OpenbankReviews of openbank.us

I believe it was a bait and switch. I deposited $100k into a high yield savings account early February and then I get an email 33 days later that the rate was being changed from 4.75% to 4.40%. I understand that is still a good rate, but it is not what I signed up for. I signed up for 4.75%. I called and asked about it and literally the answer I got was "yeahhh., rates change, market conditions change so we need to adjust." then said keep in mind we only allow 100k per day to be withdrawn.

Bait and Switch - they offered a high rate to start, and then dropped the rate after less than a month to a lower rate than all my other savings accounts

An absurd requirement to use a cell phone for the entire process. Once I finally got their app on my phone they required front/back of my driver's license which their app could not successfully take with my camera which always makes photos of checks I deposit remotely to my normal bank. My guess is that some bunch got together and started a bank, found a down and out programmer to write a failed app and then set up a program to run unattended online. No numbers to call for service. An absolute failure on every level. Maybe they were only looking for "clicks"? A bank? I don't think so.

Non-existent customer service. Tried to login to my new account but app won't work. Tried to login to website, but it requires the app and access to biometrics which is not set up on my phone. Took 20 minutes to get a person on the phone and they said too bad. They will have to verify manually and then send me a check to get my deposit back. Total bait and switch scam.

My negative experience has been like other 1 star reviews. After I transferred to open an account I was unable to log into my new account. I also see my monies deducted from my original account and not showing up in my openbank account. When I phoned customer service and wanted to close my account Keta said it would be 30 days before I would get my money back. BEWARE!

I was very disappointed with this bank. The interest rate offered is high, but they provide no service. They're taking forever to get a $94000 transfer. My sending bank showed it out of the bank 2 days after I asked for it, but open bank didn't even show it in my account until 5 days after that. But I still don't have access to the money because they hold it for another 7 working days so I won't be able to transfer any of that money from open bank to other institutions. Also, They don't support any of the apps that people use to keep track of finances in several banks. Apps like rocket money, Expedia, etc, Cannot access open bank. I'll be taking all of my money out of open bank.

I have had an open account for about 2 weeks and am ready to close it. The sign in procedure for their bank is at best horrible. They are very slow in reacting to requests. I have very early on lost any faith I might have had in these guys. STAY AWAY!

I'm a current account holder. I do recall that I opened account based on the option of free wires in & out and good savings rates. I'm leaving aside that the initial deposit took about 7 business days since the day they charged my external account, so you instantly lose almost two weeks interest. On 12/30/24 at 9 AM I attempted to wire money to pay for my car. CSR Birzney told me that due to frequent fraud there is no outgoing wire, so I made outbound transfer, which had required a managerial approval, which he got approved. Openbank "cutoff times" say that if the transfer made before 12:30 PM ET it will be "processed the same business day and available the following business day". Sure thing, it didn't happened. My money left my account on 12/30/24, on 12/31/24 my account says "transfer completed", my car dealer didn't get the money, I lost a discount, offered for 2024 sale, my $1000 deposit about to be forfeited. 01/3/25 CSR Cara told me that after 3 business days I can file a claim and they will investigate. My questions about "transfer completed" that supposed to be when my recipient will get my money, and where is a proof that my money reached the recipient, were left without any comprehensive replies. Basically, you can get your money only setting transfer from your external bank - this how I'm going to immediately move my business somewhere else and close my account at this so-called bank. Don't get fooled by their rates: it's almost impossible to get your hard earned funds back.