Laurel Road Reviews

Got my mortgage doctor loan with this company, as well as a high-yield savings account, and it has been a complete nightmare. They pride themselves on providing a premium experience, but it continues to show problem after problem. Cannot make automatic payments, cannot add spouse to the account. There’s always a technical issue. Representatives can never help or resolve anything. Always need to involve management to get problems fixed. Have wasted hours on the phone and e-mail since my experience started with Laurel Road. A shame that it’s recommended by the ADA.

Date of experience: June 13, 2022

Please - I beg you - do not use this company. My mother opened a checking account with Laurel Road and they claim there was fraud. Her direct deposit has been held without explanation for 13 days now and they are refusing to explain why.

Do not use this company under any circumstance.

Date of experience: February 10, 2023

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

Date of experience: November 06, 2023

I recently set up an account with them because of the 5% APY, and not only have they had my initial deposit on hold since the 27th of last month, but now they have frozen my account for some reason they won't tell me about. Not sure what to think at this point, with my money floating around in cyberspace.

Date of experience: October 02, 2023

LaureL Road Bank Mass Confusion......Laurel Road Checking account account and Laurel Road router number process has not received Benjamin Klepek's Columbus City Schools Checks which were never deposited and this started over 10 weeks ago.... Columbus City School check sent for deposit again, Friday, May 13th 2022 never deposited.

Please contact Columbus City Schools, Columbus Ohio and communicate why Laurel Road Bank has not deposited Benjamin Klepek's Columbus City Schools checks. I have sent this Laurel Road Bank feedback before and NO ACTION TAKEN. KeyBank is the account and router number provided and Laurel Road Bank what is your response to your customer, Benjamin Klepek ?

Date of experience: May 16, 2022

I have read lots of reviews of lauroad road. Wondering why do customers account got locked out after they deposited their money in? Some people put all their money in this bank because of their attractive welcome bonus, then now they can not get their money back, what if they need the money urgently.
You guys say it might take up to 30 business days to review before release the restricted account? What do you guys do before people open their their accounts? you guys don't need to review their application before they opened their accounts?Then after they deposit money in then say reviewing? in my experience, no bank would ever do that, and plus which bank will take up to 30 days to review an account?

Date of experience: January 09, 2024

My go-to bank account due to no fees and competitive rates. Mobile app and website are easy to use and their customer service was very easy to work with.

Date of experience: June 27, 2024

They defrauded me. I opened a savings account with $5000, I have a checking account that my payroll direct deposit goes in and they locked both accounts. I wrote checks from my checking account and they are bouncing left and right. I am going to contact FBI to report them. Their actions indicate criminal intent. Stay away from them they will do the same.

Date of experience: May 03, 2023

Their customer service is useless. I actually never got to open my account, which I am grateful for because I dodged a bullet. I tried to open an account for savings but there was some sort of admin error that you think would be easy enough to resolve with a phone call or email. 2 months later, they keep telling me to do the same exact thing that has wasted my time and not resolved the situation. Impossibly frustrating. I finally told them that I am no longer interested, yet they still keep saying that they are going to fix the issue. After reading more reviews about poor experiences with customer service and account servicing issues, I don't think you actually want to entrust them with your money, no matter how enticing the interest rate seems. Go for Marcus or Betterment for high yield savings.

Date of experience: December 21, 2023

They just locked my account because they are doing a security thing supposedly. I think they freeze your money to secure it for loans or trading, and once they profit from it, they unlock it. Other customers said that. I should have listened. Scammers!!!

Date of experience: July 21, 2024

I previously wrote a review of Laurel Road Bank in December of 2022. My poor experience with them has sunk to an even lower level, if that is even possible. After locking me out of my account for a month, holding onto my money and giving no explanation for any of this...they finally returned my money and closed my account. BUT that wasn't enough. Now they have reported me to EARLY WARNING, which prevents me from opening up any other accounts even with my current bank. LEGAL PROCEEDINGS TO COMMENCE IMMEDIATELY. (I have already reported this horrid excuse for a bank to the Consumer Financial Protection Bureau. The Bureau contacted me a month ago telling me the bank "needed more time to research the account." A herd of chimpanzees could do a better job than these clowns.

Date of experience: February 14, 2023

Their customer support is such a joke. I've been waiting over 3 weeks for help with their constantly bugged IT issues. I get some stupid reply when I reach out again asking me what is the issue as if I never reached out to them at all. Incompetent.

Date of experience: April 01, 2024

Laurel Road mailed me an advertisement offering a lower interest rate on a refinanced student loan. I immediately uploaded all requested documentation. The website kept asking for a second earner's documentation. I wrote back and forth with their reps explaining I did not have one. It was not until after I consented to the hard credit pull where I was informed I would not be offered the chance to refinance. I called within 5 minutes and they said they would not block the credit pull. I found them to be incompetent and unprofessional.

Date of experience: July 11, 2022

My experience has been over excellent. As of this date, I had no issues, and everyone I have spoke to has been very polite, efficient and professional. If I have one critique is that the technology, for the website has been hit and miss.

Date of experience: June 06, 2023

Update from my last entry. My account was unlocked and then locked again a few days later. Spent 30 mins on phone while being transferred around 5 times to find out Laurel Road was closing my account. Whatever, just send me a check. Before I could give a mailing address, I got hung up on. Ignore the 5% savings rate. They are banking terrorists and they will take your money hostage.

Date of experience: February 12, 2024

This bank is a joke. I don't recommend this bank if you want access to your own funds. I opened a Laurel Road Loyalty Checking account and funded the account with my own money from another bank. They locked the Account for no reason and restricted my access. I called the customer service and jokers told me to wait 10 days. I waited 18 days and called them again. Now they want another 10 days and will receive the decision in mail. You are better off doing business with local credit union than shady banks like Laurel Road.

Date of experience: February 01, 2023

Mostly-online bank that has sign up offers but is notorious for locking funds and accounts when you attempt to withdraw. Check the other TrustPilot reviews for hundreds with the same experience. My account has been locked for weeks, and despite filing complaints with the Consumer Financial Protection Bureau, Better Business Bureau, and the state Comptroller and threatening legal action, they still have not even reviewed my case yet, as I am told by their awful customer support. Fraud of a bank and their actions are illegal - avoid! Also their mobile app sucks

Edit: in response to Laurel Road's incorrect reply - this is not for my "safety". It is to clearly to prevent me from withdrawing my money. A "review" that takes multiple weeks with no responses is not a "review" - it either reeks of gross incompetence from the top down, or is a scam.

Date of experience: January 25, 2024

The experience was great for a while. Then, in April 2024, they changed their terms for direct deposit. I have my employer direct deposit set up which uses ACH. So I never thought I would be affected.

I called Laurel road when I did not get my 20$ monthly bonus. They asked me to submit my paystub, which I did. I heard NOTHING for weeks. I contacted them weekly. Annoyed that I sent so many people to them for their good customer service. Only to receive nothing in return.

Now I just got a response saying my request was denied. No one called or emailed. This was over chat. Terrible. No reasoning. Nothing. Leaving asap.

Date of experience: May 31, 2024

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.

Date of experience: November 10, 2023

Extremely bad customer service and processes. I tried to transfer the money from my savings account within the limits, but the transactions were first canceled, and then the account was blocked/restricted. It's been close to a week, and I still do not have access to the funds.

Date of experience: October 11, 2023