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“Max. Your Best Interest.” Is It Customers Bank Or Just Me?

IGR
  |     |   580 posts since 2020

“Max. Your Best Interest.” is one of the registered trademarks of Six Trees Capital LLC, owner of maxmyinterest.com

I've been skeptical about such symbiotic ménage-a-trios between Customer-Max-Customers Bank from the get go.

Appointing anonymous internet entity such as Max, that claims to be liability free "Independent Contractor", as Power of Attorney over my Bank Accounts isn't something i regard as safe and sound way or conducting Banking affairs.

I have direct relationship with Customers Bank and needed to enhance it, but since there is no way around maxmyinterest.com...this is what came.

"After reviewing your application, we are unfortunately not going to be able to offer you service. For security purposes, we are unable to share details of what led us to this decision.

Thank you for understanding.

Regards,

Max Member Services"

There was no application per se. I didn't get to the point of sharing with Max my Personal Information and naturally Customers Bank didn't get to be mentioned.

Generic combinations of names, addresses and phone numbers produced singular response from Max.

"Unfortunately, we were not able to confirm your application details based on the information you provided. As a result, we could not process your application.

If you wish, you can apply again, or ask your financial advisor to send you an invitation to join Max.(highlight original)

We look forward to the opportunity to serve you."

I don't care about Max's missed opportunity to serving me, but that leaves Customer Bank with no available Deposit Products, aside from very few available at limited network of branches

Ken may want to decide how to deal with Customers Bank occupying top spot at

DA' "Best High Yield Savings Accounts" list

  Post an answer
5


Answers
midas89
  |     |   996 posts since 2017
With the ability to be able to simply not utilize MaxMyInterest after bank accounts are created, there would really be no need for skepticism. The FAQ at MMI clearly states that people keep their bank accounts if they choose to close their MMI account. Thus, no Power of Attorney at all.

I imagine MMI optimization service must be beneficial for a lot of people, or else their service would not still be around after all these years. (I myself chose not to utilize MMI's optimization service after opening Customers Bank account.)

Hopefully you can eventually determine what triggered MMI to immediately reject your attempt to sign up for an MMI account, which meant you never got the chance to be able to open any bank account via MMI.

And yes, I think since you already have a Customers Bank account, an exception should be made at Customers where you can open additional accounts with them directly via Internet where you don't have to go through MMI or visit a branch.
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IGR
  |     |   580 posts since 2020
Customers Bank Account setup services are exclusively via MAX or local branch...there when Max makes accounts unavailable Customers is nor longer much of the Bank
I am well aware of your position and MAX and Customers.
But, do yourself and the rest a favor. Shift the focus away from marginal rate differences and pay more attention to Core Banking Services even if it'll take you to read and contemplate disclosures in full.
"2. Power of Attorney.
To enable Max to exercise fully its authority to perform the Services, Client hereby constitutes and appoints Max as Client’s agent and attorney-in-fact with full power and authority for Client and on Client’s behalf to ...."
https://www.maxmyinterest.com/user-agreement.
As for me, I am not investing myself into figuring MMI, I may let Customers Bank doing that, but not sure yet.
MMI is either folding or pushing Customers into profit sharing arrangements with ask your financial advisor to send you an invitation to join Max.(highlight original)
That is an invitation to promote ménage-a-trios to full swap
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midas89
  |     |   996 posts since 2017
@IGR First, please know that I am in no way affiliated with either Customers Bank or MaxMyInterest. I am just a long-time huge fan of Deposit Accounts who also likes to be informative and express accuracy.

I read the Customers Bank Disclosures Page back when I opened my Customers Bank accounts, and keep track of any changes they make to said page.

I'd like to just concentrate on the MMI Power of Attorney issue. There are a lot of people who opened Customers Bank accounts via MMI, and then chose not to utilize MMI's services, and even closed their MMI account, as I did. Therefore, for those of us who chose to sever ties with MMI, the issue of granting Power of Attorney to MMI is a moot point. MMI's services are optional. Once you're out of MMI, they have zero Power of Attorney.

I am not in need of MMI's services for me personally. I would have preferred Customers Bank not require MMI for me to get my Max Savings acct back when I did, but it was something well worth tolerating because Customers Bank is arguably the greatest Hub Bank that ever existed, due to their fabulous transfer policies. (And yes, I know Customers Bank initiated changes for the worse for newbies by making all new accounts require going through MMI, and also instituting a 30-day waiting period before ACH at Customers can be used.)

