It took the bank over 3 months and half a dozen attempts to process my initial deposit (a bank to bank direct transaction)...long enough for over a hundred dollars of overage fees (their new and increased fees, not the ones I signed up under) and low balance fees. Note that my balance and deposits were OVER the minimum required to keep it fee-free...but because they kept drawing enough fees to keep the net balance too low...yeah that's how they steal from you.
I finally managed to get what little left I had out...and gave written instructions to close my account.
The bank is not complying with written instructions and leaving the account open to wrack up, you guessed it more fees...even as the balance has dropped below zero from their own fees. I'd give it zero stars if possible.
Decent interest rate on the MMA but not the highest available. Website is a pain to transfer funds from/to (in addition to your password you need an alphanumeric PIN, which I inevitably forget.) I keep the account but it's my secondary place to place funds.
I have had accounts at many banks from mega-banks to small community banks. Memory Bank is by far the best bank I have ever worked with on every single level. They are paying the highest APY on my money market and by adding a free checking account (that pays a generous 1.6%) it is super easy to move money in and out. All this is without a single fee.
More than anything else though, their customer service is remarkably good. If I have a question or concern, I call and within seconds am talking with a real live competent and considerate person. I have never had to call twice or speak to more than 1 person to get a 100% resolution to my question or concern.
Thank you Memory Bank/Old Republic. Y'all are amazing!
Keeping your rainy day fund in a credit union offering .01% interest is nuts. I've banked and managed investments online for years, but I needed a high yield savings account. It was very easy to set up my account. You need to provide lots of data, but that's just post-9/11 banking. I needed access to some of my money in an increment that was larger than the baseline maximum allowable daily withdraw amount. I studied the website but was stumped, so I called customer service. I spoke with an extremely gracious, courteous bank representative who walked me through my options and solved my problem in less than an hour. Great service, great rate, I highly recommend.
I've been using Vanguard's Advantage account for money management. They offered competitive interest rates and excellent money management services (checking, ACH, online transfers). It was all easy to use. However they decided to discontinue their Advantage account. My other alternative would be to use a bank like Bank of America or Charles Schwab bank. Both offered the services I needed but their interest rates were very low compared to Vanguard. I found Memory Bank and am very pleased. Setup was easy, customer service has been excellent, and it offers all the services I was looking for, all with competitive interest rates.
I opened savings account and $500 was deposited with initial credit card funding. They hold it for several days and my credit card was charged.
Several days later, I submitted my application for checking but the verification questions were not related to me. and then I was declined for checking. I received email that I will receive a letter for adverse action but can't explain it in email.
When I tried to log into my account, I was blocked so I called them and they said my account was closed and the savings account was closed too for verification of identity issue, which I was not informed of. They said my credit card charge ($500) is back to my credit card in a few days.
I wasted my time and effort. So frustrated and upset.
The strange thing is verification questions are not related to me for some questions so if they can't verify with the questions citi bank asks me to call and then send me a authentication code to verify my identity (when I set up external account, verification question pops up but sometimes there are question unrelated to me so I check none of the above then it shows they are unable to verify my identity.)
I will rate this bank zero star.
Their system is absurd and they don't even notice important thing. Just used the fund for several days without giving interest and closed out.
I called them again and they said cashier's check will be mailed ($500) and external transfer money is not received as account was closed though sending bank already debited the external transfer and it is nowhere.
I called the sending bank and asked me to check with memory bank.
I contacted them again and they received my call with very unkind attitude and told me that the ACH money will be back in 2 days.
The customer service representatives are not well informed as the first rep told different thing from the second rep and they are so unkind. They did not apologize nor say sorry.
I had to call many times to my banks for it.
I have never been so unpleasant by customer service representatives. Maybe they do not have to be kind to the customer who is not their customer any more, but there are lots of banks out there that offer similar rates with better system and customer service.
What an inconvenience!
I have high credit score.
