Live Oak Banking Company Reviews (46)
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Open account 2 months ago talked to them several times on phone they were always nice and very helpful no problems so far everything is good
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We opened a joint account here about 6 months ago when the rate was the highest. We have enjoyed the rate and had never needed to contact them by phone. We tried to call last week with some minor issues with the website and only Ikea has longer hold times! We will be switching back to Ally or Capital One as soon as their rates match.
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These guys did it! They became the first bank of 2018 to lower their CD rates. I called and bickered for the 2.45% 18-month rate I saw in the forum here or on Deposit Accounts. I would not trust a bank lowering interest rates in this environment with money in an MMA account.
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Jan 26th, 2018
How can I describe the account setup process with Live Oak bankl? In one word… ridiculous!
I provided all the information they requested to open a $20k CD last Friday. By the following Thursday I still hadn’t heard back from them (in complete contravention of their claimed 2 day response for opening new accounts). So I sent them an email asking what the status was. Later that day I received an email stating they were still reviewing my application and that they still needed some additional paperwork.
Now, I’m a 70 year old, white male, own my own $500k home, 18 acres of land, no mortgage, and I’m retired (used to be a Regional Sales Manager for a Fortune 250 company). Oh yeh, did I mention I have an 822 credit score?
What I don’t have is bills. The electric bill is in my wife’s name (she kept her maiden name because she owns her own company). We don’t have a large electric bill cause we have solar. We don’t have gas, we use oil. And we don’t have a water bill since we have our own well.
So, what’s the problem?
According to Live Oak bank, my Social Security number, house address, bank references and 20 minutes of filling in their application weren’t enough. They needed an electric bill in MY name to prove that was my home address! Really? The alternative, according to their ‘lack of customer service’ department, was to provide them with my IRS tax statement! What!? You want my most personal info to prove the house is mine? In this day and age you can’t figure out how to find out if this is my address? I even offered to provide a copy of my passport. What about a copy of my credit report? Nope. Not acceptable. Electric bill in MY name or my taxes. That’s it!
So, let’s see. That means that any men who have their wives names on the utility bills won’t be able to open an account. Or, god forbid, you have a well instead of city water! But you can ALWAYS provide them with your tax return! Nope. Not happening.
So, frustrated, I contacted Synchrony Bank, filled in their easy (and quick) CD application on-line and had the account ready to go within hours… and they are currently paying 2% on 12 month CD’s. So now Synchrony Bank has my $20k, not Live Oak.
Congrats Synchrony Bank! Major fail Live Oak.
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losing 3-4 days or more of interest when transferring money to Live Oak either through a push or pull is a deal breaker. It effectively lowers the interest earned. When transferring money for example into Goldman Sachs or Pure Point Bank from an external bank it posts the transaction the same day and you're earning interest immediately.
Geb
Jul 8, 2018 |