| 5 star: | (34) | |
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I received an email from Primis telling me a new bank statement is ready for download. I looked online and although the statement shows recent transactions, the dates on the statement are wrong. The statement says that if I have any questions I should contact Savana Bank and I'm given a Pennsylvania address and phone number. I called the PA phone number but that system only allows people to leave messages. Why should I need to contact Savana Bank about my Primis Bank account? Could this be an early sign of a pending merger/takeover/sale? Or did somebody just make another mistake? As I recall, although the bank's president claimed during an earnings call last year that Primis developed their new online banking platform entirely in-house, one of this forum's members ("Evil_Capita1ist") inadvertently let slip that all the software was provided by a company called Savana.
Primis Financial Corp. (the “Company”) is unable to file, without unreasonable effort or expense, its Report on Form 10-K for the period ended December 31, 2024 (the “Form 10-K”) by March 17, 2025, the original due date for such filing. Specifically, the Company requires additional time and effort to complete certain documentation, disclosures and analyses to be included either in, or in support of, the Form 10-K. The Company expects to file the Form 10-K within the 15 calendar day extension period as provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended.
I am no longer a customer and i no longer have access of any kind. However i did receive a text and then an email yesterday that my 1099 was ready, so I had to call. She emailed it to me within a minute, after a 2 minute hold getting the rep.
Considering the holy hell wait times Primis at one time had, this is refreshing, as I called right in the heart of the business day. The 4.35% isn't really enticing enough for me to come back, as most of my savings is in T-bills, which is essentially the same rate, but I felt I should recognize this good service.
Anyone else having a problem with online statements? When I look at the statement list, every statement has the same name: September. They all cover the period of time from September 2023 through a more recent month, but the most recent "September" statement has an ending date of several months ago even though my account has earned interest since then.
The potential delisting implies the bank's financial records are in such disarray that they can't prepare the required reports. Combine the reports problem with the recent admission that they computed the October deposit account interest payments incorrectly, the CEO's admission of "material weaknesses" in internal controls over financial reporting, not catching a loan officer's fraud activities for 10 years, the disastrous rollout of their digital platform last year and the ongoing piecemeal website updates this year, the bank shills in this forum, etc., and I'm thinking this is not an entity I should be trusting with my money. A small restaurant might get away with sloppy bookkeeping (for awhile), but a bank??
The cautions contained in the bank's November 27 press release definitely do not help the matter. The warnings are quite alarming, containing phrases and possibilities such as "a further material delay in the Company's financial reporting," "the ongoing review may identify additional errors or control deficiencies in the Company's accounting practices," "control deficiencies identified or that may be identified in the future will result in additional material weaknesses in the Company's internal control over financial reporting," "the possibility that the Company is unable to regain compliance with, or thereafter continue to comply with, the Nasdaq Listing Rules, or experience violations of additional Listing Rules," "the risk that the Company may become subject to shareowner lawsuits or claims," "risks related to our ability to implement and maintain effective internal control over financial reporting and/or disclosure controls and procedures in the future," and "the impact of these matters on the Company's performance and outlook."
Instead of FDIC insurance being merely a safety net as it is with most banks, with Primis I think we should expect FDIC involvement to be part of the eventual cashout process. This might involve another bank assuming Primis obligations or it might be a check sent directly from FDIC. In either case if Primis fails our deposits will most likely begin earning less than the Primis rate, either at the new bank's rate or at 0% if paid by the FDIC, so we should factor in several days or weeks of a lower rate to arrive at a blended rate when deciding whether to lend money to Primis. In my own case, compared to my next highest rate bank, I calculate I'd need to earn 11 days of Primis interest at the current grandfathered rate to offset each day of 0% interest while waiting for an FDIC payout. If the Primis rate on existing accounts drops as expected, though, say to 4.75%, that 11 days jumps to 45 days, meaning that if it takes a week to receive and deposit an FDIC check and everything else remains constant I'd need to earn a 4.75% Primis rate for almost 11 months in order to break even. Before loaning them money I need to ask myself, do I think Primis will be able to hang on and pay higher rates for another 11 months? If the answer is no and I'm seeking the highest return, I should forgo the few extra basis points I might earn at Primis now and instead keep my funds at the less risky bank #2.
Looks like they’re about to get delisted for issuing false and misleading financials the past 2 years and failing to make timely corrections. Their external auditor walked off the job due to inflated earnings and other shenanigans. One of the worst performing banks in the USA. Would hate to be a shareholder at this joint.
They are supposed to report earnings today. I wonder if they can since they have yet to restate last years' financials. Bank seems to be struggling. Word on the street is they are going to stop paying dividends to their shareholders. Hope that doesn't impact depositors.
I transitioned over to Primis's new site without any material problems today It was relatively very easy and smooth.
Went to log-in with my old name/pws, and it brought me to a page asking SS and DOB. Fine. Then took me to setup a new name and PW. Went fine. And then confirmed with a atheization code to my e-mail or TXT to cell phone.
Site itself was till working on several issues (no statement available yet / account did not identify any or current interest rate, or that the account was Joint WROS, or that the account has beneficiaries.)
Spoke with Brianda at CSR, and as usual the call was answered relatively quickly, and Brianda was as usual terrific, knowledgeable, professional and friendly.
She confirmed the above issues that they are working on (I wasn't sure it wasn't just my mistake) and I'll get back as they iron out those couple of issues.
She was able to confirm orally that my account is of record correctly, my ACH transfer accounts are in place, and everything is fine and as before.
Furthermore, they still have the industry leading interest rate for their original accounts.
Just a note to all FYI.
Has anyone mentioned that the Primis Loan Officer was sentenced to Federal Prison? Reportedly, over 10 years of financial shenanigans? No one noticed? It looks like the auditing firm just bailed as well. Recently reported "material weaknesses."
Primis released 2023 financials. Bank is struggling while most banks are thriving. They need cash and deposits badly so there is almost no chance of them cutting rates anytime soon. Im staying under the $250K FDIC insurance limit until this bank shows it’s not going the way of the Dodo. Cha Ching.
After attempting to link another account, I was told that trial deposit confirmations were discontinued in exchange for MX "logins" to my other bank accounts. After reading the complaint in the MX Technologies case, I transferred out all but a "place keeping" balance in my Primis account. Same with Plaid, or any other third party that wants my account logins. I miss the higher earnings, but the safety of my account and transaction data is far more important.
I joined in January 2023 after they began offering competitive APY. Since then it has consistently been the rate-leader for checking accounts. Despite the nay-sayers, looks like they're doing just fine.
I still have the "grandfathered" rate of 5.16% APY - hard to beat.
The bank has become my main hub for all bill payments, transactions and auto-investments.
Pros:
- Extremely fast deposit posting, early direct deposit. I see my DD post on Tuesdays.
- Quick customer support. I've had to call twice, response within 5 minutes
- Simple online banking, fast and efficient. Transactions appear immediately online, no having to wait for them to "post". I even see some show up on Saturdays
- Fees: FREE wires, free checks, no monthly maintenance fee
Cons:
- No way to manually link external accounts anymore (they used to offer this but they must've removed it due to fraud, you now must use bank login)
- Most other banks do not recognize "Primis Digital" bank when trying to link with username/password, you need to enter info manually or push funds from Primis
Will it last? Who knows, I don't keep all my eggs in one basket, but this one has been a great experience.
Primis finally issued 2023 financials and they have massive losses due to fraud and management incompetence. Customer service is horrible and their SBA lending program is an utter disaster and has been ripping off customers for years. Lawsuits coming next.
