Legacy Texas repeatedly demonstrates their inability to perform even simple tasks when it comes to business checking and bill pay accounts. Once you discover an issue, contacting their customer service is a long and painful process. You will routinely set on hold for 20 minutes or more. Even after discussing with them self-evident issues, they change nothing. I do not recommend this bank for anything.
1. Started when it was Richardson Credit Union in the early ‘80’s. What a great CU then. Of course at the expense of us CU Members the fat cats decided to turn it into a publicly traded bank as the end unit.
2. That being said it turns out (according to the bank employee I dealt with this morning) anyone can get hold of your checks and sign them anyway they want. They could sign King Kong and this bank does not have the technology to compare signatures to your signed card on file. Or as the employee said, “ we can’t afford to have someone sitting around comparing signatures”. I was so stunned I couldn’t speak.
3. Now I’m here at 6pm CST and the drive thrus are closed. According to their hours it closed at 5. Now I really do not believe that as no one is ignorant enough to believe everyone can get from their office to the bank prior to 5. Oh when a credit union and I’m fairly sure while just Viewbank prior to merger they were open until 7.
Now I may not find later drive thru times elsewhere but I do know many banks do have the software capability for checking signatures. I mean how in the world can a Linda look the same as George plus My signature is a mess at best. So I say time to move my measly 100k in cash somewhere I can appreciate them as well as being appreciated.
Hope this helps1.
I have been banking with Texas Legacy bank since it was Community Credit Union and it has only gone up in its standards from then. It has been my primary banking institution for as long as I can remember. They have been good to me and my family. This bank has taught me how to bank. What I mean is how to properly run my account and how to use my account as an adult. I had a personal banker sit down with me and show me how to balance my check books as well as how to properly use my debt card. I also got my first car loan with them and the process was very easy and they showed me how to use my credit.
I have been with Legacy Texas for the past 5 years. I have been with them when it was the local community credit union. They have since change and became the bank that they are now today. This bank is not like the big brands, they have all the same amminities but with the small town helpfulness. You can walk into any branch and the team will greet you with a handshake and a warm cup of coffee. At my local branch they have been extremely helpful with any thing that I need from statements to helping me locate a past deposits. The big banks are not the only choices you can trust this small town bank as well.
This bank is okay if you don't need a debit card. The Debit card company is awful. They keep blocking our card for fear of fraud. They do it at will, and never call us to let us know it is happening. They left my wife stranded in California. They left my daughter stranded in New York City. They left me stranded in San Antonio. I spent an hour on the phone while on my vacation trying to get the card reinstated so I could pay my restaurant bill. Never got the card working. They left my wife stranded again in Fort Worth. They left my daughter stranded in a little town, literally 10 miles from our house. there was no reason to shut it off. There were no irregular charges. They just shut it off. We can never depend on the debit card. They blocked it six times in two weeks. And gave us NO reasonable answer as to why. The card was new and was NOT on any compromised list.
I have been a customer for eight years. But, I'm done with being left stranded. If you need a debit card do NOT use this bank. It's awful.
I was referred to Legacy by a company that did business with them. We went to them for a home improvement loan and the experience was a mess. We understand every bank has their own lending criteria and since they have to answer to their investors they can set their standards however they choose. JUST BE HONEST. Before we submitted our loan request we went over in detail what was and was not on our credit. We gave them the score and they said we don't see any problems and lets get the loan done. WRONG. They say they use experian but somehow THEIR score and experian were different. I guess they use a internal model for the final decision. They declined us for escalating debt which is not true we paid off 25K in credit card debt in past 3 months and sold a rental property 45 days ago. Other reason was derogatory credit history. WRONG. My wife has a 60 medical bill that is being contested and I have an IRS lien that has been with me for 10 years and I have a 100% on time payment history over those 10 years. All of which was disclosed before we submitted. Our credit report has no other late payments on the the report....... ZERO. Oh yeah speaking about the credit report by wife and I are both over 700 on our scores, which we verified with experian, but they said they were below.
Not sure what they are doing but when you explain everything to them, they lie to you and then again lie to you about why they turned us down so I am not sure what to think. The story ends well as we submitted to another bank and was approved in 24 hours and even got a 1/4 point better interest rate. BEWARE as this place says one thing and does whatever they want.
