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First Foundation Bank 2.4% Savings

Posted: Sat Nov 16, 2019 11:09 am
by alpenglow
I'm wondering if anyone has any experience with First Foundation Bank. Their online savings is yielding 2.4% and I'm considering opening an account. VMMXX is now yielding 1.79% so I'm considering chasing some online savings rates again. Of course, I have no idea of how long this rate will last/if it is a teaser rate.

Re: First Foundation Bank 2.4% Savings

Posted: Sat Nov 16, 2019 3:19 pm
by Temporal Adventurer
I made five attempts to open a First Foundation Bank savings account online on November 13, but my applications were rejected each time with the following message:

"We were unable to identify you. Thank you for inquiring about an account with First Foundation Bank. Unfortunately, we are unable to approve and process your application due to the following reasons: Unable to Verify Identity"

I called First Foundation and was told to try a different web browser, try applying with and without my middle name, check all entries carefully, etc. I also tried applying by including an uploaded copy of my driver's license. Five attempts, five rejections.

Each time I received an email from First Foundation telling me to contact either of the following consumer reporting agencies: Early Warning and LexisNexis. I ordered copies of my consumer files from both agencies.

First Foundation said they would research the problem and call me back within two days, but they haven't. :confused

Re: First Foundation Bank 2.4% Savings

Posted: Sun Nov 17, 2019 7:12 am
by alpenglow
Thanks for the reply. Seems like they aren't well known. And, based on your comment, don't have the best customer service.

I'll probably just go ahead and (try to!) open an account. It is FDIC insured so why not.

Re: First Foundation Bank 2.4% Savings

Posted: Sun Nov 17, 2019 9:32 am
by Rob5TCP
Temporal Adventurer wrote:
Sat Nov 16, 2019 3:19 pm
I made five attempts to open a First Foundation Bank savings account online on November 13, but my applications were rejected each time with the following message:

"We were unable to identify you. Thank you for inquiring about an account with First Foundation Bank. Unfortunately, we are unable to approve and process your application due to the following reasons: Unable to Verify Identity"

I called First Foundation and was told to try a different web browser, try applying with and without my middle name, check all entries carefully, etc. I also tried applying by including an uploaded copy of my driver's license. Five attempts, five rejections.

Each time I received an email from First Foundation telling me to contact either of the following consumer reporting agencies: Early Warning and LexisNexis. I ordered copies of my consumer files from both agencies.

First Foundation said they would research the problem and call me back within two days, but they haven't. :confused
If you have frozen your credit, they have no means to identify your credit history. Ask if this was the reason and go for a temporary lift of your credit scores.

Re: First Foundation Bank 2.4% Savings

Posted: Mon Nov 18, 2019 1:45 pm
by edamashek
I just opened an account a couple of weeks ago. I didn't have any problems opening the account. So far so good. They have low transfer limits when initiated from their end and charge a wire fee (even on incoming wires) which is a little annoying but otherwise things seem to be perfectly fine. I'm hoping their rate stays up here... we'll see!

Re: First Foundation Bank 2.4% Savings

Posted: Thu Nov 21, 2019 1:35 pm
by Temporal Adventurer
It's just as well they rejected my application. Their online savings account rate has dropped to 2.00% APY.
https://firstfoundationinc.com/personal ... ne-savings

Re: First Foundation Bank 2.4% Savings

Posted: Thu Nov 21, 2019 1:44 pm
by Ice-9
Rob5TCP wrote:
Sun Nov 17, 2019 9:32 am
Temporal Adventurer wrote:
Sat Nov 16, 2019 3:19 pm
I made five attempts to open a First Foundation Bank savings account online on November 13, but my applications were rejected each time with the following message:

"We were unable to identify you. Thank you for inquiring about an account with First Foundation Bank. Unfortunately, we are unable to approve and process your application due to the following reasons: Unable to Verify Identity"

I called First Foundation and was told to try a different web browser, try applying with and without my middle name, check all entries carefully, etc. I also tried applying by including an uploaded copy of my driver's license. Five attempts, five rejections.

Each time I received an email from First Foundation telling me to contact either of the following consumer reporting agencies: Early Warning and LexisNexis. I ordered copies of my consumer files from both agencies.

First Foundation said they would research the problem and call me back within two days, but they haven't. :confused
If you have frozen your credit, they have no means to identify your credit history. Ask if this was the reason and go for a temporary lift of your credit scores.
This happened to me earlier this year when trying to apply for an account at Ally. I thought of the frozen credit and did a temporary lift. But when I tried again, it still failed.

When I called Ally, the rep told me the process required not a temporary lift but a complete removal of the freeze. She said I could simply re-add the freeze once I had the account. I didn't believe her at first but tried anyway, and sure enough, the complete removal of the freeze worked where the temporary lift had failed.

I have no idea whether this is unique to Ally or not, but thought it might be worth a try for those getting failed applications at other banks.