A commercial bank in Virginia that's smart to pivot and expand its online service nationwide because digital banks are becoming popular. Sadly, I didn't qualify for an account to get their competitive 5.07% APY for checking and savings accounts. The application process should let you apply for both accounts at once. However, it doesn't do that. Primis is on purpose limiting new accounts to be added. Maybe it's better at the beginning of the month or the end of the month to apply. https://yieldfinder.app/
I applied for a Premium Checking account at Primis Bank on March 2, and the account was officially opened on March 8. The starter checks and the debit card arrived the following week. Then, on March 25th, the account was frozen. I found out because I received a text message saying "Your debit card has been canceled." No reason was provided. Of course, I called immediately, but no one was able to tell me what the problem was. I was told someone would check and call me back within 24 hours. No one did. So, the next day I called AGAIN, and AGAIN no one could tell me what the problem was. Requests to speak to someone who COULD tell me were rebuffed. I was told again that someone would get back to me, that they were literally working on the problem as I was speaking. Of course, no one called back. So I called again the following day (today - March 27) and was once again assured that someone would return my call by the end of the day. Instead, a couple hours later, I received a standardized, unsigned e-mail stating that my account had been closed by them. As of this writing, I literally have no idea what the problem was. I am just a lower middle class retired person - no business or overseas accounts, no huge amounts of money, no tax liens - nothing unusual. I can say that I have never - NEVER - received such shabby treatment by a bank in my life. I had just arranged for my Social Security to be direct-deposited there, so that's a whole other nightmare now.
I've had the maximum of $100,000 in my Primis checking accounts and they had been paying 6% interest for the past 7 months on it. This morning they finally dropped the rate to 5%. If you are in the same boat as me and have $100,000 in Primis, you might want to check your interest rates as there will be a massive run on this bank and I don't know if they can handle it.
I just joined this bank online and it sounded too good to be true. THEN I researched them online and they have had terrible financial problems as you can easily find by researching them. THEN I tried to link my external accounts to them with micro deposits, but they wouldn't do that, they would only use PLAID which I refuse to use. Finally, my initial deposit of $10 arrived at their bank, and it shows on my account but is NOT available for transfer. Anyone else have information on this bank???
Been a member for almost a year. Making mobile deposits used to be easy but now bank won't even except a cashier check. They send a text and email indicating "denied" but fail to state why. Calling and chatting I find I didn't write "Primis" on the back of the check. App fails to state this needs to be done. App and web site used to show user status of a check and when funds would be available. This too is now gone. Primis offer great rates but extremely service. I'm guessing Primis no longer wants mobil deposits?
I could not find any documentation telling me the ACH withdraw limits. I found out when I tried to make an ACH withdraw the current limit is $6000. This should be made clear at the time of opening the account.
The high-yield account takes home the 2023 award for Best Overall Checking Account.
RICHMOND, VA — One of Primis Bank’s online-only accounts has been named the 2023 Best Overall Checking Account by WalletHub. Primis Premium Checking, which carries one of the nation’s highest annual yields, takes home the award after gaining lots of attention since releasing in January.
WalletHub is a personal finance company dedicated to helping consumers live their best lives financially with free credit reports, financial tools, and product reviews and recommendations. Their annual review for their awards pulls in experts in all fields to determine the best products and services for their users.
https://primisbank.com/news/primis-premium-checking-named-wallethubs-best-bank-account/
https://wallethub.com/best-checking-accounts
The recent earnings call and quarterly financial report include several mentions of the previously announced "sweep" program. As I recall, the sweep program was introduced to us several months ago as an exciting new benefit that increases FDIC insurance coverage at no cost to account holders. The earnings call and recent financial report, however, emphasize only how the sweep program improves the bank's quarterly report numbers by "sweeping" expensive or unproductive funds off the balance sheet and away to other banks, thereby improving financial ratios at Primis. To me this seems like accounting hocus pocus, not a real improvement in bank operations. Could somebody who understands this better explain the sweep program to us? If Primis is still responsible for the deposits, how can they be transferred to another bank's balance sheet? And what would Primis financial numbers look like if the bank reported all its cash instead of excluding cash that had been "swept" away?
More bad news for this bank. They restated their net income for the 3rd quarter and are now reporting a loss for the second quarter in a row. Future dividends are now called into question. If you are an investor in this bank you are bitterly disappointed with their results which are a lot worse than the industry in general.
Couple more months and every thing is still great with Primis. I tested ATM charge the charge was credited to my account just like they said it would .
Hilarious how all the doubters and haters and people who didn’t pay their bills on time didn’t get what they wanted. Stock is raging upwards right now!
Also…since all of you read the release and listen to the calls I’m sure you heard that they grew digital accounts by over 40% annualized with no marketing! And under 5%??!! I guess in the end they don’t need @buckeye and his little bit of money anyhow!!
It's gone from $8.10 to $7.70 in just the past few days and thats a big move for a glorified penny stock. Moving that much ahead of earnings is very interesting indeed.
I had 75K of t-bills come to maturity yesterday and I currently have no home for it. Considered, again, this bank, until I didn't.
Considering you cannot attach a savings accounts to IRA's, I'd be curious as to what the group would do,
I was excited to earn a very competitive interest rate, with few fees. Unfortunately, after giving this my best effort and patience I will be leaving for a full service bank. Some reasons include:
- No support or fix for ApplePay.
- No support for using financial tracking such as MINT.
- Inaccurate information given for depositing a check.
- Requests for a manager go unattended.
I'll stop there. As your mama may have told you, "you get what you pay for". This is truly the Spirit Airlines of banking. They are a different kind of bank alright!
Primis stock is tanking fast since they announced the closing of 1/4 of their branches and other cost cutting measures. A 20% drop in value since the announcement. The stock has lost nearly 40% in the last year while the S&P is up 15%. Kudos to those of you that had the foresight to short it when you could. The only thing keeping the stock from falling more is the likelihood of a hostile takeover.
We are watching this last-ditch PR effort after the 10-year employee fraud announcement. Something very sketchy with this group. They had to change their name, and now the employee fraud? Two law firms appear to have them in their sights - one for shareholder fraud and the other for something similar. In fact, it is not clear if they can do small business lending any longer. One has to wonder about a bank that failed to detect ten years of employee fraud - if that is even the real story. The victims of Sonabank/Primis fraud are hoping this bank is shut down for good very soon.
I guess Primis only trains their customer service representatives to give you the run around and talk down to you.
Since my local branch is closing and the professional, personable staff I have been fortunate enough to work with for years is leaving I am left with this crap telephone service.
Glad I am moving my accounts to what I hope will be a better experience.
I have 8 banks I started using Primis in July. I now use it for savings and checking, I like that they keep me informed with Email, have great perks and high rates.Why do other people worry so much? I know my money is safe(FDIC).
I’ve been an account holder for about 6 months. Nothing, not one thing yet, has disappointed me. Also, I do really love the hilarious banter on this site. This bank could pay 25% APY and folks on this site would find something negative to say.
1. They send an email saying that they’ll pay your other bank’s wire fee plus $10 and that gets negative review. Nobody else in the world does this.
2. They pay $100 for referrals and that gets negative review. This has made my APY over 6%. Nobody is beating that.
3. Some dude here brags about his Schwab account loaded with fees paying half the rate of Primis but it has big ACH limits!
4. The person here that says that Primis is “only” the 15th best in the nation with rates. The fact is they have the highest yielding full suite checking account out there. Period. Not hard referring people to that account. I’m sorry if it upsets you but its true.
I open my checking account six months ago. Over my lifetime, I’ve used a dozen different banks. This is the best ever. Customer service available 24 7. Higher checking account interest than any other bank, and even higher than many savings accounts. Robust online and app design. Very fast transfer times. Unlimited refund of ATM fees. I can’t imagine a better offering.
