WaterStone Bank

Beware Of Waterstone Bank

I can't recommend Waterstone Bank to anyone at this point after my experience. We financed a small apartment complex through Waterstone, but my business partner who handled all finances and payments let the account be overdrawn for a week while working on another project (I was not sent any notices and had no calls/voicemails to my phone regarding this issue during that time). When I checked the balance on a Friday, I saw that it was about $125 in the negative with $8 daily fees to square away which accounted for less than half that amount, so I planned to head there on the following Monday when they reopened to pay this and get things back to normal. I get a call Monday morning from the bank president, who tells me "You owe $125, and we're closing your account because of this problem". Really. No prior notice to me regarding this, no idea if they even tried to reach out to my business partner, and I had told him I was heading in that day once the issue was found to be able to get the balance current and put a few hundred more in to have funds available again. No opportunity to keep the account open, he was very terse and unwilling to discuss options to be able to keep my business with their bank while we work to sell the property they financed in the near future. I've had accounts with many banks over the years, and never, ever experienced anything like this, it was as if they were looking to find some way to close our account for any reason because, I would guess, they simply don't want the business.

Beware of working with Waterstone, if they can treat our company like this after 3 years of solid business with only one payment that was late a few days, they'll look for any reason to close your account and THEN tell you they'll hit your credit to make it harder to open an account elsewhere, which is in the letter their bank president sent to me. Unbelievable their bank president would treat customers like this. Look for other local business like Waukesha State Bank, I've been a customer with multiple accounts there for 25 years and never, ever had one issue or revenge move made against my company or my personal accounts through them the way Waterstone did.

If I could give zero stars for their business, I would certainly do so. They tried to solicit more business from me a year ago, and I almost transferred multiple hundred thousand from another account to them, but had a feeling that it wasn't a good move. I'm absolutely glad I never, ever opened a personal account there, last thing I'd want to do is give them any more of my money to manage after the abhorrent treatment I've seen they give to customers. Steer clear of Waterstone!