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| 1 star: | (24) |
I wanted to take advantage of the high yields savings account available with zynlo. In November 2024 I contacted Zynlo bank and was told that to do so I needed to open THREE accounts so that one of which will be the high yield. I funded the accounts originally with $100 for the High yield plus $10 each for the other two. I then arranged a large transfer from my current bank to the new Zynlo High yield. After checking repeatedly for over two weeks the transfer was not completed. After several more phone calls I was told that because the bank was unable to reach me with a question they chose not to allow the incoming transfer. I have no idea how they were not able to reach me as i have a cell phone and email address both which they have on file...so I decided that I would just leave the money that was in the zynlo accounts there while I considered how I wanted to proceed.
In early February I had had enough and decided that the slipshod handling of my accounts was unacceptable. I called and closed all three accounts and was told the proceeds would come by check " in 5 to 1t business days". This was on February 11 2025.
On March 5 I called to check on status of my refunded balances and was told they were processed and mailed and to allow an extra day or two " due to PRESIDENTS Day holiday". Fine.
Today is March 13 and after yet another lengthy call I learned that the refunds were in three separate checks...two of which were mailed (she could not specify when or from which account) and that the third check " somehow got overlooked".
I have been dealing with banks since I was a child and never...literally NEVER...have experienced such sloppy and unprofessional conduct by any bank. I strongly suggest before you place your hard earned money with this travesty of a bank do your due diligence and proceed with caution. You have been duly advised.
Today I got their denial message regarding my hysa application. I totally forgot I did it. It was like 2 months ago. I couldn't believe it took them so long to process such a simply application. I am glad it was denied, which let me know how unreliable they are in advance. It could take them half a year or forever to process a small amount transfer should I open an account with them and become their client.
Just received an email from Zynlo that they closed my accounts effective immediately because my debit card use was excessive and unnatural. They claim I was taking advantage of their special program of rounding up to a dollar on purchases with the debit card. I use my debit card daily for small purchases and I didn't see any restrictions on the amount of transactions I could make. I contacted them but they didn't care what I had to say and they are sending my money back to me within 10 business days. I read their terms and conditions and I didn't see any restrictions. If they had warned me that I was using my car too much I would have stopped using it. Very disappointed because I thought it was a really good bank.
I opened a saving account with Zynlo due to high rate and 24/7 service. BUT they are not 24/7. I have been calling them for a few days now and no one retuned my calls. Also, it is inconvenient when the limited monthly transfer is 50k. I asked them to increase it, and they said they did, but I was not able to transfer any more money. I was not able to talk to anyone through phone calls. Please use some other banks!
ZYNLO will take your personal information & then they don't get back to you . Perhaps they are selling it to hackers. Can't trust a bank that does business like this right out of the gate....I have an 800+ credit score and 10 other banks with deposits.
Been 2 weeks to process application..most banks take a day. Keep getting e-mails they are still processing it. I would not use this bank and have cancelled application. Also their rates were just cut. Look elsewhere is my advice.
Bank has gone M.I.A. New accounts are not able to register, calls to support and emails to published address go unanswered - despite "24/7/365 support." Zynlo is also not directly registered with FDIC - They claim to be a subsidiary of Peoples but it's unclear if this is correct.
Investor beware.
Was prepared to open and deposit substantial monies into the Zynlo money market. After 3 days and numerous email and phone call contacts, still could get the account open. Zynlo made no effort to have management contact me or my spouse. If this is the service this institution affords to POTENTIAL CUSTOMERS, I shudder to think how they treat ACTUAL CUSTOMERS in their needs to deposit and withdraw monies from their accounts. I wouldn't recommend Zynlo to anyone who wants efficient service and security knowing any problems will be resolves. Goodbye and good riddance to this poor excuse for a banking business.
Avoid if you would like to be treated fairly. Rather than increase your interest rate for existing accounts to match the new account rate they advertise, they leave existing accounts at lower interest rates.
When you close your account, be sure to wait until the last day of the month. Otherwise, they keep all interest that accrued during the month.
Recently closed accounts and they kept over $200 interest that had accrued in the time between 10/1 and 10/20.
