I initially opened an account with Brio Direct based on their ad for a high interest rate money market account. Since it was higher than most banks I opened the account. The account opening process was straight forward, quick and shockingly easy.
It all goes way down hill after the account is open.
I initially requested a transfer from my external savings account. After 10 days I noticed it still was not processed. I called in and was told, no issues present, just takes a little longer for the first deposit. Seems odd, but I went with it. I initiated another transfer from another external account. I got an email a few days later saying there was an issue but it wasn't specific. I checked the secure messages in my account and nothing was there. I called customer service, was told no issues, the email must have been an error. Few days go by still no initial transfer and still nothing in regards to the new transfer. I called customer service, was told you should have got an email saying that we need proof of ownership of the account being transferred from. I advised I did not receive any type of email like that and why would I need to show ownership. Its an electronic transfer from an external account which was already verified by Webster Bank. I was told that's their policy. Fine, I sent in proof, waited a few more days, still nothing. I called back, was told the initial transfer was rejected and returned due to not receiving proof of ownership. 2nd transfer was pending. None of the prior agents ever told me there was an issue with the initial transfer request after calling multiple times and the proof of ownership was only needed for the 2nd transfer. Finally the other deposit was received via electronic transfer from an external account which again they had already verified and now have proof of ownership. With all that, they put a TEN (10) day hold on the deposit.... I called asking for an explanation and was told, this is their policy.
I got fed up after weeks of dealing with a simple savings account opening. I called in to close my account, was told, you have to email through the secure messaging to request it be closed. I got an email returned saying you have to call in. I call in, was told their system was down and to call back the next day because they could not get into a 3rd party verification service. I called back the next day, was told a check would be mailed for my balance and the account would be closed after I went through the 3rd party verification process. 10 days later I received a phone call from them saying there was a "glitch" in the system and the account closure never went through. I was also told there was a $11 mail fee, but I could transfer for free, which I was not told about this before. I went through closing the account yet again and this time had to wait 4 hours for them to open up the transfer maximums because they have ridiculous limits on the transfer amounts.
I am unsure if the multiple agents, at least 8, I spoke to throughout the process were either not aware of basic account questions or just flat out lied to me, but dealing with this bank for the month it took to open the account and then close the account was definitely not worth the extra 1% interest over my credit union. I have never dealt with such incompetent "Customer Service" agents and ridiculous bank policies and would not recommend anyone attempt to open an account with Brio Direct. read more
