Brio Direct, a division of Webster Bank Reviews (72)

If there was ever a bank that deserves 5 negative stars, then Brio Direct would be that bank. My experience started off fine with the initial deposit of $5000.00 from Sikorsky Financial Credit Union. After that I set up transfers from my UFB account by using the two small deposit method. I got the email that same day from Brio saying that all was well for the world of transfers from UFB. Great, I executed a transfer, the transfer went through to completion and was deposited into my Brio account.
I then set up my Sikorsky account for transfers. I was able to do that by signing into my account and using a text verification code. The pop-up box said the system had accepted Sikorsky and transfers could be made. I then transferred through the Brio system from Sikorsky in the amount of $20,000.00. Everything seemed fine and the transfer showed as pending, Okay Great, but that is when the nightmares began. The next day I received an Email from Brio saying that the transfer was rejected, and the money would be returned to my Sikorsky account within three to five days. The very next day I received an Email from Brio stating that my Sikorsky account had now been verified. Okay Great, but that was when another nightmare happened.
After initiating the transfer from Sikorsky I had also initiated another transfer from UFB. Now I got a phone call from Brio saying that my account had been frozen, and I needed to call Brio. I called their transfer department, and I was told that I needed to send them verification that I am the owner of the UFB account. Now remember I had already verified this account and Brio had accepted one transfer from this bank already. So here I go back and forth with Brio sending them information, then being told they needed the information sent another way.
Finally, that problem is solved, now back to the Sikorsky Financial Credit Union issue. The five days expire, and Brio has not transferred the $20,000.00 back to Sikorsky, I call the transfer department once again, and was told I needed to go to Sikorsky and ask them to request the money be returned. Great, Brio screws up and I must run around trying to fix the problem that they created. So, off to Sikorsky I go only to be told that they cannot request the money back. Now I have $20,000.00 in limbo because of Brio’s incompetence. I called Brio once again and I was told that a supervisor would call me back. Okay, they call, and I miss the call. I call back and speak with an entirely different supervisor. She explains to me that Brio needs to send Sikorsky a letter of reconciliation and Sikorsky needs to request that the money be sent back. Now remember the first time I called Brio on this issue I was told that the money would automatically be returned, and I didn’t need to do anything. So, I asked this supervisor to send out another reconciliation letter to Sikorsky and she did. After almost two weeks of hassle the money was returned to my Sikorsky account.
I transfer the initial transfer from UFB back to UFB and it goes to completion. Great right? No, the nightmares have not stopped. I then initiate the second transfer back to UFB and everything seems fine, The transfer shows as “Pending.” Problems solved, right? Not so fast, they have a hold on the money from the second transfer from UFB. Four more days go by and I check on the transfer. The settle date for the transfer is supposed to be tomorrow, but this time I notice a “Hold” Fee of $35.00. Again, I call Brio and I am told that because I initiated the transfer before the 15 day hold Brio was going to recall the transfer and once the money was returned to them they would wave the $35.00 fee. Now think about this; the Brio System allowed the transfer to be processed, posted the transfer as pending, and then someone at the bank decided to refuse the transfer because of a “Hold” rule. Why does the Brio system accept such transfers? This bank has serious IT issues. When speaking to the Brio employee she mentioned that the second transfer back to Axos (UFB Direct) was completed but was not supposed to be completed.

NEGATIVE 5 STARS

Don't do it. Brio will massively tie up your funds and charge you high fees for it. Once they show ACH transfers inbound clear and funds available, if you try transferring any funds out, there are additional holds placed on the originally cleared funds, as well as the transfer holds, making your available balance negative. Then transfers will fail due to lacking "available" funds, which were available at the time of transfer. Each fee for this is $35 and they do retry failed transfers without checking if the funds are currently "available". Then they will likely flag your account, request additional verification documents, and the account will be suspended for who knows how long until they get around to processing these documents. There seems to be good potential for a class action lawsuit against this bank - Brio/Webster.

