LendingClub Bank, National Association Reviews (26)
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I was shopping for deposit rates in August, and NerdWallet, a site I had previously trusted, had it on their list. I was unaware they took deposits. They are the only bank that ever duplicated a transaction on me in my iife! They overdrew me, but fortunately, Discover was very helpful, and walked me through the overdraft protection process, including temporarily removing it, so LendingClub could not take even more. Rates have not kept up, and Discover now nearly pays as much. I did receive a $100 courtesy credit from LendingClub, but honestly, I could have done without the stress! Online transfers of depoists and withdrawals have been working normally. They are slower on withdrawals than I am accustomed to, and the day to expect it to transact is listed in the email they send. I have made adjustments to the date based on the email (reset earlier).
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Tables like this can mask the fact that a bank is slow to raise. LC was at 2.25% until recently when other banks were already over 3%. Now they jump up and appear like a competitive bank. They aren't. Also, a poor interface. Would avoid until they prove they can remain competitive.
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Opened for the higher rate. Somewhat tricky to get the account opened, and I am disappointed to learn that albeit a Massachusetts bank it does not do DIY so cannot deposit over 1/4 mil.
Ari | Jan 12, 2022
Radius Bank, which Lendingclub acquired, was never covered by DIF insurance. Learn more here: https://www.bestcashcow.com/massachusetts-depositors-insurance-fund-dif-is-important-for-high-net-worth-depositors-to-consider.html
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Avoid this one at all costs. Only after filling out all of your information and clicking submit do you discover that they are doing a hard credit pull on you, and then a day later you are going to get rejected for a savings account on the grounds that some two-bit credit agency couldn't match you with their records. Save yourself the time and the trouble. Avoid, avoid, avoid.
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overdrawn
Nov 12, 2022 |