Live Oak Bank 4+

I appreciate being able to use mobile deposit with an online bank; however, I’ve had to completely delete the app and reload for the deposit process not to get stuck. I opened a business account purely to deposit business checks so it does get annoying.

I have been a customer of Live Oak bank for a long time. They have had competitive interest rates and continue to do so. However, this is the only reason I continue to use them. I have the same issues that many people have reported here – having to enter my password when I have enabled face recognition login, getting locked out, and most importantly, the inability to deposit anything using their deposit feature. I have called and spoken to the bank many many months ago and they still have not fixed this feature. So the only way I’m able to deposit money into the account is by transferring it from another bank. They have said that they were going to fix it but no actions. The bank works as a place to earn interest but nothing more and support for their application is nonexistent.

I have a sizable c corp ($4MM annual revenue).

I routed about 16k of merchant deposits to their “acclaimed” small business savings.

Was locked, i didn’t worry about it for about 2 years until i remembered that i had money with them.

I sent them account closure forms (photo ID included along with legal jargon my general counsel ensured was proper and binding - requiring they close my account and send me a check for my balance within 30 days of receiving the account closure form)

Mailed certified, they received it, 30 days passes, 60, literally a full calendar year later I began more aggressively pursuing the matter.

They then tell me, they have returned the funds (2+ years after having received them) to the sender. And for me to check the sending account.

Those were merchant deposits, for sales made and products delivered from 2+ years ago. So they returned it ultimately to the merchant bank, aka Wells Fargo. Literally, they made me jump through infinite hoops just to give away my money. So, I’m short the 16k of product sales, as they so generously decided to give away their client’s money.

Be careful folks. At live oak bank, please do correct me if I’m wrong, but I’m not, so I doubt you guys will have anything to say as you guys epitomize the gutter of the US banking system.