External Accounts Transfer restrictions are absurd. Brio Direct is an online & mobile savings
account . They blocked my ability to transfer external funds because they are asking for my id and statement from BofA. I provided my id when opened. I told them TWICE. Delete/forget the BofA account. Allow me to transfer my funds to my other accounts. I will no use BofA. They still saying they need the BofA documents while I'm telling them
I will not use it. They still have restrictions in my savings account to do external transfers. Now, because of their fault I'm late to pay my credit card. So I will have to pay interests, charges & penalties. Poor service.
Solution: Remove the restrictions to do external transfers.

I found Brio atrocious. Reading the other reviews, it seems that I am not the only one.

I called Brio before trying to open an account. I called because when I tried to open an account with Raisin I found out, after failing identity verification three times, that if you have a credit freeze on your credit reports you automatically fail identity verification. Brio advised yes you will fail their verification if you have a credit freeze but that information is not listed on their site (just as Raisin failed to provide that information). Brio advised to unfreeze all 3 credit reports, wait 24 hours then apply for an account. Did exactly what they said. I had a copy of all 3 of my credit reports in front of me as I filled out the Brio application. I double checked every piece of information entered against my credit reports to ensure everything matched and I made sure I made no typos. Failed. Called in and was told to double check my information, make sure no VPN and try another device. Failed verification 2 more times. I was also told they use a 3rd party verifier who tells them nothing about why someone fails. Brio said if I can't pass online verification, then they can't help me open an account because they have no backup way to verify identity. I asked So there is no one I can mail/email/fax/upload documents for an actual person to review so I can open an account? Brio’s answer- No. Makes no sense (especially with a requirement of $5,000 to open the High Yield account when most require $1). People like me are trying to hand them a big bag of money and they just shrug their shoulders and say, sorry that’s the system we have. So, I went to Newtek Bank site, was able to pass verification on the first time and complete my application in 15 minutes. Yes 5.25% rather than 5.35% but at least they have an online system that works. If Brio can't even hire a competent company to do verifications, I'd hate to see the rest of their system. Just move on.

I got the 12 month CD special last May. It was the leader of the pack paying 5.127% so I ACH'd a goodly sum to fund the CD. As soon as I sent the money all communication with the bank stopped. Brio didn't even acknowledge the funds I sent. There wasn't even an email thanking me for doing business with Brio. Nothing. I wasnt able to even log into their site. I got the run around with long wait times only to be hung up on after several minutes on hold.
I became worried about my money so I got in touch with the BBB and lodged my complaint against Brio.
I got an email from Brio soon after I lodged my complaint. Their customer service was cheerful and assisted me in setting up my online banking and I couldn't be any happier with Brio and the 12 month CD whose rates are still top notch.

This is just an absolutely terrible bank. It had been competitive and then that stopped. Best day of my life was when I finally got all of my money out.

I was getting ready to link this bank account to move funds elsewhere to better paying account but first was going to send a message asking if the current 2.8% rate was long term or not. Looked at my BRIO DIRECT PLUS account and the interest rate had increased to 3.682%. I thought it must be an error and called up and spoke to CS today. Was told that 3.75% is the new rate for the PLUS accounts even though it is not reflected on the bank webpage. So, moved up their rating to 5 stars as will not have to move funds elsewhere now as this is the top paying savings account out of 6 banks. Even though the bank did try to scam 20 dollar fee last month, now the bank account interest has increased by $200 more per month and is actually a really good rate being that it is a major bank.

WARNING - This bank is a fee monger!
The BRIO DIRECT account had been open a couple months without any issues, and then there was the requirement to create the BRIO DIRECT SAVINGS PLUS account to obtain the highest 2.8% interest rate. Or be stuck in the original account with 2.15% and no future increases. Due to all the debits incurred on the old account with making three transfers out to the new account and also for some trial deposits for external account funding there were 7 debits in one month. I was not aware of it until the end of month the bank notified a 20 dollar fee assessed for going over 6 transactions. I was so freaking mad as it was their stupid requirement to create and fund a new account using the existing account incurred three of those debits. A 250K transfer requires 3 debits as 100K per day limit per bank policy. Unbelievable that this bank at first only offered to reverse 10 dollars of the 20 dollar fee. AFter pointing out that it was the banks own policies that caused this fiasco of having to switch over accounts and transfer funds the CSR said the entire 20 dollar fee would be reversed. Never thought that a bank of this magnitude would have such a chickensh!t deal of offering half of a bank fee reversal. Anyhow, then I said what about the original account with zero dollars? LOL!!! I was told if the account is not closed soon there will be a fee assessed on it for an underfunded account. The next request was to close that original account NOW! Not paying this bank with 200 billion in assets stupid fees when there is 250K in a savings account.

