Laurel Road Reviews 607

Easy to use , use to understood banking facilities.

Worst experience I ever had with a financial institution hands down.

My account gets locked on a Friday night, I have to wait till business hours to call and understand what is happening, yet the service reps dont even have a reason to share. They later share that it is due to an external transfer to an account I own and went through micro-deposit verification.

I submit the required documents for verification on October 30th, and all I get from service reps is that "it's still under review". I even recieve a letter stating that after review, the account doesn't meet the deposit account agreement and it would be closed, only to call the fraud department and they tell me that those letters are automated. Complete waste of time going back and forth between keybank's fraud department and Laurelroad's customer service.

They hold my money hostage and never give clear information on what is even going on, despite providing everything needed from my end.
It's November 17th and my account is still locked.

My experience is the same as many others indicated in their reviews. They have locked my account. I do not have access to my money. I have made two phone calls, and uploaded a financial document they requested which is none of their business. I still do not have access. This is the worst experience I have ever had with a financial institution.

I created a checking account at Laurel Road and deposited more than $2700 in the account. When I attempted to withdraw the money, the bank locked the account without notice.

I called customer support and explained to them what happened. They told me the account was "under review", threw a metric ton of "Unfortunately,"s at me, and then told me that my account would be locked for a duration of the bank's discretion.

This bank is illegitimate. Avoid them like you would a diseased close talker

Horrible experience.
I had a bit of difficulty linking a bank account, even after the micro deposits. I was about to abandon the process and close the account when a customer service rep assured me it was all ok, after which I was able to link the account and make a deposit. But as soon as I did, my account was inaccessible and I'm told it's under review. They won't tell me how long it takes, and after repeated requests to return the money to the account of origin, they still will not. This is effectively theft of my money as far as I'm concerned. I would highly advise avoiding this institution.

Update as of December 10:
Only after I left this review was I contacted with guidance on how to have my account unlocked. I informed that I did not wish to provide any further personal information but instead wanted my account closed and the money returned to the account where it originated. They said they sent a letter to my bank (but not any money!). I shared my view that it is their responsibility to return MY money to me as quickly as possible by any means necessary, and I have yet to have a reply. The last message I had from them was November 22. And the money I transferred on Oct 31 is not accessible to me, nor has it been returned. Shameful.

Your customer service is consistently very helpful, calm and kind.

I can deposit money Monthly and see where is is building. It encourages me to give more as I can!

I would give this bank/financial institution negative stars if it was an option but unfortunately one star is the lowest I can give them. I opened a Laurel Road Loyalty Checking late September 2023. I also funded it via direct deposit with my first paycheck. I added two external bank accounts for external transfer after enrolling in online banking. One of my external accounts was approved with trial deposits while the other did not receive any trial deposits.
I find out that my account was restricted on 10/03/2023 for possible fraud with the one external account being flagged suspicious/fraud. I was told that I needed to submit a bank statement for verification of account ownership for the external account. I sent Laurel Road three different emails containing several pieces of documentation for verification - three subsequent bank statements, Form 1099-INT, and an official letter from the bank stating account ownership.
This review is already pass the 12+ business days since my account was restricted and it shouldn't take this long for them to review the documentation I have sent. I have also called Laurel Road numerous times and have been unable to get any update(s) regarding my situation. I have been told that their fraud department operates independently to everyone else and that there's nothing I can do about the situation - not even close my own bank account! This is utterly ridiculous that I cannot even access my own account/money all because I added one of my own external accounts for external transfers. Even worse is Laurel Road did not even contact me prior to the restriction to verify and discuss possible "fraud/suspicious activity" on my account.
They're not only treating my loyalty checking account as if it's a CD which is NOT what I signed up for, but they're also holding my money hostage! To add to it, they're also sending me emails about making deposits to my account but how can I when they've literally frozen my account.
I'm have expressed to them several times that I have bills to pay and I need my money - the fraud department at Laurel Road or whatever department is holding my money hostage is heartless and have no sympathy that they're literally playing with people's lives by holding their account and money hostage.
Please release the restriction on my account because I have bills to pay, mouths to feed, and other necessities for use with my money that you have frozen!

Note: I have banked with other financial institutions before that were "online only banks" just like Laurel Road and whenever there was a hold on my account for a similar reason, after I provided the requested documentation, my account hold was removed within 24-48 hours but not with Laurel Road! There is absolutely no reason Laurel Road should take this long to review a bank statement!!!

Locked my account as soon as it was funded, every time I contacted LR to unlock the account would receive a different request for additional information to "verify" me. LR already has my SSN, my DL#, my address, copies of statements from my funding institution along with my money yet won't give me access to accounts. Amateurs....

Just like many other people, I had a horrific experience with these scammers. The scenario was exactly the same, I opened a savings account and once I transferred money into it, it immediately got locked and no explanation was given. After a few days of no resolution and no access to my funds, I demanded to close my account and to refund my funds to the original bank. After a couple of weeks, I got my money back and a letter in the mail threatening to report negative information to the consumer reporting agency. These thieves reported identity fraud! Did they think I stole my own identity? They are delusional and malicious. If they suspected that my identity was stolen, why on Earth they never even tried to ask me for a proof? With hundreds of similar stories that I found later online, it seems that this is what this so called bank does - steals people's money, uses it for weeks or even months at a time, and if you dare to question then, damage your consumer report. I wish there was a class action suit against these scammers!

I went to log into my account today and a message said my account was restricted. I called the number and was told my account was flagged for fraud after adding an external account to complete a transfer (this was even after jumping through the trial deposit hoops). The representative said I needed to email a copy of a bank statement showing proof of account ownership, which I did while I was on the phone. Icing on the cake was when she said this could take several weeks to resolve. I don’t care if you do offer the highest high-yield savings rate, if I can’t access my money it’s more like a CD, which is not what I signed up for. I can’t wait to get access back and close my accounts. Utterly ridiculous and shady!

They locked my account and still won't let me access the money. Its been two weeks. They had the arrogance to ask for my phone records after i submitted my ID, birth certificate, and social security card. They want your money and won't give it back. Ill update if I ever receive my money.

Time to response is very good. Easy online account management

Run like hell! This bank is 100 percent fraud. I mail in my check month ago and now they return it to the IRS..They can't tell a real check .Absolutely dumb..Bank somewhere else. They are very unprofessional and inconsiderate.. Reviewers was right this bank is a scam. They will definitely lock you out of your account like your money is there's.

After having multiple problems with the website, my deposit, the mobile app, customer service, which is non-existent, and other issues, I have asked repeatedly via email and in writing for them to close my accounts and refund my deposit. However, I just continue to get various statements first saying that my account was under review then my deposit was unavailable then my deposit is available but the bottom line is I just want my deposit back and I want nothing more to do with this fake AI version of a bank that's nothing more than a branch of the horrible Key Bank. Do not give them any money whatsoever. You may not see it again. I reiterate that I just want my deposit returned and my accounts closed.

Was told to call a number to login to my account.

The banker then stated I needed to call another number because my account was under review.