The customer service is good, my problem arose when the Federal Reserve started discussing the Federal Funds interest rate lowering. Pure Point lowered their savings rates weeks before the Federal Reserve lowered the Federal Funds interest rate each of the last two times. I believe my conversation was with Pure Point representative "Chris" before the first savings rate drop in which he stated " when everything shakes out and is done, Pure Point's rates will be near the top". Well this is now four months later and Pure Point has managed to stay in the top thirty banks for savings rates at 2% but with hint of another Federal Reserve interest cut they might be lucky to be in the top forty bank savings rates.
I never had an issue transferring large amounts out of this bank. I have transferred 100K, 40K & 12K in to my other banks on Jan/2019, the funds showed up in my other banks the next day. May be this bank has fixed the issue since so many customers complained on this topic.
This bank just cut the rate for a second time in a month. The rate I am getting here is now LOWER than the bank I was with before! Instead of wasting a colossal amount of money on shipping packages of tea to every depositor as a birthday gift, try maintaining competitive rates! This bank is way below other online banks. Time to get out.
I opened account with them 2 months back and have received the interest as stated. They sent an email couple days back mentioning that they will reduce their stated APY from 2.5 to 2.15. This is the reason I want to close my account. When you want to close account and transfer the entire amount back they cancelled my transaction. They also mentioned that they have a limit per day. I tried to transfer amount next day based on stated limit and still got rejected.
It's a shady bank and I would ask all people to stay away from them. Totally hard time getting money back from them
After numerous calls to customer service, I could transfer all my money out of the bank.
I'm changing my review to 5 stars due to helpful customer service.
I applied for their 13-month no penalty CD as a new client and got a call from a CSR to verify my information. No update regarding my application after 5 days. So far, I can say PurePoint Financial is light years away from banks like Ally Bank, Discover, Capital One, etc. At this point, I am not sure if I want to go further. I may never hear from them anyway.
1. Accounts lock automatically when attempting access in OPERA browser and some others.
2. If actually open, their windows close unreasonably rapidly without warning. No time to think and verify--the essentials of personal finance. After reopening must start over, try several times and account locks.
3. Also lock when not accessed for 30 days. Should not be necessary for savings account.
4. To onlock, need new password. Must call in. 15 minute wait for customer service person, taking details for 10 minutes. Always transferred to 2d representative, who does the same after another 15 minute wait.
5. Then the second person uses a search on some "people finder" (rather than Chex Systems which banks use to uniquely identify clients.) The kinds that say you have 14 people in your small single-family house, 4 of which you are married to, and you lived abroad for 15 years. Of my 4 questions, one was applicable to an ID thief from several years ago and another was about a person whom I had never heard of. So much for its "security" excuse for making it hard on customers! False information is accepted.
Additional Update: Even though I have an account, I am still unable to open accounts online while my IP address appears to be outside of my home state (VPN issues that can't be dealt with by me for those interested). To open a savings account I had to call in. While the reps are helpful, this process takes around 10-15 minutes from start to end. This excessive security is a little much especially when there are so many better ways to protect and still provide convenience (2FA is already there and mandatory).
This is an updated review now that I was able to open an account.
The original title was, "Could Not Open Account, They Don't Know Why." In short, I was unable to open the account online. A rep from the bank reached out to me here and called me. They said I could just call in and open the account online. They were as surprised as I was that the reps who I had previously spoken to didn't suggest this at all. The person who I eventually reached to open the account was able to help me out without a problem and I'm set to link external accounts and proceed with funding.
The tl;dr there is if you're going to try online, do it from your home. It's the safest way to guarantee their security software doesn't get a false positive for fraud which they are trying to prevent aggressively. While it got in the way for me, I still think it is better than the alternative.
So far everything I've done online seems well thought out but I'll update this when everything is funded and I've had time to familiarize myself with their software.
Kudos to PurePoint for having an active online presence that is actually able to help resolve issues. Maybe there's more that could be done to make self service easier but I'm glad security is paramount.
I applied for their 13-month 2.6 no penalty CD wishing to deposit a six-figure sum. I received a "We are unable to open an account for you at this time" message before any identity verification questions were even asked. Knowing no good reason for this, I called in, as is suggested by other reviewers and the PurePoint representative who comments here. The person I spoke with couldn't tell me why my application was declined, but did inform me that if I had used a VPN, which I had, that could have been why. Worth noting: I specifically asked if having my credit reports frozen could be an issue, and was told no (I suspect this may be incorrect, but at this point I have no idea what the hell is going on at PurePoint).
I applied again from my home address (in the US) without a VPN (Chrome browser on Linux). Again declined. I called in again. Again, no one could tell me why my application was declined, so I requested a call back on the matter.
I received a call back from a helpful representative who said that while she couldn't see why my application was declined, she assured me I could do the application over the phone with her and it would be approved. Great, but one problem: this was a recorded line, and she would need my full social security number. Since I have no idea what happens with PurePoint's call recordings, I agreed to do the application over the phone on a non-recorded line. The rep didn't have the ability to call me on a non-recorded line. Frustrated, I said I'd try applying online one more time (cleared browser cookies/cache, used incognito mode).
3rd attempt failed. I called in again and asked to apply by phone on a non-recorded line, the rep being very understanding of my not wanting my social security number to be on a recorded phone call. The rep consulted their supervisor and set me up with a supervisor call back who would call me on a non-recorded line to do the application.
The supervisor call back was supposed to happen the same day. No call. Next day, no call. The weekend passed. No call Monday.
With that kind of incompetence, I see no reason why I should be trying to give PurePoint a six-figure sum of my money.
This bank is part of MUFG, so you know it's rock solid. I have been with the bank for about 18 months, and it's outshined other banks in transfer times, and ease of use with their web site. It would be cool if they had a mobile app, but it's not a big deal. Links nicely into Mint.com and they call me to confirm large transfers. Like most banks today, they provide the extra layer of security with multi factor authentication for transfers. I have given up a little extra interest at other banks I found on this website, for the convenience of fast transfer, solid web experience, and peace of mind.
I've been a customer with purepoint for two years.
I'm not always keeping my money here because interest rate is not always competitive.
I found 2.6% no penalty CD today and tried to open it.
Because I already have savings account and online ID, I started open procedure after log in.
BTW, result was instant reject.
There was no security question (I don't think this is needed for current customer, but I aware some online bank uses it) and simply rejected.