Hopefully, one day, Customers Bank will return to where people can open up accounts themselves at Customers Bank's website and not to be forced to utilize a middleman company in order to get the account opened.
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IGR
  |     |   580 posts since 2020
i don't know and I don't care.
you made the choice of having to do explanations, I never asked.
the simple fact is that once you allowed some third party to provide you financial/banking services, YOU delegate them some authority and authorized an access and powers to act on your behalf. be it ACH, Bill or any other activity you subscribed with this party.
in fact Banks would have limited Power of Attorney, once you agreed to have an Account and place the Funds with the Bank.
tiny difference though... Banks are Regulated entities and bear statutory liability, so much so that when they fail in their fiduciary responsibility Federal/State entities step in and recover your losses.
In case of Six Trees Capital LLC or any other Fintechs, you would have to sue them for the rest of your days for whatever value of property all this Limited Liability Corporations hold.
Your actions of reading, interpreting and accepting contracts with other party makes you to be the part of the problem. But that is the choice we make every day. I'm sure you read and understood the consequence of using MMI as a backdoor to higher rates:
"Please note that upon cancellation, you will no longer benefit from the market-leading interest rates and high transfer limits that many banks choose to offer to Max members, and your interest rates and other transaction terms will revert to those offered to the general public."It's a GreenDreams syndrome!
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midas89
  |     |   996 posts since 2017
I added explanations you did not ask, just for the benefit of any reader who is not familiar with Customers Bank or MaxMyInterest, as I like to include additional context that might be of interest to others (no pun intended).

Technically speaking, this was my scenario: I asked MMI to allow me to open a Customers Max Interest account quite a while ago. I instantaneously got a Customers Bank acct number, then instantly made a Customers Bank user name and password. I then unlinked my checking account at MMI, and then it was bye to MMI. I knew this would be successful since the FAQ at MMI stated people keep their accounts at the banks even if having nothing to do with MMI.

Thus, the Power of Attorney situation you are finding to be so negative in this specific case only is not an issue for people who have have done what I did. MMI has zero control or Power of Attorney or any influence on my Customers Bank account whatsoever.

Of course, Power of Attorney given to middleman companies in other scenarios is perfectly fine as a concern. Since this is a Customers Bank/MMI specific forum posting, I chose to express my thoughts regarding you expressing your thoughts regarding Power of Attorney given to MMI.
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IGR
  |     |   580 posts since 2020
that's fine.
there are few things everybody has, one of them is an opinion.
there, you don't need to concede that you gave MMI Powers of your Attorney.
one thing I don't understand, but I personally don't need to, is why @midas89 promotes maxmyinterest.com all over the Internet!
for the GreenDream of finding the way to get few extra decimal points out of Customers Bank?
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midas89
  |     |   996 posts since 2017
IGR, please do not spread false info about me, it's not fair. I do NOT promote MaxMyInterest at all. I have touted how great Customers Bank is because of their fabulous ACH transfer policies. Unfortunately, the only way one was able to get a Customers Bank Max Interest acct is via MMI. Please read my comments above again. I specifically stated that I do NOT utilize MMI's optimization services, and that I said bye to MMI. How on earth could you interpret that as me promoting MMI.

Also, you are mistaken. My love for Customers Bank is NOT related to their interest rate at all. It is only related to their Hub Bank qualities. If you truly read my postings about Customers, you would have seen this. Customers Bank has zero hold times for ACH pulled-in money, at least as of this writing. They also allow $250K in and out daily, $1.5m monthly. And finally, they offer Same-Day ACH. That's a lot to love for someone who wants a fabulous Hub Bank. Name another bank that offers all the following combined: Same-Day ACH both push and pull, no hold times for pulled-in money, with a generous ACH limit? I hope you will stop saying false stuff about me please. I am not promoting MMI at all. I even said I hope one day Customers Bank again allows opening of accounts without the need of using a middleman. Thank you.
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GreenDream
  |     |   358 posts since 2019
Midas89, you are wasting your efforts. IGR is a known troll. And apparently one with the hots for me, since he/she/it's invoking my name in his reply to you when I have had no posts in this thread until now.
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midas89
  |     |   996 posts since 2017
@GreenDream Thank you for your message. I appreciate it.
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IGR
  |     |   580 posts since 2020
Do not spread misinformation?
What are you, Public Figure? Are you on the Official Mission?
GreenDream is right, don't waste your effort. Don't make it about yourself!
Original post was directed to Ken and DA!!!
midas89 doesn't need to evolve from total denial of POA to the explanation of how to make POA moot based on the assumptions of how POA works.
I am sure midas89 served Six Trees Capital LLC with the revocation notice, I am sure midas89 notified Customers Bank that MMI is nor longer representing midas89 in any capacity. I am sure midas89 understand that when someone explains how to backdoor into Customers Bank accounts and rates using Max, that someone is scamming the Bank described in terms of "love" and gives Max credibility it doesn't deserve.
While it is unfortunate that currently Customers Bank has no online presence, IGR managed to solve his/her/its issue.
It is very unfortunate that IGR and Customers Bank Representative have to waste efforts to work around MMI.
IGR would rather appreciate an explanation of why midas89 should cost to Customers Bank 25% more than any other banking clients?
is that because midas89 or MaxMyInterest are so valuable to Customers Bank business?

