Yet another Utah bank with super weird gotchas. Can't ACH more than 3000 is one example of how bad this place is. Their website is 1980s style. They haven't bothered updating it. They email you your account number! They have no sense of cyber security.
The rate decreases over the past year are a bummer. I hope the poor reviews I read here aren’t the norm as I’ve had an otherwise good experience in the year or so that I’ve had this account and have not had reason for distrust.
I will also say my experience with customer service has been good. It seemed personal and helpful the couple of times I’ve needed to call. I also do my best to treat people with kindness and respect, in case that relates to my experience.
Despite the recent rate cuts, they still offer some of the best rates available for reward checking if you're grandfathered in. Fortunately I've never had to talk to customer service, so I can't speak to how good that is. The 10k incoming/outgoing transaction limit is annoying.
I've had their rewards checking account since June 2019 and it's been good so far. Their rate has remained consistent and reliable through much of the recent rate drops. They have only just recently reduced it to 3% for April going forward, but that is still far better than competitors (Orion dropped to 1%, Heritage dropped to 1.5%). They also provided several days advanced notice prior to changing their rate, which I greatly respect and appreciate. By contrast, Orion retroactively changed their rates late March for the entire month, despite saying they wouldn't.
- Great rate for rewards checking with high max limit. I've received the higher rate every single month since opening
- No requirements to earn higher interest in the first month after account opening
- Competitive rate for savings accounts
- Good online/mobile banking (transactions show up immediately) with alerts and bill pay
- Free ATM reimbursement wherever you want (up to $15/month)
- You must wait 90+ days after opening before you can use their external transfer services (I know I can push/pull from an external account, but that's just ridiculous)
- Low ACH transfer limits and slow speed ($3,000, really?)
- Slow customer service response times, but they're at least nice from what I've experienced
The interface is awful. There is no customer service on weekends. You can't schedule a transfer for the same day even at 7 in the morning. And the rate has been adjusted once or twice a month to the point where it's barely competitive with other reward offers, as of today it's 2% on $25,000. I've also had one definite security breach and one suspected one within four months.
As of this date, Feb. 3, 2020, with no sign of a "new checking account," TAB is merely severely tightening up the onerous restrictions on their 4% Rewards Checking.
Still 4% APY to $50,000 with (1.) one direct deposit, ACH payment or Bill Pay per month, AND (2.) the required 15 debit card transactions (over $5 each), not counting any ATM transactions, transfers, non-retail payment transactions...," etc. Plus...
"Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards."
In my experience, it is not unusual for those to take a week or longer between post and settle, giving you far less than a full month and far less certainty.
Even worse, TAB will disqualify, at their discretion, debit card transactions that bunch up towards the end of the periods...and would otherwise earn the 4%!!! Guess too many of you are qualifying...and won't be any more. Phooey!
Find those terms at: https://www.tabbank.com/kasasa-cash-checking/ (Home page > Personal > Rewards Checking... and scroll down.
Especially read the "Kasasa Account TIS Disclosures" PDF link there for the real "Truth In Saving."
I think that very few of those who sign-up for this gimmicky "4%" account will meet the arbitrary and uncertain requirements for debit card spending regularity and will therefore be disqualified. So, I'll skip this game.
Good luck to those willing to gamble: 4%...or 0.1% on your $100 to $50,000.
I tried to open a new savings account for my parents. Apparently during the app process, we answered one or two of the verification questions incorrectly (we didn't remember my father's address 35 years ago). Because of this, we failed the identity verification, and TAB is now REQUIRING us to send them a copy of my father's driver's license or passport via EMAIL to complete verification. No big, established business on this planet will ever request such an unsafe method of delivery for your sensitive information (when every other one is dealing with massive data breaches). Have you ever heard of that? No. I wasn't asked this when I signed up for any of the 8 credit cards I've had in my life, and those are also online-only accounts in a remote location, but more importantly, there's a lot more room for those CC companies to get screwed versus TAB with a simple savings account! (God we better make sure no one is fraudulently claiming this *1.8%* interest–HAHA!) Because of this, we'll put our money elsewhere. To make all of this worse, the male manager of the New Accounts Dept is extremely rude and condescending. I misspoke and he did the whole "nope, that's what you said. you just said that." thing when I tried to correct myself. He had zero intention of helping us and apparently thought it would be fun to taunt me in my distressed state. So professional! If you check their reviews on BBB, you'll see I'm not the only one they've been pricks to.