Re: First Foundation Bank 2.4% Savings

Posted: Thu Nov 21, 2019 2:18 pm
by alpenglow
Temporal Adventurer wrote:
Thu Nov 21, 2019 1:35 pm
It's just as well they rejected my application. Their online savings account rate has dropped to 2.00% APY.
https://firstfoundationinc.com/personal ... ne-savings
Well, that didn't take long :(

Re: First Foundation Bank 2.4% Savings

Posted: Thu Nov 21, 2019 3:58 pm
by LISD
Rob5TCP wrote:
Sun Nov 17, 2019 9:32 am
Temporal Adventurer wrote:
Sat Nov 16, 2019 3:19 pm
I made five attempts to open a First Foundation Bank savings account online on November 13, but my applications were rejected each time with the following message:

"We were unable to identify you. Thank you for inquiring about an account with First Foundation Bank. Unfortunately, we are unable to approve and process your application due to the following reasons: Unable to Verify Identity"

I called First Foundation and was told to try a different web browser, try applying with and without my middle name, check all entries carefully, etc. I also tried applying by including an uploaded copy of my driver's license. Five attempts, five rejections.

Each time I received an email from First Foundation telling me to contact either of the following consumer reporting agencies: Early Warning and LexisNexis. I ordered copies of my consumer files from both agencies.

First Foundation said they would research the problem and call me back within two days, but they haven't. :confused
If you have frozen your credit, they have no means to identify your credit history. Ask if this was the reason and go for a temporary lift of your credit scores.
Why would a Bank/CU need to do a credit check if you want to open a savings account? They aren't loaning you money, you are loaning THEM money. Is this typical?

Re: First Foundation Bank 2.4% Savings

Posted: Thu Nov 21, 2019 4:26 pm
by Sconie
LISD wrote:
Thu Nov 21, 2019 3:58 pm
Rob5TCP wrote:
Sun Nov 17, 2019 9:32 am
Temporal Adventurer wrote:
Sat Nov 16, 2019 3:19 pm
I made five attempts to open a First Foundation Bank savings account online on November 13, but my applications were rejected each time with the following message:

"We were unable to identify you. Thank you for inquiring about an account with First Foundation Bank. Unfortunately, we are unable to approve and process your application due to the following reasons: Unable to Verify Identity"

I called First Foundation and was told to try a different web browser, try applying with and without my middle name, check all entries carefully, etc. I also tried applying by including an uploaded copy of my driver's license. Five attempts, five rejections.

Each time I received an email from First Foundation telling me to contact either of the following consumer reporting agencies: Early Warning and LexisNexis. I ordered copies of my consumer files from both agencies.

First Foundation said they would research the problem and call me back within two days, but they haven't. :confused
If you have frozen your credit, they have no means to identify your credit history. Ask if this was the reason and go for a temporary lift of your credit scores.
Why would a Bank/CU need to do a credit check if you want to open a savings account? They aren't loaning you money, you are loaning THEM money. Is this typical?
Yes, it is standard practice-----I believe part and parcel of the anti-fraud efforts of most financial institutions.

Re: First Foundation Bank 2.4% Savings

Posted: Thu Nov 21, 2019 4:41 pm
by BogleMelon
LISD wrote:
Thu Nov 21, 2019 3:58 pm
Rob5TCP wrote:
Sun Nov 17, 2019 9:32 am
Temporal Adventurer wrote:
Sat Nov 16, 2019 3:19 pm
I made five attempts to open a First Foundation Bank savings account online on November 13, but my applications were rejected each time with the following message:

"We were unable to identify you. Thank you for inquiring about an account with First Foundation Bank. Unfortunately, we are unable to approve and process your application due to the following reasons: Unable to Verify Identity"

I called First Foundation and was told to try a different web browser, try applying with and without my middle name, check all entries carefully, etc. I also tried applying by including an uploaded copy of my driver's license. Five attempts, five rejections.

Each time I received an email from First Foundation telling me to contact either of the following consumer reporting agencies: Early Warning and LexisNexis. I ordered copies of my consumer files from both agencies.

First Foundation said they would research the problem and call me back within two days, but they haven't. :confused
If you have frozen your credit, they have no means to identify your credit history. Ask if this was the reason and go for a temporary lift of your credit scores.
Why would a Bank/CU need to do a credit check if you want to open a savings account? They aren't loaning you money, you are loaning THEM money. Is this typical?
I think most banks check the Chexsystem report. If someone tried to cash out a fake check, it ends up in his report, and probably he wouldn't be able to open new accounts due to that.

Re: First Foundation Bank 2.4% Savings

Posted: Thu Nov 21, 2019 4:52 pm
by walletless
I just opened HSBC Direct account for 2.05% APY. Now that Marcus dropped their rate from 1.90 to 1.70, I'll be moving everything to HSBC.

Re: First Foundation Bank 2.4% Savings

Posted: Thu Nov 21, 2019 6:04 pm
by alpenglow
I opened an account at Simple for the recent bonus offer. Their rate is 2.15% so I'm just leaving the money there for the time being. As others have noted, their interface is anything but simple so I wouldn't recommend an account with them.