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6/30 - Zynlo Money Market Account Dropping From 1.25% (promo rate) To 0.80% On Aug. 2, 2021
3/19 - New All-Digital ZYNLO Bank Offers Top Money Market Rate
So Far So Good
I opened a money market last week. Everything went perfect. It took several days but I think that is normal. No glitches.
Stuck At ,80
Zynlo use to have one of the best money market rate. Rates are going up at most banks but not this one.
Good Luck Withdrawing Your Funds!
Zynlo does not provide wire transfers! Instead, I was offered two options for withdrawing my funds: 1) An ACH transfer with a limit of $100,000 per month. It would take me 3 months to withdraw my funds. 2) Withdraw the funds using another bank to initiate the withdrawal. Beside the fact that wouldn't work either why should I have to rely on another bank to withdraw my funds?
When I asked that a check be mailed to me, I was told, "I will request a check and we'll see if it gets approved."
Don't waste your time with Zynlo.
DON't WASTE YOUR TIME!
Let me start out by saying I never take the time to write online views. But my experience with applying for Zynlo's online money market account was so flat out weird, I thought I'd alert others not to waste their time. There are plenty of other online banks out there.
After applying with Zynlo, I submitted the requested documents (driver's license, social security card, utility bill) and was informed by them to wait while they reviewed my application. Two days later, I received a 3 sentence Dear John email stating my account couldn't be opened and for more information. to contact them at anytime.
I then emailed their support team looking for more information and quickly received another Dear John response...."I'd be happy to help you. Due to the information you provided on your application, we were unable to move forward with your account." So since I was still in the dark, I called and spoke to a rep who all had all the super sweet canned responses...."thanks for applying, we take security and fraud very seriously, etc", but she couldn't tell me anything other than they couldn't verify my identity. I inquired as to why they couldn't, and she said I'd have to speak with the compliance team. She kept me on the line while she attempted to reach them, and said someone could call me back if she wasn't able to reach them. After waiting a minute, she then informed me that she had heard back from the compliance team, and parroted back they couldn't verify my identity and couldn't tell me anything more.
All the more ridiculous, with all their concern about identity verification, my email address was the thing they asked me for to look up my application over the phone! I've opened up at least 5-6 online savings accounts successfully in the past 3-4 years, and have never had this type of experience. Don't bother wasting your time with the Zynlo application process, unless you enjoy banging your head against the wall.
Data as of Q1 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 90213 |
| Year Established | 1885 |
| Employees | 295 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.79% |
| Return on Equity - YTD | 8.48% |
| Annual Interest Income | $26.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $3.75B$3.47B |
| Loans | Q1 2022vs Q1 2021 | $2.54B$2.33B |
| Deposits | Q1 2022vs Q1 2021 | $3.30B$2.61B |
| Equity Capital | Q1 2022vs Q1 2021 | $340.1MM$318.5MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $24.0MM$24.3MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $14.9MM$11.2MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$98.00K |