Virtual Bank

Deposits held and insured by First Horizon Bank

Overview / Commentary
109638 Palm Beach
Gardens, FL 33410
Deposits held and insured by First Horizon Bank

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If The High Rate Only For The 1St Year

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If the high rate only for the 1st year

Poor Service And Options

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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.

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Warning: First Horizons Bank acquired Iberia Bank and its 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) Replies there and to customer.service(at) 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 Q2 2022

Data displayed below is for insuring bank: First Horizon Bank
Learn why bank health matters

Health Grade Components

FDIC Certificate #4977
Year Established1864
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.96%
Return on Equity - YTD10.05%
Annual Interest Income$1.10B
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$84.80B$87.57B
LoansQ2 2022vs Q2 2021$56.78B$56.85B
DepositsQ2 2022vs Q2 2021$71.88B$74.33B
Equity CapitalQ2 2022vs Q2 2021$8.15B$8.63B
Loan Loss AllowanceQ2 2022vs Q2 2021$624.1MM$815.0MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$324.7MM$358.0MM
Real Estate OwnedQ2 2022vs Q2 2021$2.6MM$11.4MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Virtual Bank Money Market Rates

2.84%$100-eMoney Market Special

Virtual Bank CD Rates

3.87%$10k-12 Month eCD
3.87%$10k-18 Month eCD
3.77%$10k-24 Month eCD
3.77%$10k-36 Month eCD
3.67%$10k-48 Month eCD
3.56%$10k-9 Month eCD
3.51%$10k-60 Month eCD
3.35%$10k-6 Month eCD
2.94%$10k-3 Month eCD
2.74%$10k-2 Month eCD
2.48%$10k-1 Month eCD

Virtual Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 109638 Palm Beach - Gardens, FL 33410

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