Been through 3 mergers for two decades. Legacy Texas is the worst bank I've ever experienced. Rude staff, bullying verification system. No follow through on promises. Weekly online site outages. The list goes on. You would think in 2017 a business like this wouldn't be so bad and so backwards. Taking my money to Chase as fast as I can.
I have been a customer of Legacy Bank for almost 25 years (although there have been several mergers and combination of names), I have maintained through them a checking account, a savings account, and a line of credit account. During the past 25 years I have never had to pay a single fee (except for interest on the line of credit). There has never been an error on a single statement, every time I walk in the door I am greeted with a smile, and their website is intuitive and secure. These guys are great and I can't recommend them enough.
legacy bank continues to utilize incompetent IT personnel. The online and telephone account info has been down for 3 days because the company they use is doing their end of year reporTting. This is not the first time Legacy's system has been unavailable for days.I suspect they may liquidate.I will take my monies out before they go belly up due to their horrible business practices. CUSTOMERS BEWARE FIND A BANK THAT IS DEPENDABLE AND REPUTABLE.!!!!
This bank, since the merge of Viewpoint and Legacy Texas, has been horrible. Most of the ATMs don't work. I made a deposit into my account via ATM and then transferred that money to my savings (since for some reason I don't have "access" to my savings account from the ATM). The next day I looked in my account and it said that I had -$130.00 in my account. I called Legacy Texas and told them what happend and they said that since I put the money in by an ATM the money isn't made available until the next day or maybe later. So when I transferred that money into my savings they charge me a $35 overdraft fee. Don't bank with them. Better go with chase. Viewpoint was much better
I used to bank with Community Credit Union, which became View Point Bank and has now become Legacy Texas Bank. The service which had always been great has gone downhill fast with this last change. Starting with the late delivery of Debit cards, then frequently non working ATMs, and long waits for calls to customer service. To top it off when they made the switch they put me in an account that charges a fee for using the outside atms that I have to use, since they can't keep their atms working.
Soon to be a former customer.
I've been a member of Viewpoint Bank for 20 years. My first membership began when they were a credit union, when I was 17.
I have excellent credit but they would not consider me for a car loan.
Recently, in the past week, I was contacted due to possible fraudulent charges to my account. I thought this issue was resolved over the phone, only to discover the promise to remove a hold on my debit card was not made. I called three to four times only to hear that the fraud department could not help me and they could not discontinue the hold on my card.
I spoke with a customer representative who told me and promised me she would discontinue the hold during our phone conversation. The next day my card was still not working. She had great customer service skills and I praise her communication style, but in the end, the customer service did not yield a desired result.
I will definitely withdraw my membership ASAP.
I will never use this bank again and highly recommend no one else ever use them. We were conditionally approved for a home improvement loan based on the information we provided to the loan officer. All information was given truthfully and honestly. After further review, the bank stated that we had more debt to income ratio than what we told them because we don't escrow our taxes and insurance. So someone who saved and paid 20% down on a $300,000+ home, can't borrow money for a home improvement loan because that was extra debt. Even though I told the loan officer that to begin with. Doesn't that show that we can pay a payment for a loan since we saved up $60,000? I guess not. This bank will never have my business. They are at fault on this one for sure! And I lost $1,000 and countless number of hours because of them lying and stating we were approved. Don't use View Point Bank!
I would give less than one star if I could. After being a customer for over three years, I had them hold a pay check for a whopping 300 dollars... Really? 300. The online banking is unstable and never reports my actual balance, which I keep diligently in my checkbook. However, if you are one to rely on the online balance, this would NOT be the bank to use. The balance lags sometimes for 10 days, not including checks, that I realize take a while to clear. Then, after holding my same job for four years, with the same amount of monthly income, if I were to ever deposite at a seperate location than I regularly attended, they would place a hold on those checks as well... which is ridiculous. There was a teller at the Garland location, Sayid who was awesome but really, he was the only good thing about the bank.
Ive been a memebr since 1978 when they were a credit union. Since they became a bank they lost all of their customer service, hit you with fees with out telling you about the changes in their program and they could care less when you bring a problem to them.. Do yourself a favor and go to a credit union. You will see a big difference in customer service and No hidden fees
If you are reminiscent for the technology of the 80's and customer service on par with Sprint, this is the place for you.
