| 5 star: | (6) | |
| 4 star: | (2) | |
| 3 star: | (8) | |
| 2 star: | (0) | |
| 1 star: | (21) |
This bank is currently offering the higher CD rates with a cumbersome nightmare process to open and no timely customer service assistance. Adding a joint owner takes follow-up with over worked customer service not available to help and complete. They don’t answer the phones or promptly return messages that you are forced to leave. Finally received a callback from Marie who basically told me to keep calling back as she could not help me. I was supposed to just appreciate that she called me back to tell me to keep leaving messages until joint owner was correctly added. Opened three sizable CDs and was going to open money market and checking since I was happy to find a bank with good rates in the state I live. Nope, without good customer service, I cannot make them my bank for everyday transactions if they cannot complete a joint CD with no issues. The customer is supposed to just understand that they are too busy to help you with one phone call. The customer has to keep leaving messages until someone finally gets it right. The rates are not worth the hassle.
Short version, Open a CD online and it's declined. Call bank to see what I did wrong. "oh, to fund it you need to use the other option which is a cloud and give it your funding sources' username and password". Yea, right, every scammer out there wants that info. Not happening no matter how high your advertised rates are. Guess I'll have to buy more rent houses instead.
Do not deal with this bank. If they find out you have opened an account with another bank, they will black ball you. They finally admitted it to me. They consider it unusual to try to open more than one account. Truth is they dont want competition. Simply put, dont waste your time
Worst experience opening a CD account.
I tried to open a CD account online and submitted tons of personal information they required. Few days later I receive an email my application was rejected based on information from a credit reporting agency I have never heard of before, Chex Systems. I called the bank and they refused to tell me why I was rejected. I never had credit issues and my score is great. It doesn't look like a reputable bank to me or at least they don't value potential customers. Don't waste time with them.
I opened a 12 month flex CD and I feel like this bank has stolen my money! I know there's a penalty to close the account early however, when opening this account, you can't even access your money in the first 3 months!!! With a 12 month CD, I obviously intend to keep it for the 12 months but what if there's an emergency and I need to pull any of the money out in the first 3 months? Not an option. The money is completely inaccessible in the first 3 months. Wish I knew this before putting money in that CD account. I was originally intending to put more money in there. So glad I didn't! I do like the fact that when you call, there is no automated system to go through. Someone just picks up the phone! However, if no one is available, there's no option to hold, it just rings and rings. One time I think it gave me the option to leave a message. I did not do so, so I don't know how they do with call backs.
I found Merchant's Bank of Indiana on one of those sites like nerdwallet about a year ago. Rate for 12 months was 5.96% and has changed since then (today is 1 May 2024). They are no longer listed on those "best CD rate" sites, guess they want a fee. I've chatted on the phone with them several times, nice Midwest folk. To me it's a no brainer. I have 5 12 month CD's with them, every time I have $10k or 20k I put it in one of their CD's. They pay interest monthly. My wife likes the safety, they are FDIC insured.
I am very satisfied with Merchants Bank of Indiana. I don't have any complaints about them. I recently opened some flex Cd's with a great rate. Anytime I send a message, they respond very fast too. I don't understand all of the complaints. Even if rates do go down, the rates will still be better than most. My only complaint is that you cannot access your money for 90 days if you need it for an emergency. I never heard of such a thing. That's ridiculous.
Another horrible bank with rude customer service. Happy that I'm finally closing my accounts. They do not deserve a single penny. And their "practices" should be reviewed by the authorities as they could amount to "scam".
Interestingly enough others have also commented how rude their customer service is.
I was interested in investing in their 5.92 A.P.R. CD'S. I started applying online, real simple, but there was no way of making it a joint account with my wife. I called them, no email messaging or online chat, to ask how to add her. After talking to someone with my question, I was transferred to the online department. Of course, no answer. A recording said to leave my information and they would call me back within 24 hours. Well, it's 24 hours and nothing. You lost me as a customer. What would I do if I needed something done or answered now? There are other choices for investing that do have customer service. Update... August 24th. They never did call me like they said they would.
Can't do simple transactions like opening accounts.
I've had it with these losers.
When I first heard that someone from the bank would get back in several days to OPEN, I almost hung up then and open several more Northern Bank CDs instead. (Time recently increased from 9 to 15 months, which does not fit my needs. A missed opportunity!) So far, staff have been kind. I never dreamed depositing money would take at least a week, possibly two. I am highly experienced moving my money around into CDs. I innocently thought doing part of the process would not be a big deal. No help after hours. Also concerned about the recent news that bets are on for the Fed to cut the rate by 0.75% in the fall, so "flex" likely has a downside at this point during this inflationary period.
A variable rate CD at what is likely the peak of the rate cycle? Who wants that?
Easy to setup account with bank The customer service rep explained to me that the 1-year CD is a variable rate CD, which adjusts itself to current interest rates. I was still willing to proceed because I expect interest rates to stay where they are or even increase within a year.
If your bank account(savings or checking) does not accept test deposits, you will have to wire the money to them although they will not charge you wire fee.
Despite some other funding issues that also occurred, my CD account is earning interest monthly with no issues.
bizzare questions on app does not go through waste of time no decent long term rates either cd subject to change what was the Mascot in your highschool give me a break
Interest rate may change at any time based on changes in the index. Interest rate is based on a Prime Rate index minus a margin of 2.75%, with a floor of 0%. Flex Index CD Annual Percentage Yield (APY) is current as of 02/02/2023
Applied for a savings account at Merchants Bank on 11/04. Tomorrow is 11/14. Account approved, but not accessible yet. Have called twice for info. Constantly told to be patient. They are overwhelmed. Pathetic customer service equal to Brio Bank! Redneck Bank savings/checking now 4% up to $75K ! Have two accounts. Will top off both at 75K. Great customer service. Quick phone response. I have loved banking at Redneck for a number of years...