i opened this account 10/31/19 when orion reduced their rates. i have had zero complaints, and no problems opening the account, and no problems encountered in the past few months using the account.
i use the account as it was intended, in other words, they are now my primary bank. they arent my only bank, due to i churn bank bonuses, so i usually have 15 accounts going at one time, just for the bonuses. but for regular banking, my bills, my direct deposit, my purchases, it's exclusively tab.
if they keep the rate at 4%, i will stay indefinitely. i also really really love that i can click on each transaction and put notes in, because i forget what i bought sometimes, and looking back at transactions, i used to have to sit for hours and try to remember what i got, or try to hunt down old receipts. that's not the case with tab, you can put notes for every single transaction, and i love it!!!
the things i would improve is the percentage rate tracker, just to make sure we are on the same page, because if it's not reflected properly, i'd like to get it straightened out before the end of the month, so i make sure i get my interest, but so far, i've not had any problems getting my interest.
the only other thing i'd improve on is allowing transfers, but given the balances that a lot of us keep in there, perhaps its better that there arent transfer options on tab. i use ally to do my transfers into and out of tab, and i've had no problems whatsoever.
i highly recommend this bank, and i would recommend that you use the account as intended, or just dont open an account here. when i see comments of how to skirt the policy of making this your primary account, with just the minimum transactions and dollar amounts, it really infuriates me. im certain that is the reason orion dropped their rates.
this bank is providing an excellent rate, and you should make it your primary bank for that reason alone and stop trying to abuse the system.
Opened an account last year and almost used it as my primary bank. Little did I know, they will shut your account down for moving money in and out of the account. I had money left in the account when they closed it and was told 90 days to recieve a check back for my balance. It has been 4 months and no word back from this bank. I highly do not recommend this bank, you are better off with an online bank, or your local preferred bankers. Please listen to the negative reviews and save your time/money by not using TAB bank.
I tried to start a new online savings acct for the seemingly good interest rate, but was stymied by too many restrictions on initial funding, and transfer limits to move the amount into the account I wanted.
I did not find out these restrictions until calling them for help. I had to call because they never replied to the online message I sent via their website secure messaging.
The security codes are also very confusing and not well documented, such that I didnt find out that there are multiple passcodes depending on the situation (some of which are auto-assigned and you cant change them).
Bottom line, a waste of my time, and I'm back where I started trying to find a decent higher rate bank and finding out their restrictions the hard way.
I have had a Checking Account with TAB for 5 months now and I really haven't had any major issues.
Trying to get a hold of customer service can take a while and it took me about 3 weeks to get my card once I signed up but besides that, I haven't had any issues.
I see all of these negative reviews and it was kind of shocking to me because it wasn't my experience at all. I just use it as my main bank account and I easily get over 60 transactions a month. I've always received the 4% rate each month I have had it.
The app works great, easy interface and very intuitive.
I also have a savings account with them. The rate was higher but they recently lowered it but it's still a respectable 2.1%. I haven't had any problems at all with their savings account.
this bank has a steep learning curve and I still think the computer interface is horrid, but things are settling down. I've been told they're rolling out a tracker in February that will tell you how many qualified transactions you've made, which will be a big improvement. Rewards checking gets easier the more you do it - they all want basically the same kind of POS processing so they get a merchant fee from your transaction, that's how they can afford to pay you. But it's not for the faint of heart. I consider getting my interest to be a battle of wills that I'm going to win, it makes it more fun to spend time arguing over minutia. Advice: if you get your account open, send the bank an email question and when you get a response keep that thread in your email inbox and use reply to ask more questions, it's kind of like having a hotline.
