Bank5 Connect is strictly an Internet based bank, with no brick and mortar bank locations. This Internet bank is a division of BankFive out of Fall River, MA, that has been in business for nearly 160 years. Like most online banks Bank5 Connect can offer better rates because they do not invest any money in maintaining a building.
Bank5 is a division of a long-running bank out of Massachusetts, which definitely gives it some structure and backbone. They have made a great effort to offer everything that a traditional bank offers such as checking accounts, savings accounts, and CDs. In addition to the standard bank services Bank5 Connect also offers online bill pay, eStatements, and free mobile banking. There are three basic accounts Bank5 Connect customers can choose from. There are checking, savings, and CDs available. Each account comes with its own unique features and services with competitive rates and fees. The basic Bank5 Connect accounts can be broken down as follows: Checking: deposit money into an account and then write checks against the balance. Bank5 checking comes with more modern-day flexibility.
Savings: put money aside for a rainy day, to earn interest, or to save toward a major purchase.
Certificate of Deposit: a safe and secure investment with a solid return
There is a very low minimal payment required to open a checking account. An account can be secured for as little as $10.00. Checking accounts with balances of $100 or higher will be eligible to draw interest at a rate of .76% APY.
Customer service online chat is only available M-F, 8-4:30 eastern. There is a lot of smaller print, including the disclaimer that the interest rate may change after the account is opened, and that fees may reduce earnings.
Bank5 doesn't have any actual branch locations to visit in case of a problem. There are a few disclaimers on their site, rejecting responsibility in some specific situations. Potential customers should carefully read all the small print. Other common concerns include:
I opened a checking and savings account. I made the minimum deposit of $10 for each account using my debit card with my current bank. As expected, the money was taken out of my account instantly. I emailed customer service the next business day asking when I could expect to receive my login information. I was told it would be a couple days which was fine. I received my login information a few days later. I logged in and tried to set up bill pay, but a message popped up stating I did not have any eligible accounts. I chatted online with customer service informing them of my situation. They informed me they hold the initial deposits and first mobile deposit for five business days. I have to wait until after the five business days hold before I can even set up bill pay. I made the deposits with my debit card so I am not sure why it is necessary to put a five day hold on them. I was going to close my account because of this reason alone, but decided to try Bank5 Connect out a few weeks first since the accounts are already open.
Tried to sign up for an account with them on a Wednesday. They took my 100.00 off my debit card and sent a confirmation that my account was being reviewed. When I did not hear back, I contacted them Friday afternoon and was told that the account was reviewed yesterday and denied due to failing the id question check. They told me a letter would be coming in the mail. Meanwhile they took my 100.00 and never contacted me with any info on the account in the last 2 days and I know I answered every question correctly. I checked other online reviews and see this is a common issue with them. I never met a bank that did not want to take my money. If my 100.00 does not get credited back to me in the next 24 hours I will be contacting the BBB and filing a complaint with them. They have very bad customer service and are not honest and upfront with their customers.
I thought this bank was great, mostly due to the interest rates, until I went overseas. Unlike the 4 banks that I have credit cards with, they have no ability to verify your account for a new login nor a fraud alert that is via e-mail. It has to be phone, text or by MAIL. Additionally, after using the chat functionality and being told that a foreign cell number was ok, it didn't work. I had to call back to the US to verify that, no, they couldn't do that and figure out a different US number that I could give them so that I could actually access my account again (and since it's all online, no access means you can't touch your money). After going through all of this to get a phone number on the account that would work, I wasn't notified of a potential fraud issue, except by mail, because they contacted my OLD number (see above where I'd contacted them TWICE to fix my phone number already). Totally incompetent and VERY online-unfriendly for an online-only bank. Planning to close out my account as soon as possible!
Terrible at communication. I applied for an account with Bank5 Connect and after waiting a month to hear from them finally cancelled the app. I had called several times to check on the status of my app and first was told they needed a copy of my driver's license and a utility bill to confirm my identity. This was strange as I would have thought they would have check my credit report. I have excellent credit and have never had to send additional info like this for any other similar products. I contacted them again after another ten or so days of hearing nothign and was told the person who reviews the applications was sick and no one else had access to their computer, Suspicious. Regardless they told me my application would be put at the top of the list. I waited over another week before deciding to cancel the application. When I called to cancel they told me they were waiting on the info I had sent three weeks ago. They just don't have it together or are understaffed. Either way I am not comfortable giving my money to this company.