It requested me to call back, but I'm wondering I need to call back.
I've been banking with Purepoint since early 2017, haven't had any problems. So I'm surprised to see all these negative experiences reported here specially with transferring funds out of their PurePoint accounts and having duplicate transfers in. Haven't experienced these, but these reviews prompted me to review PurePoint's disclosures and noted that funds transferred in to PurepPoint Savings by ACH are not available until the 4th business day after PurePoint received the funds. There are other provisions including 7 day advance withdrawal notice at their discretion that are worth knowing to minimize misunderstandings and help set expectations.
My experience regarding fund transfer out that was initially annoying but made me feel safe: ordered a wire transfer out for over half million dollars for a real estate purchase. Most of these funds have been ACH-transferred to PurePoint Savings a couple weeks earlier. The day before the scheduled transfer PurePoint called me to verify that I ordered the transfer and the identity of the receiving escrow company. They also called the escrow company to verify their identity. it took a few phone calls back and forth to complete this so it was a bit aggravating as escrow needed to close on time, but it was very much worth it to avoid fraud. made me feel very safe transacting with PurePoint.
I now have some of my relatives park most of their cash at PurePoint.
This month had a 18 month CD expire, within the 10 days grace period I was able to open a new CD at a good rate with half the money in the account and the other half I transferred to my other bank. Didn't have any problems, did it all on line without talking to anyone at Pure Point Bank, great bank.
how can people complain about this bank if you follow the rules and instructions when you signed up there is no problem this was so easy to join there customer service is the best these people go out of there way to help you i needed tax forms mailed to me when i called to tell i could not print these out NO problem i got in less than 5 days later and what other co. remembers yours and your other half on our birthdays its not the gift its they think of you as family i have been with them about 11 months i have called them a million times and NEVER got a person that never bent over backwards to help me i was so impressed i bought stock in there parent co.. thank you purepoint
PuePoint is the best. I have dealt with Synchrony, Ally, Cit Bank, and Capital One and I would say that PuePoint is hands down the best. Transfers take one day. Not so with Ally & Synchrony. Great easy to use web site. Not so with Cit Bank or Capital One. Their savings rates are usually the highest out there. (As long as you have 10K in the bank). Best cd rates also. I think I'll keep them.
I opened an account with Pure Point Financial for a better interest rates and linked it with my other accounts since Pure Point advised me that they don't have any checking account. I have to transfer money from Pure Point to link account to write checks.
I knew this process take time to get money to your link account. I got a real good deal and I need the money and thought this Pure Point process maximum will take a week to have money from Pure Point to my link bank account online. End of the week, I came to know that Pure Point cancelled my request to transfer money to my link account and can't get the money. I called them to inquired about it. I was told that they can't reach me and cancelled my request without my knowledge. I, again request them and went through set of questionnaire three times until it was clear and Pure Point told me that now you can transfer to your link account.
Again, Pure Point cancelled my request without informing me for unknown reason. I was extremely frustrated and exhausted talking on phone but no help. I lost over $500 for the deal for this mess and I have no other reason at that time just to finance it since money was not available. I hold Pure Point responsible for all my damages and must be reimbursed. I never had any such issues with any banks and Pure Point acted very poorly dealing my account. It was just horrible and a nightmare...
I’ve had a very good experience with PurePoint. The rates are consistently among the leaders. The website is excellent. I’ve had no problems moving funds out of my PurePoint savings account to several different institutions. Mobile check deposits have been easy and fast, and I actually like that it’s done via their mobile website – not a mobile app.
I opened a 1-yr CD at 2.6%. Maybe 10 days later, PurePoint raised its 1-yr CD rate to 2.8%… and bingo, my CD rate rose as well to 2.8% as well, nice!
The only hiccup came when I tried to open that CD. My online application was inexplicably denied. I answered several ambiguous questions online, and was advised: Sorry, you cannot open a CD. Phoned customer service, the first rep wasn’t especially helpful, sort of like “oh well.” I asked to speak with a supervisor, which was much more productive. Two days later, they interviewed me on the phone and I opened the CD. So, no real harm done... seems like a process issue they need to improve.
Finally, I received a surprise birthday present in the snail mail from PurePoint -- a nice set of Tea Forte tea bags. Quite liked that!
Customers keep a savings account in order to be able to use the money when emergency occurs. This bank blocked my transfer twice without any reason.
The first time, it called me and wanted verification. I called back. The rep told me they wanted to verify because the transfer amount was large. He then verified me, the account and the transfer amount. He assured me it wouldn't happen again, but then, it happened again right after the bank personally verified everything. This bank caused me a big loss and inconvenience.
Even for the first time, there was no reason to suspect someone else making the transfer. The external account had already been linked and verified. I logged in and went through all necessary securities before initiating the transfer. I couldn't imagine this happened twice. No other banks have done this before. The bank's repeated blocking of customers transactions at will shows it has no consideration or respect for their customers.
Ironically, I did a review on this bank not long ago saying the bank is almost perfect and I'll be banking with them for life, but this completely changed my opinion.
This is the first time I have ever been refused to open an account by any financial institution. There can be absolutely no good reason for this. Customer service says they don't know why. Hard to believe! I am truly insulted by this. I can't understand why a large institution would conduct themselves in this manner. Evidently I am not the only one who has encountered this.
I opened a savings account online, with no issue. However, a year or so later, I tried to open a CD for $10k and my application was declined. This didn’t make sense to me so I called. The rep was able to open the CD for me, but wasn’t able to explain why my online application was denied, only clarifying that it was not due to any negative mark on my file. They do like to speak to you in person when you are ACHing funds out so if you are making a large transfer initiated from your account, expect a verification call. Once that call kept me from making a mistake, so in that one case, it was to my benefit.
I currently have 2 CD's with Purepoint and the 1.9% MMA account. I love how quickly the ACH transfers go through, allow multiple connected accounts and have high transfer limits. Every account I opened with them has been smooth. Very competitive CD rates on short term CD's, wish they would nudge up the MMA rate a bit, but probably one of my favorite and hassle free online banking experiences. Customer for life, I wish all online banks operated like this bank. Keep up the great work!
Tried to open a 2yr CD (10,000), filled out the application, submitted it and.....the application submitted was unsuccesful (or something like that)
Tried it again from scratch, same result. Called CS, explained the situation and she had no clue why, at least that's what she told me.
Plenty of others I guess.