Widespread fraud, unreachable and entirely unhelpful customer support, $6,000 ACH transfer limits. There are several other well established banks with higher rates and better products. If you have masochistic tendencies, this is the bank for you. Everyone else is better off somewhere else.
So they just discovered ten years of employee fraud at Primis Bank? To the tune of 2.5 million? This bank is a disaster - and I am fairly certain that the employee fraud involves several employees - including some higher-ups. Now they appear to have some sort of shell company - Panacea Financial. God help the victims of that "operation". Press release a few weeks ago that there may be a class action lawsuit underway for shareholder fraud for Primis, as well. My recommendation - stay away from this "bank". And I predict some more fraud will be uncovered soon. Praying that karma gets these goons.
Primis did the right thing today by letting me do a final transfer allowing me to get to $1 which I thought might be important to share. So my joint account which was in the 6 figures at one point was never locked as may or may not have happened to others, and now it's essentially closed.
This group of rate chasers is unique. There was a story yesterday that said 70% of Americans don't even have an online savings account, which probably keeps the local banks open where they say the average savings rate is a whopping .44%.
Personally I found I won't chase a rate with a mysterious operation anymore (yes I know they have been around but not long with this product) if it's a 1% or less difference with the competition, and I'll reroute that money if that desire hits to t-bills or wherever to make up that difference, or a bank like CIT where I had success before and is currently offering 4.95%. Basically I am too old to take chances on questionable customer service or behavior anymore. Random CEO texts, uh huh, see the this has never happened to me review. During my time with Primis I made 2 calls. Both were over an hour wait. Nah don't need that. And I'm not calling at 1AM.
I wish no ill will to any company, and if the comments are not true about accounts being locked then shame on those people, but with t-bills paying what they are and the competition catching up, yea, there are better places for this guy and his family. So long for now! Good luck y'all.
For anyone interested, Primis will host a conference call this coming Friday to announce its second quarter earnings and presumably offer commentary on the state of the bank. It looks like anyone can listen to the call live on the web by registering as a guest with only a name and email address, as explained on the bank's website under About Us|Investors|July 28 Webcast. There's also an option to actually participate. The call begins at 10:00 am Eastern Time.
The website also says a recording of the call can be heard for 7 additional days by calling in to a toll-free telephone number and entering a replay access code.
It will be interesting to hear what management has to say about the widespread customer service issues and other problems so many people here seem to be having.
I was trying to initiate an incoming ACH transfer in Primis online banking to transfer funds into my Primis checking account from my linked external bank account; however, I noticed Primis is now limiting only $6,000 for single transfer via their website initiated by them for both incoming and outgoing ACH transactions. I was with them for over half a year and before they allowed significant larger dollar amounts for ACH transfers.
So, instead of transferring to Primis, I had my fund transferred to another bank with similar APY instead. Many other online banks offer similar or even higher APY nowadays.
Had this account for three months and they’ve paid me $29 in interchange rebates. No issues, no drama. No problems. And I like what they are about to from the website.
I do not understand why anybody is still banking at Chime. Their whole concept is to make money when you use your debit card. No rebates. No interest. Not even a bank.
I got a random text message from this Bank's CEO today thanking me for my business and asking for any suggestions or comments. I thought it was a scam and that somebody knew I banked at Primis and so I called to report it.
The call center agent asked me for the number and told me that it was indeed the CEO and that he does randomly write cards, send texts (from his personal cell), emails, or even visit customers around the country. So I called him and we talked for about 20 mins.
I've seen all of the reviews here and at the other site. Honestly, my account has never had a problem with access or linking accounts or whatever but I wondered nonetheless reading the comments. I feel like I just have to say that a lot of what I'd been reading here turned out to not be true, or exaggerated at the least. And even though I'd had a great experience and had greatly improved my rates (coming from Wells Fargo), I never wrote a review or made any comments...I didn't even have a username...I was just a reader. But I feel compelled to say something given all of the negative on this generally very useful site.
I wouldn't let my dog do business with this "bank".
I really do not like holding the bulk of my loose change with Ally, as I'm sure everyone knows is a lower interest rate by 1.1% compared to Primis but I am really concerned about accounts SUPPOSEDLY being locked and their lack of enough customer service reps.
I guess I'll just put it out there. Does anyone have some sort of proof? Also does anyone have proof they are fighting off ACH theft, similar to Merchants Bank of Indiana. I pulled back another 6k today as I'm not ready to give up on that 5.1% completely, but this truly bothers me.
I know Evil says it's BS. Anyone else? So far, knock on wood, no noteworthy issues for me.
Online account opening has been down for TWO WEEKS without any explanation. When you call their customer service line (lucky if you get a person within 30 minutes) and ask, they just say maintenance upgrades. Website says" Online and mobile account opening are temporarily unavailable due to maintenance and upgrades." That's a bunch of baloney! Maintenance and upgrades occur overnight and in rare cases over a weekend. The only explanation is they are being bombarded with fraud and don't know how to deal with it. How else would you explain why so many here have complained about accounts being frozen and unable to get money out? They foolishly advertised the highest interest rates in the country and were not prepared for the onslaught of customers as others have mentioned in this forum. You shake your head is disbelief when you read on their website "We’re committed to technology, new digital solutions, a “wow” customer experience....You need simple solutions that keep up with the speed of life. We get it, and we deliver. Open an account in minutes. Access your money anytime.” They ought to remove that from their website as it could be considered deceptive under consumer protection laws.
I personally have not had any issues with this bank. I use it as a place to keep money that I don't need but don't want to tie up in a CD. The 5% rate is about the best around. If you got under $250K at the bank you have nothing to worry about. Just sit back and enjoy that big interest credit each month. It probably won't last much longer as interest rates have leveled off and the bank is not very profitable compared to most banks.
No explanations. My account is frozen. Quite scary. Not sure what to do. No access. Can someone suggest what I should do?
I've think i've decided to close my Primis account and "pursue other opportunites". I know there is a 6K limit for Primis withdrawals initiated there, but will I be able to initiate the withdrawal from Ally and zero out the account tomorrow once interest posts tonight?
My other opportunites are bonds and CD's. I just no longer have the patience for this bank, nor do I want to call at 2AM when the need arises.
I opened a saving account half a year ago. Recently after I tried to transfer out some money, my bank account was locked. And after a week , it's still locked. Tried to call this bank several times, after waited very long time, I was told by the agent that she knows nothing about the locking and unlocking. Don't know how long the locking will be lasted, no solution at all.
The bank service is ridiculous. Avoid it!
finally my issue is solved after I wrote an email to their marketing director. Info is in comments.
I have large deposits near FDIC limits in Primis and have experienced zero problems. Interest is always paid on time, ACH transfers in and out -- originated at Primis or elsewhere -- are processed promptly, and the one time I needed to wire money from Primis it was processed promptly with callback for a very reasonable fee. I do not question the negative reviews of others but for me Primis is one of the better online banks,
This is the worst online banking experience I've ever had. The come on is 5% checking interest, except they've frozen the funds with no explanation, and suspended debit card use.
It took forever to get to customer service, and when I did reach them 1st thing this morning they had no answers as to when the funds would be available or when I could get new debit card.
DO NOT USE!!!
I am now unable to withdraw any money from this bank.
They are cheating everytime when I contact and my deposit is 10-business day long holding which could be indefinite.
There were 6 negative reviews on Primis today.
It was unclear to me if they all concerned access via a mobile app. I do not use a mobile app and just access my account through a laptop/Chrome.
But my account appears fine. While I do not need to make any transfers, their system appears to be fine and would set me up to transfer funds.
So, I'm curious as to the exact details and whether perhaps there is an issue with solely their mobile app.
