Memorybank

I thought switching to an internet only bank would save time and money. I opened the account deposited $20.00 with my visa, all was well. A couple of weeks go by and I deposited a personal check via the app. I get an email from the bank stating they were going to put the check on hold for 7 business days until it cleared. In this day of instant everything you mean to tell me that they could not verify funds in a few minutes? They did state that if the check cleared and the hold caused me to bounce some transactions they would refund my overdraft fees... really? I'm sorry but that does not reassure me. Take it from me I know a lot of brick and mortar banks are a pain as well, but at least you can meet face to face. So I opened an account at Wells Fargo did the same thing deposited with the app, check was ready the next day. Sorry Memory (Republic) Bank but you really need to work on your policies and procedures if you want to compete.