The issues began when I wanted to change my name on my accounts to my new married name. I went to a branch with the necessary paperwork and was told that I needed my husband's approval to change the name on MY PERSONAL ACCOUNT to which my husband has no access. They actually gave me a form to take home and have him sign. Reluctantly, I cooperated but I felt the need to remind the personal banker what year we were living in.
After my new debit cards arrived I again went to a branch to get a personal pin number. (Yes, although it is 2012, if you want to select your own pin you must go in person to a branch). At the branch they took my cards and ran them thru a machine that resembles a small toy ATM. I am not joking. The individual did not know what they were doing and left the cards in the machine too long which deactivated the magnetic strip. Sigh. So she placed an order for new cards and I got to start the process over again.
Fast forward to 18 months. Out of the blue I get a new debit card with the original account number (pre name change)... that was supposedly closed. I call customer service and no one can tell me why I was sent a debit card, probably because they left the account open this whole time... so instead of having my 2 active debit cards for the last year i have had 5. I asked them to close the invalid cards and send me something in writing confirming this action had occurred. They refused. They do not send customers anything in writing. In fact, they do not document anything on your account when you call with questions or issues.
I am currently in the process of searching for a new bank which brought me to this site. I found the posts about their discontinuation of the 4%APY which caused me to go back and examine my statements. Sure enough, over the last 12 months my APY has slipped quietly from 4%...3%... 2% to this month where I am currently earning 1%.
Sadly, my husband who has been a member for 10 years will be leaving this bank along with me. I can't say that I will not have issues with other banks but it really can't get worse than this!
Had not problems with this bank except the Rewards checking has been sinking like a stone this year. Rewards checking now down to 1% effective Aug. 1, 2012. Was 2 % this month. No notice to customers. Just noticed the rate listed on the website.
Viewpoint bank looks so cool with it's 20 somethings without neckties.
They are cute and have a good time talking to each other.
But recently I found out they simply don't care.
Someone called and closed an account I had there. VP Bank said I did it. I denied it.
Did they help me open another account? Nope they simply sent me to the website.
This is a bank without personal concern for it's customers.
Viewpoint's on-line bill pay stinks. Many times bills were not paid on time and I was stuck paying late fees and interest. The bank just says "They didn't get the bill" and continue to make money off my deposits. I plan to close my personal and business accounts. How would you like to pay someone who doesn't do their job?
We were one of the lucky ones that got through and actually got an account (and I even have some credit issues). We signed up in September 2011 and the rate had just dropped the day before from 4 to 3%. As of January 1, it's down to 2%.
It's a shame - I like their online banking, their staff at the branches are always helpful, all in all it's a great place to be, but we are considering moving again to a higher interest rate.
I OPENED AN ACCOUNT WHEN VIEWPOINT WAS KNOWN AS COMMUNITY CREDIT UNION. I AM GOING THRU IDENTITY THEFT. WHOEVER STOLE MY IDENTITY GOT A HOLD OF MY ACCOUNT AT VIEWPOINT BANK AND NOW THE BANK REFUSES TO REFUND ME THE MONEY THAT WAS TAKEN OUT. THEY ARE BLAMING ME. ALTHOUGH I WENT THROUGH THE SAME ORDEAL WITH WELLS FARGO, BANK OF AMERICA AND CHASE BANK, THEY ALL WORKED WITH ME AND RETURNED ALL MY MONEY BACK TO ME. SO THINK TWICE ABOUT TRUSTING YOUR MONEY WITH VIEWPOINT BANK.
Ive heard its dropped to 3% now, 25k cap. TEXAS Residents only, now, because of all you trouble makers out there :)
Decent bank, just do what they ask and you'll get the interest. This inquiry thing? I've opened several accounts just for their bonus. Didn't close them until they started charging fees. I DO NOT PAY FEES for a bank using my money to make money. This bank reigns supreme to Chase or BofA.
I was earning 4% for 8 months, then during the drop to 3%, they changed the requirements without notifying anyone. I had to wait until my statement to recognize that I didn't complete the new requirements to earn the high interest. I spent over an hour on the phone, and finally they told me sorry, but their policy won't help me. Now I have to continue with the new requirement to earn the high interest. However, I do admit, my first eight months of earning high interest was nice!!! But, who is say they won't switch things up again at last minute to screw all their customers out of the earning high interest?