Marie if you are reading this, then this is for you. Please do something about your tone and attitude. We the customers are the reason your employer's business exits, please learn to talk politely.
Their verification questions are RIDICULOUS.
They asked me the current address of my ex-girlfriend (who I haven't seen in 14 years) and what her mother's birthday was.
When I failed the questions, they REFUSED to let me apply again, and were rude as hell.
I called the bank about their 3% MMA and got a lot of confused info about opening it online - they seemed to be saying I'd never be able to make outgoing transfers initiated from the bank unless I opened it at a branch. They recommended going into the bank in person "for security reasons". It's a local bank for me so I went in, that process went smoothly enough.
What I'd say is that this bank is not ready for prime time ... I felt like everyone who works there banks there and draws their cash there, and their knowledge seems limited to their own banking experience. No one seems to know much about the online process. The account is referred to as a "checking" account but I wasn't offered any checks or a debit card. I went online and there it tells me I'm eligible for free checks. Maybe I can get a debit card too, who knows.
This will probably work itself out, nothing too alarming, but I'm not planning to use it much. Can't say I'd recommend it to anyone else.
Took a week before account could fund but my patience paid off. Great customer service. External ACH set up smoothly, this highest paying MM in country.
I spent 30 minutes on their application. I almost completed it when it suddenly jumped back to the first (blank) page! I called customer servicer and a rude lady said that I had to begin again! I told her that I had entered all the correct information but she said that I had to wait 72 hours and start from the beginning again. No thanks!
The online process was OK. I finally did receive a call from Marie. It took along time. I answered her questions and she said they would mail all the forms that day. Today I received and email from the bank that they "could not verify" and my account application was denied.
I have multiple large balance bank MMA and have a credit score of 823. I am afraid this bank is a total scam.
Our trial deposit sfor linking hit our accout before our funding wire was received so they cancelled the account ...... No way around it.
So we all see the high CD rate and money market, and its a bump-up CD, so its compelling.
I go to their site to see if they have a chat or contact email to ask questions about limits, fees, etc. No way to contact them digitally... I see they have a Twitter, I tweet to them my questions, and they just send links to their product page-- which dont answer my questions at all because they are just basic blurbs.
I decide I'll just open an account and read the disclosures there. I get through the account setup, and it says I will get an email confirmation. I never get an email (using gmail), checked spam, deleted messages, nothing. I click 'resend email', nothing. 2 days later still nothing. I decide I'll try to open an account again in case the first one timed out or something. Tried again today, same experience, never any emails, so I cant even create the account.
Also funding is by WIRE only.
Rates are competitive but this bank is clearly run by people that have zero experience running an online bank. If youre local or want to play phone tag, sign up, but everyone else should avoid it.
The opening deposit with the application can't be by ACH. Only wire transfer. After that, any additional deposit via the internet has to be initiated on the external bank's web site because Merchants has no facility online to link external accounts. Your account on Merchants site is view only.
• No credit check, only ChexSystems for opening a money market account
• $15 incoming wire fee is reimbursed the next business day
• Personal phone call from a CSR to confirm information in online application
• No issue with a joint account initiated online
Tracy at the Richmond branch was so exceptionally rude that I felt I was speaking to a scam caller! I and my brother in law will both be closing our accounts within the month. The customer service of this bank is clearly untrained! If I could give a 0/5 star rating for Customer Service I would.
Was told that you have to come in to the bank to set up an online joint account and POD.Hard to do when you live a 1000 miles away
On 06/17/22 CSR told me the only way to initially fund the 1.51% MM account is with a wire transfer. If you have to use this bank, I found that Fidelity doesn't charge for an outgoing wire.
I recently had the "pleasure" of working again w/ MBoI. Did the application for FDIC coverage to "sweep money" with MBoI to other FDIC covered banks for FDIC coverage for a balance over $250K. Almost flawless process. They are on top of things. Communication (they answer the phone locally too!), safety and customer service are A+. The .75% APR may not be the "best" but, w/o fees, or "gotchas" it's VERY decent. (Hopefully, they will soon raise this rate back to the 1% sooner than (too) later (?) to stay competitive w/ other banks lifting rates as the Fed increases rates as well). No doubt this is a gem among liquid accounts for parked cash. A+
I got an email from them describing a product called Insured Cash Sweep where they will place any funds on deposit that exceed your FDIC/NCUA insurance limits with them at other insured FIs but you get the same yield as at Merchants, currently 0.75% for Money Market. Theoretically operates like a single account but with effectively higher insurance limits.
I'm trying to understand the fine print.
The yield on Merchants' Money Market, recently lowered from 1% APY, remains (at least for now) at .75% APY.
But they have suddenly -- very suddenly, without any warning -- discontinued originating external transactions. In practice, they have just deleted ALL my ACH links on their site!
Could this be a way to retain cash, by attempting to stem the tide of outflow? Who knows, but here's Merchants' story, via email to me, within the past hour:
Policy and procedures with the Money Market Accounts are being changed, since this is a regulated "Savings Account", we no longer can offer external transfers, bill pay, debit cards or ACH origination. I can get you checks if you would like, and we will wire funds without a charge when you need to move funds to another financial institution. But we can only receive funds into the account if you either do a wire or initiate an ACH transfer from the other financial institution.