I had no problem with opening accounts with Citi, Chase, HSBC though it took some time for HSBC while Citi and Chase opened my accounts immediately.
Now I know the reason why other people posted negative reviews.
If you are looking for high interest rates, you better seek other banks.
Been banking with memory for several months now. Great rates, no hidden fees, but they have a couple of stupid rules.
1) It is impossible to add an authorized user AFTER you open an account. They will not do it because of “security” concerns. I guess they are the only bank on planet earth that cares about security, because everyone else can add authorized users without any issues. If you want to remove an authorized user you have to close the account and open a new one. The only exception is if the authorized user dies.
2) Their money market savings account is really a checking account in disguise. So if you select “savings” for an ACH transaction, your money won’t make it. You must select “CHECKING.” I don’t get why ACH cares and needs to make this distinction anyway, but the whole ACH needs to be modernized and revamped. (The UK’s ACH takes just a few minutes to move money between banking institutions.) I digress a bit, since the ACH has nothing to do with memory.
3) if you are going to apply, use a username that you don’t care about for the application process because you need a different username for your actual account once everything is approved.
Those are all of the strange things I have noticed so far. They used to put holds on my check deposits at the beginning, but they don’t do that anymore and it seemed like it used to take longer to complete and ACH than normal, but that all seems to have stopped now. I have had zero problems with software stability on iOS like others have stated. Maybe those bugs have been fixed. Also, their customer service is VERY friendly, but they can’t change bank policies, no matter how stupid they are.
I wanted to join this bank due to no minimums, no fees, great rate at the time. I was finally was able to join when my application was finally accepted on the 7th try after being overridden. They use public information, but whatever their source for that specific item in question was, they would not disclose. I kept being declined because of some inconsistency with my address. Having extremely high credit scores, and living at the same address for over 25yrs did not help me at first. They claim some information provided by Chexsystems (CxS) was not matching up with the mystery public information they used to compare. Interesting that when I ordered my CxS report there was absolutely nothing questionable on it. I contacted CxS about what was going on and they claim that they had no idea what MB was using to compare the information provide to. In the CxS report it showed all the other banks that had made inquiries and all approved my applications without any issues. MB finally approved my application but I still do not know what that public information source is. I have no way of being able to dispute what I can't find or see.
UPDATE: In less then a year I closed my account in late Aug 2019 due to the new $15.00 fee if the account balance drops below $1000 at any time during the statement cycle. Since I'm a rate chaser this bank no longer meets my needs when I move funds about to get better rates while trying to avoid this ridiculous fee.
I would never put my money back into Memory Bank. Their app is terrible - UI is bad, it crashes often, and the work flow is bad. But by far the worst part about memory bank is that you *cannot* easily get your money out. They make it very difficult. It takes a long time, and you cannot deposit nor withdraw much at once. They need to raise their caps, have better policies and improve their banking experience.
We received an email saying they needed more information about security questions and to call them. I called them from my home phone and was asked 3-4 security questions, one was even about what year I had bought a van that I had owned in the past around 15-20 years ago.
I do give them credit for answering the phone promptly but doing business the way they do is ridiculous. There is no reason they should have rejected my application having a 827 credit score, and forwarding them all of our personal information plus copies of both me and my wife's drivers license.
Discovered Memory Bank online when searching for Money Market accounts. Contacted Memory Bank with some basic questions and was surprised how well I was treated. I received better service from Memory Bank (online bank) than I do with my primary financial institution. Give them a shot!! You won’t be disappointed.
Frills-free high interest checking at rates that dwarf those of other checking accounts without any debit requirements of reward checking accounts: Yes the website is last generation and the app is basic but the benefit of this account is to simply plug in all your automatic debits, keep it funded for them, and watch your returns add up. The only downsides I've experienced all had workarounds. For example, at no point in the application process or in your statements will you see you new account number.