When you call their customer service line they hit you with scams. Then when you read paragraphs 1 through 3 on the website below, you will see that they can decide what they feel counts as qualified for the 4% interest. https://www.tabbank.com/wp-content/uploads/2019/05/Kasasa-Cash-TIS-Disclosure-Final-V3.pdf
my experience in signing up for a TAB Bank Kasasa Cash Checking account was a 30 day wait for a decision after completion of the online application process. in the end, I was notified by email that I was not qualified and offered a 1-800 number to call (New Accounts Dept.) if I would like further information about their decision.
So I am very dedicated to making sure I hit the requirements to get my 4% interest. That's a solid amount of money to not get due to not spending money with a specific card. Money you are likely to spend anyways.
This past November, I got 16 of the 15 needed purchases. Or at least I thought I did because I operated on the assumption that the statement would end on the 29th of November. Turns out it ended on the 27th. So I called to ask about this and customer service is not slightly apologetic nor do they care. They shrug and tell you the information is available on the website it's just that YOU have to look it up. And more blah blah blah covering their butt thing. So... because they pull a fast one on you (apparently due to the holiday), you lose out on $160 (4% monthly interest on $50k).
Customer service didn't even offer to give me the money as a one time accident thing. They don't remind you. They do a terrible job telling you when the due date is. And they don't care. I've had this bank for a couple months very skeptical of this whole thing and this whole thing did not help.
You the consumer need to remember this one important fact: THEY DON'T WANT TO PAY YOU! THEY WANT YOU TO FAIL! As a result, they will not remind you nor will they offer helpful info to make sure you succeed. I'm pretty ticked off right now and am strongly considering putting my money somewhere else where I don't have to do this monthly bull crap.
I was excited to get their great rates. I did their online application which was straightforward and easy. At the end it says "Success" and they say they will review your application and get back to you within a few days (not sure why it's not immediate like other banks). They also provided a customer service #. Sounds great. 30 days later I have not received a single e-mail, call or anything. I called their service number four times. Each time it says the estimated wait time is 1 minute. 5 minutes later it bumps you to an answering system with no option to talk to anyone (I am wondering if the new accounts department is 1 person who is either overwhelmed or just does not care). Twice I left messages and never got a response! I was planning on depositing up to 250K FDIC insurance limit to this bank - instead I am going to try First National which currently has higher rates and better feedback. Unbelievably bad service from Tab. It's like they don't even want your business. I have excellent credit and high deposits in other banks. There is no excuse for them having lost me as a client, but even if they called me now, there is no way I will deal with a bank that you can't contact and won't respond to you.
Opened account. Several issues but 3 you should be aware of:
(1) Per customer service, 90 day hold before you can be considered to have TAB allow you to initiate any ACH transaction from their bank. Can initiate from outside bank but extremely slow.
(2) No stated interest rate on statement. No stated interest rate when sign into account online. Per customer service, no way to see interest rate on either at this time. Makes it really hard to know what the current rate you are receiving in falling rate environment.
(3) Hassle opening account and wanted last bank statement of external account from which funds were to come from before open account . Very slow.
Bank is not set up to appropriately service online accounts and customer service not exactly helpful, needs more training,
I opened a high yield savings account on 10/24 and got an immediate email that basically asked if I was finished with my application. I was, but I hit the resume button nevertheless and went back to check it over. Never heard from them again. I called the customer service department the next day to check the status and the rep said he could see my application in the system but they are backlogged with so many new applications. Fast forward to today, one week later I have still heard nothing. Called the New Accounts number and was greeted with a voicemail that said my wait time was 1 minute....wrong! Waited and waited until it finally said "leave a voice message and we will get back with you." Guess what, I left a message and no one called me back. I called again and got the same "one minute" wait time. Again, no one answered. I called the customer service number and expressed my frustration and concerns and the nice young man asked if he could put me on hold and check. He couldn't even get in touch with the new accounts team (which he mentioned happened to consist of three people who were fairly new and they were all on the phone.) I told Mr. Nice Customer Service Guy that, I do not believe I am willing to entrust any kind of deposit with them and that in today's competitive banking market to try to get customers, TAB Bank is showing poor service. Shortly thereafter I got a confirmation email welcoming me to my new account. Nope, nyet, nein, and NO way am I going to deposit any money into that account. They have proven themselves untrustworthy and deficient in customer service skills.
