| 5 star: | (2) | |
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| 3 star: | (2) | |
| 2 star: | (6) | |
| 1 star: | (17) |
I decided not to open an account with Pibank due to the wire transfer fee that Wells Fargo would charge to transfer additional funds to Pibank, even using Plaid as the transfer agent. Maybe I'm missing something, but this sounds ridiculous to me. I could get used to using my cellphone to run my account but who the heck wants to pay $25 every time you try adding funds to your account. Why don't they use ACH?
I read the reviews and decided to give them a shot. I have had an absolutely horrible experience. They will not let you transfer out the money and you are not able to close the account unless all money is transferred out. There is NO WAY to get your money back, at all. I've reached out about 15 times and they just give an alert that your inquiry is "completed" but they do nothing to resolve it, and don't even leave any feedback on what they've done. Literally, they just state that the request has been completed and that's it - there is no resolution and no talking. This isn't a bank, its a scam. Do not use.
PiBank does not have any website that you can access. They just have mobile app which is very basic.
They only allow to transfer money into the bank and they have not provided any option to transfer money out of the bank! - There is no option to link external bank account to PiBank.
I tried to add the Pibank account to my BOA account and that is getting errored out. As Per BOA, since pibank does not have an option to send money out, BOA is unable to link pibank account as "Transfer to and from external account".
I wish I had known about this before initiating 50K transfer from pibank via PLAID.
Update 3/14/25: effective April 14, Pibank will no longer initiate or accept incoming or outgoing ACH Transfers (including microdeposits)! I am closing account as a result.
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I haven't had any issues with the account, and it's been easy to reach customer service using their phone number, but it's worth knowing ahead of time that transferring funds using their system is tricky.
Incoming transfers uses Plaid, which is a third party system based on your login credentials at the other bank, and doesn't work with all banks. Took about 4 days for the transfer.
Outgoing uses wire transfers, which are fast but have a limit of $25,000 per transfer. Pibank doesn't charge for outgoing wires but some banks will charge to receive one. Also, if you're not familiar with using wire transfers, be aware that some banks use different routing numbers for incoming wires vs. ACH.
Make no mistake, this is all about highest interest rate with virtually no risk. There just is no other reason to use PI Bank. Whereas they only use an app, which is strange and concerning, They are owned by Intercredit (IC) bank, a local south FL brick and mortar with 5 branches so u r FDIC protected in one way or another. You might want to open an account there and then use IC bank as a bridge to PI bank . Its just an idea if you have alot of money to invest at 5% or close to it (as of Jan 3 2025) . Again, its all about stuffing up to FDIC protection (OR more if you are comfortable) at a High interest rate .
on the comment of uploading and being denied, I was not as unfortunate. I dont even recall uploading anything. I opened the account 2 months only to monitor them as feds drop rates.
Also the comment on Wire transfers is untrue. I have done ACH's from CITI and CHASE and the funds are in my PI account the next bus day. I have also used CHASE to bring fund out of my PI account and similar result. IM not saying customesr arent having issues - at these kinds of rates, you would definitely expect issues. But for me so far its been an experiment
Again I would consult with an IC bank branch first if u are local. If you live locally and are still leary, and I wouldnt blame you, there is always Ever Bank which is south Fl Brick and Mortar and sits at 4.4 for HYS after the latest drop.
First off, you can only use the mobile app to access the account, that is not the worst part. In order to get to your money you can only access it via WIRE TRANSFERS and you need to contact the bank and wait on hold over an hour and then get disconnected with no call back. I have been attempting to close the account for over two weeks since the $ amount is over $25k you need authorization from PIBank which is IMPOSSIBLE. STAY AWAY FROM THIS BANK REGARDLESS IF THE CONSTANTLY CHANGING INTEREST RATES
During application, you upload pictures of your license and take a selfie. If denied, the decision is final and you will never have an account with them. They don’t have to give you a reason why. It’s appalling that a financial institution is allowed to discriminate like this.
Rates are attractive but it is a VARIABLE rate. There are no bill pay, no checks, no physical branches.
I have never seen such a complex account opening set of requirements and usage. Not worth jumping through all the hoops if one can be denied because of lack of skill with complicated apps (NOT regular Internet). Or appearance (race?), lack of arbitrary documentation and/or ability to transmit it clearly, or any other never to be disclosed "reason." This one acts like a CIA or NSA financial institution with its weird interfaces.