I've had an account with Purepoint for over a year now (after reading about this new bank here). I've read about other reviewers' problems. I've simply not encountered any of it. I've transferred large sums in and out; twice depositing the entirety of my home equity line of credit withdrawal directly via my lender bank. I've withdrew large amounts regularly for several months now as we pay off invoices for our home remodeling project. Not once have I encountered an issue. Purepoint transfers typically show up in my other bank accounts within 1 business day after transfer (though they don't promise that so I usually plan for up to 2 days). This makes Purepoint the fastest bank-to-bank transfer among my other accounts (including Barclay's Online Bank). I've also deposited checks via a mobile device and while Purepoint don't have a fancy app, the mobile deposits went through just fine. What I appreciate the most about Purepoint is the fact that it is very proactive about keeping its online rates up. The savings rate has increased steadily as rates have been going up; and this is usually the first of my banks to increase rates. I also appreciate the fact that Purepoint didn't charge me a "bounced check" fee recently when several checked I deposited at various accounts--including Purepoint--bounced due to insufficient funds. I was charged a fee by three other banks including Barclays. I know there are other online banks that offer higher rates. But for me, rates aren't everything; I need an online bank backed by a well known financial institution, and I need to have an overall positive experience. I've been a very happy customer for over a year now and this is my preferred online bank for our savings.
This is a huge bank, even though you might not realize it, but it is also a great bank to do business with. Interest rates are increased in the deposit accounts as the fed rates increase. This is rare, most of the online banks found here offering good rates play games with the rates. Customer service has also always been friendly and helpful. Unless this changes I will probably always have accounts here.
PurePoint has the smallest, almost unnoticeable, minus signs, for withdrawals, in their savings account I've encountered.
Then they constantly email threatening notices regarding Regulation D – Number of Transactions (6 withdrawals only):
" If you exceed this limitation, we may refuse to honor the excessive transactions, remove your transfer privileges, or close the account without prior notice. We may also impose an Excess Activity Fee for exceeding the limit."
Corrective action: PurePoint, display readable minus signs and withdrawal info in RED – or as some enlightened banks do for withdrawals: ($000.00), in place of your tiny, abnormal, minus signs.
Found them through Deposit Accounts. Was quick and easy for me to set up an account. No issues connecting my local checking account to them. Funds transfer went through in a few days. Great online savings account rate and CD rate promotions. Just waiting to see what happens in the next 90 days to make a decision to lock up more money.
Purepoint offers competitive rates but that is where the positives stop and the whole experience dealing with them is not worth it. The huge problem with these guys is that it is a traditional bank with traditional business processes trying their hand at an online banking. They really don't like you to do much online but rather on the phone. Here is a FEW of my experiences:
1. Opening the savings account was a breeze, but when I wanted to open any additional account (like a CD), I had to call in.
2. I had a very simple question. So I sent an online message. Question was can you send me one-time paper statements on my address on file?" Response is call us.
These folks have an online messaging system but they think that is not secure. What world are they living in? They believe a phone call where ask my date of birth (on most people's facebook) is better security than a two-factor authentication which these guys do have. just woww...
There good rates are just not worth the headaches.
Created an account with Purepoint, the process couldn't have been simpler.
The only issue I have is the emails(unsecured open server) messages sent regarding the new account.
To my way of thinking ,with a view of identity theft, using Purepoint's secure system would provide less information exposure for their customers by communicating within their secure messaging system.
I do not have a cell phone. Therefore, it is next to impossible to make a deposit at one of the 5 physical branches, since I cannot do a verification without one. In order to do an ACH transfer, Purepoint wants you to give your transferring bank acct password, which is really unnecessary since they also do the process of depositing two small amounts which you then respond to.
First time in my life I am being declined for opening a account. They refuse to provide the reason. I see in the comments there are other legitimate customers having the same issue. All PurePoint responses are the standard boilerplate BS. Customer Service is extremely unhelpful. Think twice before opening an account with them.
Purepoint Financial is a solid choice for online banking. I have had an online savings account with them for over a year now. They had a leading rate when I opened my account, then they fell behind for a while, and then they caught up again. My money has been back and forth as a result, but, I do feel my money is safe and secure with them, they have good customer service, competitive rates, and a good clean website that's attractive and easy to use. Transfers have been relatively uneventful. Their fraud department held up one of my large transfers for security purposes once, but I won't knock the bank for taking extra precautions with my money, though I could see this becoming an issue for someone performing large transfers frequently. I find it a little odd they pay me interest on the 7th of each month rather than at the end of each month, but that's their system. They also gave me the option to keep my account open with a penny in it for future purposes when I decided to switch banks for a while, which was convenient when I returned to them later on. My overall impression of this bank is that they are reliable, solid, they pay attention to the details, and they still do the meaningful little things that set them apart from most of their competitors (like sending out holiday cards to customers).
After reading some latest reviews we decided to give a try and tried to open account with Purepoint this weekend. In last 10 years this is the first time happened to us that a bank failed to open an account and got below message. Also, I thought bank will contact us, boy I was wrong.
I also called and speak to Purepoint representative and she was unable to provide any reason why Purepoint could not open account? Can't believe that a simple account opening could be so much complicated. I am better off with CIT at this time.
Thank you for your request to open a savings or CD account with PurePoint® Financial. We are unable to open an account for you at this time.
If you have questions regarding this information, please call us at 1-855-488-7873 (toll-free), Monday – Friday 8:00 a.m. – 9:00 p.m. Eastern Time (except federal holidays).
I opened my PurePoint account yesterday, despite some trepidation over some of the complaints about them on this site. The experience so far has been great.
Account setup and initial funding was about as painless as could be imagined. I initiated another large ACH transfer today. Like a lot of people, my initial funding was the minimum allowed. I wanted to see how PurePoint would handle starter money before I sent them the full amount I intended to deposit.
While doing a thorough inspection of my newly opened account, I noticed that my statement end date was based upon the day I opened the account, instead of the end of the month as I expected. That seemed less than ideal for how I like to manage my accounts, so I gave customer service a call to see if it could be fixed.
I was expecting to be on hold for a while, but I got a customer service representative in about a minute. I explained my problem, and she immediately knew how to fix it, although she did warn me that it might take up to 2 weeks to work its way through the system.
Checking my account this morning, I see that the statement date has already been changed. That is how to under promise and over deliver.
