Primis Bank Reviews (13)

Good luck deploying those high yield savings into profitable investments. It’s always a bad strategy … unbridled growth using volatile deposits forcing them to go out on the risk spectrum to make a decent yield. It will eventually impact their capital ratios and lead to Regulatory issues. Primis stock is trading at 80% of tangible book value which is one of the lowest in the country. Market cap has plummeted below $250 million making the stock ineligible for margin.

Having had accounts at 68 DIFFERENT BANKS & CREDIT UNIONS in my life, I may have become an expert on good and bad services. Here is why I've given Primis 4 stars:
1. Interest rate. Like many who have recently complained about being able to reach someone by phone, when I found their offer of 5.03% APY, I tried to get an agent on the phone. Wait times were insane so I gave up.
2. Decided to see what Primis application process was like AND hoped it would reveal the answer to some of my questions. I was VERY pleasantly surprised at how easy & fast the process was. IMHO, Primis has THE BEST online application system I've ever used. The presented documents DID answer all my questions.
3. Funding. One of my biggest gripes with ALL previous banks has been their limits on ACH transfers in and out. Primis has NO LIMITS, meaning you can have as many linked banks as you want and transfer $millions if you want in or out.
4. Interest payments. This is one area I wish Primis would change. Instead of posting interest at the end of the month like EVERY other financial institution I've experienced, they do it on the 15th of each month. I've asked if this can be changed. As of today, NO RESPONSE.
5. The banks database being used by Primis for linked accounts is NOT the best. I linked another bank account using correct ABA 9 digit routing code but Primis shows a bank name that no longer exists due to mergers years ago.
BOTTOM LINE: Primis isn't perfect and neither are any of us. However, offering the best interest rate and best ACH system is why I rate Primis 4 out of 5 stars and will keep a sizeable amount in my Primis account unless these things change.

Biggest mistake I ever made was to jump into this when they launched at 5%. A week later they dropped the rate and I've been trying to unwind out of this nonsense since then. I'll be more inclined to stick with the better known names, like Synchrony and Citizens, even it is means I am making 0.30% less on my cash.

Applied last week. They made me provide ssn, dob, upload three forms of id, and link to another bank account, providing password and texted security code. All of that was concerning given identity theft. Then, after complying with all of these extreme requests, webpage says my application is under consideration. Have heard nothing back yet.

i am locked out this bank i will pull out all the money i am afraid to loose hard earn money. when i called the wait time was an hour then 6 hours . then i called the different no. the wait was 6 minutes then 30 minuted the 8 minutes looks like drama. and i was l\told call back in 45 minutes to an hour. now you can think how much longer i have to wait again

Save yourself the trouble. They took my application a week ago and are still reviewing. I provided everything they requested; the application was supposed to be reviewed and approved or denied within 2 business days. When I called to find out what was taking so long, I was on hold for 1 hour and 4 minutes. When I did get to speak to a person, she hung up on me as I was asking my question. In the meantime, they reduced the savings account rate from 5.03% down to 4.35%. I has decided to delete my application. I shudder to think what would happen if they had my money and I needed to withdraw money in the future.

Don't know why all the neg reviews. I opened online, and it took a couple days for them to verify all my info, (perhaps would have been instant, but I have all my credit bureau info 'frozen' for security concerns.) Any way, acct verified and my ACH deposit from my local checking acct went thru in 2 days, and its there now. Plus I got a notice that they did drop their rate to 4.35%, but since I had opened before that, my rate will stay at the 5.03% apr. So far so good.

They just lowered the savings APR to 4.35% from 5.03%, probably the only institution actively lowering its rates.

No scam, your just very late to the party, they got slammed! Up and running here, everything is great so far.

The online banking portal and the app have been down for days. Customer service says “this is the first we’ve heard about it,” and can’t give an ETA for resumption of service. So I’m completely locked out of the account. A class action attorney is going to make a lot of money off this bank some day soon.

Worst bank I have ever felt with in my life. They have unlawfully been holding money of mine for 13 days and counting. They said they are closing my account for no real reason. If you want your money held up so you can’t pay rent or a vehicle lease this is your bank.

Sonabank acquired a small local bank in our area and since then I have closed all accounts and safety deposit boxes. I have been with the local bank and Sona acquired for 25 years. Unfortunately they hold the mortgage on my home. They stated I had not made payments for more than six months stating I defaulted on the loan. I was able to pull every check that had been sent and cashed by them. To resolve the matter I had to hire an attorney. After proving this issue they started holding my payments and not applying them at all. For the past 18 months Sona has been trying to take my home there tactics are unethical and boarder on criminal.