Signed up on Friday for new account, got message "review pending." I'm frustrated because at close of business on Monday, there's no approval verification of opening account despite jumping through a LOT of hoops to open account. And ruwiredup reports 28 days to get simply an opening of new account approval????!!!!!! Thanks for the warning. When, if, I get approval, I"m not funding this account or doing business here. Openbank, lending club, marcus bank online, ALL open your account the instant you submit the online application. Also they have web site and access, and in the case of open bank and lending club very competitive money market rates with this unprofessional organization.
I should have looked for reviews for this bank BEFORE signing up.
First off, like others have said, you can ONLY manage your account on a mobile app.
This WILL cause problems if there is ever a problem with the mobile app, which there was yesterday Thanksgiving day.
I received a PLAID text verification code that I did not request. Pibank is the only bank account I have that uses Plaid. So I decided to change my password thru the app. And that is when all hell broke loose.
I had to go through a video picture verification of my face. Fine, its for added security.
And then I get a message saying my new password changed successfully.
I try logging in with the new password and it does not log in.
Can not use my old password because it was updated to the new password on my password manager. No idea what the old password was.
Tried resetting the password 2 more times and same issue.
Can not call them since its a holiday and they say they are closed.
So I wait til the day after, call and have to wait 20 minutes even though it says I am #2 waiting in line. So I assume that means only 1 person is working customer support.
I get the guy and he straight up tells me, they are having issues with the Pibank mobile app for android.
Excuse me !?!?!? This is the ONLY way I have to access my account and its having problems!
He said the only thing I can try is logging in on a separate device like a tablet.
I ask him what if I still have problems on the new device. He said, I have to call back on Monday when their tech support is back onshift. They are closed til then.
So I have potential fraud going on with my account but I have to wait almost 5 days to be able to access the account ???
So to finish this up, I could not get this to work on my phone or tablet but luckily, I have an android emulator on my PC and for some reason, the password reset and log in worked with that. Absolutely insane. What if I did not have that. I am assuming most other bank customers will not have android emulators.
Moving all my money back out to my previous banking company, flagstar
I applied for this account on 10/19/24. Today is 11/25/24 and the account is still not approved. There has been zero communication or response from Pibank. Due to this on 11/12/24 I emailed them a request to cancel the account since they never approved it. Still to this date no response to that either. Both my initial application and my email requesting to cancel still both show pending. Not only is this awful customer service, but it gives me zero faith in this bank at this point.
Go to the FDIC website and search for pibank, and it is not listed. On the FDIC website, go to resources, consumer resources, and bank find. This bank is not FDIC insured, even though it claims to be.
PiBank might have high interest rates and no fees, but everything else about this bank is a nightmare. The app is barely functional, with constant crashes and an impossible-to-navigate interface. Transactions take forever, often requiring follow-ups after waiting a minimum of 5 business days. Customer support is only accessible through the app, with responses taking days, if not longer. Worst of all, withdrawals don’t even work consistently—I’ve had multiple instances where I simply couldn’t withdraw my own money. This is beyond unacceptable and unheard of for any bank. If you value accessibility and reliable service, avoid PiBank at all costs.
Joined this one when UFBDirect dropped by almost a full percentage point over the course of a month. This one is VERY bare bones - like others mention, you can't manage anything account-related via a regular browser; you MUST use ios/android app. You cannot depoit checks - you can only fund the account via ACH transfers, which PiBank does via Plaid. The initial regulatory documents were flawed in the fine print (i.e. they told me "accounts will be closed after eighteen months (12) of inactivity" - when I messaged them about this fairly important discrepancy they did indeed respond, and sent fixed documentation out clarifying it was indeed twelve (12) months. So that's a little... unprofessional. However, the interest rate is great, getting funding in is fine (make sure to do it before 4PM Eastern Time on a weekday, otherwise Plaid sometimes denies you!) - so I am cautiously optimistic that they are able to put their finances into where it really counts - getting us, the customers, great interest rates.
It's been over 3 weeks (applied on 10/10/24) and account is still pending. Sent 3 messages through the app and called 3 times on the phone. Was told by customer service that they forwarded my application to be expedited, and I should receive a response in 2 days. Still no response. Their reason for the delay was due to a high volume of new applications. Don't bother wasting your time. What good is a slightly higher rate when you have to waste your time waiting for a new application to be manually reviewed? I ended up applying online with Timbr and was approved in 10 minutes. As of 11/29/24, account is still in pending status and they still have stopped responding to my messages.
