Laurel Road Reviews 607

Have been a member since 2022. They market to healthcare providers like myself. Finally have had enough and closed my account. Communication is non existent and customer service reps do not care since the acquisition. Stay the heck away from this sketchy online bank!

Absolute headache of a student loan refi situation. Initially they were very helpful with the refinance, and customer service has been helpful, however there have been issues every step of the way that have been unacceptable.
1. After my first auto pay draft, the loan disappeared from my account and I received a late notice. Somehow Mohela had screwed up the auto pay and placed the burden on me to make the payment, despite the payment drafing just fine the prior month, and my account being funded.
2. After 3 calls to customer service this was finally resolved, then is happened AGAIN. Missed payment, received late notice, same account that I have used before for auto pay. Mohela is an absolute terrible loan servicer.
3. Adding my wife to the account has taken nearly 2 hours in phone calls, several attempts by both of us through the online system, and now they want me to fill out forms, pay for a notary, and send them back. I have never done business with a bank that can't figure out the simplest of things such as adding a cosigner.
4. Now for the biggest complaint/scam. Because I have not been able to add my wife as a cosigner and add her direct deposits, we have not been able to qualify for the larger interest rate reduction, AND I keep losing my auto pay rate reduction because the service can't seem to do what every other bank has no issues with. This is resulting in me paying higher interest and having no recourse with the bank. Frankly this feels like fraud, and I will be filing a complaint with the BBB.
5. Debit card get declined all of the time.
Laurel Road seems legit on paper, and customer service is very nice, but I would absolutely not recommend their services unless you are willing to waster days of your time trying to solve their problems, all the wile being charged more money due to their problems and incompetence as a banking institution.

Do not open account with Laurel road. They will with no warning or reason. Lock you out of your account. There are thousands of reviews online of people not gaveomgnaccess to the account for weeks or months with little communication . They also have no customer service on weekends and form the few times you can access account your not able to link it with plaid or any 3rd party access. No way you can trust a bank with your money knowing that one day you won’t be able to withdraw it .

One of the worst companies I've EVER dealt with! We've been trying to refinance student loans with them. Several months back, my son's income and rent prevented him from refinancing. We were basically told once he made a little more, he'd be able to. Fast forward to now....DENIED. Denied with a cosigner and no true explanation. What a waste of time. I will forever give them bad references and make sure my students know to steer clear of them as well!

If you are considering banking with Laurel Road or its parent company, KeyBank, I am writing this review as a dire warning:

Stop.
Do not walk.
Run.

This has been, without exaggeration, the single most destructive and incompetently handled banking experience of my life.

​I am a Registered Nurse, the exact type of medical professional they constantly target with their marketing about "supporting" those in healthcare. The reality is a cruel joke.

Following the recent death of my aunt, I was settling her estate as her executor. When I attempted to deposit a check from the sale of her car—a standard, legal, and common procedure—Laurel Road's response was to place an unwarranted and immediate freeze on my entire account.

​They did not notify me. They did not provide a reason. They simply seized every penny I had to my name, including my direct-deposited paycheck from my nursing job.

This single, baseless action triggered a financial avalanche. My automatic bill payments froze, my rent was late, and my financial stability was demolished overnight.

​Their resolution process has been a masterclass in corporate malpractice. They have:

1) ​Created an impossible Catch-22: Demanding I pay to have a form notarized while simultaneously holding the very funds I would need to do so.

and

2) ​Failed to communicate: Promised callbacks from "escalation teams" never happened.
​Stalled endlessly: Repeatedly claiming any review would take "another 30 days."

​When I escalated the issue to the parent company, KeyBank, I was met with the same empty apologies and stumbled on tone-deaf social media posts about "community service" while they actively destroyed the financial health of a community-serving nurse.

​Do not be fooled by their marketing. They do not see you as a person; you are an account number they will freeze at will, without reason or warning.

Their "support" for medical professionals is a facade, and their "commitment to community" is a lie when they treat a grieving community member with such callous disregard.

​This institution is not just incompetent; it is predatory and unethical. They will hold your life hostage without a second thought.

Avoid Laurel Road and KeyBank at all costs. Your financial safety depends on it.

I am so glad that you asked. My problem with this company is that it is ultimately hurting citizens by charging such high interest rates when just a little bit goes to the principal. My note is almost $400 per month. I have made 5 notes, and the payoff is still almost $1700 on a loan of $1800, and to continue the loan, I am told that I still have almost $2000 left to pay. Somebody is targeting people with poor credit in the plot to rip us off. PLEASE HELP WITH THIS INJUSTICE. Sister Bey, Laurel, Miss.