I have used this site for almost a decade. Today, I registered as a user so I could leave this comment. That is the kind of impression PurePoint has made on me.
I have a savings account with PurePoint since 03/2017. The bank works fine if you only do simple banking. Otherwise too many hassles.
1. Every time I tried to transfer more than $50K out, I got phone calls from their fraud department. I have received too many such phone calls in the past year, and intended protection has become real pain.
2. The online secure messaging is almost useless. They will simply transfer your technical question to the customer service department, reply your message just to let you know that someone will call you back.
3. I opened a CD and the initial funding ACH failed (as Popular Direct freezed my account and denied all types of withdrawals). Then I cannot find any means to fund this CD anymore. I called their customer service twice and the information and instructions I got were just misleading and useless. What a waste of time.
4. The linked external accounts I deleted were not actually deleted from their database. So I cannot add more linked accounts even though the website shows that I have only 5 linked accounts. This is really confusing since the number is less than the max limit of 10. I have to call them several times to find this out and get it fixed. Basically they need to manually delete deleted linked accounts from their database, every time!
Bottom line: good for passive banking, hassle for active banking. Too many phone calls needed. Too many security questions needed. Too many interventions from their fraud department.
I just opened up a new PurePoint Savings account. I transferred an initial amount to fund my PurePoint savings account at 4:14pm on 6/11/18. Then I got a second notification via my email that another $10,000 transfer was initiated at 6:05pm on 6/11/18. I did not initiate this second transfer and no one else has access to my account. I am seriously frustrated as PurePoint Customer Service is closed now and my bank account will be overdrawn with this second transaction and I will be charged a fee.
This is also incredibly concerning that PurePoint can make transfers without authorization from the account owner.
Purepoint is one of my favorite online banks for savings accounts. They offer immediate credit for transfers, easy to use intuitive website, & great competitive rates. I don't have to worry about rates, since Purepoint always stays competitive after a rate hike.
Incredibly easy to open my account, and the website is among the most intuitive I have ever used. Rates are great, and just as I was getting ready to move my funds to a better rate, they went right back to the top of the rate heap. Electronic fund transfers are MUCH faster than my Ally online account.
Wanted to change my username, customer service and tech support was top notch.
Rate dropped precipitously when my balance briefly dropped below $10,000, but that is clearly stated.
1. Simple Online Setup Process
2. Competitive Rate
3. Highly Knowledgeable Staff
4. Modern Security and Multi Factor Authentication
5. Good limits on ACH transfer
6. Wire transfer capability
7. Physical Locations in Florida
What more could I ask for in an online bank? If people are getting denied too bad for them. The setup was flawless.
please be aware this is a very difficult online bank. Tried to open a new account and received an email notifying me that they could not open an account. when calling numerous times and personally going to their office in Brooklyn Heights didn't help I can't help but feel this is the most difficult bank I have ever had to deal with and something is very strange. I have never have an issue with other banks and can't imagine what the reason could be.. and i do business with a lot of banks. I was informed I would receive a letter that is all that anyone could say. extremely poor customer service and i am beginning to think these positive reviews are all bogus. I will take my money to other more established places because doing banking with this place is not worth the hassle. TERRIBLE Bank SOMETHING IS VERY STRANGE.. I wanted to leave no star but forced to give one star because i want to post my review
I tried to open an account online by providing all the requested information. However my application was denied without providing any reason.
I called customer service to inquire why my application was rejected when I am able to open similar accounts at other online banks. But the representative did not have an answer and asked me to apply again in the near future.
Why would I apply again if the representative did not have the knowledge or courtesy to answer a simple question.
I will try to stick with an online bank which offers competitive interest rates as well as high quality customer service. It doesn't matter if the bank offers the highest interest rate when it has lousy customer service. I would rather be with a bank which offers the second or third highest interest rate if it provides good customer service.
It is unfortunate that this bank is not transparent with its potential customers.
Pure Point delivers very competitive products, reasonable fees, and fairly good security. I recently needed to roll over a maturing CD, and the process was lengthy but all's well that ends well. I wanted to lock in the rate 10 days before maturity. But, to make a long story short -- two customer service reps gave us 2 different answers as to how to make this happen. Finally a Supervisor stepped in to help us achieve our goal. The reps may need more training for less common requests, but I have found them generally to keep on trying to make things right, and their recent birthday gift was a nice personal touch. As long as their rates are relatively close to the best online CD rates, I plan to stay with them.
I am so happy to have found PurePoint Financial. I have had nothing but great experiences with them. Depositing and transferring money has been quick and easy. Opening my account online was also a breeze. Several months after joining PPF, I noticed that interest rates had gone up at a couple of other institutions. I decided to call PPF to see if they would consider matching those rates. I almost dropped the phone when the very friendly and helpful customer service rep told me that my rates had already been raised to match the competition - they do this automatically - wow! Where else can you find that kind of service? Not to mention that their rates are consistently higher than anywhere else. This is just one of the benefits of banking with PPF. And what a surprise when I received a classy little birthday gift - not one of those cheesy, generic, computer signed cards - but a GIFT!! Totally unexpected and it made my day. Thank you PPF - you're the best!
Deposit of funds to PurePoint Financial went well. Interest was paid. However, be prepared for a horrible experience if you ever try to transfer money out of your PurePoint account. I initiated a relatively small transfer to one of my linked accounts. Later that evening I received a call from the fraud department. The transfer had been flagged but they could not provide answer as to why they had flagged the transfer and delayed it. By the end of the conversation the representative stated that the transfer would go through that day. Next day I received a call from customer service asking if I would like to re-initiate the initial transfer, since it had been somehow cancelled. Of course I said yes, and explained the call and subsequent discussion from the night before. They could not answer why the transfer had been cancelled. An hour later, I get another call, asking if I would like to re-initiate the original transfer. Each representative stated that they had made a note of the conversations that had taken place, but somehow, with each new call I received, the representative had no idea of the past conversations with the bank, and furthermore, could not offer any explanation as to why this transfer was so problematic. All this time, the transfer of funds still has not gone through and is delayed with each call I receive from PurePoint representatives. I have subsequently directed PurePoint Financial to close the account and transfer all funds to my linked account. I will report back on how this final transaction is executed. Save yourself the headache and find a different, more professional institution to trust with your money.
I've had a savings account with them for about a year and I've never had any issues with this bank. Their website is simple good looking and reliable. No surprise fees or unreasonable restrictions. Just don't go over the federal savings account restriction of 6 withdraws per month and you should be ok. I made 5 withdraws one month and received an automated email from them reminding me that I was getting close to the limit.