Primis is a publicly traded NASDQ stock. And I don't allege, but somewhat question the validity of those negative reviews... as we all know any short equity position can be served with negative press.
Just a thought to consider.
I have also made it it my primary checking account at a great rate that is not lowered if you keep a high balance( (like the credit union I have been using).No problems for me,and they keep me informed about things via email
I see all these negative reviews for Primis Bank, and I can't believe it. I'm one of the people who opened a checking account from the beginning when they were offering 5.03%. I've been so pleased with them that I decided to move money from 3 different checking accounts to Primis and consolidated it all there. Presidential Bank FSB was my last holdout, but they've been stuck at 4.62% up to $25,000 for so long and they don't budge That account was closed last week. I have 2 direct deposits that I've moved to Primis, and I get credit 2 days early. Their ACH transfers to/from my account are quick and easy and the transfers arrive the next day and sometimes even the same day. When I do an ACH transfer in, they give me immediate credit for it although the amount is on hold for 2 days, which is no big deal. They sent me my free 40 checks, and everything has been easy peezy. I can't say enough good things about this bank.
Having been on hold with customer service for many hours, I have almost memorized the repeating CS BS phone hold message. Primis bank is no longer working through the load of new customers or Covid caused lack of CS agents, this is their permanent level of CS. Tried using the online call back option and after 50 minutes it gave a connection lost, lost place in cue message. Was on hold for 71 minutes using phone and it dropped the call. Now on hold for another 82 minutes, have been 3rd in que for 40 minutes with no movement. Website chat function does not work and they do not have a secure email function in customer online portal. Caveat emptor.
They're holding onto people's money for some BS reason beware.
if you like dealing with a bank without any customer service this is the one
See everyone else's comments below - I am in the same situation.
Update: My account is now unlocked. I contacted their marketing department via email (marketing at primisbanking dotcom) who then pulled some strings. I still never received an explanation for why my account was locked... but at least I have access to my money again.
I'm keeping my 1-star review for the time being. On Monday I plan to reach out to the person who helped me, ask for more details, and also ask if they have a plan in place for 1) fixing whatever caused this and/or 2) having a MUCH more robust customer service system in place to promptly resolve these issues in the future.
Depending on their explanation and actions they take to improve responsiveness I'll raise my 1-star rating.
Original Review:
I received a text today that my debit card was disabled.
I tried to log into my online account to see if there would be more information available and it said my account was locked. I promptly called the provided phone number, waited on hold for roughly 45 minutes, and then spoke to customer support.
She informed me that my account was locked due to suspicious activity and asked me if I had recently provided my electronic transfer information to anybody. I let her know that I had provided data to major financial institutions such as Chase and CapitalOne to link the banks for ACH transfers.
She then informed me that she would forward that information to the "back office fraud team" because they locked my account "In accordance with Regulation E". I'm not a banker and don't know what that means, so I asked for more information and she told me to Google Reg E!
I asked if I could provide more information to speed up the "investigation" and determine what is and isn't legitimate and she said that is not possible. I asked how long these investigations typically take and she couldn't provide. It felt like she was reading from a lawyer's script.
So, I'm left with a locked account, no access to my life's savings, and no estimate of what the heck is going on.
As soon as I deposited a substantial amount of funds, I can no longer log in. ACH transfers out no longer works as well, they’ve all been reversed. Seems this bank is collapsing. Call a lawyer, this smells of fraud!
Opened a checking account with Primis for the high interest. I noted from the start that customer support was difficult to get a hold of and it wasn't easy to integrate with other financial institutions however the high interest rate kept me. After setting it up and transferring funds to it I could no longer login. When I contact support after 30+ minute wait they just vaguely say it was for my security and can't give me any additional information, but I see a lot of other people posting online with the same issue. They never notified me or gave me any estimate how long the account will be locked. I transferred substantial funds from another bank and had payments set to pay today that will probably get interrupted and cause further issues. I regret opening an account with Primis. I am worried that Primis is the newest bank to collapse like Silicon Valley Bank because from what I read SVB customers had similar experiences before it was officially announced. I do take some comfort in that Primis does appear insured however in the event Primis is insolvent that could still tie up funds until it gets sorted out.
The exact same thing has happened to me!! I opened a savings account in February everything was fine other than long holds trying to figure out why the app wouldn't work. I opened a checking account in late May. I added the new checking account as an external account with another one of my bank accounts and a few days after the verification deposit went through I was locked out of my Primis accounts. I only made this association after finding this website and reading others' reviews as the only information I received from Primis was that it was locked due to "Suspicious Activity" but they wouldn't give any specifics or let me talk to anyone in the fraud department.
This sounds like an excuse for a technical difficulty (probably associated with why they're not accepting new account and have extremely high call volume) so if others are experiencing the same issue please comment or leave a review.
Made a small deposit to test legitimacy of bank, 2 day hold on $10 transfer before it shows in your account, tried a 2nd deposit same thing. Once I got my debit card and activated it, I figured I was safe and made larger deposit with same result figuring it was the way they do business. Guess what, like quite a few of you I went to check on my account and it was locked because of suspicious activity. Only reason I foun.d out was because I spent 90 minutes on the phone waiting to speak to someone. Once I reached them they offered no explanation and you are not even given the courtesy of an email or phone call to alert you said suspicious activity. Asked, when will I know the results. They could only offer that someone will reach out to you once the investigation is complete. After a week still no conclusion....... Primis is not worth the hassle avoid at all cost. Oh by the way the primis app sucks 6/7/23
Opened my account without any issues except that they don't tell you that you need to use the Primis mobile app and not the Primis app. Also, if you call their “help line”, be ready for at least an hour wait on a good day.
Got my debit card just fine, but when I logged into my account it said my account was blocked and under investigation. I didn’t make any additional deposits or debits and was just checking the account. After an hour wait, they essentially said the exact same thing that the website said. Won’t give me any information as to wjy it’s under investigation. I thought I would write this negative review while on hold for the second time. STAY AWAY!!
I submitted an online application 3 weeks ago still under review. Call customer service which was useless. They said that the department who opens accounts is busy, and the system has been down for some time. This is not the way a bank if they really are a bank should be conducting business practices. Everyone should look for another banking platform. I give this place zero stars.
I opened a savings account and had it for a few months with no issues. Then opened a checking account and funded it. I received my debit card and everything was fine. Suddenly when I tried to access my account, I got an error stating that my account was blocked. I could not access my savings or checking account. I called the number provided and waited on hold for 4 hours. I finally talked to a person working from home who told me that she could not give me any information, not why my account was blocked or even my account balance. She said I she needed to forward my incident to someone else and they would possibly email me the next day. She told me that in the mean time I wouldn’t have access to my money or would be provided any information about my money.
Maybe I just got unlucky, but my checking account application was denied. I have several bank accounts, and have never been denied before, so either it wasn't my lucky day or the high rates are being subsidized by some data harvesting scheme. The most frustrating part is the email they send you and the reps on chat will not tell you why your application was denied. In my case, just a waste of time.
I opened the Personal Checking and well as two type of savings that they offer for non business accounts. After a lot of research it is the only on line bank that will pay .50 for each transaction with the checking account, which is really awesome.
There was one time I attempted to call and as others have mentioned, my wait time was something like 20 minutues, then after waiting the wait time changed to an hour and half. That makes no sense at all.
I did email them about the issue and I got a reply one week later.
All of their account are great. But hoping there is no real issues that I need to speak to someone any time soon.
If anything changes, then I will update this review. But so far, I do like this online Bank and it is one of the Best, if not the Best one.
