As featured in The Wall Street Journal, Money Magazine, and more!

GE Capital Bank Online Savings Account: I Was Declined

This article was written by in Banking. 102 comments.

This article started as a regular review of an online savings account. I’ve written many of these for Consumerism Commentary over the years, and I’ve always followed a similar process: I open a new account in my own name, naturally, I link the account to an existing account of mine, I transfer money into the account, and I use the account for some time. Throughout the process, I keep track of my experience and share the results with Consumerism Commentary readers.

My latest attempt with this process ended much differently than I would have anticipated, and therefore, this isn’t the review of GE Capital Bank I intended to write.

Banking Deal: Earn 1.20% APY on an FDIC-insured savings account at Barclays.

GE Capital Bank was brought to my attention with their 0.90% APY online savings account with no minimum deposit. This rate is right up there with competitive online savings accounts. GE Capital Bank shouldn’t be confused with GE Capital Retail Bank, despite both being branches of GE Capital Corporation, a division of General Electric Company, despite both being banks offering retail banking products like deposit accounts, and despite both being based in Utah.

GE Capital Retail Bank recently acquired the deposits of MetLife Bank and is formerly known as GE Money Bank.

The process began normally, similar to how I’ve opened accounts for all banks that I’ve reviewed. I visited GE Capital Bank’s website and clicked on the link on the top right of the screen to open a new account. I provided my name and email address on the first screen. After submitting that basic information, there was an option to choose an individual or a joint account. I chose individual, as I have done every time I’ve opened an account.

If the option were presented to me, I might have chosen to open a trust account rather than an individual account. After meeting with an estate planning attorney earlier this year, I’ve created a revocable living trust that includes all my assets. It’s not important for every small account to be situated within the trust, especially bank accounts I open for the purpose of writing reviews. There’s usually an option to set a “payable on death” beneficiary on savings account, but regardless, I intend to leave not much money in these accounts.

I like how GE Capital Bank asks only one question per page during this part of the process rather than presenting visitors with a long form to complete. The next piece of information the bank requested was the type of account or accounts I’d like to open. You can open up to five each of online savings, regular certificates of deposit, or 30-month certificates of deposit. I like having this option up front.

After choosing just one online savings account, the next screen prompted me for my Social Security number, phone number, secret word, a hint for the secret word, and a four-digit PIN to be used for telephone banking. I provided my information accurately. GE Capital Bank provided the option to set a beneficiary for the account during the set-up process, but I chose to assign that information later.

Next, GE Capital Bank asked for my initial deposit amount. There’s no minimum balance, either initial deposit or ongoing, for this account, so I chose $100, which I intended to transfer from my primary Wells Fargo checking account. I expected that before the process would have been complete, I would provide the routing number for Wells Fargo and my account number to link the accounts and transfer my opening balance.

After electronically “signing” the disclosures and agreements, I wasn’t able to get much further. The system took a few seconds during which the website informed me it was processing my application, but before I could open up a new browser window to check my email, I was greeted by an ominous warning. My application was “unable to be processed at this time.”

A few seconds later, an email arrived in my inbox. The subject was “Important information is attached,” the kind of generic subject one might easily mistake for spam. But within this email was a customer service phone number and a PDF attachment. The attachment read as follows:

Thank you for your recent application to open a GE Capital Bank Online Savings account(s). We regret to inform you that, after reviewing your application, we must decline it and will not be able to open your account. We apologize for any inconvenience this causes, and appreciate you considering us for your savings needs.

GE Capital Bank Customer Service

Since the letter came from GE Capital Bank Customer Service and the email provided the phone number for the same customer service offering answers to questions and further assistance, I called the phone number listed, 1-855-730-SAVE (7283). I was on hold for a short time, then spoke to the customer service representative who could offer no additional information pertaining to my rejection, and explained that no one else would be able to have that information.

