Virtual Bank
Related Posts
12/21 - Interest Rate Increase At Virtual Bank
11/16 - VirtualBank Pushes 12-Month eCD Rate Up
9/29 - VirtualBank Pushes 12-Month eCD Rate Upward
5/8 - VirtualBank Adds One-Year Rate Guarantee On eMoney Market
5/8 - Virtual Bank: 12-Mo. CD, 2.27% APY; 24-Mo. CD, 2.55% APY
5/8 - 2.01% APY Emoney Market With New Money Not Currently Held By Virtual Bank
2/7 - VirtualBank's 24-Month CD Rate Moves Upward
2/3 - 12 Month CD Rate Is 2.05% Annual Percentage Yield
1/19 - VirtualBank Leads With 12-Month And 24-Month eCDs
8/28 - VirtualBank Ups eCD Rates
7/17 - Virtualbank's Parent Bank Being Acquired By IBERIABANK
4/3 - VirtualBank Increases Short-Term CD Rates
3/23 - Virtual Bank Raises Rates On 5-Year CD And Emoney Market
2/6 - VirtualBank Raises Rates On Short-Term eCDs
2/6/15 - VirtualBank Offers Two Competitive Mid-Term Length CDs
6/4/14 - Virtual Bank 5 Year CD Rate Drop
5/1/14 - Several Competitive CD Rates at VirtualBank
5/1/14 - Virtual Bank Raises 5-Year CD Rate
9/24/08 - Higher CD and Savings Account Rates at VirtualBank
8/6/08 - 4.34% 12-Month / 4.13% 9-Month CD at VirtualBank
10/29/07 - ING Direct / VirtualBank Referral Bonuses
8/7/07 - 5.55% 12-Month CD at VirtualBank - My Experiences with a VirtualBank CD
1/12/07 - VirtualBank's 3-Month CD up to 5.50%
10/28/06 - VirtualBank's 3-Month CD Now 5.56%
8/1/06 - Higher Short Term CD Rates at VirtualBank
6/27/06 - New Rates: 5.55% 6-Month CD at VirtualBank, 5.02% Money Market Account at Corus Bank
5/9/06 - New VirtualBank CD Rates: 5.25% 6-Month CD
4/5/06 - New VirtualBank CD Rates - 5.20% 12-Month CD
3/28/06 - New VirtualBank CD Rates - 5% 6-month CD
3/10/06 - Virtual Bank eMoney Market Referral Bonus Update
2/22/06 - VirtualBank's Money Market Account Referral System is Back Up
2/22/06 - Info on VirtualBank Money Market Account Referrals
2/15/06 - VirtualBank is Back in the Game! 4.60% Money Market
1/19/06 - New High CD Rates at Virtual Bank
9/27/05 - VirtualBank Raises Money Market Account Rate
If The High Rate Only For The 1St Year
If the high rate only for the 1st year
Poor Service And Options
I'm being generous about the 3 stars. Have had a CD here since 2015, rates were decent then. They would mail a statement every quarter although at least once I did not get it.
So trying to be patient and always balancing my numerous accounts at various banks I waited until today (5-10-18) to log in to see if I could get the info. I clicked the link to go to statements but got an error message (just some numbers). Tried this a couple times and then gave up and called.
Apparently they were bought by another bank and no longer have statements mailed or online, you have to go to transactions to get the info. I never received any info in mail or online about this.
Seems when banks make changes like this they should be required to notify you... poor management and not very good customer service, no more CDs here. I like to feel when I have thousands invested somewhere that they know what they are doing and keep me informed.
INCOMPETENT DISASTER: New First Horizons/Virtualbank.Com Web Portal And Enrollment.
Warning: First Horizons Bank acquired Iberia Bank and its VirtualBank.com...and made some changes on July 4-5, 2021:
> All existing online customers at this online bank must now have and use a smartphone to enroll and access their existing accounts at the new web portal and for text messages! Like never before.
> New online enrollment process is impossible: Says its sending verification email to your registered email address but never does. No error messages either. Instructions are just plain wrong and don't work.
> Nice CSRs say that ONLY by text messages (lots) to your smartphone can you enroll and access your existing account(s), statements, preferences, money, and ACH links at VB.
> If no smartphone, no access, ever! CSR suggested ACH pull by an external bank of entire balance to close VB account(s)! I.e. go away and stop trying. If no links there, no access to your money ever.
> No, they don't have and won't mail you a counter check or cashiers check. No checks period!
> No wires accepted or sent, either! No Money Orders, etc.
> No new accounts and no new customers either! After a month of trying, IT staff is swamped and cannot fix anything. CSR tries but cannot either.
> Last email I got, just before transition, was from nGageBanking(at)vtb.prod.com. Replies there and to customer.service(at)virtualbank.com go unanswered forever.
I once kept large amounts at VB, but got them out before this takeover...and see no reason to ever bring them back.
If you have VB accounts, lots of luck getting access to your money from these new clowns.
Top-Tier Rate, But ...
Attractive promotional rate with one-year guarantee, but that's about it. Spartan website, not up to the competition, unpredictably inaccessible. Primitive e-messaging system accepts sent messages, but doesn't retain them. Doesn't matter actually since so far all ignored. CSR's willing, but information often unreliable. No weekend telephone support. Quick ACH, then annoying 3-day hold.
Uncomfortable, moving on.
Data as of Q1 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4977 |
| Year Established | 1864 |
| Employees | 7096 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.98% |
| Return on Equity - YTD | 10.26% |
| Annual Interest Income | $511.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $88.32B$87.11B |
| Loans | Q1 2022vs Q1 2021 | $55.41B$58.50B |
| Deposits | Q1 2022vs Q1 2021 | $75.46B$74.05B |
| Equity Capital | Q1 2022vs Q1 2021 | $8.29B$8.45B |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $622.5MM$914.3MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $369.4MM$405.2MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $3.8MM$12.8MM |