I add about 4K to my savings account every month yet there have been three occasions where the interest I received was less than the prior month even though there is more money in the account than the prior statement and there have never been any withdrawals. I have never experienced this with 3 other banks I had my money in -- only this bank. I am just waiting until another reputable alternative comes with a competitive interest rate then I will switch out completely.
Opened new savings account on February 2003 which process was fast and smooth. I secured an interest of 4.92 and APY of 5.03. I’ve had no problem at all. So far so good.
Don't put Your money here. When you try to transfer out you get 'Connection failed'
There was a problem validating your credentials with ******. Please try again later.
You just can't get your money back. Customer service may answer in 50-57 minutes or they may just hang up on you. It doesn't matter which because customer service can't help with the problem.
Solution. Open an account somewhere else and transfer your fund into the new account.
This is the worst bank ever! I had to wait for 4 hours to chat, 3 hours to get to agent. When I get connected to agent, did not help at all. The service is avery slow. I don't trust this bank. I finally got all my money and ran as fast as I can.
I opened a Primis savings account at the end of January after they raised their rates. I had no issues opening or funding it. I log in at least once a day and haven't had any issues whatsoever with the site.
About a month ago I received an e-mail from Dennis Zember, the CEO, with his personal e-mail address and cell phone number asking if I ever needed any help I could reach out to him directly. This past Friday I decided to put it to the test and what do you know, the CEO answered my call and took care of my request personally! I think that's the first time I've ever talked to the CEO of a publicly traded company lol. Hard to beat that service!
We applied for the promotional Savings account, and encountered some issues including application delay and difficulty getting in touch of customer services due to backlog resulting from their competitive rate offering. While we were frustrated at first, the bank's management stepped up to complete our application and show us their commitment to customers - and yes, we were granted the promotional rate, even though Primis reduced their rate later on.
Overall, we are happy to be a Primis customer and can trust Primis management to continue to improve customer services and offer competitive rates.
Addition to my review:
Today (Easter Sunday) I called up Primis customer service to inquire about external ACH pull and wire transfer limit. Someone already shared that information here, but I thought I would like to hear with my own ears. (No limit on external ACH pull and $8 million limit on wire transfer)
A very nice customer service agent answered right away and provided very courteous answer. What a pleasant surprise! My experience with Primis just get better everyday.
I was previously with Wells Fargo for 20+ years. No problems with them really, but I couldn’t resist the rates at Primis. I opened a new checking and savings online October 2022 and have been very pleased ever since. The opening process went fine for me, transferring funds to my new accounts was easy and the app is very easy to use for my everyday needs. I’ve used mobile deposit with no issues. I’m enjoying the interest I’m earning, and I like the communication I’ve received by email and text when statements are available, mobile deposits posted, etc. Happy customer here!
I opened my account in early December 2022. Like many reviewers, my account was under review for over a week, but once set up, it has worked great with bank transfers and remote check deposits.
The pleasant surprise - Primis has raised my rate automatically! My initial rate was 3.51% APY, they increased to 4.05% API in late December 2022 and raised it again in late January 2022 to 5.03%!
Primis did let me know in February that they were reducing the rate for new customers, but I was keeping my 5.03% APY!
I have accounts at various other banks, none of them have offered or raised my rates automatically. I have found a great new financial partner!
Took until now, after applying for a savings account to get a copy of Chex Systems report that apparently made me ineligible for a savings account at this abortion of a bank. They notified me on Feb. 22.
First after writing a letter to Chex asking for the information, they replied saying they could not identify me... a problem nobody else ever had in my many years of banking. So I replied to their request again giving the same info submitted both to Primis and them, nothing had changed, I have lived in the same owned home for about 14 years and have a credit score hovering around 830... which would be higher if I borrowed.
So, this report (I guess they finally found me) shows nothing negative whatsoever so I suspect as someone else suggested Primis just decides to toss out applications randomly at will. Their email response when they declined my application was vague and didn't make a lot of sense....
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We are unable to move forward with your Primis Bank account application. Your application has been rejected due to Identity Verification Rejected.
"Our decision may have been based in whole or in part on information obtained in a report from the consumer reporting agency or agencies listed below. You have a right under the Fair Credit Reporting Act to know the information contained in your file at the consumer reporting agency. The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied your request. You also have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency."
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I have to say I am ecstatic now to see they did not approve me and there was no good reason for this. They couldn't pay me to invest 1 cent in their poor excuse for a bank, I don't miss them at all.
Here is what others say:
https://twitter.com/stopsonabank?lang=en
Having had accounts at 68 DIFFERENT BANKS & CREDIT UNIONS in my life, I may have become an expert on good and bad services. Here is why I've given Primis 4 stars:
1. Interest rate. Like many who have recently complained about being able to reach someone by phone, when I found their offer of 5.03% APY, I tried to get an agent on the phone. Wait times were insane so I gave up.
2. Decided to see what Primis application process was like AND hoped it would reveal the answer to some of my questions. I was VERY pleasantly surprised at how easy & fast the process was. IMHO, Primis has THE BEST online application system I've ever used. The presented documents DID answer all my questions.
3. Funding. One of my biggest gripes with ALL previous banks has been their limits on ACH transfers in and out. Primis has NO LIMITS, meaning you can have as many linked banks as you want and transfer $millions if you want in or out.
4. Interest payments. This is one area I wish Primis would change. Instead of posting interest at the end of the month like EVERY other financial institution I've experienced, they do it on the 15th of each month. I've asked if this can be changed. As of today, NO RESPONSE.
5. The banks database being used by Primis for linked accounts is NOT the best. I linked another bank account using correct ABA 9 digit routing code but Primis shows a bank name that no longer exists due to mergers years ago.
BOTTOM LINE: Primis isn't perfect and neither are any of us. However, offering the best interest rate and best ACH system is why I rate Primis 4 out of 5 stars and will keep a sizeable amount in my Primis account unless these things change.
Primis Bank sent out this email to their customers to allay any fears they might have because of the Silicon Valley Bank failure:
Good morning! I’d like to provide you with some timely information about Primis Bank and the safety of your deposits. The events within the financial industry that we all witnessed last week were very surprising, and like you, I read and listened to more news reports and opinions than I normally do on a given weekend.
Most experts agree that the failure of Silicon Valley Bank (SVB) last week occurred because too many deposit customers left that bank in rapid fashion. It’s important to note that, despite SVB’s failure, regulators have backstopped depositor losses and have said that no depositor will lose money. Nevertheless, it’s left many wondering about their own bank - where are their deposits and how strong is their bank?
Across the entire financial industry, deposit levels have been falling for several quarters; however, Primis’s results, fortunately, have been very much the opposite. Since January 1, 2022, we have grown core customer deposits by $866 million or 31%. We are strongly core funded; thus, we do not utilize wholesale borrowings, crypto related deposits, or venture capital customer deposits. Primis has more than twice as much cash ($593 million) on our balance sheet as we do investment securities ($244 million). Our capital ratios are strong, alongside our impressive liquidity results. This dedicated focus on growing core, customer relationships has resulted in some of the best deposit growth rates and resulting liquidity ratios in the industry.
We are proud of our diverse customer base. Primis customers are in all 50 states, with a mixture of consumer and commercial customers. Our account types add more diversity with checking (37% of total), savings and money markets (49% of total), and CDs (14% of total). Lastly, we have extensive, unused borrowing capacity of approximately $855 million, or 24% of deposits if we needed it.
We work 24 hours a day, helping customers when and where they need it. Our team will go to whatever lengths necessary to safely protect the financial health of our customers. Please reply directly to this email if you would like more information on Primis Bank.
Thank you for your continued business and your trust.
