UFB Direct

A big thank you to all who wrote reviews! I was about to transfer to UFB because of the interest rate. You all saved me a lot of aggravation. Thanks!

Agree with these reviews. Absolutely dysfunctional. Lured in by high APY which promptly got slashed to less than the account (s) I transferred $ from. I regret every minute I spent going through their pain-in-the-@zz process to establish accounts. Let’s hope they just go out of business forever.

DO NOT USE! REPEAT DO NOT USE!!!
These fraudsters lure you in with what appears to be a higher rate than other banks (1.25% BIG WHOOP) and then shortly after they lower the rate well below the competition WITH NO WARNING. Then, after you finally find out you’ve been ripped off, they tell in their fine print that that they can change the interest rate ON A DAILY BASIS at their discretion. THEN, when you are good and pissed about being ripped off and transfer your money out, they ILLEGALLY keep your accrued interest. They have a serious lawsuit coming their way. Good banking business practice??? Methinks not.

Worst Bank Ever!
I opened Savings account at UFB Direct which subsidiary of Bank of Internet, I had very bad experince, be aware its not customer friendly bank
1. No Free ACH Transfers from your non UFB account, its very hard to move money
2. Fluctuates interest rate, so if you open account when interest rate is high, within month it will go way below than competitor banks
3. If you take your money out before last day of the month, whatever interest you have earned for that month will be forfeited, its not mentioned anywhere.

WOW! This is the worst banking website I have ever come across! Completely dysfunctional! Notthing works properly, it wil get you going around and around and around. Conversations with cust. service (after LENGTHLY hold times…) indicated it was new and they did not know what to do about it. Stay away if you value your time and sanity.

Lured by the high interest rate but later found out that I could not initiate transfers from this account. Horrible TD bank only allows $ 2K per transaction, after that they demand a wire transfer! What a scam. Cancelled the account and moved over to Barclays for only .25% less and far better service and access to my $. It also had this weird thing where it accessed your checking account and replicated the info which looked like a potential security issue.

I work in information security and in my opinion this is a place to avoid in spite of the rate.
I was impressed with the 1.25% savings so I enrolled for an account and provided wire transfer information for an extremely large initial funding.
I received their confirmation deposits in my primary account this morning and clicked the link to finalize things. Got the congratulatory web page and a link to open an account (hey, I thought I already did that!). Followed the instructions again.
Got an «account creation error.» Started sweating. Called their number. Nobody was home. Started sweating some more. Clicked on the «forgot my password» link. It asked me for more information then told me it wanted to send me a login token to a cell phone number not associated with my account. Started sweating profusely! Called, emailed, etc., self-​defibrillated, ran around the block, etc. Lots of cash at stake here!
I finally got hold of my primary bank and let them know what was going on. We ended up moving all the cash assets and putting a fraud flag on wire transfers. Yes, I was mortally embarrassed.
Anyway, I finally got hold of someone at UFB Direct (they only have first names there – it apparently requires a security clearance to get anyone’s last name). He seemed a bit huffy that I was so concerned about losing cash. Apparently it takes them at least 24 hours to create an account which leads me to believe it’s their policy to wire transfer large sums into bank purgatory while computer magic just happens. I still wasn’t completely clear on all this – but they clearly communicated that I was an idiot for being so concerned.
The best they could do is to show a lack of concern so the best I can do is look elsewhere for a bank. So my opinion is: «be very, very, very careful and proceed at your own risk; your mileage may vary, etc.»