The timing of this rejection is interesting. Because I ordered my Chex Systems report only a week before opening this account, I know that my report is completely clear, with no negative marks. I check my credit scores frequently and there’s been no change; my score is as high as it’s ever been. I haven’t looked at my credit report in the last few months, but I don’t expect that to be the source of the rejection.

So I’m left with a mystery. Why would GE Capital Bank decline my application for an online savings account? It’s a good thing I handle rejection well. There are more than enough banks that do seem to want my business. But my curiosity makes the situation frustrating.

Here are some of the possibilities I can come up with; maybe readers have additional thoughts.

  • Perhaps I entered a mistake on the application, like a misspelled address or an incorrect digit in my Social Security number.
  • Maybe I have too many savings accounts open across too many banks — but this information is not included on my Chex Systems report, so how would GE Capital Bank know?
  • Maybe I’ve closed too many savings accounts recently. I’ve been going through the process of simplifying my finances, closing many of the accounts I’ve opened solely for the purpose of writing in-depth reviews. Again, Chex Systems does not report this.

GE Capital Bank’s competitive APY for online savings is appealing, but I’ve gone as far as I can go with this bank. Because my application was rejected, and regardless of the reason (to which I will never be privy), I cannot re-apply at any time in the future. If you decide to apply for an account, feel free to share your experiences.

If my description turned you off and you are looking for a new savings account, there are other choices to consider. In terms of rates, Barclays Bank is currently offering the same rate as GE Capital Bank. Another popular choice is Ally Bank whose rate is sightly lower but many customers report being happy with their customer service.

Update: Be sure to read the comments from readers below. This is not an isolated incident; many people who have had no problems opening deposit accounts elsewhere are being declined by GE Capital Bank, and the bank is not offering these potential customers adequate reasons for the rejections. If you do want to learn more about GE Capital Bank’s offer, read this information.

Photo: Flickr/jkfid

Updated September 23, 2015 and originally published August 16, 2013.

Email Email Print Print
About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 102 comments… read them below or add one }

avatar 1 Anonymous

My gut tells me you’ve been churning too many accounts.

Banks ALWAYS know.

Reply to this comment

avatar 2 Anonymous

Same thing happened to me this week. I tried applying for an online savings account earlier in the week and was rejected. Given the fact I have a decent sense of self doubt I thought to myself, Maybe I typed something incorrectly. So I decided to apply a 2nd time. No big deal. After being rejected the 2nd time I figured I would call customer service. After explaining to them that all my information was 100% accurate and also truthful. I even offered to fax over any personal documentation, As I respected the fact they need to be aware of scam artists and things like that. Long story Short, The woman I spoke with seem ENTIRELY disinterested in trying to get to the bottom of my situation and also gave me reason to believe she wasn’t being fair or even honest. Definite red flag. I will never work with this bank ever again.

Reply to this comment

avatar 3 Anonymous

They are going out of business in this aspect being sold.

Reply to this comment

avatar 4 Anonymous

The common thread on the banks mentioned that take all our private information on the application for a savings account (as if it were a loan being applyed for!), keep the information, and then reject the application—or forward you to a partner bank paying below the advertised interest rate—appears to be an organization called “Andera” out of Providence RI that makes the application software sold to the banks being complained about….and thus also receives and shares the massive personal information we provide.

Echoing Luke, David, Lilly, Tammy and the rest, the same thing happened this month with another Andera partner, UFB Direct of California, advertising a top interest high yield savings account, with the same online account application by Andera (the skinny type-in boxes are an immediate giveaway, and the Andera name usually comes up during the app process). After I ignorantly provided way too much private ID information which can be used for all manner of unscrupulous purposes, UFB comes back with the same message Luke describes getting from GE Capital/Synchronicity….denying my savings account application for unexplained reasons, but telling me that a partner bank will be happy to take my money! (Of course, paying way less interest).