Dennis Zember
President and CEO, Primis Bank
I was hesitant to open this account based on the negative reviews. When bad things happen, you tell 8 people. When good things happen, you tell 3. So this is one of my three...
Before opening the account, I asked some detailed questions through email. I received a partial reply the next day - the important questions were answered, but nothing on the other questions (which debit card network, what are foreign currency fees). I'll find out when I receive the debit card...
It took some time to get the documents needed (ID, SSN card, utility bill), so after 2 business days (as promised), I was notified that I needed to reload one of the documents. I resubmitted after loading the same document I previously submitted, and the account was approved the next day. So far, so good.
I made a transfer into the account the day it was opened, in addition to the initial transfer. The transfers were from different banks. The transfers were held for 3 days before posting. Before noticing the transfers were posted, I called to inquire about the timing. The queue I went to was 2 minutes, but I hung up after realizing the transfers had posted.
We'll see how long it takes for the debit card, but that isn't something I'll use much, so it's not a priority. I'll test the bill pay, but that isn't a big deal either as I have other accounts.
Overall: so far, so good. I noticed that the rate is no longer advertised on the home page, but you can find it on the account opening page. I'm guessing the huge demand is the reason - and definitely the reason for customer service issues. For me, if the checking account functions well (bill pay, debit card, etc.), I'll use it for those purposes unless the rate drops below other competitors who provide equal or better service.
I had some similar issues with this bank initially in getting signed up. I actually had to demand to speak to a supervisor because I was under review for two days which I found odd because I've always instantly been approved when signing up for back accounts
I had to upload a bank statement from the account I was using to fund the Primis account and once I did the supervisor approved my account.
Yes the phone hold times are horrible but in a positive note the phone service is 365 24/7 so I found on weekends and later in the evening is the best time to call.
Yes if you signed up after 2/17 your rate dropped to 4.35 but I signed up before then so my rate is still at 5.03 which is well above every other bank. I have the checking account and this is the first I've seen in my lifetime where you have a checking account with this rate which no requirements to keep the rate.
I love the convenience of keeping my money in one account and getting the interest rate without having to transfer from a checking into a savings to get the high rate. I love the fact that I can do unlimited transactions and I'm not limited to six like most accounts. I love the fact that there is unlimited refunded ATM fees. There is also no limit on the amount of money you can have in the account where the interest is capped out on.
I also recieve my payroll direct deposit two days early and when I make bill payments to accounts the money is taken out in a day when with other accounts it usually takes two to three.
So in summary with all of the pros and cons I would have to say once this account was up in running so far I would say this is the best checking account I've ever had in my life.
The only downside is the wait in setting the account up and the long hold times on the phone. My advice would be to call in at 8pm or later to get through in a timely manner for phone service. I would also suggest requesting to speak to a supervisor if you have account set up issues. I've found overall in most customer service situations when you need something important done you should always request a supervisor. Most of the time front line reps usually aren't much help across the board.
This site should update the reviews section to reflect the most recent ones submitted rather than just the very few positive ones submitted in the past. This would more accurately reflect individual’s recent experiences with this joke of a bank and perhaps prevent a potential applicant from wasting their time and effort trying to open an account with this fledgling institution.
Before going through the effort to open an account I would highly advise everyone go through the many reviews here which outline and detail the too numerous to list issues that this bank suffers from as they try to enter into the online banking space. They were ill prepared to do so and that speaks greatly as to the banks management’s level of competency.
You will not be able to believe the level of incompetence until you actually try to go through the process of opening an account. Having 30 plus years in the financial industry, I have personally never seen anything like this. Had originally planned to put a sizable deposit in this bank as the account structures they advertise seemed cutting edge and customer friendly but this has truly been a case of smoke and mirrors. Their actions inspire one to have zero confidence in their ability to safeguard and manage an individual’s finances. Sad to say, but this is a perfect case study for how to win a race to the bottom in the finance space.
I opened an account 3.5 weeks ago and it was under review this whole time. I got one email telling me that it was still under review but that I'd get the 5.03% interest rate because i opened my account when they still had that preposterous rate which is well above the feds actual interest rate. No further communication until I get an email today that ive been rejected. No reason for rejection other than referencing some credit agency. I have an 810 credit score and like 10 bank accounts. Ive never been rejected for anything in my life.
Tried calling them and their phone numbers dont even ring half the time. The other half, they have a 2 hour wait time that says things like you have a 45 minute wait, then it updates to you have a 50 minute wait. Then you have a 32 minute wait. Then you have a 48 minute wait etc. etc. Just absolutely bizarre and retarded. Not a serious bank and i doubt id have been able to use it even if i was accepted.
I completed an application which informs you that it may take up to two business days to be approved. On day 4 I called their customer service number and was told of a more that 2.5 hours wait. On day 9, I canceled the application after hearing nothing. Their lack of communication is suspicious.
I applied for a Primis Savings Account 10 days ago and my application is still "Under Review". The wait times to contact customer service by calling or via online chat are TERRIBLY SLOW - 1 to 5 hours!!! When I finally got through 6 days ago, they said they were backlogged with applications by almost 2 weeks!!! They told me a supervisor named Chuck would contact me about my application but I NEVER heard from Chuck! 4 days after I applied for a savings account they lowered the APY from 5.03% to 4.35% without any notification! Save yourself from ENORMOUS FRUSTRATION by avoiding this bank.
I'm 67, this is the first time I've been turned down by a bank since I opened a savings account when I was 11......primis continued to tell me to wait, that my application was being reviewed, for two weeks after I initiated ACH transfers with my funding bank. No further communication, 3 weeks later......So I think they are the worst bank I've ever tried to put a half million dollars in......I'll stick with my other eight grown up banks.
Do not walk...RUN AWAY! Unfortunately, no one is minding the henhouse because of the frequent feds rate increases and the lack of any meaningful oversight of online banks. They publish a 'come-on' rate substantially higher than the going rate, generate a ton of deposits, then quickly switch to a lower rate. Ivy did it recenty and now Primis.
I opened with no trouble, have made three deposits. PS I even got an Email telling me they lowered their rate a little but because I opened under the higher rate my rate will not change. Looks like they will stay in touch. I have not had to called them yet.
Like many poor reviews, tried opening an account, connecting with customer service, etc.. and it's been weeks with no update on the status of opening a checking account. This has never been an issue before. We have +800 credit score and 6 figure savings account linked to transfer over for the 5.03% rate. (to which they have now brought down to 4.35% of this writing whilst we have been waiting). Will likely have to keep up on this and have them purge all customer information since the TRUST factor is clearly low.
Poor setup of the UX since clearly many of us have been left in the dark.
Opening a savings is usually within 20 minutes at any normal branch location. How is this a high tech bank? I'd say this is a non-tech bank since they don't even have any form of automated chatbot / status of your account creation, let alone it taking weeks to open an account.
Will update the review if/when things change...
I had exactly experience as many new account openers. After you went through opening process, upload your Driver License, SS card, residency proof, & linked to your external bank account, you are going into "under review" status. I have waited 3 business days to get my account opened.
after review, a lot other potential customers have the exactly & even worse experience.
