Industrial Bank of Korea reviews
Negative reviews
Michelle W.
I opened my account almost a year ago. I really wanted to support a black owned bank. Almost a year later and I'm going to have to close my account. It was a lot of minor things that started to add up & really annoy me. Their mobile check deposit never worked for me. I tried multiple times on both android & apple devices. The same check that wouldn't go thru on their app would work on my other banks mobile app. Outside of transferring money & checking your balance you can't do anything else from the app.
Their customer service hours are only M-F 9-6. If you need support on the weekend you're out of luck. I had an incident when I tried to use my card for a large purchase and it was declined although I had the money in my account. I figured out it must have been an issue with my daily spending limit. But I had to wait until Monday. Then I was told I had to go in to the bank to sign a form.
Their overdraft fees/process doesn't make sense. I always link my savings to my checking account just in case. I thought this was done with industrial. Until I had a charge that took a month to clear and when it did the money was in my savings but didn't automatically transfer over. When I called I was told (Again) that I had to go into the bank to sign a form, etc, etc. They also would not refund the overdraft fee as a courtesy. Even though I never over drew my account with them before. When I went into a branch they explained their overdraft policy is $12 per transfer & they transfer in increments of $50 so I had to give her an amount that I wanted to transfer over at a time. So if the overdraft amount was $5 but my limit was $50 they'd automatically transfer $50 whether I needed all of that or not. I bank with 3 other banks and it's never worked that way.
Basically they're far behind in technology, it can take days for items to post (for deposits or debits). I guess someone is manually doing everything & customer service can't do anything. You have to go into a branch for everything which can be inconvenient since they only have 3-4 branches in the area. Needless to say I've already began moving my money out of this account and will be closing it very soon.
Daine J.
The bank is very difficult to deal with and it's a shame because you would like to deal with a minority owned bank. They have limited number of branches in which you have to do everything in person. The staff is unattentive and usually one person working customer service. The customer telepone service is only open M-F 9 to 6. So once again you can not make any inquiries or changes until the next business day. The only reason I have not closed my account because it is minority owned and I have several other accounts with military banks
Paul W.
I tried to use this local black bank, but it didn't work out. I will say that there are some local non minority banks here in DC that are just as bad, ie Colombo Bank. Nevertheless, this bank wouldn't clear a 15k certified check that I wanted to deposit for at least 10 business days.
Secondly, they don't loan any money to blacks in the community. They only loan to well established immunity business leaders. You can find the owners on the golf course regularly surrounded by a bunch of white boys, hobnobbing it up.
De Kerneal
They denied me a loan because of late payments on an auto loan that I paid off over 18 months ago! And after getting the late payments removed from my credit file they stated that I had limited credit experience. I’ve only had two loans ever and paid both off on my car loan I did have late payments because of the hardship in my transition for active military back to civilian life. And every time I call the consumer department I always get voicemail. So much for supporting our own right!
Miriam Vishniac
I'm still waiting for them to call me back and explain why they took over $10,000 from my account without my permission or giving me a warning, meaning I now have overdraft fees. The person on the phone also seemed SHOCKED when I demanded that they return my money immediately. Apparently the online accounts manager was "in a meeting" and couldn't come to the phone. I will soon be calling them for a third time. They took over a month to even respond to me when I applied for an account, then told me that they didn't take e-signatures and I had to print everything out and sign on paper and reupload. I did none of this, since I was reconsidering moving my money to them, and they just took my money anyway.
Do not bank with them. They are unorganized, have awful customer service, take forever, and don't care at all about you or your money.
anonymous
https://smartasset.com/checking-account/industrial-bank-banking-review-14679
With a savings rate of 0.10%, Industrial Bank ranks poorly compared to the national average. Industrial Bank's one-year CD has a rate of 0.75%, while its highest-yielding money market account has a rate of 0.15%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.
Neutral reviews
anonymous
In December, Japan's Bank of Tokyo-Mitsubishi UFJ said it aimed to buy a majority stake in Indonesia's Bank Danamon, the fifth-largest lender by market capitalization in the country.
anonymous
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=5467140
Industrial Bank of Korea provides various banking products and services to individuals and corporate customers. The company operates through Retail Banking, Corporate Banking, Money Market, IB, and Others segments. The company offers retail banking products and services, such as current and savings accounts, demand deposits, and retail and mortgage loans; corporate banking products and services comprising loans, overdrafts, and other credit facilities for private and public enterprises; money market services, including foreign currency, treasury, and investment related services; and smart, telephone, and Internet banking services. Its products and services also include installment financing
anonymous
https://www.forbes.com/companies/industrial-bank-of-korea/#7d470968529f
Industrial Bank of Korea engages in the provision of banking services. It operates through the following business divisions: Corporate Banking and Retail Banking division. The Corporate Banking division provides financial services to small-and-medium-enterprise (SME) companies, loans, consulting services, job creation, import and export financing services. The Retail Banking division offers private banking and retail loans. In addition, It also offers products and services such as deposit, credit card, smart banking, telephone banking, internet banking, foreign exchange, exchange rate and foreign investment. The company was founded on August 1, 1961 and is headquartered in Seoul, South Korea.