I have never felt compelled to post on anything, but my recent experience with a loan officer from the Plano location has prompted me to post. It was no surprise then to discover all of the other negative comments on this site. There seems to be an underlying theme of unjust treatment of prospective clients from Viewpoint's presumptuous staff who ignorantly judge clients' financial situations.
My personal experience with the loan officer (PO) was simply unprofessional and downright derogatory. It came unprovoked and, further, simply unfounded. Not sure where this is all coming from, but, perhaps this bank is about to go under.
I recently signed up for a checking account and part of the service was free online banking and billpay. Unfortunately, these guys are so behind the times that they don't support any modern browsers -- no IE 9, no Firefox 4, and no Safari 4 or 5, or Chrome. I couldn't even get into the billpay screens no matter what I tried on multiple computers and locations. I'm an IT security guy and the reason you don't want to use the older browsers is that there are blatant and huge vulnerabilities in them. By not supporting anything current, they are essentially advocating their customers to use highly insecure applications.
Horrible customer service and security. With this lack of common secure browser support, I'd be surprised if they had a clue about Information Security and how to design secure systems. I wouldn't trust them at all with my money so I immediately closed the account.
Please stay away. Lack of security could lead to things like identity theft and many other issues. Not worth the hassle until these guys get a clue.
I have been with viewpoint bank since I was 15, so originally it was Community Credit Union. I loved them when they were Community Credit Union, but ever since they changed to Viewpoint Bank they have done everything in their power to suck money out of me and punish me for being a client.
The first thing: My mom had to cosign on the account since I was 15 and the same thing was done for my sister. My sister bounced a check and they withdrew funds from my account to cover it. ** They explained (after the fact of course) since my mom cosigned on both accounts they could withdraw funds from mine to cover my moms accounts????? If they had explained that from the beginning I would of had my father cosign on mine and my mom could have cosigned for my sister to avoid something like this ever happening.
This caused me to overdraft and I got hit with $35 in fees and an NSF check fee of $50 and it basically screwed me for the next two months until I caught up.
Now, here is the kicker... they tell me the only way I can remove my mom from the account is to close it and get a new one.
The second thing: I had overdraft protection removed from my account and yet they are still charging NSF check fees.
They are crooks with poor customer service. They will lie to you and will not disclose all of the information to protect you from their trickery. BEWARE!!! YOU HAVE BEEN WARNED!!!
I opened an absolute checking account in Sept. 2010 to take advantage of the high interest rate. I thought I followed all directions given for establishing auto-pay. Much to my surprise, I was told that the auto-pay I established did not qualify. Then, once this problem was taken care of, the bank refused to give credit the first month I qualified, claiming they can change the terms. I was very upset. One bank manager was non-responsive and uncaring. One, who I believe was higher up on the management chain, was compassionate and tried to no avail, to convince the bank to change its decision and give the credit the month it was earned. Just be aware of all the technical requirements the bank sets. I am hoping that the situation is solved. We'll see with my April statement. I learned a hard lesson. I am hoping you won't have to.
It took me three attempts to get approved. I didn't receive anything in writing from them and had to call to find out the status and why I was rejected. The first time I was rejected was because I simply put retired in occupation and they wanted me to put what I was retired from. The CSR told me to reapply and I asked if writing the words retired from healtcare practice would be approval-worthy and received a yes that is how to word it. I called a week later to find out that 2nd attempt was rejected too and the CSR explained that they wanted to know whether I had been a doctor or a nurse or what so i went through the whole explanation with this new CSR and applied a third-time with different wording of what I was retired from. I had to get my signature notarized which cost $10 a state-set fee. Finally my account is approved!
LONG waits to get plastic debit card and checks. My account was funded July 29th and my checks haven't been received by September 10th.