Consistently for some reason every time I try to pull money into my Chase account from my own Laurel Road account from Chase’s mobile app it rejects it

Same happens when I try to deposit from Chase into my Laurel account

Becomes very frustrating when I’m trying to manage my money using these accounts, obviously trying to keep more in my Laurel savings to get the higher interest rates

It would be good to know why this keeps happening or should I even try it in the future or is there a solution to this?

They were very competitive with interest rates on savings, but over the past year they dropped significantly. There are now better options out there. Do the research and find what is best for you.

I'm giving this a 1 star review

Due to a lot of people on Reddit getting locked out of their accounts and now I'm worried my account will get locked out. Just stay away if you value your money

They locked up my account due to a deposit . They said it will take them 10 days and now there is no ETA. They tied up my money that I need to pay bills!!

Opened a high yield savings account and before I finished linking my cheeking account they locked it for review. took over a month to decide to close my account and are saying they may ding my credit score. I will be disputing any and all claims against my credit. Absolute scum behavior.

So .. If your reading this READ CAREFULLY because I am not the only one going through this ; First thing first DO NOT OPEN ANYTHING WITH LAUREL ROAD THEY ARE THE WORST, customer service is the worst, they will lock your account after 1 day of using it as well as they will give you every excuse in the bank to not let you use your own money in your account.

1. I deposit 2k into this bank so I can use this for my rent bank account right, here where I lost it the very next day so I can add and external account they denied it which found suspicious and they called me and told me I attempted too many time when I did it one time I know my account and routing number which is correct.
2. They will say this exact word “our patience and apologize for the inconvenience you've experienced. We are committed to improving our customer service and account setup processes to ensure a smoother experience for all our customers.” Copy and PASTE message of course
ThATT IS A LIEEE THEY DONT CARE AND WOULDNT EVEN LET SIGN INTO THE APP TO SEE YOUR OWN MONEY !!

3. Their is 1000s of people going through this and to show you I’m not lying here’s the type in “ laurel road review on google click the first Reddit review trust me read every comment and tell me if I’m lying about this shady bank.

AND THEY WILL LIE AND SAY 10 business day and it will be weeks or months … I NEED THEM
TO BE REMOVED AND SUED THATS HOW BAD I REGRET THEM AND I PUT DIRECT DEPOSIT GOOD THING I CHANGED IT THIS MORNING

They won’t even reply to this post I wish they let me post pictures so I can show more proof. Please listen to me and do not open an account with them I will give u guys an update of my progress too

This is how they treat consistent payments with threats of collections, demands for address updates, and contacting family members. I refinanced over 140k student loans with Laurel Road / MOHELA. I never missed a payment until a year ago when I switched bank accounts. The first time payment came due, I noticed and contacted. I was assured that switches take some time, made the payment, and did not think twice about next month. I then got a threatening phone call that next month. No more than 20 days after the missed payment. Nah, I will not be recommending them. No, I will not be using them for a mortgage. No way would I consider a personal loan.

So far terrible. Don’t have an account yet and have been waiting for over a month. Terrible customer service who has no helpful answers when you call asking about your account setup and verification.

Unfortunately you can only transfer small amounts of money into your Laurel accounts with a weekly/monthly max that is silly low.
Once you transfer it also takes 5 business days to hit your account even if you have transferred from one of your own accounts to a Laurel account.
Never mind… trying to get someone on the phone
They have never improved this over the years.
But if you have the patience for all that- you’ll be fine as they have good interest rates

I am one of the probably thousands by now whose account was locked for "account verification" when I tried to do a simple wire transaction. I called by phone because the site does not let you do it online. Got 2 follow up calls that they told me was standard to verify, then got blocked from accessing my accounts without any hint of letting me know. The wire was NEVER sent, so that angered me and now more than 2 weeks have gone without any real update despite me sending in a sworn affidavit to prove it's me wanting my own money?!?! Why do they treat you like you are trying to get a mortgage with a low credit score, to literally access your own money? PLEASE RESTORE MY ACCESS NOW

I opened an account and fully expected to receive the $300 bonus as promised for depositing $3500 within 60 days, but I was told that I did not qualify because it was 63 days after opening my account that my $3500 was deposited. These banks will find any excuse to use your money and get out of paying the money they promise to open an account. This is just the latest scam.

My experience with this company has been great. I wish I had this information a long time ago. I am thinking about opening a checking account.

I wish you didn't ask for a one time password on EVERY visit. It makes it harder to check in.
Am I now qualified for the monthly bonus?

Great interest rate, easy to use website/app. Would rate 5 stars if I could do unlimited transfers between this savings account and a checking account with you. This is the only thing holding me back from using this account and your checking account fully.