While researching the best rate for MMA, I located PurePoint Financial and was quite surprised when I entered my zip code in Houston, a higher rate was shown if I went to their financial center to open the account. It was 15 basis points above the one listed on the internet. (1.75 vs 1.60) My advice would be to determine if they have financial center in your area and open an account there in order to get the best rate. In addition they have really nice snacks and drinks in the financial center. The employees were quite helpful in setting up the account.
They don't offer cash withdrawals, checks, ATM cards etc but it is quite easy to transfer funds to your traditional bank via a free transfer.
You worked hard for your money, get the best rates for your money at PurePoint Financial.
In this low-interest rate environment it can be tough for savers to find accounts that both pay well and are safe. In my hunt to find the highest rate for my money I came upon this unknown to me bank. Their savings account rate was at the top of the pack. I checked around and found that this was unlikely to be a one-time promotion, but rather they intended to stay very competitive. Sure enough, they have already raised their rate twice in the year my money has been with them.
High rates are good, but mean nothing if the money is not safe. Well, this bank is part of the very large and strong Mitsubishi Financial Group of Japan meaning there is little fear of collapse. Even if they did run into trouble the accounts are fully FDIC insured.
They also are careful watching over the accounts. Twice I needed to move a fair amount of money to another financial institution and both times the Purepoint risk department politely called to check that the electronic transfers were legit.
Consider this online and brick-and-mortar bank if you are seeking high savings rates and peace-of-mind.
I opened a saving account and that went smoothly. A month later I tried to withdraw money. The withdrawal was cancelled at their end on the day of the withdrawal. I called and they cancelled due to the fear that the transfer was not coming from me. I asked them to make the transfer. Again cancelled. After several calls the money eventually transferred. I was scared of the pain in getting to my own money so I put in another transfer to remove all my money except for the 10K minimum. I called the day of the transfer to assure them it was me and they said all should be fine, but they wanted me to call again the next day to be sure. I called the next day and they said it should be good. The transfer was cancelled. I called the day it was cancelled and they set it up again and this time it went through. Since then I've left the minimum in there, scared I won't be able to withdraw it.
I've had a PurePoint online savings account for about 8 months now. When I opened my account the reps were helpful over the phone, and I received my promised bonus in a timely fashion as well.. Of the 5 banks that I've opened online savings accounts with, PurePoint has been my favorite. It will automatically raise its rates and apply that higher rate to your account without you having to call them. Competing banks like Goldman Sachs/Marcus and Barclays are slow in general to raise their rates and always seem to be at least 1/10 or more lower then Purepoint. If you have a sizable amount of cash in an account, the 1/10 percent extra makes a difference and is nice to have.
The initial transfer into the account took the customary couple of days that any of my online accounts required, and I doubt that anything will change when or if the time comes that I wish to transfer these funds out to another bank. I've not had a problem doing ACH transfers with any of my other online savings accounts, and I can't imagine that Purepoint will be any different. From what I gather, it seems most problems arise with folks trying to open a joint or trust account which require more documentation and red tape. That seems to be a more involved process with other online banks too, and not just PurePoint. Just read the fine print with this bank before you open the account and ask the friendly reps any questions you might have. Do that with this bank, or any bank for that matter, so you don't have unexpected problems later. I did NOT find any of the basic rules or requirements for opening or maintaining this account objectionable, or different then any of my other online bank accounts. Any questions I had beforehand were answered courteously and accurately by the reps during the numerous phone calls I had made to the online sight before opening my account. In the event that I were to run into a problem with this bank, I'd return here to report it, but thus far all is well and I don't see any reason for it to change.
High yield saving account online is great! Very competitive interest rate. Website it easy to use to transfer money between checking and savings account. It online takes 1 business day for transfer which is great! Customer service is helpful! Website it user friendly!
they changed my posting date from the 10th to the 11th. i say im being beat for 1day without interest...not fair. for 5months i was happy with purepoint now im concerned. not withdrawing yet but could happen...did speak with a nice supervisor named allan but we agreed to disagree...i received a message on the 11th saying the interest was posted the 10th(GREAT), couldn't find it on the 10th but its there now so im back to being pleased with purepoint...thanks allan(LOL)
I sold my home prior to building a new one and had the equity sitting in a savings account from another big name national bank earning next to no interest. After doing some research on bankrate.com I found PurePoint Financial was offering significantly higher rates on their deposit accounts. I opened a savings account on their website and transferred a small amount from my other bank to see how seamless the process would be. It was easy and everything progressed as I expected so I then added a much larger amount to the account. I've had the account now for about 3 months and am happy with it. The website is easy to navigate and understand. I don't really interact with customer service much as this is not my primary account I use for everyday living but the interest rate was so much higher than what I had previously so I'm pretty happy. After this, I may consider using PurePoint Financial for my everyday use.
I recently opened a savings account with PurePoint because of their highly competitive APY. When I opened the account, the APY was 1.30%, the highest I could find for a regular savings account. The account and EFT set up was simple and quick. Within three days of opening the account, I funded it and started earning interest. Since opening the account, PurePoint has increased their APY twice to stay competitive and at the top end of yields. I highly recommend PurePoint for someone looking to stash their savings and watch it grow!
I opened an account in February and I've had no problems. Got a call from customer service a few months in and they sent me a nice little $5 starbucks giftcard. The website is extremely easy to use and I get the impression that they are a professional online bank. Interest rate has increased twice since I opened the account.
I have had good experience with PurePoint and have encountered, frankly, zero problems. Am writing now only because they obviously are monitoring this thread and I want to send a message:
I have never initiated any sort of funds transfer at PurePoint. All transfers are initiated at Alliant, where ACH service both ways (push or pull) is overnight. Overnight ACH service is something upon which I rely, and PurePoint has never failed to honor an ACH pull request initiated at Alliant. The funds are always in my Alliant hub account the next day.
If PurePoint, in future, ever fails to honor an ACH pull request, initiated at Alliant, I will be gone so fast as a customer their heads will spin. And I will publicize any such action on their part as widely as I am able.
People need timely access to their funds. I read too many horror stories about PurePoint reacting slowly when customers need their money. I assume those customers are initiating their funds movement requests at PurePoint, not at an outside financial institution. I have no issue with PurePoint's handling of such requests, initiated in house. That is not something I ever would do. But if they ever are slow to fulfill an ACH withdrawal request initiated externally, I am gone as a customer.