BIG TIME WARNING- They are going to get you for not paying attention. Check your account regularly. If the rate changes, be sure that they haven't switched the name around some way. If they have, call them and open the new account and move your money. They nabbed me - I was still earning 2.15% for the last 3 weeks while the rate had risen all the way to 2.81%. No need to quit, no need to get angry, just pay attention.

I had a tough time with Brio and a disappointing experience with Bankrate and Nerdwallet that got me into this a few months ago when rates were much lower. Rates moved up and Brio raised theirs but so called "legacy" clients like me seem to have topped out a few weeks ago at 2.15%. I just assumed that my rate would rise, but they didn't. Found this site which notes this. Bankrate and Nerdwallet do not and Brio makes excuses, but does change the rate moving forward. Other than this, no complaints about the account.

Contacted the BrioDirect help line today and was told the following reason for why they made opening a new account called BrioDirect Savings Plus a requirement to get the 2.61% interest rate. Note: The old BrioDirect account will not get the higher rate and will be stuck at the 2.15%. He said that they changed the account opening requirement to $500 from the old amount of $25 and so they had to make a new account name for that. Whatever! Sounds like bunch of crap but he was able to get this shitshow fairly corrected and now the new account number shows up directly below the original account number in the exisitng online bank account. The account info tab for the new account shows the higher interest rate of 2.6%. Can transfer money to the new account online. It is stupid that the transferred funds between 2 similar accounts still have a hold time placed on them. Will take 3 days as the transfer limit is 100K per day. I am not closing the old account until after getting the interest payout for it. He offered to transfer the entire amount close it out with interest paid but I do not trust these banks and said prefer to transfer it myself and make sure the interest is paid out on the 15th of the month. Still the same crap set up with the beneficiary and had to submit a text message to add name to the new BrioDirect Plus account.

Webster Bank is now pulling the same stunt as CIT bank to get the higher interest rate - if you have an existing BRIODIRECT account you only get 2.15% interest. You have to open a new account under BRIODIRECTPLUS to get the increased interest rate of 2.61%. At least CIT bank makes it super easy to create the new account and immediately transfer the funds over from the old account. This BRIO DIRECT PLUS is a mess. It does not even recognize the old BrioDirect account through the Plaid setup, and so have to do trial funding deposits within its own banking system. Total shitshow of a setup. Webster BAnk just sent an email that the new account was approved but I cannot enroll in the online banking for it. What a pathetic sideshow act. I am really debating if it is even worth the hassle to keep this account. CIT Bank made it very efficient to carry over the beneficiary also. This Webster Bank setup for beneficiaries is already a POS and they likely did not improve it with this new account setup. I am calling them up on 9/26 to find out if the beneficiary set up is the same stupid format. If they say yes, then I will open an account at ConnectOne Savings and transfer everything over to that bank. They pay 2.65% interest and have a very high bank rating.

BrioDirect's recent rate change was not for existing depositors. If you opened an account earlier, even the day before the rate change, your rate is still 2.15%. Check it online if you don't believe it. Deceptive and probably illegal.

This is the worst f@@cking "bank" I have ever dealt with.
These guys ought to be operating a carnival.
The whole thing is a sham
Its like a friggin roach motel
Try and get your money out
GO ANYWHERE>>JUST NOT HERE

Brio Direct is the absolute worst. Their customer service is non-existent. Their banking requirements are way beyond ridiculous. I regret ever opening an account there. DON'T DO IT!