I have a few on line savings accounts with fast and easy approval. This one is my first denial. It required same things no more than all my other approved accounts. I agree this bank is much less accommodating with much less customer service and less user tools.
Terrible bank app interface.
Took forever to open the account, several phone calls later, account open & then locked up by itself.
If you loose or forget your password or username you cannot reset or retrieve it,
Feisty children customer service rep said impossible to do it.
Don't be fooled by the fancy coral gables address!
This Mickey mouse cookie cutter bank sucks.
Not worth the hassle.
After 1 week of having filled an application and 2 days for the bank to confirm my account was ready, came 5 days of attempting to login to an APP that refused to accept my credentials--despite 3 times resetting the password. To top things off, customer service is extremely slow to respond, calls are placed on endless holds, and the only way to communicate is by e-mails that don't get effective and/or efficient responses/solutions. Twice I was told everything was ready, 20 times I attempted to make use of an App that clearly is still in its Beta format. If opening an account takes more than a week, imagine getting this bank to follow instructions after you transfer funds into it. Absolutely frustrating and discouraging. As the saying goes: "I'm taking my money elsewhere"
I opened my account in October. That was the easy part. Depositing funds was also easy. The trouble came with trying to create a direct deposit and withdraw funds. The direct deposit never appeared and I double checked account and routing numbers. Making a withdrawal was the worst. My issue revolved around incorrect routing numbers. I did a copy/paste from my bank’s website so I was confused to learn I had entered an incorrect routing number. Then I am told the routing number must be the ABA wire transfer routing number. Wait. You mean there’s more than one type of routing number ???? C’mon …… I don’t speak bank. I call their customer service line only to be told what I’ve already discovered (must use the ABA wire transfer routing number.) All I wanted to know from the customer service rep was if that number is different from the routing number that is listed next to the checking account number. He simple recited the fact that each bank has a unique wire transfer routing number. Stick a fork in me. I’m done.
I experienced very unprofessional and poorly trained "assistance." I lack confidence in this bank.
I applied for their 5.50% online savings account. After almost a week I called them to check the status and was told I was refused an account. I asked why and was told they don't know why. I was also told that I could never open an account. I called and emailed and never got an answer. I am 58, with perfect credit and banking histories, and have never had this happen to me. Thanks Pibank (Intercredit Bank) for wasting my time and being discriminatory. I am receiving the proceeds from a sale of a house and was going to deposit $250k, your lose.
This is covered in their FAQ, but just to get the unusual aspects more out in the open:
Incoming transfers initiated through the Pibank app are handled through Plaid, as ACH transactions, so subject to the typical 1-2 day delay.
Outgoing transfers initiated through the Pibank app are WIRE TRANSFERS, so make sure to use your receiving bank's wire routing number, not ACH/Checking routing number. These should go through same-day, and Pibank doesn't charge a fee for them, but your receiving bank might.
ACH transactions can be initiated from an external bank, both ways, with the typical delays involved (and probably after an initial test-deposit security check, at least for pulls.)
First: it's a mobile app only.
Second: cannot make any transactions.
Third: Customer Service says, yes that's correct, wait a few hours.
What?
I'm in the process of joining this bank now with my daughter as a joint owner. Their application requires information on both parties which both parties must be together or in immediate contact with each other during the application process. I can deal with that, but it is not definite that this bank is FDIC insured. The FDIC number their website claims is for their parent bank and Pibank is NOT listed. Whoever is running this website needs to take a little action and find out for us about the FDIC coverage.
https://banks.data.fdic.gov/bankfind-suite/bankfind?cert=25258
2025 Update- only wire transfers now, no ACH. Good will it lasted.* A representative from PiBank actually called me back and helped me work through the issue! Using the browser on the phone vs computer fixed the problem. They stayed on the line until I was able to successfully complete the process. Again, they were also very polite, which is a nice addition. Hope this helps someone. Initial Cmt: Tried opening an account, took my phone, email, and id info, then asked 4 questions, 2 relevant and 2 that made no sense, that I answered none of the above. Account was rejected, called 800 number and escalated without satisfaction. Stated they cannot correct, restart, or delete account to start over. Shame, new online bank. I have several other accounts, no prior issues opening any of them. They were polite on the phone-reason for 2 CS stars.
Opened for 1 week. Ach transfer was fast. Bank opened in August. Phone line people answered. Only app to access account. But everything went fine. Currently paying 5.5 rate no complaints.