I opened a savings account with Pure Point a little over a year ago. The initial deposit was high, $10,000, but the interest paid was much higher that many institutions. I've only interacted with the staff a few times when I went to deposit 3 checks after my initial deposit. The opening of the account was lengthy as I had to fill out an abundance of paperwork. Most of that is government required so I don't hold it against the bank. Their staff is knowledgeable and rather friendly. I've always been greeted at the front door and assistance is rendered shortly after I've arrived or quickly thereafter. Their mobile app is adequate and easy to use.
1) Opening the savings account on-line was like a hot knife through butter - only a few moments. No need to upload a drivers license, social security card and utility bill (speaking of Live Oak).
2) An ACH transfer, push and pull, usually appears in the savings balance the same day. And the limit is $250,000 daily, not a few thousand dollars like many other banks.
3) Customer service has been friendly and helpful.
4) The interest rate is either the highest, or near the highest, offered by banks. If the interest rate lags behind the top (not far) then typically within a few months it's readjusted higher at, or close to, the top with at least $10,000 deposited.
5) No maintenance fees and no minimum balance after the initial deposit.
6) I use this account to earn higher interest on my savings, but not as a 'hub' for other banking activities. It does not provide a card for cash ATM withdrawals, nor a service for paying bills online.
PurePoint is a horrible institution - they really have no idea how to run an online bank. It took four days for an ACH deposit to become available. When questioned about it they decided to close my account. When I asked them to ACH the deposit back to the bank it came from they said my bank had to initiate the transfer. When pressed they finally agreed to initiate the transfer. It took three attempts for them to get the instructions right. If you get passed to someone beyond a customer service rep be prepared for rude and defensive individuals, none of who has the authority to make a decision. And don't hold your breath waiting for them to return a call or to follow-up in the time frame they promise. There are plenty of online banks with the competitive rates and much more savvy about the online experience including Ally, Synchrony, Capital One, American Express Bank. Avoid PurePoint like the plague!
Opened my account with Purepoint Financial. Requested they move funds from my existing account. Checked balance today and they duplicated the transaction. So, now I have to call it get it straightened out.
Ironically I read this in another review. Purepoint has an operational issue in their Deposits Group!
I gave this outfit $10,000 on the promise that I would receive a $200 promo by 10/02/17. Sop, 10/02/17 came around and no $200. I have been in touch with them daily and as of the last call my $200 is under review. Keep in mind that I followed the promo guidelines to a "T". The agent informed me that to resolve my issue will be a "lengthy process" and I will receive an email with a decision. What decision?. I did what you wanted and I want my $200 now. I'm thinking about calling the FDIC and filing a complaint . This should not be rocket science!.
I, also, was made to jump through hoops when attempting to register my account in the name of my trust. Unfortunately, I did not document the ordeal, and finally gave up.
PurePoint required a notarized application ($10) (1st submission) , W-9 (2nd submission), and then, the source of wealth form (3rd submission). I put down "savings and investments", which was not acceptable. Purepoint then sent me (via Fedex) another form (and return mailer) to detail the source of funds. By this time, I was so annoyed that I threw them away. Some time later, a woman called, asking for a more detailed explanation, I declined and said I would be withdrawing my funds upon maturation of the CD.
I have all my other investments registered in my trust and only had to provide an application and a copy of the cover sheet of the trust document.
I will be glad when the CD matures and I can do business with a more accommodating institution!
Having an account with PurePoint was an easy decision to make. While it might not be for everyone, as there is a fairly high initial deposit, I always felt comfortable dealing with the bank. The interest rates paid were exceptional and bordered on being generous for a modern banking experience. The few times I needed to get in touch with customer service, it was always a fast and easy process. For anyone who can afford the initial deposit, I would say that being a customer of PurePoint is an easy and rewarding experience.
One of the worst on line banks ever experienced.
I filled up a few applications on line for a few banks, such as GS, CIT, Ally and Pure Point. While all the other on line applications went through, yet this one which I started sooner than the other ones is still pending. This is while I have been given the bank account # and the rutting #, it has been over 2 weeks that I am not able to login to the account to transfer money.
Every other day I have called and after being on phone with them for over 10 hours, they have not been able to resolve my login issue. I should have taken the advice of another customer who had problem to login into his accounts in 2 consecutive weekend, and hence he closed his account.
Finally I talked to a supervisor, Allen Wilson, who is a CEO too, today and he hanged up on me while I was pointing out my frustration to him. It is good that I have no money in that account as I can imagine how painful it would be that one cant not login to his account for 2 weeks after spending over 10 hrs on the phone.
I guess we are all lucky that this bank is not in charge of sending a space ship to space; just imagine being in space and not being able to login to change the course of your destination to avoid being hit by the shooting stars!!!!
I opened an account giving all the information required for a joint account. I was notified that the account was active and I proceeded to transfer substantial amount into the account only to find out accidentally a month later that the account was registered in my name only. I received no notice from Pure Point nor was I able to get an explanation from either the service rep. or her "leader". I withdrew my funds after a painful process and transferred them to another bank.
This bank has very good communication skills with their clients. I have never experienced taking up long lines just to inquire about the status of my account. The staff are always there to assist me, they are always courteous and would always call up my attention to assist me. They are always on the move to assist people with their banking needs. Transactions with this bank are also fluid and smooth, I've never experienced any hassle or problem while transacting with them, I regularly receive and send money to some of my relatives and to our local business so I know that this bank really is credible. The bank has also internet or web support but I've never used them since I prefer to transact with them personally. They also have a very good ambience for their clients, the place doesn't get crowded even though they have many clients, I think it's because they are doing their job efficiently.
I initially opened this account when Purepoint had the top savings rate. So when the fed raised rates in mid-June by .25%, I thought they would give theirs a boost, but all I got was an email saying they had a market leading rate. Well, that may be so, but other banks are ahead of them now...
Live Oak is now 1.35% (no minimum)
Dollar Direct is now 1.30% (no minimum)
Able Banking is now 1.30% (no minimum)
Bank Purely is now 1.30% (no minimum)
CIT Bank is now 1.30% (no minimum)
UFB Direct is now 1.30% ($25K minimum)
I also found that Ally Bank has an 11 month no penalty CD at 1.50% with a $25K minimum, so with no penalty it's effectively a savings account.
