This is The First Chinese owned Bank in Chinatown being the 1st in the chain of many other Cathay Banks Worldwide. My family has had accounts here since day 1 around the early 60's. Small personalize bank. Convenient validated parking. Usually hardly any waiting except for the first part of the month. Everyone is pretty friendly and helpful. Opened more accounts here recently again. If you are in the area, this is a great bank to have. read more

Cathay Bank - Sometimes lines are long in the 1st few Days of the Month. - Banks & Credit Unions Near Me - Los Angeles, California

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I am extremely disappointed with this bank's customer service and lack of basic compassion. Despite multiple clear requests, the bank continues to make repeated phone calls to my mother's home phone, even though she is injured and currently residing in a nursing facility. No one is at her home to answer these calls, yet the bank keeps calling "to confirm information." Over the past several weeks, I have contacted the bank numerous times asking for one simple accommodation: stop calling the home phone and update the contact method on file. Each time, staff claimed they "cannot be flexible" or "cannot update the profile." That is not an acceptable excuse. Internal system limitations are not the customer's responsibility, and they certainly do not justify ongoing harassment. At this point, the repeated calls are no longer a mistake -- they reflect a deliberate failure to act after repeated notice. This situation has caused unnecessary stress for our family and raises serious concerns about customer service standards and compliance. I would strongly caution others before banking here. read more

We were HSBC customers who were transferred to Cathay during the recent acquisition. Our initial reaction, of course, was negative. It's inconvenient to straighten things out in terms of direct deposits, auto-payments, and start a new online banking account. We also don't live near a Cathay branch and we live at least an hour drive away from the closest branches. We came to this Chinatown branch, because why not? I don't get to go to Chinatown often and this was the perfect chance. Very cool branch, with artwork and the Chinese abacus at the counters. I was able to reach someone at the branch (on Saturday) by phone after two tries (not bad!). It may not be the easiest communication since they all do have an accent to a degree, but the staff were all very nice. I also found it endearing that we had to wait in line because there were at least two elderly Asian patrons who were there with bags and bags of change :) read more

Cathay Bank - Chinese artwork - Banks & Credit Unions Near Me - Los Angeles, California

I needed help with a financial matter and had a positive experience with the bank manager, Rainbow, who went above and beyond to provide service. I wasn't able to get any help at another Cathay branch. I went to the Chinatown branch because my family has been a long-time, 50 plus years customer there. This branch manager exhibited the kind of customer service that you want from a bank. read more

Please don't make ACH transfer to or from Cahay Bank, it will take almost 5 days, other banks just take 1-2 days.

I thought we had closed this account out. We hadn't received any statements for about a year. Suddenly I received a statement and it had a lot of service charges in our account. I explained that we hadn't received statements in a very long time and asked them to remove the service charges: $39 total. They refused. So instead of adding more funds to the account, we will close it. Many other banks will give good customer service, so we don't need this bank. read more

Finally closed out my last account. They wanted to charge me for a cashier's check to get my money. All the banks I have used have never charged me. This was the right move to consolidate my accounts. This is not only me....a elderly gentlemen was complaining on being nickled and dime too. read more

If you put your money in this bank and your money is stolen, the bank will not compensate you. You need to hire an attorney to sue the bank.

Family member went in to request the teller to close the account as our family member passed away. Bank teller was rude and even charged my family member $15 for a statement indicating that the account is now closed. What's worse is that my family member will need to go back in again tomorrow since the bank tell failed to include the ending balance on the account before it was close. No empathy, no customer service, and bullies on the elderly that are only monolingual in Chinese. Stay away from this location whenever possible! read more

I am 68 years old and I can say without a doubt this is the single worst , least trustworthy financial institution I have ever dealt with. They have not electronic inter-exchange with other banks. Either you mail your check to them or you allow them to auto deduct payments from your account. I have use Bank of America for 35 years and have never had one problem with any other institution. Cathay Bank however, consistently finds a way to not open my checks until well after it is late, so that they can charge me exorbitant fees. They do this every month. The most recent example is a check sent by BofA on May 8th for delivery by May 12th. Cathay wants me to believe that BofA and the US Post office conspired to take two week for mail within California to reach their processing facility. Cathay is slow and non responsive and uncaring. Their answer is open an account with us and you won't have that problem. Do not do business with this Chinese bank. read more

Irene at the bank took over my case and comfort me to the end of their investigation for fraudulent activity in my account. After finding that i was a victim of identity hacking, they refunded me all the funds was taken from my checking account. Irene, thank you again for all your support during this crisis and emotional stress I had to deal with. read more

Superior banking services! Nice staff!! Good banking products! Would totally recommend!

