Radius Bank, a leader in community banking, was founded in 1987 by the Massachusetts Carpenters Combined Pension and Annuity Funds (The Funds). In 2006, the Empire State Carpenters’ Pension Fund invested in the Bank as an equity partner. They are a growing institution that currently serves as the trusted advisor to a broad range of clients.
I was once a member of a traditional bank but the hidden and monthly fees really annoyed me. Since I only needed a bank to deposit my wages into and take out as needed by means of a debit card, the traditional bank was a waste of money. While on Google, I came across Radius Bank. Wow! This bank is exactly what I need. They give you the option of how much you want to donate each month for their service and they stick by it. I haven't been charged one penny more than I should have. They supply a debit card that is attractive and easy to use. They offer the ability to purchase checks, but because I pay everything online, it was not necessary for me. The one and only time I had a question, I was able to quickly and easily connect to customer service and my problem was resolved in less than an hour.
I have been a customer of Radius bank for a couple of years now. Honestly, my point of using bank was only because I liked the savings account yield as compared to other banks, both brick and mortar and online. It has some of the highest savings account rates available today. As a virtual bank, my experience with customer service has been minimal. Once I signed up I got a notice of approval and an ATM card in the mail. Since then my interaction have been, well, entirely virtual. I have had no problems with any of my virtual interactions with the bank, if that counts as customer service. Only one negative I ever noticed and that was they limit how much you can put in at once as a new customer. So, if your purpose is to quickly move money to get a higher yield right away, you will have to wait sometime before significant money can be moved.
Opening an account was difficult and obtaining debit cards for myself and a joint account holder was frustrating as they claimed we were only to receive one card for the account listing only my name. It took multiple phone calls and weeks before this was straightened out. My initial opening deposit was not immediately credited to the account and took multiple phone calls to rectify. They claim the first order of checks is free but attempting to order them is nearly impossible. Messages to customer service tell you that you can order them on the web site. Attempting to order on the web site says to order them through the financial institution. I tried calling customer service at the number on their site and was told to call the bank, which I thought I had. After explaining this to the person and confirming I had called the bank's phone number I was told to call back during normal business hours. Since I had called during the hours listed on the contact page, I needed clarification as to what normal business hours were and was told Monday-Friday.
Wish I could give them 0 stars. I’ve had this account 8 months. Had to file a dispute because a car rental company debited my account without authorization for over $200. Explained to Radius that there was no receipt that showed the correct amount I should have been charged because I shouldn’t have been charged anything. In addition to that, I was in the rental for a month and had extended it week by week over the phone. And the rental company never sent me receipts other than the receipt from the first week I rented the car. Let them know that. They said they would let me know if they needed anything else. Then I received a letter in mail saying they denied dispute bc I didn’t provide documentation (obviously since it didn’t exist!). I emailed them and explained that. Didn’t hear anything back right away & was dealing with some health issues. Then on 12/1 I was going thru my email and came across an email from Radius again requesting the receipt. And the email stated that they would reopen the dispute when I sent it in. The email was dated 10/15. I emailed them back immediately, again telling them that there was NO receipt with the correct amount bc the extension was over the phone. But I went ahead and attached the initial rental agreement. I got an email back the next day stating they would review the info and contact me in 1-2 days. Heard nothing. So I called this week and was told the dispute was denied bc I didn’t provide the receipt within 45 days (the emails were actually 47 days apart bc I never saw their email). However, there was nothing in the email stating that I had 45 days to send them the receipt. And once again, the documentation they requested doesn’t exist...I just sent them the initial agreement thinking they would review it and realize that it had nothing to do with the dispute. Soooo....all this to say that I would not recommend them. It doesn’t matter to them if funds are withdrawn from your account without authorization. The lack of communication and professionalism in regards to this bank and their relationships with their customers is unbelievable. And the lack of caring and willingness to help find a mutually beneficial solution when there is an issue is tragic.
|FDIC Certificate #||32551|
|Return on Assets - YTD||1.01%|
|Return on Equity - YTD||11.23%|
|Annual Interest Income||$35.8MM|
|Assets and Liabilities|
|Assets||Q3 2018vs Q3 2017||$1.29B$1.10B|
|Loans||Q3 2018vs Q3 2017||$934.8MM$813.7MM|
|Deposits||Q3 2018vs Q3 2017||$1.12B$918.9MM|
|Equity Capital||Q3 2018vs Q3 2017||$111.8MM$106.1MM|
|Loan Loss Allowance||Q3 2018vs Q3 2017||$6.9MM$6.9MM|
|Unbacked Noncurrent Loans||Q3 2018vs Q3 2017||$11.3MM$14.3MM|
|Real Estate Owned||Q3 2018vs Q3 2017||$0$0|
Rates for Radius Bank are currently being reviewed.
|Radius Bank Locations|
|First Trade Union Bank||1 Harbor St, Ste 102||Boston, MA 02210|