Come on PurePoint, it's time to up your rate.
I recently opened a savings account with Pure Point Financial. The reason being was because of the APY % on its savings account for $10,000+ compared to competitors. I found the product to be great along with the review. I called to speak to customer service a few times to ask questions. They were helpful. The online service is easy to use. I am glad I have an account with PurePoint Financial. Hopefully they will continue to stay competitive with no fees.
I opened 3 accounts and funded 1M successfully in one shot. However, one week later, I wanted to transfer majority of the money back to my local back to buy a house but hit the block. Only found it has daily limit 250,000 per person NOT per account when using electronic transfer. For my case, it will take me 4 days to get money out. The only option to get all money out the same day is via wire which would cost $25 per account. All these small prints were not told by the representative when I opened the account. If you need money urgently, do NOT deal with Purepoint Financial.
On 05/02/2017, I opened an online savings account and received e-mail confirmation.
On 05/04/2017, I mailed a letter with a Trust Certification, W-9, copy of my Trust, and check to fund the account.
On 05/08/2017, I received e-mail confirmation that my online savings account had been funded.
On 05/16/2017, I received a telephone call from Suresh Sookhoo, Regional Operations Manger, who asked me to “describe the source of your wealth.” I indicated it was “investments” which is what I put on my Trust Certification, and he responded he needed more specific information, which I declined to provide.
On 05/22/2017, I received a telephone call from Michael Polak, Vice-President/Business Process Manager, who asked me to “describe the source of your wealth.” I indicated it was “investments” which is what I put on my Trust Certification, and he responded he needed more specific information, which I declined to provide. He indicated he might cancel my account, and I requested the name of their general counsel, which he stated was Michael Coyne, but did not have his telephone number.
On 05/22/2017, I located Mr. Coyne’s telephone number on the New York State Unified Court System website, left a message on his voice-mail, and e-mailed a letter to him requesting contact.
On 05/23/2017, I called Mr. Coyne, left a message with his secretary, and e-mailed him requesting contact. He sent a reply e-mail that I would be contacted by his “collegue” Rick Wentz. Mr. Wentz did contact me later in the day, but was unable to provide a decision on my account.
I opened a savings account because of the interest rate and was planning to transfer everything into it. About a week after the initial deposit, I receive a letter in the mail indicating the account is frozen because “there is uncertainty regarding the ownership of the account or its funds”. All accounts are under my name only, have lived at the same address for 20+ years and the external account has been open for over six years. After several phone calls over the course of several days, I was finally able to speak to someone for about 15 minutes, but the situation was never really explained to me. On FOUR separate calls, I was told someone would call me back; no one ever did.
Today I finally receive a call informing me they will be "ending this relationship". I asked for specifics as to why and again only evasive answers. The rep kept saying only that this has been thoroughly reviewed. I asked if perhaps the dollar amount involved was an issue. Said that it wasn't, nor did it matter that names/addresses between accounts matched. They claim this account was accessed multiple times from several different locations. I've only used one laptop, same location to access this account. If they suspect I've been hacked, it would be nice let me know. No funds are missing, no record of any withdrawal attempts.
In the previous conversation I was asked about my internet provider, where I heard about PurePoint, why I opened this account, anyone ever ask me to open an account for them, etc.
It felt like my money was being hijacked and I was purposely kept in the dark about everything. If you don't want my business, fine. Just be up front about it. I understand if you need to investigate and/or review items; Do so, but communicate clearly about your process.
By the way, after the initial deposit went through, I thought everything was fine, so I made a second transfer (before receiving the letter). It too was successful, however, PurePoint decided to reject it after the fact, which is now causing me problems with the originating bank. They've now suspended my account because of the return.
So, use PurePoint if you like being treated as a criminal, have your time wasted, being lied to about returning phone calls, and just not getting any straightforward answers. They claim my initial deposit is being returned via ACH today. I really hope so; I just want my money back and never have to deal with PurePoint again.
Went into the Plano location about a week ago and was very impressed at how well dressed the employees were, was greeted normally and met with a service rep. Initially he was very charming and helpful; although as my time progressed with him I felt as though he continued to make very unprofessional comments as well as inappropriate remarks. I really don’t know what triggered it as it was completely out of the blue and uncalled for. Despite it being in a joking manner it still made me feel extremely uncomfortable and irritated.
With all this to say, in general I have been very impressed with PurePoint and their customer service, I just think visiting the Plano location put a little bitter taste in my mouth is all. Since then I have been to the location in the city and will be going down there for further questions/help that I need.
I really like this bank. The sign up process was really easy. I was able to open a 1.25% savings account and fund it all within a few days. Some of the other online banks I have tried to deal with are slow and clumsy. It's nice to finally see someone get it right.
Very easy to open instantly with a straightforward streamlined web interface. Purepoint is a division of Mitsubishi Financial Group which is one of the largest banks in the world.I spoke with customer service rep before opening, they seem to be knowledgable and it wasn't difficult to get someone on the phone. I was told that this is not a teaser rate. Based on my experience I highly recommend PurePoint..
Their process for opening trust accounts is so combersome that I'm ready to pull my funds. Trying to open a trust acct since 3/6. That's 7 weeks so far. For one thing, it seems like they have only 2 or 3 people working the phones. Getting to a supervisor also takes time, and as you can see, results are negligible.
Also tried to open an account for my mother's savings and was turned down flat.
For the 20 basis points difference, ally or synchrony are much better organized.
I think that's why you don't see them on other banking websites.
I thought I had a good yield with Dime bank who is paying 1.10% and then found PurePoint.
Did some research and moved some money over. Was really surprised how easy the transfer was and also really like the web interface. Dime is a bit klunky and not as easy to navigate. Glad I found this one.
Moved my money from other online banks to PurePoint because of the good savings interest rate. Later, I opened a one-year CD. Things were going fine until I wanted to transfer some money to another bank. The external bank had been linked; there should be no problems, right? Wrong! Apparently the fraud department has to confirm the transfer by phone because it is the first time I'm transferring money to the external bank...even though the account has already been linked by trial deposits! Well, while the CSR and I were playing phone tag, my transfer was cancelled by PurePoint. I don't want this hassle every time I need to transfer money to another bank to open a CD. So, I am in the process of moving my money back to my original online banks; they pay less interest, but at least I know that I can move my money quickly when needed, so I won't miss out on CD deals.