Don't know if anyone has had this issue. I opened my account on 2/1. The debit card was made on 2/8. I was told it would take 7 to 10 business days which came and went. I called to request another one for fear of something happening in transit. (The postal service is my area is not the greatest.) They tried to charge $25 for a second one. The first one finally came on 3/6. Now nearly a month later I am still waiting for the debit card! So frustrating.
https://www.doctorofcredit.com/primis-bank-5-03-checking-savings-accounts/
I don't fault Primis for lowering the rate, its not bait and switch as long as those who got in are not affected.... I opened account at another bank at a promo rate and couple weeks later that promo ended but all those who got in stay put ..... it's the same deal here
so far I am very pleased with this bank, my account was opened on 2-13 instantly, I did not need to upload driver license, address verification, etc.....the funding deposit showed up as current deposit (no delay), and 2 days interest was credited on 2-15
I did have problem doing the instant connect to one bank though (i think it's the other bank refusing connection) so I initiated a microdeposit on 2-15, got text on 2-17 to verify micro deposits....after successful connection, I pulled money from that bank and it showed up as current deposit right away, this is a tremendous deal as interests are accrued as of today on 2-17 at Primis versus at my other bank interest will accrue only on 2-21 when they receive the transfer
I like how the website is very clean and efficient, once log in I can add co-owner, and add, edit, and remove beneficiaries
phones are understandably congested as there must be lots of people calling, for the one time I was connected successfully to a live person, she was very courteous and patient. but sounded understandably tired
I haven't tried to pull money yet if there is a problem I will certainly update
thanks to someone mentioning about accounts with beneficiaries, I looked up and lo and behold each beneficiary is FDIC insured for 250k, so for example a single owner account is insured up to 750k if there are 3 beneficiaries
https://www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits/#:~:text=The%20standard%20deposit%20insurance%20amount,another%20separately%20chartered%20insured%20bank.
From 5.03% to 4.35% in less than 30 days. Talk about bait and switch. Certainly had some cheerleaders here fooled (you know who you are). While 4.35% is near the top in HYSA, I won't do business with a bank that operates this way. Besides, I already have accounts that pay that or better.
3 weeks and still not approved for account. 3 e-mails saying they are working on it. Never been able to reach them by phone. YMMV
Was told via online chat today that the debit card on the digital checking account cannot be used outside the US. That's a shame, as it's the only thing that prevents me from using Primis as my main/only checking account. The Savings interest of 5.03% is still great of course.
About an hour wait to chat to an agent around midday. No issues with opening account or transferring funds. Website is simple but functions well, nowhere as cluttered as many other budget banks.
Their marketing says they are open 24/7. When I call, they don't answer the phone. No matter if O call in the afternoon or the morning. The phone rings two or three time and the there is silence. Ajout a minute later the call gets disconnected. I then tried the chat. 42 people in front of me. Unbelievable.
Recently opened acct and application was fairly easy but had a question. After 7 calls and over 6 hours of wait time I finally reached a person. Don’t bother leaving voicemail as you won’t get a return call. I tried their chat 4 times and it kept hanging up. At any rate, there’s a reason they can afford to pay such a high yield as they don’t have any labor costs.
Just spoke with their rep and she informed me that you can now only withdraw $5k/day. I told her this was incredibly low but she stood by this being the limit on ACH transfers out of the acct. At time I applied, the stated limit for ACH out was $30K/day and $100K/month. They change their terms rather quickly.
One good thing is that the rep claimed they pay interest while your ACH transfer funds are on hold. If they keep the rate high and only adjust in accordance with changes in fed funds rate then I can probably over look the F- customer service.
why when try add primis signon page to phone home screen it ids itself as canapi bank?! anyone?
If you're like me you geek out over rates. As someone who is not interested in dipping into a market that has been manipulated for some time now and is almost impossible to read, a guaranteed rate without paying a management fee regardless of market performance is a relief. My current online bank (in the top 10 on here) hasn't raised their rate in the 2 weeks since the last Fed Funds rate hike, and I was getting impatient. Previous attempts over the last few years to call and get any intel regarding coming/pending rate increases have yielded no results from several of the internet banks I have been with in the past.
This is the first I've heard of this bank and it being on the radar of this page and at or near the top of the list for having the highest rates. Process took about 20 mins to apply online. Had to submit photo of DL, SS card, and a bill or bank statement to verify address which is what took the most time taking and transferring pix to my CPU where I was applying from. I am now in the process of my information being verified. I chose to fund the acct using a bank transfer in the application process after syncing several of my bank accounts. I wasn't given the option of a wire transfer which is fine really as wire transfer fees would prob end up being about the same as the difference in interest over the few days it takes for the deposit to clear.
As others stated, so far no ability to add my spouse as a co-owner yet or beneficiaries. Expected later once background check is approved (They just need to make sure you're not a terrorist or international weapons dealer.) Site indicated it could take up to 2 days after applying.
No fees, no minimums plus the much higher rate sold me. I'm low on customer service needed as a feature of online banking. I just need to stash my money somewhere and get a great rate.
Great apy, but:
1) Customer service: by phone = busy signal x 3 beeps, then automatically hangs up, this x numerous attempts. There is no automated answering system. By Chat = 24 people in line at this time.
2) Account application hoops = they want a bank statement from the funding account to "verify ownership". I have already proven ownership by giving correct account number and login info. when setting up the funding, so I assume they really want to see account activity and balance. Not as invasive as the goofball bank that wanted my tax return to apply, but still not an honest, legit application hoop.
3) Is there any legal precedent regarding a bank's ability to limit withdrawals when pulled by an external bank? Does this extend to the ability to close the account?
After reading the post here that opening accounts with Primis is fast and easy, I applied for a savings account on February 7 with Primis. This application process was far more painful and burdensome than any other savings account I have ever applied for. Aside from providing all the SS number, Driver's license number, citizenship etc, I had to upload a copy of Driver's License, a copy of Social Security Card, and a copy of bill. This took me to the 8th to complete my application. I also gave out my another bank account to fund the initial deposit. Now is February 13th. After almost a week, my savings account is still under review even if the site says it took 2 business days to complete the review. Worrying what the Primis bank is after, I just decided to cancel my application. This is not a sign of a healthy, reliable and safe bank even if it says FDIC insured. Stay away to avoid troubles.
Yes it's a great rate. But I called customer service and yes I understand that it takes a long time to get through. But despite claims on their web site that there are no limits on transactions, their customer service rep told me that even if you initiate a withdrawal on an external bank's web site, there is a limit by ACH of $30,000 withdrawn per day.
So I messaged them on facebook messenger. I asked the following question:
"I was looking into your online savings account which presently has an APY of 5.03%. I was told by one of your customer service reps that once the account is open, that even if I attempt to withdraw money by ACH that is initiated on the external bank's web site, that any withdrawal over $30,000 in a day will be rejected by Primis. Is this correct?"
The initial response that I received was:
"Hey Gary, sorry you were told that but it isn't correct. There are no ACH limits from Primis when you initiate a transaction from another bank, company, or financial institution. That goes for our savings and checking accounts. Hope that helps!"
I followed up by asking:
"So are you saying that even if I want to "WITHDRAW" money from my Primis online savings by ACH, if I initiate externally, I can withdraw as much as I want? The representative insisted that the withdrawal limit by ACH was $30,000 and that if I wanted to withdraw more, even when initiated externally, I had to use wire transfer."
And then they responded by stating:
"Ok, so it seems that I may have misspoke. The customer service rep was correct for how our accounts currently function, however we're in the process of changing that. I was under the impression that the change had already occurred. Soon, there will be no limits on external withdrawals so long as they are initiated outside of the Primis system. I'm waiting to hear back exactly on when that will be implemented, but it should be very soon. I'll let you know when I get a precise timeline. Sorry about the confusion!"
So as of now there is a $30,000 per day limit on ACH withdrawals, even if initiated externally.
Maybe that is not a big deal to some folks but if all of a sudden their rate drops and I want out, I don't want to be paying a wire transfer fee.
Right now, their claim that there is no limitation on withdrawals is false advertising.
They decided to reject my application for arbitrary reason "does not meet our criteria" -- for heaven sake, for a savings account. I've accounts with 10+ banks/credit unions and never had issues in opening/maintaining an account. Avoid them at all cost if you want to save yourself a headache and end-up giving out sensitive personal information for no avail/dead-end.