I've also had difficulty depositing money into the ViewPoint reward account. I had billpay at another bank send a check to them and ViewPoint bank returned the deposit check. The VP CSR specifically told me that the sending bank had coded it wrong as a loan payment instead of a deposit and that the sending bank would have to do it correctly. I called the sending bank and they said they don't add any information to what I input into their billpay system. there is no place to check whether a loan payment or deposit or whatever - you just simply put the account number and the receiver can figure it out. So I called back ViewPoint bank and they said yes the correct account number was on the check but they can only accept for loan payments not deposits. I've used billpay to move money between at least 10 different banks in my lifetime and this is the first bank that didn't just simply deposit the money into my account. I finally got $25K into the account by snail mailing handwritten checks drawn on other banks. I specifically got the sneaking suspision that the were doing wierd stuff to try to collect NSF fees from me but following murphy's law I had already allowed for anything that could go wrong would go wrong so I have not had any NSF fees.
I asked what the hold policy is on my deposit and they said 7 days and I said fine so it will be available a week from today? They then replied well we don't count weekends so it woun't be available until tuesday after that. Fine. I read in another review that the hold is 10 business days so I am not ever going to rely on anything with this bank until I see it with my own eyes. Everythign feels like they are staying up nights trying to dream up new GOTCHAS to ding their customers even when we frantically jump through every hoop they present.
This is a minor point but their website doesn't seem to be set up to where password software will work with it so you have to manually put your login which is a long number they assign to you and your password each and every time you go to their website.
now I learn that the cap is changing from $50K to $25K so I asked if I could open a second account and they said I could if I was a Texas resident but even current customers cannot open a second reward checking account.
So far I find them unpleasant and difficult to deal with being pickier about things than I have never experienced with any other bank ever. With this bank, be particularly careful of GOTCHAS!
I opened an account with Viewpoint bank about a week or two ago it was not approved. I called them and found out why and it was because my husband did not have any credit in his file and they told me to try again with only me on the account. (I am his caregiver and he is not able to write checks or use a credit card) I did reapply and put my husband and children on as beneficiaries and it was approved. Today I received my account number and debit card and also a copy of my application with the signature of the person approving the application and the date. It also has the names of the persons I listed as beneficiares so I have proof for my files. I signed up for on line banking today and will find out if I was approved in a day or two. I called up to have my direct deposit started and the deadline to change the bank for my pension was the 10th of the month and it will not start until Sept. I did the online chat and was told the first month was free, so I should get the 4% for this month, but I will have to do the 15 debits this month and do one on line bill pay to get the 4% next month. I do not have a lot in the account yet I want o make sure the account is working correctly before I put a large amount in the account. I have used live chat twice and the person I that was on line has been very helpful and accomdating and answerd the questions fully. I was able to use select all and paste on word the whole conversation to print out. Hope this post is helpful. So far I have enjoyed working with this bank. I liked that when they sent the papers back for signature that you did not put all the personal information such as social security numbers etc on the paper in case it was lost in the mail. When they sent the paper back to me it had my SS number and drivers license on the paper in their handwriting to verify the information I had given them was correct. No personal beneificiary information was put on that paper that was mailed back to me. Only names and relationship.
I opened an account with Viewpoint Bank and gave them a $10,000 check from my other bank. The check cleared my bank a week ago, but Viewpoint Bank will not release more than $100. I spoke to a manager and told hiim I needed more of my money to do grocery shopping. He kept repeating, "There's nothing I can do. We hold check deposits for ten business days." He sounded like a robot.
He said the information is written in the disclosures. I asked him where since I read the disclosures and don't remember seeing that information. He put me on hold for ten minutes then came back and said, "I don't know where it is." I will be closing this account as soon as they release the other $9,900 of my cash!
Nothing but good experiences here. In fact, if you people do your homework about ViewPoint Bank, you will find that this bank is in wonderful shape compaired to other banks it's size. I would even say the are in better financial shape than most of the big banks. I am glad those that write bad review do not get accepted. Thay will do nothing but serve to bring the bank down. That is why they are rejected. I found out they are doing another stock vote and offering. To bad I can't bye stock when it first comes out. But as soon as I can I will.
This is a great bank and always a pleasure to do businees with them. I am getting my family to open accounts there too!!
I commented above & am adding info.
My mom was rejected. Turns out because she forgot to check off which type of account she as opening on her application form, checking or savings. She got a letter back saying that & called & got told that as well.
So the application has been resubmitted. We'll see if she gets approved this time.
Have no idea why all of these people are having so much trouble with opening an account with ViewPoint. I applied online, was accepted, just sent in my initial deposit as well as all of my paperwork to get it all started. Located out of North Carolina here. Maybe like someone else said, all of the ones that were turned down need to look within. They are a fine bank, and will accept you, unless theres something that you are hiding.
