I’ve been using Live Oak Bank for a couple years since it is a (small) interest-bearing account. I don’t log in often and it is not my primary banking account. I logged in today and Live Oak Bank has taken $10 out for each February and March 2023 for a “dormant account fee.” I am livid. I never got anything in the mail or otherwise about this. I already sent their customer service an email, but does anyone have any suggestions for getting back my $20?! I am so angry about this.
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I had a local bank when I moved to my new house. When they issued a dormant fee I went into the bank and spoke with a manager. She said there was no way to undo the fee. I told them I was expecting a $35,000 federal payment to arrive the next week and when that came in, would they remove the fee? She said no!
I told her I had a way to offset that fee and asked to close my account (I had like $8,000 in it) and walked it across the street to a credit union. They welcomed me and theye didn’t even know that there was more coming soon.
That fee is your clue to not just walk, but run away. They have already shown you that they don’t want youre business.
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I agree with @Lavarock that you should vote with your feet and move your business !!
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Always tell them why you are moving your money. Make them feel it!
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Wow I used to be over at Live Oak Bank too… dormant account fee… what garbage!
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Wow… it just gets worse… I messaged their customer service and got a message back about “calling so they can review their dormant account fee policies” with me. Every time I try calling the customer service number they provided, I get put on hold and then routed to some obscure voicemail box that hangs up on me when I start recording my message. Ugh!!!
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Sorry to hear this. I’ve been with them for years and haven’t had issues, but their interest rates are lagging so not a bad idea to move your funds now anyway. Maybe try tweeting them?
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You’ve put up with enough nonsense. They’ve showed you who they are. Move on. There are plenty of good online banks (Ally, Marcus, etc).
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Calling people (even customer service) doen’t necessarily solve anything. Put it in writing. Put a “cc:” in it. My Dad used to put “cc:file” meaning he was keeping a copy in his files. A better way is “cc: State Banking Commissioner” or whomever has authority over the bank. Whether you get around to actually sending the CC the copy is up to you.
Whenever I call and talk with customer service I alway ask their name or pause while I write it down, like asking the spelling. That puts the called party kinda on notice that I am keeping a record and that seems to get to a favorable solution faster for me.
It’s actually deceptive marketing. They advertise:
“If an account has a balance less than $10.01 and no activity for 24 consecutive months”
But the legal disclaimer says:
" If an account has no activity for 24 consecutive months … a monthly dormant account fee will be assessed"
I’ve documented the full details: Live Oak Bank’s Deceptive Marketing · George Tsiokos