GreenDream is right, don't waste your effort. Do not share obvious info when not asked. IGR has an account with Customers Bank and wasn't looking for midas89 self-enjoying descriptions of Customers Bank's ACH features.
However, when someone is so much in "love", that one should make sure of preserving the loved one's features, for themselves and for future midas89s and IGRs to come.
In appreciation to GreenDream IGR must say...
GreenDream is wrong...
GreenDream is not a name, GreenDream is the instance, the occurrence... the type of the diagnosis every DA Reader must be aware of... the anonymous digital sentinel with singular mode of existence as comments parasite.
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GreenDream
  |     |   358 posts since 2019
The IGR-troll who has given me rent-free space in his head said:
"Original post was directed to Ken and DA!!!"

The original post was posted in the community forum, which is a public forum open to all who post here. Anyone can reply as they see fit (within the bounds of the forum TOS). If you wanted to speak directly and only to Ken and DA, email or DM them, don't post in an open forum when you don't want anyone other than Ken or DA to respond. But let's face it, the idea that you were "directing it to Ken and DA and thus only Ken and DA need reply" is a lie on your part. you are a troll that seeks attention in general and, for some reason, my attention in particular (hence your invoking my posting handle multiple times when I wasn't even involved in the conversation!)

It's funny, when I post a reply to you that's it. I don't give you a seconds thought afterwards until the next time I come across some drivel you posted, whereas you keep on thinking about me even when I'm nowhere in sight (as evidenced by your continued invoking of my posting name) giving me rent-free space in your head. Thanks but no thanks, the place is run down, falling apart, and filled with roaches. You can keep the space, I don't want it.
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me1004
  |     |   1,379 posts since 2010
Soudns like maxmyinterest.com is another fintech. I dont trust any of the fintechs.

I took a quick look, found nothng to support the talk of having to hand over POA power. Thank you for quoting the part about that in the tiny print in the disclosures! Gee, I can imagine how many people are signing up for this and have no idea they are handing over full power of attorney! maxmyinterest.com isn't even doing it as very limited power of attorney to have no power other than to see your accounts (which is too scary anyway), which is all it would need to do the ony thing it talks about doing for you. Why do they then insist on having full power of attorney!? They are taking ful pwoer to do any transaction on hyour accoutthey want without evern being intoiuch with you aboiut it. They can empty your accounts out, although of course if they fleece you, they will have violagted their fiduciary requirements and coudl be prosected. But by the time you find oiut, they will be out of the country and drowning under all the money they got from all their clients.

As I said, I don't trust any fintech, but expecially one that demands full POA for services it describesas nothing more than watching your accounts and advising you.
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midas89
  |     |   996 posts since 2017
@me1004 you are absolutely right about not giving a middleman power of attorney over our money. I would never do it on a permanent basis. My posts above were only sharing that I temporarily did it this time because I knew it was only temporary, only for the tiniest of time frames (same day), even before I funded the account. Once I said bye to MMI, the power of attorney is completely severed. They cannot take my money. I felt that the extreme unique combined benefits of having a Customers Bank account as a Hub Bank was worth the risk, also keeping in mind that MMI has been around for quite a few years now, so the odds are low they would ever steal someone's money in the first place, and the final fact that if they did, and with the fact I have proof my MMI is severed, once they would steal my money and transfer it into their own accounts, I would be covered by law, since it would be outright theft.
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me1004
  |     |   1,379 posts since 2010
First, midas89, just FYI, I was not singling you out to comment about. I was just generally experessing my feelings and thoughts about the situation of MMI taking FULL POA.

Yes, you would be covered by law -- IF you could even find them. Even when you win a case in court, it then can move on to a major court battle to actually collect the judgement. And the banks would not be liable to you -- unless you specifically inform each and every bank in writing (and that might have to be notarized) that you are withdrawing MMI's POA at that bank.

(Which reminds me, a POA document must have the signatures notarized. I'm not sure how MMI could actually take POA without the signatures notarized, a lawyer would have to weigh in on that, I'm not a lawyer.)
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racecar
  |     |   616 posts since 2014
For me, it comes down to this:
Customers and Max is more trouble/giving up privacy than it's worth -- because you can go to other places that pay just as much. Period.

I don't want to use a 3rd party fintech that gets to know everything about my financial situation. Now truthfully, if they were paying 1%-2% more than anyone else, I'd really have to think about it. But they're not. I have Customers (without Max) but I also two other places -- one that pays the exact same rate as "Max", and one that pays only a fraction less. With both other places you don't have to go thru a fintech middleman. And I get the same rate as Max. So when Customers refused to honor the Max rate without using Max, I simply took all my money out and moved it to the places that paid the same.

