Laurel RoadReviews of laurelroad.com

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.

TROUBLES WITH LAUREL ROAD! 09/28/23 - ACCOUNT RESTRICTED (FROZEN) - Day 1 I direct deposited my retirement check to my checking, from a nationally known institution, and did an ACH to my savings, and they restricted my savings and checking account the same day! No phone call. No email. NOTHING--JUST LOCKED ME OUT OF MY ACCOUNT! Filed a complaint with the CFPB (Consumer Financial Protection Bureau) and suggest anyone who has had their account restricted file a complaint. The CFPB has tons of complaints about this practice. Posted a review on TrustPilot. UPDATE: 09/29/23 - ACCOUNT RESTRICTED - Day 2 Dear Mr. XXXXXXX – I am responding to your Trust Pilot Review. I am sorry for the frustration we have caused you. In order to clear the restriction we need to verify some of your information. Can you proof the phone number you provided is owned by you, your SSN card and proof of his ownership of your external account ending in XXXX (recent bank statement). You can send the documentation back to me at this email as it has been sent secure. Again, I am sorry for the inconvenience. Please let me know if you have any questions. Sincerely, XXXX, Member Advocate Team Leader I Immediately sent all requested documents to them as per their instructions (within an hour of their request at the start of the day). At the end of the day, my accounts remain restricted (frozen). UPDATE: 09/30/23 - ACCOUNT RESTRICTED - Day 3 UPDATE: 10/01/23 - ACCOUNT RESTRICTED - Day 4 UPDATE: 10/02/23 - ACCOUNT RESTRICTED - Day 5 Emailed Laurel Road for Status update on when the restriction would be lifted as they had the documents requested for five days. UPDATE: 10/03/23 - ACCOUNT RESTRICTED - Day 6 Reply from Laurel Road: Dear Mr. xxxx – your documentation has been sent over to our department and it has been escalated for them to review your accounts as soon as possible. I am sorry I do not have a better update for you. I will let you know as soon as I hear anything. Regards, xxxxxxxx, Member Advocate Team Leader UPDATE: 10/04/23 - ACCOUNT RESTRICTED - Day 7 UPDATE: 10/05/23 - ACCOUNT RESTRICTED - Day 8 UPDATE: 10/06/23 - ACCOUNT RESTRICTED - Day 9 Email sent to: Christopher M Gorman, Chairman and Chief Executive Officer of KeyCorp Email sent to: Jamie Warder, Chief Digital Officer of KeyBank UPDATE: 10/07/23 - ACCOUNT RESTRICTED - Day 10 UPDATE: 10/08/23 - ACCOUNT RESTRICTED - Day 11 UPDATE: 10/09/23 - ACCOUNT RESTRICTED - Day 12 UPDATE: 10/10/23 - ACCOUNT RESTRICTED - Day 13 Dear Mr. XXXXX – I am reviewing your accounts daily, but at this time I do not have an update. I have escalated your concerns. As soon as I hear, I will reach out to you. Again, I am sorry for the inconvenience. Please let me know if you have any questions. Regards, XXXXXX, Member Advocate Team Leader UPDATE: 10/10/2023 - KeyBank letter (dated 10-02-2023) of intent to discontinue business relationship received. NO SPECIFIC REASON GIVEN. UPDATE: 10/11/23 - ACCOUNT RESTRICTED - Day 13 Phone call with KeyBank Fraud Dept. Account was not locked nor restricted nor closed. Active Customer in Good Standing. Letters sent automatically. Transferred to Laurel Bank. Account Login working now.

I opened an account in early Sept 2023 and everything seemed to go well. Then I had issue with logging in, then I started to receive automated letters that the account was restricted. When I called in, I got no help at all, but they assured me if I had money coming because the account was showing as closed on their end, that I would receive a check....and still no check.. Like others, trouble started when I sent $10,000 to the account using an ACH bank transfer. I sent all info they requested for security purposes and the account was opened fine but when the money went to them, it closed and had issues? Now they have had my money for a couple of weeks, but have frozen my account. This is an ACH transfer; they know exactly where the money came from, the other bank confirmed that the money was sent to their bank and I have a transaction number.. They told me I couldn't send a screenshot when I offered to do so. That the account was closed due to not being able to log in online...it's an online bank why is there such an issue there? I have plenty of proof that my transaction went through to key bank aka laurel road and can't get anyone to help me....I will be contacting the FDIC next and any other agency I can find that will help with this because by looking at all of these reviews, there is plenty of proof that this bank is conducting some very unscrupulous business.

I should've read the reviews before I opened the account. There are tons of people warning others to stay away. Believe every word they say. This "bank" is horrendous. They sent me a debit card, but never sent a PIN number, so now I have no way of accessing my money. I called their "Premium" Care Team, and the girl I spoke to had absolutely no clue what she was saying. You can't give the excuse that something is wrong with the system. It's the most overused and untruthful statement in customer service these days. "If you don't know what to say, just say the system is down." Something as rudimentary and common as resetting a PIN should be one of the easiest things a minimum wage employee can do. I was supposed to get a call back and never did. STAY AWAY FROM THIS PLACE! Edit: They will reply to call their premium care team. I already did that TWICE, and they couldn't help. They said someone would call me. Nothing. I will report this to the BBB. Key Bank should be ashamed to be associated with this crooked institution.

Online account restricted?? Attracted by the high interest rate, I opened up an account and that went reasonably well, I sent all documents that were requested, was getting secure messages and all worked fine; able to log in and see the account and everything. Trouble started when I sent $5000 to the account using an ACH bank transfer. Now they have had my money in their hands for 9 days, but have frozen/restricted my account with no email or any other contact as to reasons. Calling up customer service gets me "yes, the account is restricted but we can't see why." Finally one rep told me that they seem to not be able to understand where the money came from. ??? This is an ACH transfer; they know exactly where the money came from. I sent a screen shot of my online banking with my other bank from which I transferred the money to show the transaction entry, as it is too soon to get a statement. Plus, the statement would have sensitive information about other transactions that are none of LaurelRoad's business (is this what they're fishing for??). The customer service rep said that they would send an email with a secure link so I could upload the statement, but I have not received this email yet, and may never. Now the telephone number doesn't work ("all circuits are busy, try your call again later"). This is banking fraud and grand theft and if I don't have access to my money real soon, I will contact the FBI and the FDIC and see if the actual perpetrators of this can be sent to prison. Looks like I'm not the only one being treated like this. Absolute scam.

LR is the biggest scam in banking (and KeyBank, the parent company). They wooed me with the signup bonus and then froze my account after the first time I tried to deposit a check in my checking account. Froze both my checking and savings account -- because it's an online-only bank, no way to go into a branch and talk to a reasonable human being. They are owned by Key Bank and half the key employees don't even know Laurel Road exists and can't see our accounts in their system. Received 4 different reasons as to why the account was frozen, and every employee has given me a different estimate on the timeline to resolution, from one day to thirty (!) business days. In the meantime, my money is tied up, my checks are bouncing and my utility company is wondering why I haven't paid the bill. I have opened a complaint with the better business bureau. It's impossible to overstate how bad of an experience I've had with this bank.

Anyone reading this, stay away from this bank. They froze my account and I am unable to access my funds. Wish I would of read the reviews before opening an account with Laurel Road Bank.

So you guys really stole my money and kept me waiting for 6 months, closed my account and are now saying that the funds are in review, this is the biggest scam of a bank that I know, stay far away from them as I have my attorney looking into this bank for FRAUD!!!!!! And I will be posting this everywhere on every social media account you guys have and to everyone that will listen to me!!!!!!