I was attracted by the high Money Market Savings yields that were published in the WSJ.
I called their 800 number twice and navigated through the prompts. After a 10 minute or so delay listening to music and "we're busy" messages, a voice came on advising to leave name and phone number, which would be promptly returned. This was the only option it gave at this point.
I left two messages with name and phone number. Neither were returned. If this is the "service" they provide to prospective customers, I can only imagine how they treat existing ones.
Opened an account online and it takes all your information without giving any confirmation. The window just closes. Waited for an email from them 4 days, nothing! Called the bank multiple days now and it only goes to voicemail. "Please leave a message and someone will get back to you." This is no way to run a bank.
I recently opened a high interest reward account, and they have been very responsive to my inquiries, however I have been waiting for days to complete my initial process, they were supposed to send me two small deposit amounts to verify my account, which I still have not gotten, and I have tried several different ways to send more money, but it is not possible until I get verified, not sure what takes so long? And in the meantime with all the delays, I have forgotten what I have done , at one point I signed up for auto transfers but not sure now which bank I did this with? I have found a local bank that offers 3.55 interest, so I am going to close this one, hopefully, and go with them, they are Morgantown Bank and Trust, in Bowling Green Ky, it will be better knowing that my money is local, However, I would like to add that I contacted them that I wanted to close the acct, and they did just that, and returned my money the same way it went there, by elect transfer in a reasonable amt of time, and I had just gotten my atm card, I have to give them a pretty good rating because they did pretty good.
I do NOT find tab bank an customer service friendly bank or convenient. They have a difficult process unlike most online saving accounts. They do NOT provide ACH deposit when you open up an account. You have to send in a check which makes it take much longer and you have to wait a long time for it to be deposited. I would not recommended Tab Bank because it not a customer friendly convenient easy to work with bank. I would stay away.
I recently opened a high yield savings account with TAB bank. The application process was easy, albeit approval took a couple weeks. Upon attempting to set up external transfer accounts, I was notified that I was ineligible for "transfer from" status for these accounts and would only be able to initiate transfers from the original institution. The kicker is that this restriction is for 90 DAYS before I can "reapply" for transfer from ability, with no explanation for why. This restriction is absolutely insane. Furthermore, I reached out to customer service by email and received a reply with no greeting, no punctuation, no capitalization, and no signature. The reply only said to call their main phone line, no acknowledgment of the issue. This whole experience has made TAB bank seem very suspect in their dealings and I will be closing my account.
Opened in minutes online. Allows for very long user names and passwords. Customer service very nice and helpful. Hold time can be long. If you add a secondary user to the account, it is considered a joint account and they can't get another one. Has to be 1 primary per social# and you get only one card per account. But, someone can be authorized to call in to discuss the account. You can open an account and not keep a minimum balance without penalty. It just has to show activity. You can transfer money in and out every month to keep it active. That way, you can have extra accounts in a holding pattern for when you need them. Sometimes banks change the states they service and you can't get one later. They say that they set their own interest rates and it is not tied to the feds on the rewards checking. I will update once I start using it.
01/15/2020 Things are going well. However, they can change their rates at anytime without notice.
I think most of them are like that. At first I had long phone waits. I figured out you have to dial 800-355-3063 and choose "0". I only had to wait 2 minutes today. The reps have always been very nice and helpful. But, if they lower their rates I might move to a bank with easier requirements.
Signed up for the Kasasa account and my account got frozen because I deposited money from my previous account into it (couple thousands) !! The representative told me the account will eventually be terminated, but the process will take up to couple months (great right?). Honestly, almost feel like this is a scam.
On top of this, their app needs huge improvement. Also do not expect response from them (through app) after a day or two...
I've been quite happy with Tab bank rewards checking. They do require transactions run as debits using PIN (not run as credit) and transactions >$5, but that's a small price to pay for $166/month (if you max out their $50k bonus balance). I've read others' reviews where they are saying only certain transactions qualify. If you are trying to game them by only doing tiny dollar amount transactions all on the same day at the same place you may run into trouble, but if you are using this in a typical way you should have no problems. I've called customer service a few times because I didn't understand that new accounts have a 7 day waiting period on deposited checks, and customer service has always been super friendly.