Also, they will NOT allow wire transfers of your funds. They require 10 days to "process" and then snail mail you a cashier's check. Pathetic way to hold on to your assets and not pay you for the interest that is accruing during that time.
This bank functions to steal your money!!
Given Zynlo's tiny internal ACH limits, I tried to setup an external link from Customer's Bank to do initiate externally. Customer's setup tries to login to Zynlo, but fails probably because they are using the old Zynlo online link rather than the new one.
I also tried one of my other banks that uses a popular transfer service (forget the name) that also couldn't do zynlo.
A little frustrating given Zynlos low limits.
I had "More" money market accounts at Zynlo and was planning to refund them when I saw that they raised their interest rates recently. However upon checking out my account page I saw that the interest rate was their lower rate. When I called they said that sometime ago they changed all their money market accounts to "Zynlo" accounts although I had gotten no notice to that effect. As per another user, I was told that these accounts were only for new customers. I am closing my accounts and will weigh whether it's really worth signing up again in 30 days for this new interest rate knowing that I will have to watch this bank continuously .
My online experience with Zynlo had not been too bad with their Money Market account in early 2022 when rates were low. They had one of the highest rates at .80% in spring of 2022. As rates rose throughout the summer of 2022, they never raised their rate to be competitive and remained at .8% all the way through July. Fair enough, obviously did not need the deposits.
They finally raised their MMA rate to 1.25% in early July where it remains to this day (with upper fed rate of 2.5%). Instead of offering higher rates to their existing customers, they created a new MMA account with a more competitive rate, but do not allow their existing customers to open this account which now pays 2.25% to keep their old customers stuck with their previous 1.25% rate account. Then they hit their customers with a $10 a month dormant fee if you fall below $2500 balance.
These practices tell me all I need to know about this bank and what they think of their customers, do business with them at your own peril, they have a good rate on their new MMA, but will pull the same deceptive tactics to their new customers too eventually. I had 500K plus in this account in spring of 2022, If they jumped to 3% I would not waste time on this bank again. They will find the suckers they are looking for, I am sure, but I am done with them.
I am composing this less-than-stellar review since I believe others should be aware of what they may face in attempting to open an account with Zynlo Bank. In the past 4-plus years, I have opened at least a dozen online bank accounts without incident. Attempting to open an account with Zynlo Bank proved to be a frustrating misuse of time. After completing the online application, I was sent an email with a link to furnish documentation for verification purposes (address, phone and identity). For each category, they furnished a list of acceptable documentation. I promptly uploaded an auto insurance bill (to satisfy the request for address verification), a cell phone bill (to satisfy the request for phone verification) and driver’s license (to satisfy the request for identity verification). Each of these documents were consistent in that they contained my full name and address.
Upon review by compliance, they would not accept the auto insurance bill because it was dated July 23, 2021. I pay my premium annually; the next bill would not be generated until July 2022. Compliance asked that I contact my auto insurer to request a letter with a current date. I found this request to be an over-reach considering that each of the three documents I furnished had my full name and address. In addition, the cell phone bill I submitted was dated only two days prior. In effect, paying my auto insurance premium annually proved to be to my detriment in the eyes of compliance since the premium payment was made in year 2021.
I do understand the “know your customer” rules and furnished precisely what was requested. However, I am electing not to “jump through a hoop” since there are many other banks that have appreciated, and will continue to appreciate, new account holders. If Zynlo Bank had used other methods likely available to them to verify application information, they would have discovered that I have resided at the same address for 40-plus years. In my opinion, what compliance seems to have lost sight of is that I planned to be a depositor not a borrower. Making it difficult for a prospective customer, who provided the verification documentation requested, to open an account is not a good business practice.
The one bright spot in this matter was Ashley in customer service. I spoke to her on several occasions. She is knowledgeable, professional and personable. Personally, I don’t envy her for being placed in the position of middleperson in dealings between the prospective customer and the compliance department.
As I stated in a follow-up email to Zynlo Bank, I would not now be a customer (not that they want me) if they paid me!
