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Radius Bank Sucks

This is a true story of my experience with Radius Bank and why I think they suck.

In January 2017, I was looking to change from my existing bank to an internet-only bank.  While searching, I came across Radius Bank -- an obscure bank that I had never heard of.

The services offered were interesting and my wife and I decided to sign up.  We completed all the many steps, including the public records verfication and the uploading of each of our driver's licenses.  Funding of the account was by debit card and that was approved within seconds and showed up immediately on my existing bank account.  

Radius bank issued an account number, and provided the links to sign up for online banking.  My wife and I both had to sign up for online banking, even though we opened ONE joint account.  Online access was also approved immediately.

So far so good, we thought.  But that was the furthest thing from the truth as we would soon learn that Radius Bank Sucks.

My wife and I decided that we would use this new account at Radius Bank to save our tax refunds, and use this account like a savings account for our special splurges, when we would tap into the refunds we received from the IRS and our state taxes.  

Since the deposit-by-Android-app didn't work, I packaged up our two tax refund checks and sent them to some unknown address via certified mail, hoping that they would get to the right people, who would deposit them into our new account.  We knew this would take time, but we weren't worried because we had no plans to use this money soon.  We were more worried it would get lost.

A few days later, we received individual ATM cards, and activated our new cards.  We were excited that everything was moving along.  However, each day I would log in to the Radius Bank online service to see if they had received and processed my deposit by mail yet.  

I noticed that Radius Bank had not approved my initial deposit paid by debit card, even though my bank reported that they money had been taken.  I went to the postal service tracking website and found that my deposits were delivered and signed for by someone at Radius Bank.  

So I logged in every other day trying to make sure they had deposited our checks.  It didn't matter if they were "deposited and held".  We had assumed that since we were new customers, the bank would hold our refund checks for a few extra days.  My wife and I just wanted to make sure RadiusBank got the checks and the deposit was in process.  

After another week passed, I could not access online banking.  It was as if my account at Radius Bank didn't exist.  I called customer service to report the problem with my account and could not believe the response of the first-level customer service.

In all fairness, the person speaking to me was a native English speaker, and was actually located in the USA.  I will give Radius Bank credit for that as I was happy not be connected to India or somewhere else.

The customer service agent at Radius Bank informed me that, "I'm sorry sir.  Your account has been closed by our risk management group.  I'll be happy to transfer you to that department if you would like more information".

Of course, I asked to be transferred, which landed me in voicemail.  I left a message and continued to call and leave messages for days.  No one from Radius Bank bothered to call me back and tell me why the account was cancelled.

At the end of the week, I received a letter from Damon Greenberg, the supposed "Virtual Bank Risk Manager" at Radiusbank(probably one of the same customer service reps who talked to me but wouldn't give any information!).  In his letter, he stated that in summary, Radius Bank will do business with whoever it wants.

And to no surprise, he "invited me to call" if I had any questions -- even though my dozen previous calls generated no information and no return call by anyone with knowledge.  He was "kind" enough to return my initial account opening deposit by cashiers check.

But where were my TAX REFUND CHECKS?  He wasn't "kind" enough to return those in the letter.  Would they be coming in a separate envelope?  

By now, I realized that Radius Bank Sucks and didn't want to call them anymore.  So I waited another week, assuming they would return my checks.

After waiting almost one full week, I picked up the phone to call RadiusBank.  Once again, another customer service agent without very much information.  I wish I had written her name down, so that I could include it in this experience.  After a brief hold, she returned to the line and delivered the devastating news:

"I'm sorry sir, we received your [tax refund checks], but since we closed your account, we DESTROYED your checks.  Is there anything else I can help you with today?"

Yes.  Radius Bank shredded my tax refund checks instead of returning them to me.  

(I tried looking in the UCC Code to see if Radius Bank had violated the code, but was not able to find a section that corresponded to my situation)

So guess what I had to do because Radius Bank Sucks?  I had to fill out an IRS form requesting a replacement check.  Once they receive this paper form (no fax or email allowed), the check should be mailed in 4-6 weeks.

Then I contacted the state to begin the same process to obtain a replacement for a destroyed tax refund check.  No problem -- except that it will be 6-8 weeks to receive.

I spent 2 hours on the phone this morning dealing with this issue that RadiusBank created.  My wife and I were planning to let the money sit, so this isn't an issue of needing the money right away.  It is the inconvenience caused because Radiusbanksucks.

It is also the frustration that they didn't have the cajones to answer or return my phone calls and explain why my account was a "risk".  I have been successfully self-employed for more than 25 years -- I'm sure I could have done something to placate their worries of "risk".  

I think that is the worst part -- their unwillingess to communicate.  The president of RadiusBank espouses how they are all about "open channels" and communicating with the customer.  I guess employees like "Damon Greenberg" don't share the president's views.  Greenberg's LinkedIn profile is here:  https://www.linkedin.com/in/damon-greenberg-aa471524    He has supposedly been with the bank for six years.

Good luck if you choose to work with them.  Radiusbanksucks.

By the way, Radius bank used to be known as First Trade Union Bank, and has also traded under the name Aspiration.  

Radius Bank is no different than Chase Bank.   Chase Bank Sucks