| 5 star: | (6) | |
| 4 star: | (2) | |
| 3 star: | (3) | |
| 2 star: | (2) | |
| 1 star: | (4) |
Trust cannot be a beneficiary, "at this time."
Very quick and rapid rate drops.
Transfers only to the Funding Account
Good experience so far.
Transfers in and out 1 day.
Credit is afforded the next day after transferring. The money however isn't available for many days later but I wouldn't have transferred it in if I had to take right back out. All I care about is it is earning interest, and of course FDIC Insured, which it is..
Nice highly competitive rate 4.80% at the time this review occurred without hula hoops or fees. Have dealt with many online accounts. I recommend.
Just opened an account and I found it straight forward and relatively very easy, neat, and clean.
I do note their limited ACH/EFT procedures, but on the other hand note that their limited procedures does increase security for both them and ME... and that I really respect and appreciate. I can put up with nominal inconvenience for higher security.
I do wish they offered a JOINT WROS account for the very real convenience (almost necessity) with estate planning (and any eventual administration).
Maybe they will after my account has some seasoning or at least permit husband-wife joint WROS accounts.
Best Regards
Ready to open an account at TIMBR (I thought), with some "too good to be true?" concerns, I carefully ready the Terms & Conditions. Turns out you are NOT opening a typical bank account:
Sponsoring Financial Institution, has partnered with Plinqit, Inc., a Delaware corporation doing business as Plinqit (“Plinqit”), to offer the High Yield Savings (“HYS”) services. Plinqit is the owner of the associated mobile applications (each, the “Application”) and/or website (the “Website”) or web-based platforms (referred to herein collectively with any Application as our “Services”). By downloading, accessing, or otherwise
using all or any portion of the Services you indicate your unconditional acceptance of the following Terms and Conditions (“Terms”) on your own behalf and on behalf of any person you represent if you sign as a representative of another (collectively, “you” or “your”). The terms “our”, “we” and “us” mean, collectively, Plinqit and Sponsoring Financial Institution.
And:
YOU HEREBY ACKNOWLEDGE AND AGREE THAT PLINQIT IS NOT A FINANCIAL INSTITUTION, NOR IS IT A FINANCIAL PLANNER, BROKER, OR ASSET MANAGER.
Disclaimer of Warranties. PLINQIT IS NOT A LICENSED PROVIDER OF FINANCIAL COUNSELING OR RELATED
SERVICES, AND DOES NOT GUARANTEE ANY OUTCOME OF YOUR USE OF THE APPLICATION. THE APPLICATION IS
PROVIDED TO Y“U "AS”IS" AND WITH ALL FAULTS AND DEFECTS WITHOUT WARRANTY OF ANY KIND. TO THE
MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, PLINQIT AND SPONSORING FINANCIAL INSTITUTION,
ON THEIR OWN BEHALF AND ON BEHALF OF THEIR AFFILIATES AND THEIR RESPECTIVE LICENSORS AND SERVICE
PROVIDERS, EXPRESSLY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE,
WITH RESPECT TO THE APPLICATION, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT, AND WARRANTIES THAT MAY ARISE OUT OF
COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OR TRADE PRACTICE. WITHOUT LIMITATION TO THE
FOREGOING, PLINQIT AND SPONSORING FINANCIAL INSTITUTION PROVIDE NO WARRANTY OR UNDERTAKING,
AND MAKE NO REPRESENTATION OF ANY KIND THAT THE APPLICATION WILL MEET YOUR REQUIREMENTS,
ACHIEVE ANY INTENDED RESULTS, BE COMPATIBLE OR WORK WITH ANY OTHER SOFTWARE, APPLICATIONS,
SYSTEMS OR SERVICES, OPERATE WITHOUT INTERRUPTION, MEET ANY PERFORMANCE OR RELIABILITY
STANDARDS OR BE ERROR FREE OR THAT ANY ERRORS OR DEFECTS CAN OR WILL BE CORRECTED.
And most importantly:
Fund Transfers. The Application has been designed to facilitate your monetary savings by allowing you to
authorize withdrawals and deposits out of a checking or savings account maintained at a U.S. financial
institution (your "Funding Account") to a pooled account held for your benefit and the benefit of other users of
the Application at the Sponsoring Financial Institution. Your funds and the interest earned thereon contained in
this pooled account will be referred to in these Terms as the “HYS Account”. By providing your Funding Account
and related information in the Application (your "Identifying Information"), you acknowledge and agree to the
following:...
The HYS Account will be held at Sponsoring Financial Institution for the benefit of users of the
Application. The full legal name of the HYS Account is “Bridgewater Bank FBO Plinqit Users”.
I'm NOT willing to risk my $ finding out.
Timbr is a division of Bridgewater bank in Minnesota and is FDIC insured. You can only push money out and pull money in through Timbr. This is to help prevent fraud which hurts banks financially hence I am on board. Your $1000 deposit takes 5 days to settle and then you can move money in and out. Customer service has been responsive and claims they are trying to keep rates as high for as long as possible. I feel safe banking with them.
Contacted customer service and return email was a western alliance support [email protected]. No mention of Timbr on FDIC site or on Bridgewater banks site. Not even in the investors documentation. Timbr bank safe or not?
I just opened a high yield savings acct. with them. When I logged in for the first time there was a message saying that I had a "virtual" account, whatever that is, and that ACH transfers are not possible with this account. I wonder how I'm supposed to move money in and out. I sent them a message asking just that but no answer yet.
Update 11/15/24
I called and had a very confusing conversation with a rep.who said that ACH transfers are not possible, but that transfers in and out of the account are possible. I asked by what mechanism those transfers would be made, and after some coaxing the representative said it was ACH (not wire, not counter check, or anything else), but then reiterated that ACH transfers are not allowed in this account???
In the best case their website has incorrect information on it,
In the worst case they don't understand their own procedures enough to know how money is moved to/from their bank. This shakes my confidence somewhat. I opened the acct. with the minimum $1K with a plan to move more in right away if everything seemed smooth. I won't be doing that.
I was under the impression that they wanted my "personal" e mail password
I oppened my HYSA 10/3/2024. To poster TERP agree with everything you said.To poster PREMMER everything you said is WRONG.See post on 7/20/24 by JBRIDGE and yes I have an account number.
TIMBR is virtual financial organization managed by Western Alliance Bank. Suggest you read the WAB reviews before applying for a TIMBR HYS Account. TIMBR has no ABA Routing Number and does not issue account numbers to TIMBR depositors.
Can only open a single ownership account, but can add a beneficiary. Use Timbr's ACH to transfer in and out, with almost unlimited transfer limits.
I would recommend TIMBR to anyone who is looking for a great company to invest their money with.