I don't know what the big deal is. If you're fine having having to go thru a middleman fintech (and all that entails with what they get to know), fine, use them. If not, move your funds out elsewhere and be done with it :) I was honestly never that impressed with Customers anyway
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IGR
  |     |   580 posts since 2020
Sure, the priorities are Individual.
Where midas89 is totally right and I absolutely share it, is midas89 assessment of unique benefits of Customers Bank ACH Features.
I'd like to have Customers Bank as the Deposit Holder rather than the Transit ACH Hub, but that will take more competitive rates. Rates that currently monopolized by MMI.
Rates and access to them are being monopolized by Fintechs and that is my principal concern and nature of the disagreement with midas89.
I resent in principal the situation when, as another example, IGR as a Member of SkyOne Federal Credit Union would have to purchase the Share for $5 to open MMDA with $1.00 minimum and 0.4% Interest Rate, However...
As a Member of SaveBetter IGR would have the same Account for only $1.00 and 5.05% Interest rate without becoming Credit Union Member, purchasing voting Rights and ownership Share.
MMI directly competes with DA, it is trying to monetize access to best interest rates.
Everything Fintechs are trying to do, under pretense of various types of memberships, services, attorney privileges and independent contractors status, is to monopolize access to rates Information and deposit accounts in a way to monetizing every Banking aspect that is still available at no charge.
Along with Customers MMI currently lists 8 savings Deposit partners including Amex, UFB and Ally.
Half of MMI savings Deposit partners no longer provide direct access to some or all of their Deposit products.
Imagine the situation when all DA Readers must signup for Max Membership to learn Ally's Deposit rates or open the Deposit Account with Amex!!! OR "go to other places that pay" 1/12th the INTEREST.The Membership that comes with Member Services in format (exact quote) "To facilitate more efficient communication, we encourage you to reach out to our dedicated customer support team directly at [contact information]"
"[contact information]" means - there are none in existence.

GreenDreamism(GD) is an instance of severe mental diarrhea characterized by involuntarily discharge of the substance with specific Dreamist odor out of Greenish colored mass. I wish one day IGR will be able to concentrate on the business of Deposit Accounts without having to deal with the smell!
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midas89
  |     |   996 posts since 2017
Specifically regarding what IGR wrote: "Rates and access to them are being monopolized by Fintechs and that is my principal concern and nature of the disagreement with midas89" ...

For the record, there was and still is no disagreement on this point. And I cannot find anything I wrote prior that would give the impression that I disagree on this point. I wish no bank decided to affiliate with a FinTech. And I clearly stated that I said bye to the FinTech MMI immediately after opening my acct, and have never been back, and have no plans of ever going back. I expressed the thought that MMI's services must be working for some people, or else they would not still be around since 2013, but I didn't express this to recommend MMI. I expressed this to convey one reason why I decided to trust that I would be without serious risk by choosing to go through MMI for the initial acct opening, and then say bye to MMI, taking advantage of MMi's FAQ stating that if one chooses to say bye to MMI, they get to keep the accounts at any of the bank accounts they choose to open. I figured if MMI has been around this long, the odds are low they'd attempt to steal the money out of my bank account.
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IGR
  |     |   580 posts since 2020
no worries midas, it's all settled.
just a suggestion...
When i needed the solution of converting my account to joint, i relied on your DPs under "Customer Bank Offers Rate", your feedback left me with the impression that there is a solution.
Despite my original reservations i decided to take closer look. There I realized that there is none, to no fault of yours.
Also, your expressions misled me into belief that you are getting 5.01% then 5.1% rates. Nobody, but you and Customers Bank, still know if that is the case(you don't have to reveal it at all or you can PM me).
I would never waste my time on MMI if i suspected that the rates you got are not 5%+. I have enough experience in the industry and didn't need the reassurance to my conviction that MMI is such an incredible risk that no Interest rate can justify taking it.
Recent Interaction with MMI just proved that experience pays of, if not in income then in good nights sleep!
I cant and won't say that MMI is a fraud, but i can remind that it took much longer than 10 years to identify Madoff or Enron. Arthur Andersen was expressing its opinion for 89 years before being blown out of existence.
There... as a suggestion, next time thinking, figuring or taking advantage try a bit more of due diligence. next time expressing try a bit more objectivity, next time dismissing try lesser than "at all"!

IGR is done here, there is nothing here for IGR!
All I wanted is to share my impressions!!!

BTW, I am working my issue directly with Customers Bank and although it is somewhat time consuming, the interaction is transparent and integral, the way Banking should be done during the day to ensure good sleep at night.
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