That may be annoying, but just copy it off the three free checks they send you. There is no other checking account on offer anywhere now with an unlimited number of debits per month at these high rates without the hassle of tracking any number of debit card transactions to qualify. Just sign up and forget it.
I set up a money market account to draft my checking account (at another bank). I could not see the new bank account on my login and I called to see what the problem was. The phone rep told me the account would be visible and funded the next day. (The other bank's account had shown a withdrawal the day before I called.) The next day I called since the account was visible but not funded. I called again and they told me that it was 7 business days before I could see the money in the new account. There was no notice that they would hold the deposit for 8 days. So, they've demonstrated incompetence (two CSRs say different things) and greed (at holding deposits for 7 days.) Better to do business elsewhere.
I have had several high-interest "internet" accounts for many years. MemoryBank is by far the WORST application process that I have encountered. See the other reviews concerning the userid/password/"application account"/real account confusion, the re-entry of data, and the necessity to have the external funding account verified TWICE -- once by the application process, and then again by the account process even after "instant acceptance". I did not DARE select the "securely login to my bank account" option despite the security assurances on-screen...this baking site is so not ready for prime-time that such a mistake would be akin to painting a target on oneself for identity theft!
I'll finish the process, because the deal was good. Will get no more than required deposits until they prove my observations and fears unfounded!
Opened this account 4/17/18. It must be very secure because it took me 2 days of talking on the phone and chatting online with people to finally get this account set up on line and money deposited in it. I was referred by Tax Act and it offered cash back if I made minimum monthly deposits. I plan on doing that so I'll be holding back on a 5 star rating after I see how committed they are to their promises. I do like the website. If you pay attention and look carefully you can easily navigate to where you need to go. Staff have treated me in a very professional matter. Furthermore... I think it's a good idea to build up credit with a young company!
Memory Bank is a solid institution that is worthy of recommendation. I was able to open an account online easily, quickly, and with little hassle. Additionally, I was able to fund the opening deposit with a credit card which made it even easier to load funds. It only took a few days between when I applied and when my account was opened. Your account has access to all the common features that other banks have: bill payment, online transfers, etc. While I have not interacted much with customer service, when I have, I have found their representatives to be courteous, helpful, and diligent. One of the best things about the account is that monthly fees are incredibly easy to avoid. Additionally, I have not found it to be a problem that the bank has no physical branches. This has not had an effect on the great service I have received.
at first everything went smooth got an account opened asap. I was pretty pleased, then my job took awhile to get direct deposit set up and I had my monthly fee come on there I went online thought I could use my pre-paid card to get money on the the account like I did when I opened the account but wasn't able to so I called the bank and they let me know I could use what is called pop and get money on the account so I tried that and still wasn't able to get money on the account. So another month went by and still direct deposit hadn't been set up at my job yet, so another monthly fee on my account and still no way to get money on the account so it wouldn't be delinquent. Then my job gets direct deposit set up and I hadn't received nothing in the mail that the account had closed received a bank statement on 12/16/17 showing what I owed so I had my job deposit the check and then I go online and see they closed the account after my check had already been sent to deposit in the account. I call them and the first person I spoke with was very nice and was really trying to help me out. She explained about the 12.96 that was owed on the account and I told her yes I knew and had tried to get that taken care of and pretty much learned that unless you have your check directly deposited in the account it is almost nearly impossible to get money in there. She tried to see if they could open up a different account for me and her supervisor said no. Not sure why because if they would take notes properly they would have known that I tried to get money in there to take care of the -12.96. SO since her supervisor wouldn't let me open up a different account since there other one was closed she promised me that as soon as they received my check they would deduct the -12.96 and then issue a check and send it overnight to me. well that was on Wednesday of 12/20/17 here it is 12/27/17 and I called the bank and now being told that they deposited the check on the 12/21/17 and that it can take up to 7 to 10 business days to get my check which I was not told that on 12/20/17. Their excuse was well that was a different department and we have no control over that. I told them COMMUNICATION GOES A LONG WAY AS WELL AS TAKING GOOD NOTES WHEN A CUSTOMER CALLS. That they could have sent the check overnight like promised but hey it isn't anything they have to worry about for it isn't their bills not getting paid. If I were you I would not bank with this bank there are other ones out there that I am being told that is a lot easier getting your money into the account without having to go through hoops.