There seems to be absolutely zero reguation of the savings account application process, or of Andera. Depositors are merely opening a savings account, not applying for a loan. But the Andera partners exert power by being able to give applicants a red flag and even bad credit mark by rejecting–without grounds given–the application for a savings account. The scamming application routine allows for basic bait and switch on promised savings account interest, and, probably worst of all, the unknown use of all the ID information provided by innocent would-be depositors.

From what every commenter on here with the same bank misconduct story has reported, depositors should be advised to protect themselves and stop the application once the Andera name comes up, and move to another bank…since that’s the thread central to the security breach whereby depositors give a ton of personal information in good faith, only to have their “application” to deposit money rejected.

Question now is, how do we track what Andera (or any partner) is doing with all of Luke’s, David’s, Lilly’s and my personal information extracted during the app process — on applications made in good faith by pending depositors?

Reply to this comment

avatar 5 Anonymous

I was curious about your reply to this situation, so I looked up Andera’s privacy policy.

Here is what I found:

“We collect information from consumers that apply for a deposit account or a loan on our Andera SaaS applications”

“We do not sell, trade, or otherwise transfer consumer personally identifiable information to outside parties.”

So far so good, but…

“This does not include trusted third parties who assist us in operating our website, conducting our business, or servicing the consumer, so long as those parties agree to keep this information confidential.”

“In order for us to conduct the business, we may disclose all of the information we collect…to companies that perform other services on our behalf.”

These terms could potentially by interpreted very broadly. For instance, they’re asking us to consider the difference between “outside parties” and “third parties.” (Qualifying those third parties by saying they are “trusted” is not very reassuring.) They are also telling us very clearly that they will share information with third parties when “conducting [their] business,” which does nothing to limit their use and/or distribution of information volunteered by unsuspecting consumers. After all, what counts as “conducting [their] business” and what doesn’t?

In addition, “non-personally identifiable visitor information may be provided to
other parties for marketing, advertising, or other uses.” In other words, they can “provide” [sell?] “non-personally identifying visitor information” for any purpose (“other uses.”) That is to say that any information you provide, with perhaps the exceptions of your Social Security number, could be sold to “other parties.” That information could potentially include everything else you include on your application, such as your street address, email address, the name of the bank you currently use, your occupation, your phone number, your browsing history if the the site through which you are applying has cookies enabled, your physical location if you are applying over the phone, information about the device you are using–it’s a fairly inclusive list of saleable information.

As to whether the experience described in this article is an indication that this bank is simply data mining, I don’t know. If you are looking to avoid Andera, however, I have bad news. Andera reported that they had over 200 client banks using their services–in 2008! Based on their website, their client list is growing. They claim to be “trusted by 500+ banks and credit unions” as of this writing (Spring 2016).

Andera is also partnered with FIS, “named the number one overall financial technology provider in the world by American Banker and Financial Insights.” FIS offers a program called “FIS eAccess,” or “eFunds,” which provides “ChexSystems eXpress Accounts.” ChexSystems, in turn, “delivers eFunds’ best-in-class account opening decision technologies through Andera’s industry-leading online platform and integration expertise to provide financial institutions with the most robust, cutting-edge on-line account opening solution available in the market today.”

Again, I cannot claim to know what Andera can or does use the information it gathers for, nor can I claim to know whether the experiences described here are related to unscrupulous business practices. However, it does appear at least possible that the “cutting-edge on-line account opening solution,” which Andera has partnered with FIS to provide to GE Capital Bank might be contributing to a problem for consumers looking to open “on-line” accounts.

Reply to this comment

avatar 6 Anonymous

Isn’t there a law that they have to tell you the reason? Or maybe I’m just getting confused about the law that you are entitled to a free credit report if you get denied based on a credit report.

Reply to this comment

avatar 7 Anonymous

They recognized your name as a consumer writer. If you had a problem you could potential tell millions of visitors, maybe it goes viral.

You are now a force to be reckoned with.

