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This bank hasn't raised their rates! Maybe I was sleeping but I need to get out of here fast.
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Lost in all of these reviews is that Purepoint is the bank that let's you have tons of corresponding accounts to which you can ACH money (their limit is something like 10). So, if you want to play this game of earning more than you can get by leaving your money with Goldman Sachs, Morgan Stanley, Chase (and it is a game worth playing) and having FDIC insurance at all of them, Purepoint is basically the first account you should open as it enables you to get large amounts of cash fast in and out of the smaller banks.
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I have a lot of money with Purepoint and they really won my business the last several years with nice X-Mas presents and birthday presents. Once it was nice teas, one it was coffee and once it was chocolates. My favorite was liquor infused gummies. It made me feel that my business was appreciated in a way that it isn't by the other online banks. This year I received only an email labelled "important - happy holidays". Between this and the constant rate drops, I am now looking to move my money back to a local bank.
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Bad:
- QUIET RATE DROPS (I have a couple of other OSAs and the rate drops are always announced by email).
- UNAVAILABLE CUSTOMER SERVICE (don't try to contact them during non-regular business hours).
GOOD:
- Gummy bears, tea, coffee, etc. for birthdays and X-Mas gifts. Small gifts, but it is nice to be recognized as a client.
3 Stars! -
We opened up a savings account at the Purepoint office in Glendale Heights, Illinois in December of 2018. We never had a online savings account because it was too confusing to open being titled to a trust. Their employees made it so easy. They instructed us on how to do a deposit and bank transfer. They made sure that we were comfortable with the process. We are both baby boomers from the pre technology era. Their employees made in such an pleasurable experience. This company knows how to hire and train their employees. And you can’t beat their rates. Highly recommended.
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I've been a customer for a while. While I appreciated receiving a flyer advertising an 18 month CD at 2.90% in my mailbox, I was disappointed not to be able to open online. The rate online is 2.70%. I am not going to the customer center or whatever it is for an extra 0.20%. More likely to close the account and be done with these guys.
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I am in the business of customer service for over 40 years. Purepoint offers the very WORST customer service that I have ever experienced. Wasted the whole day on the phone (including two disconnects and three failures of promised call backs) and my problem is still not resolved. Bottomline is that customer service staff even on the "escalated service" level have no authority to assist. All they do is sweet talk you. Feel sorry for the staff.
Called Ally to open a new account w/ them. The whole process took less than eight minutes. Dealing w/ Purepoint is not worth .1% higher interest. -
I am in the business of customer service for over 40 years. Purepoint offers the very WORST customer service that I have ever experienced. Wasted the whole day on the phone (including two disconnects and three failures of promised call backs) and my problem is still not resolved. Bottomline is that customer service staff even on the "escalated service" level have no authority to assist. All they do is sweet talk you. Feel sorry for the staff.
Called Ally to open a new account w/ them. The whole process took less than eight minutes. Dealing w/ Purepoint is not worth .1% higher interest. -
This is Jason. These guys don't disclose it when you apply and your cannot find the literature but you will get a PDF if you google Purepoint early withdrawal. The fee is 181 days. They will get you with and they won't let you out of it like they got me. That's 6 months of interest and it isn't the standard market term on a 1 year CD. The standard market term is 3 months of interest. I recommend you choose a slightly lower rate on a one year CD that has a 3 months of interest payment penalty. I wish I had.
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I've read all of the comments here. I understand why many like the fast transfers and easy interface, but this is not an appropriate online bank for most. Ally, Synchrony, Capital One, Amex, Barclays and Goldman Sachs all have much better customer service. These guys have poorly trained CSR, cannot be reached during non-business hours, offer better rates to customers in Chicago, NY and LA, turn passwords on and off, etc. Just not up to par.
Lawrence | Jan 15, 2018
Could not agree more. Purepoint is great.
Geoffrey Cleaver | Jan 15, 2018
I agree. Phone support is not available after 6 PM PST or the weekends. I had a problem last Friday and couldn't call until lunchtime today. My wife and I will stick with Ally and Marcus. Rates are fine and they are always on.
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I moved my savings from Synchrony Bank, which probably has the worst online banking service in the country, to Purepoint Financial months ago, mainly because of a slightly better rate, and better online service. I have been pleased to have them raise my rate twice since. While their systems and service are no match for Ally Bank, who is by far the best in the country, the rate differences are enough to keep me with Purepoint, as I seldom move that money around often anyway. They also have a physical branch a few miles away from me, which gives me some comfort.
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I have been banking online for 20 years, and I have never been treated as poorly as Purepoint treated me by ANY other online bank (or offline bank). You guys need to get some lessons from your Japanese parents. Meanwhile, you have lost my business. I will close my account when interest hits on the 1st.
UtahJazz1
Jun 10, 2022 |