My experience with MemoryBank has been one that has worked quite wonderfully. I don't need to visit a branch so having an online only bank is perfect. My paycheck gets directly deposited and I have availability of my funds just the same as when I used the local brick and mortar bank. I would recommended Memory Bank to anyone looking for a simple easy way to bank. I did have to call one time and work thru an issue with one of my checks that hadn't cleared and I was concerned that it was lost. The person I spoke with was very professional and put my mind at ease by following up on it and letting me know the outcome.
I just opened a "Interest Checking Account" with MemoryBank online, It is something I really want to do, because it is important for me separate what I buy on line. The service custumer was really good, I dont have nothing bad to say about it. It is a easy way to transfer money. I liked to open an "Interest Checking Account" because It allows me to enjoy free checking with free ATMs and earning a good interest. They have many benefits, you are able to do everything from your smart phone, It is really easy to use the app.
I applied to 5 different online banks with similar rates to this. This bank's application process by far took the longest to process...an entire week...while other banks had me set up and my account funded within 2-3 days. I tried to login with my created account and password several times over the week and it always gave me problems that it didn't recognize my username/password. I know the username/password combination I was using wasn't wrong. The website is terrible. And then after waiting a week, I got an email saying I was denied as an applicant without being given a reason. I own an $800,000 home free and clear, have an annual income that fluctuates but hovers around 100k, a credit score over 800, and have liquid assets of over one million. They have no reason to deny me. They just don't want to pay the 1.5% rate to those with large amounts of cash yet they're happy to take all your personal information in the process like your SSN and linked account/routing number. Seems like a phishing scheme to me. Very sketchy bank. Highly unrecommend even if you get a slightly lower rate elsewhere it's not worth the stress of dealing with this joke of an institution.
I recently opened a checking account with MemoryBank online because I wanted a separate banking account for all of my online purchasing. I was impressed with the customer service. It only took about 15 minutes to get my account set up. It's also very easy to transfer money from my local credit union to memory bank. This works perfectly for my online business transactions and the interest rates are much better than a standard bank.
I would give 0 stars if I could... Highly unreliable website, customer service, etc. Account opening took 14 days.. wow.. I closed right after as then money transfer or bill pay wouldnt work.. Feels like these guys are not close to being ready for online banking as everything with them is still extremely buggy. Go elsewhere and dont let the rates fool you..
Application fails if there is any issue accessing your credit at one of the credit bureaus.. The credit bureau they used today was having issues with their secret question dialog which I verified through customer service at the credit bureau so the bank could not complete the credit check even though the answers to the questions are correct. Once the process fails you are locked out from re-applying for 1 month. What a waste of time! At least their customer service was polite and tried to be helpful, but they have no control of the broken process.
I am very favorably impressed by Memory Bank.
Friday, April 14, 2017 funded account with credit card which was instantly
opened subject to approval
Monday, April 17 account approved giving me online access to all features
The website is very easy to navigate and user friendly; there's even a
tally of interest earned each day of the month
Wednesday April 19 3 free paper checks arrive
Friday April 21 ATM debit card arrives. Activated and selected PIN
of my choice with the same call
Friday swiped card at a supermarket showed up in account as debit
I have made several calls to the phone support and the reps have all be very knowledgeable, friendly and have answered my questions to my satisfaction.
They speak American English which is a plus.
I linked my account to Mint and it worked perfectly.
If you are looking for a liquid account with a bank that seems to go the extra mile, try Memory Bank.