Colorado Federal Savings Bank Reviews (24)
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not really an onllne bank. compare this interface that gives you no information with that of any other bank (I cannot even confirm the rate). cannot switch in and out of cds or np cds. just not an online bank. maybe some form of correspondent bank, but not online bank.
Review on the Online bank -
I like the No Penalty CDs at this bank. They are easy to work with and friendly! One hassle is that you need to keep the funding account open and as rates go up, they are more difficult to get in and out of than maybe Ally. But, with the rate above anything else available, it is still 5 stars.
Review on the Online bankkay5 | May 17, 2022
"one hassle" is right, baby. The No Penalty CDs here don't work at all in a rising rate environment vs. ALLY and MARCUS where it takes 2 seconds to get the higher rate on their website without transferring the money anywhere.
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Bad experiences with this bank and maturing CD's. I wanted the funds returned to my external bank and not rolled over into another CD. After several phone calls, and messages sent through their secure message center giving them instructions, they still rolled over the CD's! And at a terrible rate! It took 5 days to finally get my funds returned, costing me a week of investment income! I requested they wire the funds to my external bank to cover their mistake and they refused, saying a (three day) ACH was the best they would do. Why was I paying for their mistake? Or, is the shell-game one in which they look for the retiree to forget about a CD, allowing them to roll over at terrible rates? As a retiree, I live on these investments, and the loss of a weeks income is meaningful.
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wherever this comptroller thing is in your state kick them out on the street after you take the comptroller thing and take them somewhere on the east coast where there are sharks in north Carolina water and the sharks will eat them if they don't stop ok and you will say see those sharks you will go in if you don't stop and trump said to do that to everybody
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They do not accept POD (Payable on Death) accounts; therefore, you cannot assign beneficiaries to the CD.
Review on the Online bankcdinvesting1234 | Jun 23, 2022
This bank has changed their policy to now include beneficiaries on accounts 6/23/2022. However, the beneficiary must be an individual, not a non-profit or trust.
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I am going to take issue with the reviews of Potter and Igor. There is a delay between signing up and getting the test deposits, and then another one between confirming the deposits and the money being drawn. Nevertheless, the CD comes due 1 year from the day you sign up and register to receive the test deposits, and you start earning interest the moment the money is drawn from your other account. Potter is dead wrong.
Review on the Online bank -
I have experience with this bank. The CD rates are great and the customer service is accessible, but they play the Ally Bank game. It takes a long time to get money moving. There is a 3 business day lag between the ACH draw on your outside, correspondent account and the account being set up, and then a 3 business day drag between maturity and being receive the ACH back. All in, you are going to lose about 2 weeks of interest and the real rate winds up being 10 or 15 basis points below what you think it is. After you factor in your tax rate, you aren't being compensated for your effort. I find the entire lag thing to be really questionable business practices, but unlike with Ally, it is disclosed here. Caveat emptor.
Review on the Online bank
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jp2
Jul 1, 2022 |