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.
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.
The ordeal with VirtualBank continues! Yesterday I wrote that my application for the 2.01% money market account was denied due to a report issued by ChexSystems. Apparently, ChexSystems monitors the number of accounts an individual opens or applies for. I tried calling them but they don't talk to consumers. I had to file a complaint online.
I'd like to state here that being denied because I chase rates in this still ridiculously low interest rate environment is infuriating. We savers have had to bail out these banks for their criminal activities last decade, and we are still being screwed with these pathetic rates so these banks can repair their balance sheets and now simply exploit us.
Having said that, I reapplied for the account yesterday, and I was ACCEPTED this time.
However, in order to fund the account I had to verify the 2 test ACH payments into my linked external account. I assume you readers know what I'm talking about.
This is where the next problem arose. I tried to verify the test ACH's and their system would NOT verify the deposits. So, I called their CS, waited on hold for 20 minutes, had them reset the system and still could NOT verify the deposits.
They told me that they could not reset the system again and I would have to mail them the check to open the account!
Their incompetence is mind boggling. VirtualBank is the online subsidiary of Iberia Bank, a $25 billion bank. Although that is not a huge bank by assets, it is still a mid-sized bank that should be able to handle a simple account opening. Tiny credit unions are more competent that these idiots.
I am fed up with this bank. Beware, fellow savers!
|FDIC Certificate #||28100|
|Return on Assets - YTD||1.27%|
|Return on Equity - YTD||9.8%|
|Annual Interest Income||$1.22B|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$30.73B$27.82B|
|Loans||Q4 2018vs Q4 2017||$22.49B$20.08B|
|Deposits||Q4 2018vs Q4 2017||$23.95B$21.64B|
|Equity Capital||Q4 2018vs Q4 2017||$3.95B$3.61B|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$140.6MM$140.9MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$134.4MM$147.6MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$30.4MM$20.6MM|
Always verify rates and promotions with the bank or credit union. We are not Virtual Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.36%||$100||-||eMoney Market Special|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.60%||$10k||-||18 Month eCD|
|2.55%||$10k||-||12 Month eCD|
|2.50%||$10k||-||24 Month eCD|
|2.50%||$10k||-||36 Month eCD|
|2.50%||$10k||-||60 Month eCD|
|2.45%||$10k||-||9 Month eCD|
|2.40%||$10k||-||6 Month eCD|
|2.16%||$10k||-||3 Month eCD|
|2.00%||$10k||-||1 Month eCD|
|2.00%||$10k||-||2 Month eCD|
|1.79%||$10k||-||48 Month eCD|
Virtual Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1111 Brickell Avenue - Miami, FL 33131