I hope this review is helpful to those considering applying online for an account with Zynlo Bank.
I opened a money market last week. Everything went perfect. It took several days but I think that is normal. No glitches.
Landline, VoIP, and Google Fi users take note:
These clods will not let you open an account if you have a phone number tied to a VoIP service. This likely includes Google Fi.
If you go through the account opening process and specify a Google Voice number (even if it's a landline you ported in), they will deny your account. If you call them and ask why, they will tell you it's because you must have a fixed carrier mobile phone number. If you complain to the FDIC, they will say this is completely normal and that all banks have to do it, which is completely untrue.
The reason I mention landline users is that their 2FA process requires you to be able to receive text messages. There is no option for a voice call with a 2FA code (as oh-so-many banks do support). I only use my old landline number (now VoIP) because I do not want anyone other than my family having my mobile number.
So, yeah, beware of these heads-up-their-a**es clods. There are plenty of places to bank with decent rates who don't have totally draconian security policies. Well, at least not so draconian that my grandparents with only a landline phone couldn't open an account with them.
I'll spare you the long frustrating details of my experience when trying to open a joint account. It was so ridiculous that I attempted to close the account within an hour or so after it was finally opened because, for some unknown reason -without written or verbal explanation- my spouse's joint application was denied. Then, to top it off, the account closing process was just as difficult, if not more so, than opening the account.
Good luck if you try to open an account here.
Money market account: Extremely severe limits on amounts of in- and outgoing transfers of funds. No wire transfers of funds. No checks. No debit cards.
Let me start out by saying I never take the time to write online views. But my experience with applying for Zynlo's online money market account was so flat out weird, I thought I'd alert others not to waste their time. There are plenty of other online banks out there.
After applying with Zynlo, I submitted the requested documents (driver's license, social security card, utility bill) and was informed by them to wait while they reviewed my application. Two days later, I received a 3 sentence Dear John email stating my account couldn't be opened and for more information. to contact them at anytime.
I then emailed their support team looking for more information and quickly received another Dear John response...."I'd be happy to help you. Due to the information you provided on your application, we were unable to move forward with your account." So since I was still in the dark, I called and spoke to a rep who all had all the super sweet canned responses...."thanks for applying, we take security and fraud very seriously, etc", but she couldn't tell me anything other than they couldn't verify my identity. I inquired as to why they couldn't, and she said I'd have to speak with the compliance team. She kept me on the line while she attempted to reach them, and said someone could call me back if she wasn't able to reach them. After waiting a minute, she then informed me that she had heard back from the compliance team, and parroted back they couldn't verify my identity and couldn't tell me anything more.
All the more ridiculous, with all their concern about identity verification, my email address was the thing they asked me for to look up my application over the phone! I've opened up at least 5-6 online savings accounts successfully in the past 3-4 years, and have never had this type of experience. Don't bother wasting your time with the Zynlo application process, unless you enjoy banging your head against the wall.
Sure, this bank pays a decent rate on savings, but unfortunately when you try to withdraw your money they place several obstacles in your path. Wire transfers are not offered! There's also a $10,000 limit on external transfers!
So you only have two options to withdraw more than this amount: fill out a form to request a paper check in the mail (can take 10 business days!) or link to an to external account at a bank which allows a larger daily transfer.
I have never worked with a bank as frustrating as Zynlo. They have no problem taking my deposit, but I can not get my money out. They send me an email that the transfer is pending, but it never goes through. I call and they proceed to tell me that it looked suspicious, without ever informing me. I tell them that I want to close my account and they tell me that they will call back. Three days later no response. I call again and now they want me to produce a statement from the bank that I am trying to transfer the money into, which is the same account that I funded the Zynlo account in the first place. What kind of bank is this? I would not trust them at all.
Ridiculously unprofessional and unethical. The following is the response from CFPB:
" After our review, we found another agency that is better able to help you with your issue.