*Million, might be just thousand, maybe hundreds even. But in a somewhat paranoid sense I bet this did happen.


Reply to this comment

avatar 8 Anonymous

I work at a credit union and there is no way for us to know if you too many accounts. The only way you won’t be able to open a savings with us is if you have a chexsystems record. There’s no law stating that they have to tell you the reason, but there has to be a reason why. I would get a manager on the phone to see why your application was rejected. I would also try to see if they can make an exception to open the account for you.

Reply to this comment

avatar 9 Ceecee

Ouch, that seems very weird. I only know one person who was denied an online savings account and he had a history of overdrawing his checking account. I would think that they would have to supply a reason, but maybe that’s too logical. I don’t think I’ll be trying to get an account there.

Reply to this comment

avatar 10 Anonymous

It sounds like they know you’re a self-employed writer, that you have a pretty large website with a high page rank, and that you publish reviews of financial institutions. Many organizations allow communication with journalists only through or strictly controlled by their PR people. They may not want to let you test their service unsupervised.

Since a rejection like this could (uhm, I imagine…) affect your credit rating, I’d do exactly what Dawn suggests: try to get ahold of a manager.

Reply to this comment

avatar 11 Anonymous

It all depends on what’s on Lukie’s credit report for employment info. imho, the fact that Lukie got declined and posted this may already done PR damage to GE Captial Bank online savings.

Reply to this comment

avatar 12 Luke Landes

Thanks for the feedback everyone. I’m not sure if I have my answer yet… I’m going to check the Truth in Lending Act and related laws to determine whether the bank must legally provide an explanation, but either way, I’ll contact them again to follow up. CSR said no one else would be able to tell me anything, but who knows. I shouldn’t just let the bank off the hook.

I appreciate the words of encouragement, but I don’t think my name or SSN flagged me as a consumer-focused writer who occasionally takes banks to task. If that’s the case, you would think declining me would be the wrong thing to do. It would be neat if that were the reason, though.

Reply to this comment

avatar 13 Anonymous

I had exactly the same issue and never been denied and have perfect credit? I would love to find out why they rejected me.

Reply to this comment

avatar 14 Anonymous

Same for me. Stellar credit rating, no mortgage, no credit card debt. Declined twice for reasons they will not provide. I suggest using CIT which was simple and successful and offers competitive rates. I will never use GE Capital Bank. David

Reply to this comment

avatar 15 Anonymous

I just had the same experience today. It’s mind boggling.
Ill take my business elsewhere. Thanks for other suggestions.

Reply to this comment

avatar 16 Anonymous

This exact thing just happened to me, my wife and my son. I have absolutely no credit owed, no mortgage, make a great salary. I actually called my local bank and they said to ask for the “Adverse Action Letter”. I can’t believe they do not have to tell you why. I actually went to see my Federal Senator in Illinois and they are looking into this. I am totally confused why I got denied. I have never closed out of a CD early. Are you trying to find out why you were denied. At this point I don’t care about me because I will never have the need to take out a loan. I am concerned for my son. I don’t understand why I would get denied to PUT money into their bank. I am not asking for a loan. Good luck because I am trying hard to find the answer. I thought at first the reason I got denied had to do with the Patriot Act but after reading your story I am not sure. Thanks

Reply to this comment

avatar 17 Anonymous

I got rejected at one time by Everbank…..because I was dead. Well, My Dad and I have (had) the same name, except for a middle name, and he HAD passed away a year earlier. Experian had confused us in their incompetent bureaucracy and Everbank couldn’t be bothered to do the small amount of detective work necessary to confirm I was NOT dead. SO, I’ve always recommended to people to stay FAR AWAY from both Everbank and Experian.

Reply to this comment

avatar 18 Anonymous

I’m glad to know you are not really dead!