My application was approved. I had my DL notarized using a more formal form because the local notary service (in CA) rejected filling the less formal one provided by the bank. After that, I called them. They said that they would not accept it. And they also wanted my signature notarized.
I am also confused why they need a vote proxy form filled with the application and why they need fingerprint if applied in person. My feeling is that this is not a usual bank that I typically do business with. It's so wired. I am going to give it up because I suspect that they may have some legal issues with them.
I was accepted & had totally different experience than other reviewers.
First before applying I asked. They & several other banks I asked, have started rejecting applications with more than 3-5 entries in chexsystem. Meaning, if you've been chasing rates & opening a variety of accounts or credit cards, you'll be rejected. Viewpoint had the toughest policy allowing the least number of checksystem entries keeping them for the longest time period.
I was under their number & my application process was smooth & much faster than the other bank I applied to. The account was open within a week & 1/2 all through the mail and earned interest that month. When I had a concern about my entry check & called to ask them something, the person was terrific tracking it down & allying my concern. I have my debit card & have used it.
My cousin who's been opening credit cards for the free $100 offers, was rejected. She noticed she forgot to check something on the application or it was copied incorrectly & may have caused an security problem (verifying who she is) & will be calling to see if that is why, or why it was rejected.
I opened an account with viewpoint online and via the mail this month and did not have any problems...it was completely painlessly. I forgot to answer one of the questions and a representive called me to get the information over the phone so that she could complete the account activation right then and not send the paperwork bank to me in the mail to update. I received my debit card and free checks in less than a week. I don't have any credit card debt and I have multiple checking and savings accounts.
After reading all the negative reviews I was very reluctant to apply. I have opened a lot of checking accounts. Many of the accounts opened were just to collect the bonus. However, occasionally I would really like the bank and use them regularly. Then I started getting rejections when I tried to open some checking accounts. It seems that some banks like Green Bank, Perk Street and Capital Plains would reject you based on too many inquiries from CheckSystem. The first time it happened, I had ChexSystem send me a copy of my report. There wasn’t anything negative on it. I then would inquire with the rejecting CSR and they said that they were just trying to protect themselves from professionals who’s only purpose was to just collect the bonus and then close or not make use of the account. Obviously, that can be a shortsighted approach, especially if it’s used for a rewards checking account.
I really would like the account at View Point because of the $ 50,000.00 cap and 4% but figured I’d just be rejected. I finally submitted my application and was surprised they approved me. One of the things that they are requiring is that I have my picture ID notarized. My experience has been that just sending a copy of your driver’s licenses is sufficient but these people want it notarized.
Anyway, just wanted to share my more positive experience.
This bank's reward checking is a JOKE....nothing but FALSE ADVERTISING! You would think you were applying for a mortgage or personal loan...NO.... they reject you for a checking account. UNBELIEVABLE!!! Must be a low rated bank ...Most low rated banks FAIL & get closed by the FDIC.Check rating at BANKRATE.com
I'm so glad I applied to this bank before reading all of these negative comments because I may not have bothered. I have 18 active checking accounts, 8 of which are rewards accounts, ooh excuse me, 9, View Point just welcomed me into my new reward checking account with them.
If you are being turned down, perhaps you should look within.
P. S. I don't live near Texas and did everything online and through the mail.
I'm surprised by all the negative reviews here because I opened an Absolute Checking account at Viewpoint in Oct 2009 and everything is going smoothly. There were no problems with my application at all -- maybe because I did it in person? The processes seemed to be skewed strongly toward requiring people to be there in person to open accounts, including requiring my fingerprints, so it may be that online applications are examined much more stringently or are in general not accepted. Just a hypothesis. If you are really interested in the account, then I would recommend applying in person to be safe. The only hitches I ran into were temporary: they didn't accept a passport as a valid ID, my hubby had to appear in person to add him to our joint account, the online system wouldn't let me order checks, and I was confused about the delay for crediting interest (if you do 15 transactions in January then you get the 4% interest credited at the end of February). Now that those issues are resolved, it's working just fine. Oh, and the BillPay interface isn't as good as my last bank's, but I'm learning and my bills are being paid on time. Customer service has been good, and there is a B&M location just a few miles from my house with extended hours. If you live in the DFW area, then I would consider this bank to be a viable choice.
