Openbank
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Long "processing" delays on deposited money
I opened up a High Yield Savings account with Openbank because they partnered with my cell company and for the amount I opened the account up for, I would receive $10 a month off my cell phone bill. I transferred the money, went through the process of confirming the two small (less than a dollar) deposits from Openbank. Once my financial account was confirmed, I transferred the initial large sum into the HYSA. It came out of my bank acct on the 20th. It then took Openbank two full business days to process it on their side. THEN, Openbank has a policy of holding the initial transfer money for 1-3 business days. When you call in, they say it's actually 4 days. BUT the date the customer service rep gave me is 5 business days. During all of this time, my money is NOT making interest. I make a weekly deposit into that acct and already made my first weekly deposit in there. Openbank pulls it from my bank acct within 24 hours.........but takes 3 business days to "process" it and put it in my Openbank HYSA so it can earn interest. All of this is an absolute scam to ensure they pay the least amount of interest possible by holding your money for "processing" for days upon end. I will be removing my money promptly tomorrow and moving it back to Bread Savings. Everything with them is 24 business hours. Never failed. Not one time. Getting .8% lower on APR is worth it instead of dealing with the hassle that is Openbank.