Reply to this comment

avatar 19 Anonymous

My money is on your first hunch being right; it’s either a data entry error on your part, or perhaps even some goofy glitch/ error on their end. The refusal to explain reason for the rejection is a huge red flag to me.

Reply to this comment

avatar 20 Anonymous

That is too bad that they can’t even give you more information about why it got rejected… that seems strange… Do let us know if you are able to find out more, it would be interesting to hear their reasoning.

But I will echo my vote that the most likely explanation seems to be some type of data entry error somewhere along the line…

Reply to this comment

avatar 21 Anonymous

Like crashdamage says, though, their refusal to explain is a major danger
signal. I wouldn’t even consider this account now….

Reply to this comment

avatar 22 Anonymous

call me paranoid. but if the government is scanning emails, do you believe the banks are not doing something similar? They now are targeting very specific consumers. If I can find out where kids I went to college/high school/grade school are now, you don’t think they do the same thing? I am telling you they popped your name into a google algorithm and you aren’t getting the offer because of what is on the web.

Reply to this comment

avatar 23 Anonymous

Oh wow Luke, I bet that when GE sent that declined letter they didn’t expect you to blog about it on your super popular website. This is what I love about blogging – it’s always the raw truth! Great post. I bank with TD and I really like them – no fees and really really great service.

Have a good weekend.

Reply to this comment

avatar 24 Anonymous

I just had the same experience today and that’s a first so I called my realtor since I had recently ssold my house and thought that may have something to do with it. but it may be that were self employed. no one wants to lend to self employed. you cannot refinance if you are self employed.
I don’t have a bunch of accounts either. just a MMA and bank checking. debt free too.
it kind of hurt my feelings
my realtor said they open a credit card along with the savings account and if they see that you won’t be making them money, they don’t want you. basically it’s a good sign, Luke that we were turned down. at least that’s what I’m told.I pay my bills. Dave Ramsey says credit scores don’t matter as much now.

Reply to this comment

avatar 25 Anonymous

Hello, Luke. I was wondering why there is an advertorial on your site advertising a 12 mo. 5.5 % rate from ‘’ and an ad for a 5.75 12 mo. rate from someone called ‘’. Both ads seem to come from someone called AdChoices, a notorious supplier of advertorials. This is hard to believe….if you can substantiate this, I’ll apologize profusely, but I think you are carrying a couple of scams on your site, and this is not what I read a finance blog for.

Reply to this comment

avatar 26 Luke Landes

Hi Harm,

Any ads you see are provided by Google / AdSense. I don’t have any control over the ads and these days I’m just the editor of the site. Google uses contextual clues and past browsing history to determine which ads to show. If you log in (and create an account if necessary) using the link at the top of the page, you won’t see any AdSense ads. Hope that helps… sorry you saw an ad you didn’t like.

Reply to this comment

avatar 27 Anonymous

Get AdBlock. It’s free and it works!

Reply to this comment

avatar 28 Anonymous

I received the same rejection letter and I’m furious. I have wonderful credit, no criminal record, I’ve been employed by the same company for 25 years making a 6 digit income. I wanted to make alarge deposit and I was rejected!
I called the number they provided in my rejection letter and I was told, “we don’t know why you were rejected.”
I will be certain not to do any business with GE Captial or purchase a GE product.

Reply to this comment

avatar 29 Anonymous

I wonder if the bank is offering a good interest rate and “no minimum deposit” but screening out people who self-report that they’re not going to put very much money in their accounts through these rejections. At a certain dollar amount, I imagine it would not be worth it for a bank to create and maintain your account. $100 might be low enough for this, I don’t know. Is this the same amount you used to open other bank accounts?

Reply to this comment

avatar 30 Luke Landes

That’s a good question, Luis. If that’s the case, they’re not being very forthcoming with their minimum initial deposit amount. I generally open new accounts to review with $100, and if I like the account, I might transfer more later. Small potatoes for a big bank.

