Deposits held and insured by Cross River Bank

Overview / Commentary
275 Battery Street, 23rd Floor
San Francisco, CA 94111
Deposits held and insured by Cross River Bank

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Reviews (7)

$5000 Transfer Max

Posted by: |

I just set up the Premier Savings account. Transferred some money from another account (very few are able to be linked), and found out that I could only transfer out a max of $5000 at a time, 3 times within a week. I would have not opened the account if that information was available. I talked to their customer service and they confirmed it. Said it was a new product and they are gradually changing things.

Credit Freeze Cancels Savings Application For 30 Days!

Posted by: |

Yesterday morning I applied to open a new savings account, which was fairly simple. My application was rejected because of a credit freeze on the credit report @agency they use. They said they only do a soft pull to verify my identity. Why not give me that information before starting so I could have lifted it before application? I lifted the freeze immediately but they say I cannot even reapply until it is posted, usually as long as 30 days! Ridiculous! I even had a confirmation # from credit reporting company that it had been lifted.
850 Credit Score and they don't want my $500K!
Glad I found out sooner than later. Many large ,established banks will love my investment! BYE-BYE
Don't waste your time!

Not A Bank...

Posted by: |

From the website:
Upgrade is a financial technology company, not a bank. Checking and savings accounts provided by Cross River Bank.

Not A Savings Account, Rate Won't Increase.

Posted by: |

Once you sign up the rate doesn't increase. Contacted customer service and they said you have to open a new account to get the new rate.

APY Does Not Automatically Update To Advertised Rate

I opened a premier saving account a month or two ago. Back then the APY shown in account is 3.5%. Now, they advertise a new APY of 4.0%, but when I checked my account it is still 3.5%. I called them and asked them to update to the rate advertised. They asked me if I signed a "custodial agreement". I had no idea that the APY was not automatically updated to their advertised rate! This is virtually unheard of, based on my experience with other online banks. Eventually, they said they would submit a request to look into this matter. Never heard back from them. Needless to say, I transferred all my money out to another bank which has even better rates and automatically updates their APY. I would not recommend this bank, unless you want your APY to remain lower than their advertised rate.

Be Aware This Scam Bank

trying to withdraw money for weeks now, and they keep giving excuses: website is down and please be patient, trying ACH from an external bank and I got a check return, calling their customer service and asking for outgoing wires, their excuses need to verify my funds when clearly money is there. Need to report to FDIC and my local attorney general office.

Update: now they block all my account access.

(Illegally?) Still Applying Reg D Limits

I opened a savings account with them and proceeded to link it via micro deposits to two external institutions and low and behold, a micro deposit was bounced, and the other bank charged me a fee, because these idiots rejected it claiming Reg D limits. Except for the reg D limits have been illegal since covid...


Data as of Q2 2022

Data displayed below is for insuring bank: Cross River Bank
Learn why bank health matters

Health Grade Components

FDIC Certificate #58410
Year Established2008
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.17%
Return on Equity - YTD24.77%
Annual Interest Income$280.5MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$8.55B$14.32B
LoansQ2 2022vs Q2 2021$7.17B$13.43B
DepositsQ2 2022vs Q2 2021$4.63B$3.48B
Equity CapitalQ2 2022vs Q2 2021$815.4MM$527.5MM
Loan Loss AllowanceQ2 2022vs Q2 2021$56.3MM$33.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$17.4MM$9.3MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Upgrade Savings Account Rates

4.13%--Premier Savings

Upgrade is an Internet only bank and does not have branch locations. Its headquarters is located at 275 Battery Street, 23rd Floor - San Francisco, CA 94111

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