Fees
https://smartasset.com/checking-account/industrial-bank-banking-review-14679
Industrial Bank typically has average fees compared to the average U.S. bank. Its checking account has a monthly fee of $3.00, rating it slightly worse for anyone looking for a hassle-free account. For those who withdraw money routinely, Industrial Bank is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable compared to other U.S. banks. Also, at $30.00, it has a noticeably lower overdraft fee compared to the national average. Industrial Bank refunds any incurred out-of-network ATM charges (with conditions), making withdrawing money a free and easy process.
Positive reviews
Sean B.
I have been with Industrial Bank for a few years now and it has been a good experience. The staff is friendly and professional whenever I interact with them. My family and I want to support a black owned bank and chose this financial institution.
I have read the reviews and I request that people take into consideration that this bank does not receive the same support as some of the other "popular" banks however, still provide better interest rates in comparison to major financial institutions. If Industrial Bank receives the same support as the other financial institutions, they will be able to operate at a higher level (i.e. 24 hr support, etc.).
Industrial Bank does a great job in lieu of the majority of the community that they represent and support not reciprocating the same support. I humbly suggest to have a secondary bank as a back-up plan in the event there's an issue until you feel comfortable solely relying on their services.
It wouldn't be fair for me to disregard someone's personal experience. We all have a right to express our experience good or bad. I would just suggest we keep all circumstances in mind when sharing our Industrial Bank experience.
Lakisia Hull
I moved my money last summer and I am very pleased. I have read some of the negative feedback and will say this, while they don't have all the bells and whistles that the large predatory banks do, they do have honor and excellent customer service. They strive to ensure your needs are met and it is done with a smile. So even if I have an issue, I won't be moving my money. They need Loyal customers to help them grow so that they can provide more bells and whistles. Give them a chance and don't be so quick to dismiss them.
John Barsh
Industrial bank of Washington DC is one of the few minority banks we have that's black own
Tina Smith
One of the oldest banks in DC. Love this place.
Negative reviews
Michelle W.
I opened my account almost a year ago. I really wanted to support a black owned bank. Almost a year later and I'm going to have to close my account. It was a lot of minor things that started to add up & really annoy me. Their mobile check deposit never worked for me. I tried multiple times on both android & apple devices. The same check that wouldn't go thru on their app would work on my other banks mobile app. Outside of transferring money & checking your balance you can't do anything else from the app.
Their customer service hours are only M-F 9-6. If you need support on the weekend you're out of luck. I had an incident when I tried to use my card for a large purchase and it was declined although I had the money in my account. I figured out it must have been an issue with my daily spending limit. But I had to wait until Monday. Then I was told I had to go in to the bank to sign a form.
Their overdraft fees/process doesn't make sense. I always link my savings to my checking account just in case. I thought this was done with industrial. Until I had a charge that took a month to clear and when it did the money was in my savings but didn't automatically transfer over. When I called I was told (Again) that I had to go into the bank to sign a form, etc, etc. They also would not refund the overdraft fee as a courtesy. Even though I never over drew my account with them before. When I went into a branch they explained their overdraft policy is $12 per transfer & they transfer in increments of $50 so I had to give her an amount that I wanted to transfer over at a time. So if the overdraft amount was $5 but my limit was $50 they'd automatically transfer $50 whether I needed all of that or not. I bank with 3 other banks and it's never worked that way.
Basically they're far behind in technology, it can take days for items to post (for deposits or debits). I guess someone is manually doing everything & customer service can't do anything. You have to go into a branch for everything which can be inconvenient since they only have 3-4 branches in the area. Needless to say I've already began moving my money out of this account and will be closing it very soon.
Daine J.
The bank is very difficult to deal with and it's a shame because you would like to deal with a minority owned bank. They have limited number of branches in which you have to do everything in person. The staff is unattentive and usually one person working customer service. The customer telepone service is only open M-F 9 to 6. So once again you can not make any inquiries or changes until the next business day. The only reason I have not closed my account because it is minority owned and I have several other accounts with military banks
Paul W.
I tried to use this local black bank, but it didn't work out. I will say that there are some local non minority banks here in DC that are just as bad, ie Colombo Bank. Nevertheless, this bank wouldn't clear a 15k certified check that I wanted to deposit for at least 10 business days.
