| 5 star: | (6) | |
| 4 star: | (1) | |
| 3 star: | (1) | |
| 2 star: | (3) | |
| 1 star: | (7) |
You will Never get ahead with Merrick Bank unless you pay $75 to $100 Extra each month. A Minimum Payment of $65 each month will give you approximately $16 Available Credit!
It is Extremely Discouraging. Yes it's 100% my fault for not having good credit. But having a Merrick Bank Credit Card Increases Your Depression & Hopelessness if you Max Out Every Month because of No Money in your own account! You've got to Learn to Budget & Never Use Your Merrick Bank Credit Card.
Started the online process for a 5 year CD. Waiting for test deposits. So far everything has been very fast and smooth, very easy. I am using enrollment by acct. no. rather than Plaid as my funding bank seems not to be able to use Plaid currently.
Good rates and 9 month penalty which is not too steep as 6 month penalties can be hard to find and I am with several of those banks already and have maxed out.
The account opening process was quite easy but you must have funds ready for ACH at time of applying as it is part of the application process and funds were required to be on deposit in account before proceeding any further. As I was in the process of breaking a CD to fund this CD, this was a bit scary especially since I was told by a rep that they do utilize Chexsystems which is an issue for some people at certain institutions. However, process was pretty easy and straight forward if you are comfortable using PLAID and have the funds ready at time of application. It was confusing as it says you had 7 days to fund account , but the application wouldn't let me go any further without having funds available for immediate ACH. They do answer the phone and quickly and it's a human. A little odd they didn't have any savings or checking accounts however.
I have been a customer of Merrick Bank for a few years now. I had never missed a payment during that time. Apparently, I had a 13 dollar balance on my credit card but was unaware because I hadn't received a statement from then for 2 billing cycles. They reported the 13 dollar balance to the credit bureau as a missed payment. Merrick customer service was horrible. No help at all. They said the only way they could change a credit report was if it was their error, which in this case it was. My credit score dropped 40 points because of their lack of communication. The BBB is next to get contacted.
Just broke a 5-year CD with Merrick to take advantage of recent rate changes. Here's what I learned:
- They were willing to upgrade the rate on the existing CD (4 years left to go) to their current 5-year rate, without penalty.
- They were not willing to waive the EW penalty and let me open a new 4-year CD (to approximate the remaining term of the existing CD) at their current rate.
- They will not wire the funds to another institution, despite listing a "wire transfer fee" in the schedule of fees that is part of the Deposit Account Contract; apparently they don't do wires at all.
- funds can be transferred to another institution via ACH as long as you have previously linked that external account to your Merrick account (micro-deposit method).
- it will take them 3-5 business days to close the account and effect the ACH transfer.
That last one is a bit off-putting, though in this current rate environment I'm not too worried about rates declining. Stil . . . .
I have had a bad experience with their customer service department. To make a long story short, between the time I opened a 5 YR CD and Merrick funding the CD, my funding account was subject to fraud and had to be closed. After informing Merrick of this issue I was told that the account could be opened using the my new external account that replaced the account that was closed due to fraud but later that day I was contacted by their messaging system that was not possible and that I’d have to reapply for a new account.
Now Merrick shows the account as opened and funded since the ACH has not been rejected simply due to the time lag of the ACH system. So I was told that the account would be closed within 5 business days and I could reapply then. I asked the CS agent to guaranty the 4.75% rate for the 5 YR CD and he agreed to it.
However, an hour later another department sent me a message saying they would not guaranty the rate!
Once again another contradiction from this department to my detriment. I do NOT recommend Merrick Bank!
I opened a online 12 month Cd 10/13/22. The application for a joint account was straightforward and easy to navigate. I did hit a small snag when I was setting up my online access. I called the CS number and was pleasantly surprised to promptly get a live person. CS walked me through the online process on getting my passwords etc set up. Merrick got my funds transferred in one business day. I checked my account on 10/15 and everything was correctly posted. So right now I satisfied. Good competitive 1 yr rate and good CS.
New Accounts are funded via ACH from your EXTERNAL BANK account using the app PLAID. Merrick should state this BEFORE you start the process. Why is this important? Because PLAID requires you provide them with your Login ID + Password at your EXTERNAL BANK account. This should concern every potential new customer because:
In July 2020 a second class-action lawsuit was filed against Plaid Inc. and it’s new parent company VISA.
The first lawsuit was filed in early May 2020. Both legal actions allege that the company used its extensive access to improperly collect private user banking data. Plaid, Inc. was accused of collecting and then selling customer's private banking data.
Why on Earth would you give an app your personal security details when they are neither the funding bank nor the bank receiving the deposit?
Opened up an online CD Friday morning. Two test deposits to my linked funding account were made that afternoon and the ACH transfer was made Monday morning. Can't argue with that. The application process was straightforward and easy. The only problem I had was doing the initial login to my new account. As part of the completed application, Merrick supplies a User ID. But I had to set a password and it balked at that until I navigated through their "alternative" methods to do so. Turns out that I should have checked my e-mail because Merrick sent a note saying simply to use the last four digits of your SSN as the initial password. My mistake.
I opened a CD with Merrick. I printed out the papers with my user ID and account number. I have tried using all different combinations to access my account but nothing gets me into their website. I also received an email from them saying that I now will receive electronic statements. I can see that they took the 2 small amounts form my funding bank. Has anyone recently opened a CD with this bank? How long did it take for your to have access to their website?
Merrick bank is a joke! DO NOT OPEN A ACCOUNT WITH THEM!!! They filed a delinquency with the credit bureas for a $3 bill. At 31 days past due, and admittedly did not make any effort to contact me.
I had a merrick bank card for 16mo. (Closed it after this incident). The first year they charge you a service fee upfront. Your second year they apparently charge $3 a month. I never made a charge on my card. So I never set it up for autopay like the other literal 23 cards I have. Then was after the first year charged $3. Never received a bill, nor did they make any attempt to contact me. So they report my account as delinquent. Thats how I found out about the bill. When I got a alert from credit sesame and credit Karma. I watch my credit close and pride myself on paying all my bills on time!!! I have a mortgage, 2 car payments, 23 credit cards with a balance on 8 of them. I make atleast a dozen payments a month.
This ONE measly $3 delinquency dropped my credit score 20pts. I had no delinquencies, no charge offs, no bankruptcies, nothing... when I contacted Merrick for a good faith delinquency removal which I discovered can be done when I researched the issue, they exclaimed they don't do good faith removals?!
If you dont do good faith removals then don't report people without making them aware of a debt!
By charging you upfront your first year, then changing that practice the second year, they are trying to set you up for failure. None of my other cards do that! The very few that I have that charge a fee do it annually. They are preying on you, and the fact you will miss that first payment due to the fact your not used to seeing it.
That's a predatory buisness practice as far as I am concerned. I closed my account immediately. I advise you not to open one. Go with another institute that is more fair and honest.
Term Early Withdrawal Penalty
364 days or less 90 days’ interest*
365 days and 1,459 days 180 days’ interest*
1,460 days or longer 270 days’ interest*
* Or seven days’ interest, whichever is greater
Plus I can not easily find their fee schedule.
Overall great experience with this bank - opened 3 CDs online
On 4/18/20, I tried to open a 24 month CD. Submitted all info and asked to fund from my checking acct at another bank. Merrick deposited and debited $0.69 test deposits but never withdrew my opening deposit.
On 3/20/21, I tried again. Resubmitted info. Was asked to read and must agree to three documents. Links to documents were dead, so I couldn't agree.
Cancelled my application, won't be back.