Wow, what a pleasant experience. I tried to open an account at another online bank and they told me it would take over a week to get it approved and funded. When I called Purepoint, they told me to simply follow the online application and that I could be funded within a day or two. Well they were true to their word. I applied in the morning and by the next day two test deposits were in my account. After I verified them I was able to make an external transfer and the money showed up in my account as soon as I made the transfer. I understand it will be on hold for a few days in order to clear, but in the meantime I am earning interest. I was very pleasantly surprised. I'm glad I found this bank. Had I gone forward with the other bank I would still be in the process of opening the thing.
Love the interest rate and the online experience. I was at first reluctant to open a bank that wasn't part of my community, but after doing the research I was able to get more comfortable. They also have locations in my area just in case I need to go for a visit. I'm glad I found this bank. Some of the others pay rates that are too low. I just hope they keep up with rates as they start to increase. So far a very positive experience.
Over the past 8 years, I have held accounts at several of the top online banks. After hearing about PurePoint on facebook, I decided to follow them and do some research. I loved what I've been reading and what the company stands for. Their rates are legit, no hidden fees or surprises, fdic insured, very easy to sign up and fund. its literally the easiest thing to do and the 1.25% is the best out there. I finally found a good home for my money. VERY happy
I've had this account for a couple of months now and am very satisfied with most aspects
Great interest rate
Clean easy to navigate website
Very fast transfers, better than most banks
Friendly, helpful customer service
Can link multiple external accounts
Doesn't support text alerts (although email alerts are supported)
Opened an account recently and everything went smoothly. Initial deposits were fast, funding was fast and I am currently earning a nice rate.
I like the alert features too which I set up to alert me to my account activity.
Overall easy to navigate and fund. Great initial impression overall.
Tried to open an online join saving account on their web site, but didn't go through. Called, and sopke to a reps., and said someone will call back to verity. Same day got a call and ask us few questions in order to verify our identities. A reps. told us everything were verified, but we have to wait for someone to call again. After 6 DAYS later, finally got a call and said application got cancelled, and they are not sure what the problem is, and we need to re-submit application again, even they have all our confidential informations in file(Rep. asked me last 4 digits SSN to pull out cancelled application).
Very disappointed...there are some other online banks with competitive rates and no hassle online application process I am using and happy with them.(Barclays and Capital 360)
Tried to open CD acct on their web site. application went well.. Awaited mandatory sample test deposit/wd from my cking acct. After 3 days, w/no test deposits- phoned.Was told they must have "not gone through" & would be resent. Waited 2 more days-no test deposits. Ch'kd my local bank to see if problem on that end- none.Phoned PurePoint again- no explanation given- gave up on opening acct.
I don't think this bank is ready for prime time. I opened a savings account with an online transfer request from another account. All looked fine at first, but a week later I was cut off from my online account with no explanation.
I called in and they said my transfer was denied and they weren't sure why, I should check with my other account. I called the other bank and no problem there.
So they don't know what the problem is, and instead of contacting me to resolve it, they simply cut me off from my account.
Maybe things will improve as they get up to speed, but for now I don't feel like I can trust my money with them.
Impressed with the positive remarks. However, how does one open a new CD account? I see no telephone number or application program. Also, it is not clear if membership or a secret code is required. Want to open a jumbo CD but need help. Thanks.
Have opened one saving account 2 weeks before but still not able to login to my account, have contacted Customer care multiple times, always getting update that they are working on it and will update next business day, but still no resolution. Not sure if the system is not up to mark or not having enough experienced ppl to resolve the issue. Planning to close the account and pull out money if its not resolved in a day or 2, great rate but didn't feel great system to support it :( Little disappointed.
Just opened an account with Pure Point Financial after doing some research because I had not heard of them before. They are FDIC insured by a parent company. I verified that the parent company was FDIC insured and then asked the parent company if they were affiliated with Pure Point and got confirmation. Then I called Pure Point to ask a customer rep some questions about their deposit and withdrawal policies. The rep was clear, articulate, able to provide the answers that I needed, and came across as wanting to help me out. Setting up an account online was clear and straightforward. I had a very different experience with Popular Direct, another online bank that I had no prior experience with. Had trouble setting up an account with Popular Direct because the website, customer rep, and floor supervisor all had different instructions for coming up with a user ID and the Popular Direct customer rep seemed annoyed at my questions. My initial experience with Popular scared me off and sent me running to Pure Point. Experience with Pure Point vs Popular Direct was night and day! We'll see how things go with Pure Point as I continue my relationship with them. So far they are doing a great job of presenting themselves well and setting up credibility for further positive interactions. I will update if my experience differs from my initial very positive experience!
I also opened a savings account a few days ago and ACH accounts verified within a day and initial deposit transfer took place the next day. I'm impressed. Don't have to mail anything in. Everything done on line. I'm sure that will reduce the 1.25 % soon. Popular direct did that they had a 1.26 and after a few months went down to 1.15% Oh well.
I opened the account a few days ago and I was surprised by the speed and simplicity of the interface.
Really easy to navigate, very clear disclosures, and moving money around is fast and secure.
One of the best online banking experiences I have had with the best interest rate out there for a savings account.
PurePoint blows away the competition. Very satisfied.
I opened the online savings product earlier today, and have to say that I was impressed by the speed and simplicity of the process. I had the account open and funded within about 10 minutes. I think they get what it means to be an online bank.
One of the nice features of this account is the ability to link to an external account instantly (if your external bank supports it) and to start earning interest the day the account is opened. Many banks require trial deposits which can take up to a few days to complete and then up to another few days to fund. With this product, as soon as I linked my external account, I was able to initiate the transfer all in day one. I understand the funds will take 4 days to clear, but in the meantime I will be earning what is currently one of the most competitive insured savings rates out there (1.24%).
I also called the customer service department to see how long it would take to get a live person, and there was very little delay. With some online banks (I have a few of them) it seems you have to sit on hold for several minutes before an agent is available. Furthermore, the agent was helpful and was able to accommodate my request to cycle my statement at the end of each month.
I still need to test the external transfer process once the funds in my account have cleared. The best banks will transfer your funds in one day to an external account (i.e. if I transfer on Monday, the funds will be in my account on Tuesday), so stay tuned for that...
In the meantime, this appears to be a great online bank with a professional, intuitive interface that is easy to navigate along with good customer service and a great interest rate.