First Foundation Bank Reviews (33)
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bank delayed 1-2days to credit into your account, pay less interest.
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Update 9-26-23
I have now used them for several days, and it gets better and better and better. They have every single thing I ever wished for in a bank and then some: Savings with fantastic rates, checking with a perfect bill paying app, easy app for depositing checks, various methods of verification so if for some reason you cannot receive texts or calls you can still get in safely but without spending hours. On top of which, when I called customer service on three different occasions I got someone almost immediately and they extremely pleasantly and efficiently answered my questions.
I think I died and went to heaven. WOW!!!
Original review:
I am ditching Capital One 360 for making my life a living hell over the last month when I tried two very simple tweaks to my account.
Searching for banks online, I found I could get a much better return than theirs as well. First Foundation Bank had all the functionalities I wanted, a savings account with a terrific interest rate, a checking account with bill paying, and the ability to operate without a mobile, if so desired.
So I decided that it would be worth the lengthy application and approval process described in some reviews. Imagine my surprise when I opened two accounts plus added a joint holder and my church as a beneficiary (the two things I tried to accomplish with Capital One to the point of going insane) in exactly three minutes! WOW!!!!
What a joy! -
I received an email today that the transfer limits are now $100k per transfer, that transfers will take 3 days, and that the limit resets as soon as it settles after 3 days, and that thereafter it is $250k per month. Perhaps this will alleviate the stress that I and others on this board have had with First Foundation. Prior policy and interactions about ridiculously low limits were exasperating and I can still only give it 2 stars based on CSR to date.
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AVOID, INSECURE,IRRITATING. Application for SAVINGS and no credit. Invasive personal information. PHOTO of driver license--no scanning into "secure" application. It did not like original Photo, so was requested to send it by e-mail. (I worked on bank security for years: sending license via e-mail is one of the best ways to get yourself right into the hands of ID thieves in Asia.) On my pointing out insecurity: submit image photocopied on home machine. Sent both sides in snail mail from here in SoCal. Sent by FAX to number indicated by representative. Neither was "received" a week later even though my FAX machine showed it had been received. Received THREE separate notices of denial by e-mail including that obscure credit bureaus not in the usual 3 had been consulted. (For deposits????)
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I feel like I may be trying my luck by commenting here. I've opened several accounts recently only to find that I am earning a much lower rate when I finally get to funding. This one seems different. Rate has held at 0.60% and it isn't the best rate but it is among the best. Opening process was fine and have had no issues. I live in Pennsylvania and do not require access to branch.
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They offer the best interest rate of 0.75% which is better than most. Transfers of large amounts are just painful. Small limits on transfers are also ridiculous. Learned to use my main bank account to transfer large sums, and have been told that I can transfer large sums out if I call and provide additional information to verify my identity. I have not tried this yet. I hope it works. The bank App is very basic and has been problematic. Sometimes I have not be able to log in.
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This bank's application requires extensive personal information including SS, DOB, email, mother's maiden name, DMV Lic number with photo, recent personal photo, funding bank account and routing numbers, amount for withdrawal initial funding, etc. Then at end it did not confirm with new account information. Called for worthless individuals who knew little and told to resubmit. It was saved and again would not allow further processing because application was already filed. They told me to start from scratch on new application...Einstein's definition of insanity. If it went thru all that again I could either have same result or worst, two accounts. They make a point about sharing/selling your information. The thought of phishing came to mind. Now I can't delete the original application with it's information and they say they can't. STAY AWAY FROM THIS ONE!!!!
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I read the comments on this site about transferring money in from another online bank to avoid transfer limits that exist if initiating the transfer from FF. It has worked out well. I used my account at Capital one. No other problems far and I will be happy in the rate holds here at 0.75%.
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Not sure about all of the "lukewarm" reviews. Somebody has the knives out for some reason! I have not had any issues opening or funding, although I did need to fund externally due to ACH transfer limits. I will also withdraw that way. Since I opened over the summer, the rate went from 1.00 to 0.90 to 0.75. I am still enjoying making the best rate around here for now.
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This bank is a joke. I've had problems getting the account opened, getting the account funded, and trying to work around arbitrary transfer limits. I thought I had it figured out, scheduled transfers that were below their maximums, just to have them canceled the next day. Not worth the hassle for an extra .05% of interest.
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Be aware, J, the maximum outbound ACH transfer is $10k/day. Took 10 days to withdraw $20k - seems their software will not process two transfers at one time. The initial (maximum) $10k needed to be physically available in the receiving bank before the second $10 k withdrawal could be initiated. Staff is nice and wants to be helpful but don't have the tools to make changes. Also - maximum MONTHLY withdrawal is $30k.
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These transfer limits are set by the bank to protect it from liability associated with fraud. There are workarounds for the customer. The easiest one is to initiate an inbound ACH from an outside bank. That also will enable you to quickly pull the money back if they drop the rate.
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I am reading all of these reviews. Customers are all complaining about transfer times and low transfer limits. We have found a work around. That is to just fund everything with the initial transfer. It is like buying a CD and if you feel that the bank is going to keep the rate where it is for a while (I called and came away with that thought), why not? The initial transfer is not subject to all of these hold times and limits.
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I went through the registration a couple weeks ago. It was a soft pull, not a hard one. Set an initial funding at $5,000 from my local bank account. Then, I got the micro deposits which I confirmed and they drew the $5,000. Then, I got an email saying that further transfers are limited to something ridiculously low. I think it was $3,000 per day and $10,000 per month. Unfortunately, this becomes like Fitness Bank where you really cannot take advantage of the rate because it is designed only for very small amounts. I never got an email about setting up online access and I will have to call them soon to get back my $5,000 plus pennies and close the account. My bottom line is that I wasted my time with this so you don't have to.
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Couldn't be happier! Seems this bank is very concerned with security - I appreciate that. Received approval on day three. Digitally signed several documents. Attempting to sign on to website resulted in failure due to my own ineptitude. A toll-free phone call to "FFB" resulted in a very rapid, congenial resolution. Excellent customer service.
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Thank You For Your Application! Please Allow 3-4 Business Days For Review.
Your application is currently being reviewed by our team. Please allow 3-4 business days for review.
- Three/Four days? Certainly not the standard for internet banking. Opening the account was seemingly without any disappointments until this. Just authorized a $70k transfer, hope I'm not sorry.
james
Nov 18, 2023 |