Just opened my savings account. It was the easiest one I have opened anywhere (and I have opened many). It took only minutes.
Like everyone else... I was immediately attracted by the 5.03% APY on both their FREE Savings Account AND their FREE Premium Checking Account! It has been a long while since we have seen a dual account offering like this with a market leading rate over a ¾ point higher than the next closest online bank!
Despite the hordes of people waving and throwing their money at these folks while seriously clogging up their customer support phones and online CHAT, I was still able to contact a support rep when I chatted them up after hours. Not only was my Rep super knowledgeable about PRIMIS' details, took down my order details for my FREE checks, they even provided me with their direct email at PRIMIS which they encouraged me to use the next time I needed help.
The website is clean and easy to use without any bloatware getting in your way while you take care of business. Deposits are credited to your balance immediately upon submission of a funding transfer and start earning the 5.03% right then and there. A (3) day hold is always placed on these new funds while the ACH transfer is being wrapped up. Those funds get pulled within 24 hours from your funding bank, so I would advise against attempting to "Float" between Primis and another bank.
Transfers out of PRIMIS to external bank accounts can take less than 12 hours to fully complete based on three test deposits I made to my other primary FIs including Fidelity Investments. 24 hours on the outside, although I have never had to wait that long.
My only real complaint is that they currently do not provide an "Interest Earned This Month" stat on the account details section of your account. They provide all the other interest related stats, but I have been told that this missing feature will be coming soon.
Anyone still on the fence about this bank has nothing to worry about! Considering the sheer numbers of new accounts and new money this bank has managed to gain over the last 10 days alone, the chances of them lowering this rate and losing all those new deposits are basically ZERO! That 5.03% APY is going to remain in place through the remainder of 2023 and likely well into 2024 as well.
As for me? I literally put my money where my mouth is. I have recently deposited a significant 6 figure sum of cash in both a Primis Savings account and a Primis Premier Checking account. Right up to the FDIC limit on each account.
The FREE book of checks and a Debit Card with nationwide free ATM access was a very nice bonus.
After transferring 25k, suddenly it’s impossible to access my account. For the last 3 days, when I try to login online it says the portal is down. So I’m completely locked out. Customer service cannot tell me when the portal will be back online—incredibly, they couldn’t even confirm that it was down (I had to send them screenshots). This entire enterprise smacks of fraud—I’m just waiting for the class action lawsuit.
5.03% is not worth it.
Opened a savings account on Thursday. Used the trial micro deposit to link an external acct, the trial deposits show up on Friday.
Also use the instant link to link 3 other accounts. Then transfer funds from these accounts, the fund show up under the "Current balance" quickly (but on hold, so the available balance is 0)
Beneficiaries can be added from their website after opening the account.
No problem so far.
Opening the account took 5 minutes and linking the other accounts was seamless. The hold on the initial deposit was only 3 days. I just pushed funds from Chase and it took only one day to post.
This is an update to my original questions.
I have subsequently rated them great from a neutral rateing.(Their system was just a little different...but fine.)
I emailed them and got a next day clear and understandable response. They provide on their site the ability to make it a JointWROS account and to add beneficiaries.
I especially like that my beneficiaries show up in good old hard print on my account.
This is asking for information.
I started a savings account application. and after submitting only my information, it immediately asked funding information. I do not want to open or fund until I know whether:
1) Will I subsequently be able to make it a JOINT account with my wife..???
and 2) Will I subsequently be able to place my two children on the account as POD beneficiaries..
The chat lines and telephone just timed out for me.
Thanks in advance for any information.
I think I need to rate the bank so I just went "NEUTRAL".
I'm sure they are very overwhelmed with the influx of new customers at this 5% advertised rate. I get emails every day stating my account is under review still, it's been 5 days. I uploaded my ID, SS and a utility bill. I should have removed my credit freeze before I applied, I forgot. Now I wait and see.
Chat customer service has been about a 90 minute wait time.
Edit. 2.17.23
I thought about just cancelling the application, remove the freeze from the credit bureaus and then reapply. But I'm invested now and may just delay the process even longer, and after the email I just received about lower apr, I'm going to just hang in there.
Been 2 weeks now and I just received this email:
3.8.23
Finally approved! They may be open 24/7 but managers are 8-5. I called at 7:45, spoke to a representative, advised it's been 4 weeks. They sent a message to the review dept and within 1 hour I was accepted and at the rate of 5.03% as to when I originally applied.
Note.
They have a daily limit of 30k external withdrawal. And a monthly limit of 100k
Update: issue has been resolved review updated.
They sent my trial deposits but my account is still pending. I've opened several online bank accounts and I've always had instant access. This is the first time I've ever heard of an approval process to open a bank account. This is not a line of credit so I'm not sure why I have to be approved to put money in an account. Very mind boggling. Ridiculous hold times as well and when you do get through the account reps are clueless. I wonder if the bank actually reads these reviews. You would think they would want to fix these issues.
Update: situation has been corrected. Review is now updated.
Why would an account be under review to open up? This makes zero sense. I've never had this issue with any other bank. Tried to link my Salem Five Account and it kept failing. Then I went the micro deposit route and it would not let me initiate the process. So I had to try my lending club bank account. Luckily that one went through. Customer service wait times on the phone are at a minimum thirty minutes and can be up to an hour. I'm considering cancelling my application because the bank seems inexperienced and incompetent in handling online banking. I found out today that they just started with these online accounts in September 2022.I don't think they prepared properly for the roll out. I'm seriously having second thoughts and I really question this bank. I'll wait it out and update in a few days. Hopefully they can win me over.
I was interested in their terrific High Yield Savings rate, so I logged into their "Chat." It took me 2 hours to get to the front of the queue, back and forth took another 40 min to get all my questions answered, and within that time I was told to "Wait a moment" - that "moment" went on for 15 mins. So although their APY is the best I could find (as of right now), i think i'll pass on opening an account: I'm scared about their customer service (which another reviewer raised - I shoulda just listened to them and moved on)
I found it very easy to open a savings account (5.13%) online. It only took two business days to link an external account and fund the Primis account. I didn't have to call customer service, so I cannot comment on that, but the online application was a snap.
My account was locked out of nowhere. Calling in to get issue resolved takes way too much time! I was instantly approved on 1/31 and funded the account w/ 6figures+.
Update 2/9: my account is still locked going on day 3, w/ 6 figures in it.
Update 2/10: i finally got a call back after chasing CS for 5 days (~15h+ wasted) who notified me that my account would be closed due too many recent activities. I did 2 banks' external trial deposits verifications (so I could ACH push more money in), 3 ACH deposits and an outgoing wire as a test. They think I'm a risky customer w/ 6 figures+ deposited at their bank? I don't get it? I was instantly approved (excellent credit score and Chexsystem) and funded 6 figures+ at opening on 1/31. So when asked what exactly was suspicious about those transactions, rep said it was just the bank's decision to close my account and decision was final, but couldn't provide further details. Whoever the risk-analyst at this bank needs to do a better job!! New customers are going to do a lot of transactions more than usual in the first couple weeks b/c we're still trying out new bank, no? They don't equate to fraudulent activities. Instead of closing down our account w/o given specific reasons, how about warn us first? I'd appreciate a headsup to let me know if I was doing too many things too quickly as a new customer? Anyway, they said they would ACH the balance back to my linked bank account next week w/ a few days of interests.
Very easy to open account, fund, and link external accounts.
Two minor issues:
1. One has to request the 40 free checks, not automatically sent out.
2. There are several apps in the Andriod app store. The correct one is "Primis Digital Mobile App"