We also entered your complaint into the Consumer Sentinel Network, a secure online database operated by the Federal Trade Commission. Civil and criminal law enforcement authorities worldwide, including Consumer Financial Protection Bureau investigators, use the Consumer Sentinel Network to identify questionable business practices that may lead to investigations and prosecutions. "
Which in a summary: Zynlo held our fund not allow us to use it even though we contacted Zynlo and talked to Josh, a supervisor verified that those transactions were authentic made by us not "fraudulent". But they still rejected our transfers which caused fees. Zylno put our account "under investigation For 10 days.
The above is not the worst yet!!!
Now We are still waiting for the closing balance mail to us since 16 days ago we received a notice. IF Zynlo did mail our funds "immediately" as they said, it should be delivered a week ago with any mailing approach.
When I called today, the receptionist refused to tell me anything nor if they mailed my money to us or not.
said, it should be delivered by now by any mailing approach.
I found the overall computer system they must use and app to be quite poor, and the customer service was unhelpful in resolving issues. Among other things, it was not uncommon for the card to be denied even though I had plenty of funds. Pretty embarrassing to be denied at the checkout with a line behind me. The app consistently mischaracterized purchases as withdrawals, such that the bank would not need to provide a roundup match. How can a McDonalds purchase be characterized as a withdrawal? Then after I complained, they shut off my checking account without telling me. That presented a problem with the bills that I had set to withdraw from the account. Overall, I cannot think of a worse experience with a bank.
Well, I saw the fairly attractive rate for the money market account, as well as the fact that they charge no fees, so I decided to open an account. Went though the signup - easy peasy, no (apparent) problem. Then a while later, I get an e-mail that says "Thank you for applying for an account with ZYNLO. Unfortunately, we are unable to open your new account at this time." Mind you, my credit rating is well over 800 and I have never - NEVER - been turned down for a bank account before. I was tempted to just blow it off, but to be so summarily dismissed with no explanation at all bothered me enough that I called them to ask why. Turns out, the reason is because I do not have a land line and am apparently the only person in the world who does not have a cell phone. Even though I have had and happily used my VoIP phone for more than 10 years now - it's simply against their policy. And that's it. At no point either on their site or in the rejection e-mail was this requirement stated.
I have a More money market acct which dropped from 2.25% to. 80% , but worse than that was my regular money market account that plummeted to. 50%.
I recently opened money market account due to one of the best APR .80%
There is no minimum to earn that APR and no fee, which already puts it on top choices if you want to park your savings. On top of that they have 24 hours US customer service, with literally no wait time! I am really impressed with their service. I would still keep my discover bank online saving( which is equally good with all these features, but half the interest rate) because Zynlo doesn't offer Zelle, which is a great way to transfer money to your other accounts in seconds. They have old school ACH transfer, but its OK as i am getting great interest rate. Will open checkings with them too!
Mobil app can be better, looks basic but it sure works!
I was as happy as a little girl - then the rates keep going up everywhere else but here - so my cash is elsewhere - bye zynlo
This entity doesnt have an online system of their own. It is outsourced to a company called Nymbus and all your personal data is held by them and I could not get them to delete my SSN, etc. Zynlo after researching more has a terrible reputation and they lure you in by offering higher rate but you will notice hardly anyone will bank with them. It is more like a shell company of Peoples Bank.
This review section does not contain the discussions of adverse experiences because all of that dialog took place in response to the initial blog announcing this institution...and there are plenty of complaints.
On this page, look above the reviews to see the link
RELATED POSTS
https://www.depositaccounts.com/banks/zynlo-bank/offers/
Since I was the one who posted the message about Zynlo in the Bank Promotions forum a couple weeks ago, I guess that it's appropriate that I post the first review of this AWESOME bank. Opening an account took less than 5 minutes. I had 2 questions about the account during the onboarding process, and both queries were replied to IMMEDIATELY. Two business days after I opened the account, I verified 2 micro-deposits and transferred $50k into my Zynlo account. My funding bank account had a balance of about $120k, and since incoming external transfers are limited to $50k/month, it would have taken until May to transfer my entire balance. Not a problem - I called a very helpful rep at Zynlo, explained my situation, and a couple of hours later she called back and told me that the $50k monthly limit would be waived! 1.25% APY!! Zynlo ROCKS!!