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LOVE THIS BANK ! ! !
Was really easy to get the 1.25% promo rate when offered by clicking on the provided icon and ach was five days till deposits posted so i was as happy as a little girl - just hope the rates keep going up - helpful phone reps answered the questions i asked with confidence and no guesswork - so stop with all the negativity ! ! !
SUPERB. 6 Stars!!
Since I was the one who posted the message about Zynlo in the Bank Promotions forum a couple weeks ago, I guess that it's appropriate that I post the first review of this AWESOME bank. Opening an account took less than 5 minutes. I had 2 questions about the account during the onboarding process, and both queries were replied to IMMEDIATELY. Two business days after I opened the account, I verified 2 micro-deposits and transferred $50k into my Zynlo account. My funding bank account had a balance of about $120k, and since incoming external transfers are limited to $50k/month, it would have taken until May to transfer my entire balance. Not a problem - I called a very helpful rep at Zynlo, explained my situation, and a couple of hours later she called back and told me that the $50k monthly limit would be waived! 1.25% APY!! Zynlo ROCKS!!
Beware Of This Bank
This entity doesnt have an online system of their own. It is outsourced to a company called Nymbus and all your personal data is held by them and I could not get them to delete my SSN, etc. Zynlo after researching more has a terrible reputation and they lure you in by offering higher rate but you will notice hardly anyone will bank with them. It is more like a shell company of Peoples Bank.
Adverse Experiences Are Discussed Elsewhere
This review section does not contain the discussions of adverse experiences because all of that dialog took place in response to the initial blog announcing this institution...and there are plenty of complaints.
On this page, look above the reviews to see the link
RELATED POSTS
https://www.depositaccounts.com/banks/zynlo-bank/offers/
Data as of Q4 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 90213 |
| Year Established | 1885 |
| Employees | 311 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.7% |
| Return on Equity - YTD | 7.39% |
| Annual Interest Income | $104.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $3.35B$2.94B |
| Loans | Q4 2020vs Q4 2019 | $2.36B$2.25B |
| Deposits | Q4 2020vs Q4 2019 | $2.44B$1.94B |
| Equity Capital | Q4 2020vs Q4 2019 | $311.3MM$297.2MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $23.9MM$15.3MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $14.3MM$8.5MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $98.00K$0 |