Reply to this comment

avatar 31 Anonymous

My initial deposit was to be $62,000 and they rejected me as well. I will never, ever, do business with this bank again. There is nothing wrong with my ChexSystems or my credit report, and their refusal to explain their reasoning is incredibly shady.

Reply to this comment

avatar 32 Anonymous

I opened my account with only fifty dollars. I have since transferred $15,000 due to the great interest rates, fast responsiveness on the phone, and direct bidirectional link between all of my USAA accounts I have had for years. As each CD at USAA matures, I am having it deposited directly into my GE Capital Savings Account before repurchasing CDs at much better rates for the same terms.

Reply to this comment

avatar 33 Anonymous

Exact same thing happened to me. I thought maybe I tried to deposit to much into my account and actually tried to open two. One was for my child for future college. Anyway my point is that I was just trying to gain a few extra bucks from the higher interest rate offered by GE. Then I thought to myself, hmmm I opened my Dollar Savings Emigrant account 8 years ago and have never had to call them for any reason at all. I’ve decided to not be so greedy and continue using Emigrant. They’re a great online bank and never have I had any kind of problem. Thank you Emigrant and the shady ones like GE Capital I will stay away from and advise you to stay away also. Money is nice but not always worth the headache for the extra pennies! Oh and by the way my deposits would have totaled over 140K so it isn’t because the deposits are to small.

Reply to this comment

avatar 34 Anonymous

On 9/17/13 I attempted to open 3 cd accounts (so I could make a ladder) with this bank and my results were the same. They were unable to process my request and I received a email on the 19th stating my app was declined with no reason. I called number supplied in email and they could not tell me why I was declined and that I would receive a letter telling me why I was declined. I was trying to put cash money in this bank and to have cd’s declined was unbelieveble.

Reply to this comment

avatar 35 Anonymous

Sorry to hear that. I went to Barclays and opened an account without a problem. The interest rate is slightly lower, but they were happy to take my money. I think GE is just doing this as a ploy to get personal information.

Reply to this comment

avatar 36 Anonymous

I agree with you….PLOY to get PERSONAL INFORMATION!!! They should merge with Facebook!

Reply to this comment

avatar 37 Anonymous

Luke, what do you make of all these comments? Is there a way we can find out if they are selling our personal information? Something doesn’t add up. Suggestions would be greatly appreciated.

Reply to this comment

avatar 38 Luke Landes

I doubt they’re collecting and selling personal information. It must boil down to a business decision to advertise high interest rates and just not offer the accounts to many customers. Maybe they’ve filled their capital requirements and are closing the accounts to new customers without officially declaring the accounts closed.

Unfortunately, the Fair Credit Reporting Act, which forces companies that deny credit to customers to explain why, doesn’t apply to deposits. Some complaints to the CFPB and the BBB may be worthwhile, and if it’s a universal problem with GE Capital, and it may be judging by the responses here, we can hope the regulators will look into the issue. And in the meantime, let people know about the experiences you’re having. If it’s a big problem, it will gain traction, and the company will be forced to respond.

As I pointed out — I contacted GE Capital Bank personally when I was declined, with no sufficient response. At least one person at GE Capital is aware of this article, but has not contacted me through this site. They do not appear to be interested in their customers, at least from my experience. I wouldn’t want an account now, anyway, but the least they might want to do is respond to the issue in a public forum.

Reply to this comment

avatar 39 Anonymous

I previously had called GE Cap with some questions and the rep tried to sign me up while on the phone with him. I told him I wanted to think about it. He said OK. Have you tried to signup over the phone? Maybe then they would indicate why you were being rejected.

Reply to this comment

avatar 40 Anonymous

After reading the review and the comments here, I was a bit apprehensived about opening an account. But I just open one with no problems with $200. Way easier than other banks I have with. Maybe GE screens out the self employed. In the work section, I chose professional with no problems. my 2cents.