These guys are the absolute worst. You can only open an account with $500 and no more, no less. Once you open, you can only make deposits by check totaling no more than $3,000 for each check. It takes 2+ weeks to clear. Any money you do deposit, you cannot touch, move, or transfer for 90 days. If you want to close the account, they will send you a cashier's check (no wire or electronic transfers) and can take between 2 to 4 weeks. Absolutely ridiculous.
Easily opened my account a few days ago. Only then did I find out when I linked my external checking account that ACH transactions are limited to a maximum of $3,000 per transaction. Then I was notified that I will need to wait 90 days until my transfer account is allowed to transfer funds into TAB! Will be closing this account next week.
Opened an account online, was pretty straight forward process. Setup my direct deposits, Mobile app access, etc. After 1 week when I log in it says the account is closed. Called the customer care and they are unable to answer why the account was closed. they just indicated the bank has decided to close the account.
6 Month Update: I opened my account with TAB Bank in April 2019 and after a few early hic-ups with Remote Deposits to initially fund my account, everything has been great. Only one minor irritation is that I keep getting "Important" emails from TAB Bank advising me to use the Bill Pay feature and they make it sound like I don't know how to use it?? I know how to use it, and I have been using the Bill Pay feature every month. I am not sure why they insist I use it more when I don't have any other bills to pay?? It's not a requirement to use it, so why the constant nagging...Grrrrrrrrrr !
Initial Review: I opened my account in April 2019 and so far there have been no problems. My only concern is that I did a Remote Deposit (photo of my personal check) and it took 10 business days before the money was available even though the check cleared in 2 days? Of course, other banks have the same check deposit delays on new accounts for the first 30 days...but is that really necessary now with high-speed processing with the FDIC single check clearing house?
But then to add insult to injury they sent several "IMPORTANT" notices to use my Bill Pay account when none of my deposited money was available to use!
Now that I am over my 30 trial period we will see how fast future Remote Deposits are made available.
Opened a rewards account. There is no online way of checking to see if you've met monthly requirements. I messaged TAB online to verify. The rep response was that my 15 debits did not count because they were made with Square; they do not count those because they can't tell if it's the account holder doing the transactions. Not sure how they could ever verify that and disappointed they didn't make that clear in their requirements. 15 transactions with Square resulted in minimum interest. Plan to close account.
Had about five glitches to open and fund the account in the past month, no problem. Everything is fine now. I went from 2.25% checking rewards rate on $20,000 and savings rate of 1.00%, to TAB's 4.00% on $50,000, and savings rate of 2.40%. Thanks Ken Tumin for this webpage which has provided me with the best rates for savers for the past 20 years or so.
Great so far. Just opened this account. Was extremely easy to open. I got my debit card in like 7 business days. Easy to make 15 debits at $5 or more each, direct deposit and e statements to get the 4%. Only drawback is I had to link other accounts to transfer monies to them. You have to wait a year before you can initiate a transfer from this bank.
The 15 debits per month requirement of $5.00 wont be hard, You buy gas for your vehicle sooo do $5.00 transactions when you go to gas station, If you are buying $25.00 of gas just do increments( hey, there is 5 debit transactions taken care of)
The one ACH can be any denomination.
My questions is if I am in another state, how easy to get money from this Rewards Checking once I open and fund account?
Great rate--4.00% APY (3.93 % APR) up to $50 k (like buying a 50K CD @ 3.93 % APR)
Their 4% Kasasa checking seems like a fantastic deal until you read the fine print:
"**The following activities do not count toward earning account rewards: debit card purchases less than $5.00"
It's not exactly a dealbreaker, but it definitely diminishes my enthusiasm for the account.
Transportation Alliance Bank (TAB) is one of the best banks i have ever used. They specialize in offering service to the transportation industry. So, all over the country it was easy to do every kind of transaction online or over the phone. They offered services that other banks hadn't started using yet, like taking a picture of both sides of a check to deposit it.