@Yelp - why even 1 star is mandatory in rating. You should have minus f**** to be given as well. This is the worst ever banking system. NOBODY picks up their damn Phone. I have been trying to reach out to their Mortgage Department since HSBC has transferred me over to them. NO RESPONSE!!! DAMN I'm so frustrated with their dumb a** system. In Covid times, I would expect better than ever customer service so as to refrain ourselves from exposing but here, just wow. Nobody give a damn @Other Customers who are the victim of HSBC acquisition- let's unite to file a case against them. This is a horrible service at many levels by the bank. read more

Avoid this Cathay bank, I can not do any transaction since feb 4, 2022. Since they took over HSBC nothing is operational, I can't even withdraw my money, atm is not working and online banking is non operational as well. I think they are going bankrupt!!! I can't wait to close my account. read more

Best bank because its online info is great, works class customer service, safe for big customer with over 50 millions, many experienced senior bankers, and manager Eva Lo's leadership is unparalleled. I've been with them for 5 years and very happy. I recommended them to my best friends south korean Royal family and my neighbor Arabic royal family, who were looking for a bank that make them feel safe and provide customer service with class. Cathay is honest, open and fast. Open means i can check my balance 24/7 online. Their system has never been down like my other banks. They keep my money safe and I like it that way. Only complaint is they don't have a lot of safe deposit boxes for rent. I have some small bank accounts with other banks just so I can get the safe boxes. I don't work for Cathay . I don't have friends or family members that work for Cathay. I hope my honest review helps you make a well informed, intelligent decision as to where to bank because I would greatly appreciate it if someone gives an honest review so I can make a good decision, too. They resolve most problems quickly and refund my money promtly causing me less stress and anxiety. Thank you for giving me a chance to write the review trying to help others and make this world ac better place. read more

WORST BANK ON THIS PLANET! Stay far, far, far away from this bank. They come up with reasons of why they deny wire transfers (especially ones over $10,000). These people are impossible to deal with and have rules that no one has ever heard of. The customer service is poor and so is their phone support. Worst service ever and DO NOT recommend them! Move onto a real bank... read more

Very poor customer service. Took several months and over a dozen of phone calls to get a simple lien release on a car. The customer service was constantly promising that managers would be calling me back and nothing happening. This is customer service that could have been normal back in the day but is completely unacceptable now. read more

Their system and backend processes are so outdated. My dad opened a Cathay Bank account years ago. I am helping my dad managing his online account activities. Their processes and system are still in the 1990s. It is a big pain to use. Geez... If you enjoy seamless user-interface and easy mobile and online access, do not use Cathay. If you prefer old ways of banking such as deposit physical checks in the branch and calling 1800 customer service for the stupidest questions because their system interface is so badly designed, then pick Cathay Bank. read more

Cathay Bank Business Banking customer service is not acceptable. Called customer service twice over 2 days. Each time the hold time was at least 30 minutes. On day 1, I called because a mobile deposit was not accepted. I was on hold for 30 minutes before I could speaker to a customer service representative. After explaining the situation, the customer service representative said time was needed to research the matter. This was about 3:45 pm. I then asked if a call would be returned that same day or the next business day. The representative said a call would definitely be returned by 5 pm. By 6 pm no call was received by myself from Cathay Bank. On day 1, around 9 am, after a 30 minute wait, I spoke to another customer service representative. She explained, no record is kept of previous calls by clients nor the customer service representative dealing with the client. Thus I had to explain the situation all over again. My personal banks never have 30 minute wait periods. read more

i had a bad luck being with HSBC bank cause it was sold to cathay bank, and to be honest am trying to reach them to ask them about my balance on the cards after my Account been sold to this ridiculous bank!!! can u imagine i have been calling them with no answer on all levels!! their online banking is down for almost 8 days!! which I've never seen in my life before, I cant wait till the moment I take my day off and go to this bank and close my account with them!!! I AM BLAMING HSBC THAT THEY MOVED ME THERE WITHOUT GIVING ME THE RIGHT TO CHOOSE!!!! read more

Do not ask me how I become a customer of this bank, my parents are customers and I somehow got duped in opening an acct when I accompany my mom to this bank. This bank is not an Americanized bank, it is a bank cater toward two categories: #1, ur a senior citizen, #2, ur Chinese. And it's usually both requirements. So what happens when it's the first of the month, all the mamas and papas go retrieve their social security money, which is fine, but for people like me the line is superlong. They also charge lots of junk fees and ridiculously high minimum balance requirements. There are better choices out there in terms if banking needs, let's leave this bank for the silver sneaker crowd. read more