Secondly, they don't loan any money to blacks in the community. They only loan to well established immunity business leaders. You can find the owners on the golf course regularly surrounded by a bunch of white boys, hobnobbing it up.
De Kerneal
They denied me a loan because of late payments on an auto loan that I paid off over 18 months ago! And after getting the late payments removed from my credit file they stated that I had limited credit experience. I’ve only had two loans ever and paid both off on my car loan I did have late payments because of the hardship in my transition for active military back to civilian life. And every time I call the consumer department I always get voicemail. So much for supporting our own right!
Miriam Vishniac
I'm still waiting for them to call me back and explain why they took over $10,000 from my account without my permission or giving me a warning, meaning I now have overdraft fees. The person on the phone also seemed SHOCKED when I demanded that they return my money immediately. Apparently the online accounts manager was "in a meeting" and couldn't come to the phone. I will soon be calling them for a third time. They took over a month to even respond to me when I applied for an account, then told me that they didn't take e-signatures and I had to print everything out and sign on paper and reupload. I did none of this, since I was reconsidering moving my money to them, and they just took my money anyway.
Do not bank with them. They are unorganized, have awful customer service, take forever, and don't care at all about you or your money.
anonymous
https://smartasset.com/checking-account/industrial-bank-banking-review-14679
With a savings rate of 0.10%, Industrial Bank ranks poorly compared to the national average. Industrial Bank's one-year CD has a rate of 0.75%, while its highest-yielding money market account has a rate of 0.15%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.
Neutral reviews
anonymous
In December, Japan's Bank of Tokyo-Mitsubishi UFJ said it aimed to buy a majority stake in Indonesia's Bank Danamon, the fifth-largest lender by market capitalization in the country.
anonymous
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=5467140
Industrial Bank of Korea provides various banking products and services to individuals and corporate customers. The company operates through Retail Banking, Corporate Banking, Money Market, IB, and Others segments. The company offers retail banking products and services, such as current and savings accounts, demand deposits, and retail and mortgage loans; corporate banking products and services comprising loans, overdrafts, and other credit facilities for private and public enterprises; money market services, including foreign currency, treasury, and investment related services; and smart, telephone, and Internet banking services. Its products and services also include installment financing
anonymous
https://www.forbes.com/companies/industrial-bank-of-korea/#7d470968529f
Industrial Bank of Korea engages in the provision of banking services. It operates through the following business divisions: Corporate Banking and Retail Banking division. The Corporate Banking division provides financial services to small-and-medium-enterprise (SME) companies, loans, consulting services, job creation, import and export financing services. The Retail Banking division offers private banking and retail loans. In addition, It also offers products and services such as deposit, credit card, smart banking, telephone banking, internet banking, foreign exchange, exchange rate and foreign investment. The company was founded on August 1, 1961 and is headquartered in Seoul, South Korea.
Fees
https://smartasset.com/checking-account/industrial-bank-banking-review-14679
Industrial Bank typically has average fees compared to the average U.S. bank. Its checking account has a monthly fee of $3.00, rating it slightly worse for anyone looking for a hassle-free account. For those who withdraw money routinely, Industrial Bank is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable compared to other U.S. banks. Also, at $30.00, it has a noticeably lower overdraft fee compared to the national average. Industrial Bank refunds any incurred out-of-network ATM charges (with conditions), making withdrawing money a free and easy process.
Positive reviews
Sean B.
I have been with Industrial Bank for a few years now and it has been a good experience. The staff is friendly and professional whenever I interact with them. My family and I want to support a black owned bank and chose this financial institution.
I have read the reviews and I request that people take into consideration that this bank does not receive the same support as some of the other "popular" banks however, still provide better interest rates in comparison to major financial institutions. If Industrial Bank receives the same support as the other financial institutions, they will be able to operate at a higher level (i.e. 24 hr support, etc.).
Industrial Bank does a great job in lieu of the majority of the community that they represent and support not reciprocating the same support. I humbly suggest to have a secondary bank as a back-up plan in the event there's an issue until you feel comfortable solely relying on their services.
It wouldn't be fair for me to disregard someone's personal experience. We all have a right to express our experience good or bad. I would just suggest we keep all circumstances in mind when sharing our Industrial Bank experience.
Lakisia Hull
I moved my money last summer and I am very pleased. I have read some of the negative feedback and will say this, while they don't have all the bells and whistles that the large predatory banks do, they do have honor and excellent customer service. They strive to ensure your needs are met and it is done with a smile. So even if I have an issue, I won't be moving my money. They need Loyal customers to help them grow so that they can provide more bells and whistles. Give them a chance and don't be so quick to dismiss them.
John Barsh
Industrial bank of Washington DC is one of the few minority banks we have that's black own
Tina Smith
One of the oldest banks in DC. Love this place.