I applied for a high-yield savings account. The website seems clear and the application process seems simple. That is because the website information is not complete and the application approval relies on a credit pull. The website’s FAQ says: “Yes, we do a soft pull of your credit. Soft pulls do not affect your credit score. Please note, if you have placed a credit or security freeze on your credit report you’re application may need to be manually reviewed. If the application needs to be manually reviewed it can take up to 5 business days.” I have a freeze on all of my credit reports. I made an application, expecting to learn more about the manual review. NONE WAS OFFERED. When I inquired via chat, this is the response I received: “Your application was declined because of the funding and YOUR CREDIT REPORT BEING FROZEN. You can reapply after you unfreeze your credit, but you must use a different funding source. I then asked “Which credit agency do you want unfrozen?” Response from Lending Club, “ I would unfreeze them all to be safe” This ‘unfreeze them all’ is totally crazy. While I generally avoid institutions that require this additional hassle, when I have done so for a few credit unions, they tell me in advance which credit bureau they are using. This hassle is not worth the 10 bp advantage over my account at National Cooperative Bank (NCB). A few other observations from the application process (since I am the first to review): You might have noticed that Lending Club has some sort of objection to my funding source, NCB. During my initial application attempt, the website offered two methods of linking to my funding source. They recommended using “Plaid”. Some commenters on this site have objected to using Plaid at other institutions since you have to provide your log in credentials. I proceeded anyway. While Plaid recognized NCB during the initial step of the process, they came back with a response that they could not find a checking or savings account of mine at that institution, although I have a MMA there. So I proceeded with the alternative approach of using the NCB account number and routing number. That resulted in my application rejection as describe above. Apparently Lending Club has some problem with NCB, which they do not explain, merely giving a hard "NO." So much for my intended funding source. Before attempting the application process, I use their “chat” feature to find out more about online banking transfer limits, if I opened a High Yield Savings (HYS) account. This turned out to be a chat bot, which gave me a link to follow for the answer to my question. I was not comfortable that I was getting an answer that applied to the HYS, so I called. That customer service rep said the link was valid, but the answer was “more nuanced.” That link showed several transfer limits defined by the account balance and time the account was open. The rep said that for HYS, the account starts at the “preferred” level (the third of 5 or 6 levels) which is $10,000 daily. Of course none of this is indicated on website tools, you have call to get the true story. I had also used the chat bot to ask how many external accounts could be linked to the HYS account using online banking. The bot could not understand my question, but give an option to link up with a live person on chat. That rep told me “There is currently no limit for how many external banks can be linked to an online banking account.” During the application process, I was limited by the system to initial funding of my account of $250, pretty limiting given a $10,000 daily limit. However, the rep I talked to about limits told me I could request one-time exceptions to that daily limit. He also said there is no other $ limit, like monthly, and there is no limit to the number of transfers, as long as they are within the $ limits.

I am a disabled veteran and I run family-owned small online business. I opened a business checking account with Radius Bank in December of 2020. Lending Club Bank bought out Radius Bank not long after and my account was moved over to their platform. Fast forward to this past month when I went to send a wire transfer to one of my Chinese suppliers for my business (a supplier BTW that I had sent wire transfers to about 10 times previously). There was some issue on their end with the wire transfer and this caused a manager to ‘randomly’ (their words) examine my account. They came back and asked for my identification, what the purpose of the wire transfer is and a discrepancy between the name on the account and the name on some of the deposits that I had made earlier in the month. Very strange, since I had been banking with them for over 2 ½ years at this point and they hadn’t asked me for any of this since I opened the account with radius bank when I had given them all the necessary documentation. I complied and gave them everything I could, but as I said my business is family owned and I sell online on many different platforms. They didn’t like that one of my store names on a platform that I received deposits from was in my spouse’s name and didn’t match the name of my legally registered LLC. I explained the situation to them, that this was just one of my shop names. I sell different products online, this was not another company sending me deposits. My company had been set up this way for the entire 2 ½ years that I had been banking with them and had never been an issue before, but apparently it was a huge issue now… This is when they locked me out of my account and stole my money to lend to desperate people at higher interest rates than are legal (not making this up, there is an FTC lawsuit against them). As a small business this was a huge disruption to my cash flow, and I couldn’t run my business at all. It is also my family’s sole income. I called them several times to explain the situation again and try to work out another solution with them, but they just kept asking for this same paperwork that I told them didn’t exist. After a week of this with no resolution I wrote to the Better Business Bureau and the Consumer Financial Protection Bureau and started talking to Lawyers about the situation. Lending Club still had not done anything and said that they were not going to do anything to make the process of their ‘investigation’ go any faster. At this point I told them that I just wanted to close my account and get the money transferred to an external account, because I did not under any circumstances want to do business with them any longer. They of course replied that they couldn’t do that until their ‘investigation’ was complete and that I could make a complaint to their complaint department! Why would I want to make a complaint against a bank to their own complaint department?!?!? They finally made a decision that my account could be closed and they would mail me a check of my remaining balance with 15 business days. Of course, they have to make as much money off of the money they stole from me as they can. As one final screw you on my way out the door, they told me that to get my last bank statement (on the account that they wrongfully froze and forcefully closed) I would need to pay $25! DO NOT EVER DO BUSINESS WITH THIS BANK UNLESS YOU WANT THEM TO STEAL YOUR MONEY!!! IF I COULD GIVE THEM O STARS, I WOULD.