Cathay Bank - Don't go in the 1st of each month, the senior citizens need their social security $$ - Banks & Credit Unions Near Me - Los Angeles, California

Update to previous post. Even worse now than before. I know about social distancing, etc., but this is ridiculous. Waited almost 1 1/2 hours to complete my business. Seemed only one person was actively working the teller windows. Went to EW Bank which also had a line, but was in and out in ten minutes. read more

DO NOT USE THIS BANK - THEY ARE SCAM ARTISTS!!! I had a mortgage with them for 5 years, and with the interest rates so low (end of 2020), we decided to refinance. I have documentation ensuring my rate would NOT be over 3.0. . . It took THREE MONTHS and had to provide more documentation when we did on the initial loan. They FORCED us to have the house re-appraised at a cost of over $400. Then as we went to sign the documents, Cathay Bank said, Oh no, the rate is now 3.3 EVEN THOUGH THE RATES HAD GONE DOWN TO 2.75. THEY Breached the contract and then sent me an additional bill for $350!!!! SCAM ARTIST!!!!! They breach the contract and force you to pay their fees for doing so. Lawsuit is coming!!! read more

Wonderful customer service - pleasant, efficient employees. Frankly I've consistently had much better experiences here than at other major American banks, and I don't even speak a word of Chinese. Love the historical, Chinese temple-inspired architectural design of this location too. I'm happy & proud to be going to the oldest Chinese-American bank in the United States. It has always done right by me, whether in-person, online, or in the app. Have never had a problem. Did I mention the fabulously huge parking lot at this branch? I can't understand the negative reviews here on Yelp -- the negativity seems to be unfairly generated by folks in their early 20s who automatically & stereotypically express disdain for and try to distance themselves from their parents' preference for you name it -- banks, restaurants, cars, etc. Seriously? C'mon. Negativity also from some entitled Yelp whiners who apparently can't appreciate the incredible community service this bank does for, among others, the senior citizens living in the immediate surroundings. On the contrary, this bank should frankly be applauded for its community service. read more

What can I say about Cathay Bank! Bad and rude customer services, out of date technology, bad place to work for, low pay, no team work, coworkers talked behind your back, boss favoritism. Stay away from this bank! read more

Stay away from Cathay Bank! The bad reviews are absolutely correct. Zero customer service, dinosaur banking system. Extremely painful to deal with. I am looking forward to take my accounts elsewhere. Save yourself aggravation and stay the hell away. read more

I hate coming to this bank but my husband makes me come for deposits. Sob Sob ;***** There's a separate line for deposits and there will be one maybe two tellers at most. The waits are usually long. It's cold and depressing inside. I usually don't yelp banks, but my check-in kept reminding me to. Note to self: do NOT check in at banks! read more

Super cool that this is the first Cathay Bank but that does not help its cause.... I tried to update info on a safety deposit box and it took around 1.5 hours! -_- This is my only experience here so far but workers might be incompetent. Sidenote: I don't remember seeing a single security guard...Either way, this place seems outdated... read more

The worst bank as a whole ever . I work with East West Bank and they are amazing ! I have had my experience years ago but I am hearing from my industry from other friends that were with Cathay and moved to east west and it's night and day. read more

Since reviewing Cathay Bank, I've actually rejoined them again as a customer. And am in the process of leaving them again. Here's why: In the past few months, they've made several small, but annoying mistakes, Either someone has argued with me over something I wanted (like what check number I wanted to start with), to mistakes involving customer relations. Without going into my personal business, let's just say I'm no longer a fan of their service, and looking at the review before, I wasn't then either. In truth they've quite a few good points, their online banking is good and very secure as far as I can tell. I can text the bank for account information, and the debit card has a whopping $2500 daily limit. Far better than the standard $1000. Of course the ATM is still $300... But, I am tired of poor customer service, and somewhat cold aloof people who really don't want to spend much time making sure I'm satisfied. There are a few exceptions: Kitty Lau is bubbly and friendly, usually cooperative. Jeannie has been promoted and so her friendliness has declined with her advancement. Oh well. Fanny Tan is helpful, however, and will generally make sure you are taken care of. So, Cathay Bank is not the worst of banks, but I've been spoiled in the customer service area by Hanmi Bank, which I never left, and am instead moving the remaining accounts to. read more

