Bank of the Sierra
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1 Star Rating
This bank is just bad.
I initially signed up for Bank of the Sierra because they were offering an incredible rate on an interest-bearing checking account. In 2009, they were advertising a very aggressive 4.29% interest. There were a number of stipulations that needed to be met to qualify to receive the interest rate monthly, and I was able to meet them, so I signed up. That's when the trouble began.
My 4% interest rate only last a few months. Shortly after moving almost all of my direct deposit, bill pay info, and savings over to this bank, they dropped the interest rate on my checking account to 2.09%. Still not bad, but disappointing considering I was looking forward to getting 4.29%.
This bank is based in Kern Valley, CA. Now, it's not their fault that they don't have any SoCal locations, but I hoped that they'd make up for physical availability through an easy online banking interface and great customer service over the phone. Nope. Calling them was like trying to get in touch with the ex girlfriend who still has that DVD you really don't want to buy another copy of. Every time I called, I felt like I was going to end up leaving a voice mail on an answering machine in somebody's garage somewhere. Bankers who answered the phone (rare) were unprofessional and lacked even very basic knowledge of their job, or how banking works.
Aside from customer service issues, I had a number of other bad experiences with this bank, including unfair, unexpected fees. The final touch was when I wrote them a letter asking them to close my accounts, in a last ditch effort to squeeze money out of me, they assessed an "early closure fee" and then sent me a bill for it, since I had already transferred my money to an account with another bank.
Don't be enticed by their "high" interest rates. They aren't worth the hassle
I initially signed up for Bank of the Sierra because they were offering an incredible rate on an interest-bearing checking account. In 2009, they were advertising a very aggressive 4.29% interest. There were a number of stipulations that needed to be met to qualify to receive the interest rate monthly, and I was able to meet them, so I signed up. That's when the trouble began.
My 4% interest rate only last a few months. Shortly after moving almost all of my direct deposit, bill pay info, and savings over to this bank, they dropped the interest rate on my checking account to 2.09%. Still not bad, but disappointing considering I was looking forward to getting 4.29%.
This bank is based in Kern Valley, CA. Now, it's not their fault that they don't have any SoCal locations, but I hoped that they'd make up for physical availability through an easy online banking interface and great customer service over the phone. Nope. Calling them was like trying to get in touch with the ex girlfriend who still has that DVD you really don't want to buy another copy of. Every time I called, I felt like I was going to end up leaving a voice mail on an answering machine in somebody's garage somewhere. Bankers who answered the phone (rare) were unprofessional and lacked even very basic knowledge of their job, or how banking works.
Aside from customer service issues, I had a number of other bad experiences with this bank, including unfair, unexpected fees. The final touch was when I wrote them a letter asking them to close my accounts, in a last ditch effort to squeeze money out of me, they assessed an "early closure fee" and then sent me a bill for it, since I had already transferred my money to an account with another bank.
Don't be enticed by their "high" interest rates. They aren't worth the hassle
Product: Bank of the Sierra Checking
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