I was a successful, happy investor in Lending Club before they became Lending Club Bank. When they posted about the high interest rate offered I jumped at it. I have no idea why there are so many negative reviews. My experience has been 100% positive. Never any delays, denials, held checks or funds, or difficulty communicating with them.

the whole linking with Chase via Plaid fell flat on its face, so I went the traditonal route, with micro deposits, verify amounts etc. So, after a few days, up and running. No problems. My account isn't limited on $ amounts for withdraws, so I've factored that in. Their rates are very competitive. No issues so far. for those worried about daily withdraw limits, just initiate the transfer at another bank once the accounts are linked...you can bypass the daily limit. ie. have an account at Chase, or Wells and initiate the LC Bank withdraw from your Chase or Wells account. You can do any amount

They have tied up my money for review and even when I sent documents they did not review. Made 6 calls to customer service and everyone gives me different answers, so having to resend all docs again. This has been going on for over 2 weeks so no access to my money. They want send it back to the original account or nothing. Getting run around, I would not recommend anyone deposit money here.

Do to a medical emergency I was forced to cash in a 5.25% $10,000 6 month CD early. I had the CD for 4 months and after waiting almost a month to get a check from them the total was $9985. Not only was all the interest gone but part of the principle as well. Good luck if you choose to use them, you will need it.

I already have several CD accounts with this Bank. I tried to open another one a week ago. Completed the application and have heard nothing since. Zero communication. Next time, I'm taking my money somewhere else.

My CD matured on 11/01/2023. Lending Club will not wire transfer the funds to my bank account. Their policy is to issue a check. I have been waiting since the maturity date for the check to be mailed. Useless to call because the rep will say they're behind.

Applied for a $50,000 CD and never even got a thank you or confirmation email. After two days I got the world's briefest email telling me it was not approved. That's it, no other info. I called the number provided and she said she couldn't tell me anything either. I told her I would take my $50,000 elsewhere.

We opened a basic savings account of $100, waiting to transfer it to our Trust before putting in our main deposit. We have other bank trust accounts for our Trust. They were extremely simple to set up. NOT SO with LendingClub. We requested the Trust option on our member account and received a long list of requirements with various convoluted options for submitting their (long) application and (many) required docs. In July I opted to mail them - hard copies - to the address provided. In Oct, I logged on expecting the account to be in the Trust name. NO! Another online request, a call to their Support...no record on our account of any application or Trust designation. Another application...more trust docs...requested a link to their online "secure" system for submitting docs. No link yet. What a tremendous waste of time. If it is this difficult to put a simple savings account into the name of our Trust, it is unthinkable get involved with this bank, depositing large sums in a savings account. There isn't an interest rate high enough to make up for all the lost time, not to mention a growing distrust of their desire to meet the needs of customers.

I've run a successful professional services business in the IT field for over 5 years, have excellent credit and resources. Instead of providing a request for information or clarification, Lending Club rejected my application, and when I questioned it, was told to reapply. Suggested maybe take my additional signer off and add them back after the account is opened. The can't let me edit or sign off on the change, I have to start over and reapply. The last time I got a phone call from a gentleman that said they just needed a copy of my EIN from the IRS, which I sent the next morning. Boom, Denied again. 3 times- the last time not even a notification, just instructions to login to find I was denied again with no explanation. Ridiculous. I am assuming Lending tree pays big affiliate fees to be included on review sites. Those sites only evaluate rates and features, they probably never had to actually try to apply to this customer-service lacking institution.