This is the worst banking system I've ever experienced. Everything is outdated, tried setting up online banking and when I put in the username i signed up with they gave me 2 phone number options that i didn't even register with??? It didn't even ask me to put in my password or anything. It seems like more than one person can have the same username which makes no sense. When you want to deposit cash in to your account with the ATM, u have to write down the amount on an envelope and deposit it in that way... what bank even does that now... this bank seriously sucks. Often times when you want to pull out cash from the ATM it would also be nonfunctional, because there is no cash in there. I HIGHLY DO NOT RECOMMEND read more

This is the worst bank I have ever experienced for customer service , security and hidden fees. I have have the displeasure with banking here for past 2 years. They pay no attention who is first in line and have repeatedly taken people before me who have elbowed their way in front unapologetically to all customers who waited. While sitting at a desk trying to open a deposit box the women allowed a man to sit next to us who pushed his way obstinately to front of line while she asked me my social security number and other PI. I had to tell her to correct the situation. then on top she write my SS number on a pice of paper and name then when i ask her if this is going to be shredded she said yes. upon leaving see her tear the paper once in half and toss in regular trashcan. read more

My first time here at this bank. I've driven past it numerous times since it's smack dab in the middle of Chinatown. My first impression when I walked in... WOW.. the decor looked so old. But... I don't frequent banks for their decor, I go there for their service. Came in today because R and I wanted to find out about exchanging some US dollars into Yen. I don't have an account here but R does. Even with an account with the bank there is a $10 transaction fee for Foreign Exchange. There is a minimum $160 (I think).. but there is no max on how much you can exchange. It's nice that there is a ticker/signage that shows you what rate the bank is selling and buying currency at. The $10 fee is cheaper than if we would have gone elsewhere. At Chase it would have been 6% of however much we were planning on exchanging. There were lots of tellers when we went in mid-noon on a Monday and no line at all. In fact, there was only one other patron in the bank. A plus of this bank, they are in a private parking lot ($3/day) but the bank validates, so free parking, YAY! FYI: Exchanging money takes about 3 days. Teller will call when it is ready. When the exchange form was getting signed, I noticed that it said #01. I asked and found out that this location is the first bank. Pretty cool. read more

It makes me sad to see low reviews here and this review is for Viola Bai, the VP of Wealth Management. My mom referred her to me and she's had a relationship with Viola for many years. She is completely trustworthy, personable and professional. I recently asked her questions about a change in my account and she is quick to respond. I took my mom's advice to invest because she along with my dad have been customers of the bank since the early 70's so obviously my childhood memories include coming to the bank with my parents. And you can not put a price tag on memories. After Viola enrolled me into an investment, she gifted me a Tiffany glass bowl as a thank you gift. I recommend working with Viola! read more

I cannot believe that this bank is making a 90 year old lady physically come down to the bank to close out her CD when it matures the end of the month. I have tried calling and asking how they can in all good conscience make an elderly person come in person with an pandemic going on. I even tried Corporate. This is totally unacceptable. This bank will never get my services and I will definitely be sharing with my friends that this bank is not worth banking at. read more

Like other reviews, this is the worst bank my friend and I have ever experienced in terms of customer service. I was there to accompany a friend with a banking transaction. The tellers and managers were apathetic, not helpful, and could care less about getting your transaction issue resolved. My friend literally had to wait hours for the transaction. The experience was the same as going to the DMV. read more

This is the worst bank I've ever experienced. I paid off my home loan recently but they charged late fees and claimed that they never received my last payment. I checked and sent mortgage every month in time. I've been calling the customer service almost everyday and hold for about an hour at various times and then they cut off my phone and hang up without the real human answering. I've been calling them for many weeks and the loan payoff company answered like a miracle one day and they now say they don't see any late fees. The lady says I was never late and she sees that they are sending out the check on that day. It's been many days after that conversation, and I still don't have the check of few thousand dollars they owe. Now I am back at calling them everyday and holding, listening to the weird music and automated speech for an hour each and getting cut off. I need to get my money they snatched from me. Are they earning interest income from my money? I am not sure. Never ever deal with this bank! This is my warning. Stay away. read more

The worker is nice, friendly, but the bank system now ( I mean right now this year 2020) is suck. I give two stars for workers not for the bank.. read more

Cathay bank is the worst customer services ever. I am an insurance agent, one of my customers is escrow account with Bathay Bank, They received extra loan amount from my customer for paying their tax and home insurance, but they never make payment in right time to cause the home insurance was lapsed. Called them but no one answer the phone. It is a worst bank ever. read more

Hate this bank. Slow, slow, and bad service. All other banks have up to date systems. This bank like all of it's branches are in the dinosaur age. Only reason I come here is for work and this place waste alot of my time. read more