Worst bank to solve your issue. Works great when all works fine but if you have an issue to be resolved it can take up to weeks. Long time on the phone waiting for an available customer service representative and back office very inefficient and slow to complete the process even after you send all the documentation requested. It toke me 15 days to unblock my account so I can do external transfers again and I had to escalate the issue to the manager . Very bad! do not recommend!

worst bank ever. I opened the online account and funded it, no problem. Several days later, I verified my other bank to make another transfer, which I then made. The next day I received an email stating that they could not make the deposit to my account and the transfer function was suspended. No reason was given. I called the help number, and after consultation they said that I would need to EMAIL a photo of my drivers license [front and back] and also the first page of a statement from my bank. There is no way I am emailing a copy of my ID anywhere. This made no sense. The email then said that to get my money back, I would need to have my bank get it back! I went to my bank the next day, and they initiated a request with the fraud dept to retrieve my money. Unbelievable!

It looks like the external transfer deposits initiated on July 7th to complete funding of the new BRIO DIRECT account finally showed up in the online balance and should be earning interest. They are at a slugs pace on external transfers for sure. However, it included the weekend so likely be less time if initiated on a Monday. A few days in petty interest had to be sacrificed because as the higher priority was to get the full balance in the account prior to 15 July so it would be reflected in the July statement. The statement cycle for this bank ends on the 15th of the month instead of the end of the month. There are some bad reviews from others on different websites who seemed to have a lot of aggravation in opening a new BRIO account and gave up and went elsewhere. However, I was determined to open this account because many of the other banks paying 1.6% or more in interest have less stable monetary ratings and Webster Bank has highest health rating.

Decent online website and also the phone APP is not bad. but the account is lacking in areas. Just opened the BRIODIRECT savings account the end of June. The bank website is not nearly as good as say Goldman Sachs MARCUS, which is probably the best of the bunch. There were no problems with initiating the transfers into the BRIODIRECT account. It allows 500K per day into the account. Unlike MARCUS, it does NOT credit your account as soon as the transfer is initiated. You have to wait until the transfer settles into the account before earning interest. Transfers initiated today are expected to be credited on July 12th. The BRIODIRECT beneficiary set up is outdated and asinine as all the other online bank accounts I have allow the input and editing of beneficiary information directly by the account holder. Not BRIODRECT. You have to sned stupid secure messages to request the bank to add the beneficiary and then you cannot view the beneficiary information on your bank account webpage. What a bunch of crap! I had to copy and paste the messages nto a PDF file to give to the beneficiary. In order to avoid any future transfer limitations out of the account, I am linking this BRIODIRECT as an external account to the MARCUS account. That way I do not have to use BRIODIRECT transfers to get money out of the account. It is okay because I only transfer out every few months the minimum needed to not exceed the 250K balance for FDIC coverage. But beggers cannot be choosers and since it pays 1.8 percent versue 1.1 percent like Discover or Barclays, then will accept the flaws anyway.

Deeply concerned about Sterling's ties to oligarchs, especially since they were in heavy with Michael Cohen on the taxi medallion scam. Strongly suggest everyone avoid.

Whatever you are gaining by having this account (0.05% over Ally or Marcus) you are losing when they take a week to make a simple bank transfer.

more trouble that it is worth and not high on the list of best rates anymore

Nothing seemw to work right with the transfers, long delays, sleepless nights. Getting better after 6 months and rate is still competitive.

Went through all the online questions. It turned down my app to open a svgs account. Called to ask why? They couldn't say, just said apply from a different computer. I did re-apply, to another bank, all good. Brio- a waste of time.

I saw the bad reviews here and elsewhere but I need to say that I opened account 3 mos ago and find Brio to be at the same level as any of these.

Opened acct here only to see the rate fall by the time it was eventually funded. Will close now

Sterling Bank is the NY bank that overinflated NY taxi medallions just before Uber showed up and forced new immigrants into mortgaging everything in order to buy these. Beyond the ethical issues (many drivers committed suicide as a result), this bank could be facing legal action in New York and elsewhere and I would be cautious about depositing money here.

It took 7 days to perform an ACH transfer. Even worse than Synchrony and Interactive Brokers which are both known con jobs. Closed account. Done.