I submitted application last Sat. and it got approved today. It is my 1st reward chk though I have a lot of chk accts in other banks. I'm sorry for those who got rejected by the bank. I guess it has something to do with existing reward chk accts at other banks.
I think you are all misunderstanding how chexsystems works. And while yes, being a personal banker at a competing bank, while seeing a large amount of inquiries could be an indication of a rate-shopper (will not have an extended relationship with the bank but will rather leave once the promotional rate drops) that is not the reason you have been declined. Multiple inquiries on chexsystems could also mean that individual has the means of check fraud, money laundaring, or structuring to promote terrorism. Don't blame the individuals that are just doing their jobs with the restrictions set out by the banking industry (its called the Patriot Act, you may have heard about it after 9/11 and it completely changed the banking world). As for consistantly moving your money around to make sure your 250k is insured... add some PODs, or talk to a wealth management representative. I can't imagine its worth spending that much time just to get 2-4.00% APY. May be you could consider paying off that $750k mortgage on the house that's oddly enough not worth that much anymore. Its time to stop living like 100k millionaires and realize that a "Jumbo CD" isn't what it used to be.
Alas, I was also rejected for the same reason as most-- too many inquiries (in other words, too many other reward accounts or CDs, etc.). My credit rating is likewise very high. But think about why they would want to reject someone like me... It's not because I'm a deadbeat and owe money or the like. It's because they know I will move a lot of money into their no-limit high-interest account but I will NOT in turn borrow money from them for a mortgage. They also know (based on the # of bank inquiries) that I will turn around and move ALL my money out of their account as soon as their interest rate drops or I can find a bank that will offer a higher interest rate. I was extremely upset that I was rejected for a CHECKING account, but in retrospect, I can understand why. (PS: No I don't work for them nor do I like their businsess practice. I think they should stop offering NATIONWIDE rewards checking and instead restrict it to their local area. They are obviously too small to deal with a lot of money flowing in and out and they will likely go belly-up trying to pay out the high interest. Just look at what happened to CBDirect - they offered 3% on no-max-balance and now they are bankrupt.)
I have opened absolute checking account in Feb 2010 at a local branch in Coppell, TX and it was smooth. I also received the interest for the month of Feb.
They were also offering a free 1 year lock box facility with no charges.
Absolutely loved it..
Did the people who got rejected apply it on the web??
This bank is amazing. They have such great customer service and are available in so many ways, whether it be by phone, chat, email, or by going to a banking center if you live in the area. They have been so amazing and they still hold that small town feeling even though they have expanded a lot. In the past three years they went from 1.4 billion in assets to 2.5! What other bank has done that in the last few years? They have done it by making smart choices and being very picky on who they lend to. I have heard some great stories of how willing they are to help people. One of my friends had cancer and had no job and no one to help support her, so she got 17 NSF fees, because she had to pay bills, even if she didn't have the money. When she explained her situation to a Chat Representative, they refunded her 14 NSF fees. I'm sorry, but what bank do you know of does that kind of a thing?
As for not getting approved, they recently started being able to say exactly why you are not approved when it comes to Inquires. If you have a closure, or they are unable to verify your Identity that is a given, but I know a lot of people were confused as to why they were declined when they had none of those issues. More than likely the they had more than what the regional norm of Inquiries, which for Texas is 4. If you have any over that, you will not be approved. I also want to put out there that all of you who are making a big fuss.. first off, its not your God given right to have an account with anyone, and secondly all of your complaining is making them reconsider if they will offer this account to anyone out of state. So congratulations on possibly ruining it for everyone.
Honestly though, whoever banks with these guys are lucky, they are one of a kind in the banking world.
WORST BANK EVER...They rejected my application for a checking account! I'm shocked...I have net worth of a million dollars and a high 800 credit score. No loans except a mortgage which is current. One credit card for 30 years with a high credit limit...also current...I've NEVER been late on any payments. Apparently I had too many inquiries? Well FDIC only insures up to 250K...DUH! They are turning away good customers...How STUPID! Don't know what kind of customers qualify...Maybe DEADBEATS? Don't waste your time applying at this bank