each time effective with only two days notice, even though we're clearly in a rising interest rates environment. It's apparent that they were only temporarily propping up their rates to get people in the door with the intention of dropping them later as soon as people were onboarded.
Frankly, their poor online portal and terrible customer service is enough of a disincentive to get me to move away when they aren't setting themselves apart on rates. But in any case, any company that engages in such a bait and switch doesn't deserve benefit of the doubt. I'd recommend using one of their larger counterparts (Citi, Marcus, etc) instead if they aren't going to set themselves apart on rates.
I also had the privilege of speaking with James Pate recently, which was a real treat. It is a rare thing these days to connect with someone who truly understands and performs great customer service. Good to know this kind of service is possible from Live Oak Bank.
Excellent additional Customer Service provided me by James Pate! I will for sure come back to this Bank no question! Its hard to find just simple GOOD Customer Service! But with Live Oak it's happening! might I add...Kelsey deserves a raise and does James Pate!
Best!!!
Joel
Let's get it out of the way that Live Oak has one of the worst user interfaces I have ever seen: the accounts do not update accurately, nor is it user-friendly by any means, but the greatest issue I've had is how inconsistent the transfer process is. Live Oak has no problem taking payments from external accounts on time but as far as transferring from Live Oak it is hit or miss that your other account will receive funds as scheduled.
If you are going to set up the account and forget it, Live Oak is fine, if not overhyped as I've gotten more competitive rates from credit unions. If you actually need to use your bank or want to transfer between savings accounts, find something else. I'll be closing my account.
The actual "real person" people were okay during their selected business hours, but the hours are not good. One would think that , with the money they are saving by not having any branches near me, they could have 7-day, 24 hour customer service on line or by phone, or something like that.
They only have Mon-Fri hours; and no late-hours. The site was not easy to navigate, and if you get stuck, you must wait until the next business day to find someone to move along the CD process. Moreover, I did not like the way they set up an external bank, using that "Plaid" system. They seem to bring the external bank into their site; and I don't like that occurrence. Why not a simple transfer with routing number and account number? For the few dollars I gain, it's not worth trying this bank; I'll stick with one of my established banks for CD's; where I can work with live people on the weekends.
Keeps asking for and then asking for changes to but then not accepting security codes, login codes, passwords, around and around the same sites repeatedly. Could not straighten out with customer representative. I retired from the banking business
and do online banking without many problems elsewhere.
I started the process transferring of funds from my Live Oak Bank savings account to a large bank in Houston, TX on Monday, March 15, where I have had an account for 23 years.. I went through the trial deposit experience using the website and reported the amounts. When I tried to transfer the funds I was told I needed verification because it was a new account. I have had a CD account with Live Oak since 2016, but the savings account was a place to deposit CD funds because CD rates were so low. That information established, I tried again. This time I was told that they needed an electronic bank statement from the receiving bank. By then it was Wednesday. I sent the statement. I called back today. I was told that the transfer will occur either tomorrow or Monday. I have transferred funds from 2 other online banks this week, one with a new account. I didn't have to go through all this. Very frustrating. Were they trying to keep my money, a fairly substantial amount? Monday will be the 6th business day since I initiated the transfer.
Good customer service and loved the ability to assign and delete beneficiaries within my online account. You can even print a copy for your records. I wish all banks had that feature. However, I think I stayed too long. Throughout the three years I had accounts with this bank, found errors in totals on two occasions. Then I realized that the savings account activity page did not give me the balance after each transaction, which made it very difficult to trace if your deposits are being added correctly. That did it: No more business with them.