Reply to this comment

avatar 41 Anonymous

I also selected professional and opened for fifty dollars without issues. I also make six figures and appreciate any opportunity to make more through better interest rates. As a long time, loyal member of USAA Savings Bank as a veteran, this is the first time I have moved my money for better return.

Reply to this comment

avatar 42 Anonymous

I signed up with GE earlier this week, and had no trouble with it. I created a joint savings account for my wife and I, and today I initiated our first transfer, with no problems. I am self employed, so that doesn’t seem to be the issue.

I don’t really understand some of the comments on here. Even if you were declined, why would you be “furious” or angry in any way? It’s not as if someone personally looked at you and said, “Nope! Don’t like that one!” It is obviously an automated system with specific criteria for the accounts, and for some reason you didn’t match their criteria. Just move on to a different bank and think nothing else of it. If they were the only bank in the world, maybe there would be a reason to be “furious”, but there are many many options and there is no reason to be angry or to feel slighted.

Too many angry people in this world.

Reply to this comment

avatar 43 Anonymous

You are absolutely right, except they made me spin for weeks before decline me like twice… They told me everything was good twice before. I am angry because they have absolute no idea what the F#*@ they doing. I wish they stop making people make several phone calls and waste our time. If it was mentioned in their criteria that they consider credit score for whatever stupid reason, I would not have as pissed.. Just my opinion…

Reply to this comment

avatar 44 Anonymous

I don’t agree with you at all Adam. I was denied and all I want to know is the reason. It makes no sense that the bank wont take my money. I am concerned that they mentioned the Patriot Act.

Reply to this comment

avatar 45 Anonymous

I also received the same letter, I have great credit and banking history so this is a mystery, no big deal I don’t care much but curious for the reason. Why would a bank offer a high interest rate and then decline to take money, its kind of a mystery. But its for the best if they are that weird I’m glad I don’t have an account with them.

Reply to this comment

avatar 46 Anonymous

My thoughts: I have had an ING direct (Capital 360) account for years and a brick and mortar account for 60 plus years. I tried to open an account recently at Ally and then at Flagstar. I was turned down much like you describe your attempt at GE etc. I have perfect credit scores (all my life) and I got a copy of ChexSystems report – perfect. I could not get anyone to explain why I was rejected. I have decided Patriot Act. I owned a condo in Montevideo and opened a local bank account. I sold the condo Feb. 2013 and wired all the money home (closing the Banco Santander account). I am guessing that suddenly I am sending ca. $300,000.00 to the USA. I have reported annually to the Treasury Department and the IRS my modest bank account in Montevideo. Modest until the sale. I am assuming something triggered this and I do not like it. I can get no answers where ever I turn.

Reply to this comment

avatar 47 Anonymous

I am shocked considering all the reviews here. I just signed up for an account. My credit is not great (upper 600’s lower 700’s) and I opened the account with only a $25 deposit as I am creating the account to automatically have part of my pay deposited into it. I did put my husband on as joint though. I’m wondering if b/c I have a Wal-Mart and Lowe’s Card (which are funded through GE Bank) if that is why I was able to get an account. Just a thought.

Reply to this comment

avatar 48 Anonymous

The reason is potentially because GE uses a different algorithm to analyze credit score. It takes a wider range of variables. This is why you’ll sometimes see a score on a different scale.

Reply to this comment

avatar 49 Anonymous

Got the same decline letter. Call customer service who couldn’t/wouldn’t tell me he reason why. WTF! I consider this their loss because I was going to put hundreds of thousands of dollars into this account. I’m surprise that for the size of the institution they’d treat customers like this. Don’t waste your time.

Reply to this comment

avatar 50 Anonymous

Same here Dollar, except now they have me very ticked off and I am dealing with my Senator. I cant believe they won’t tell you the reason and better yet how is it legal. My local bank said to ask for the Adverse Letter Notice. I have thousands and thousands of dollars for deposit. Better yet I own thousands of shares of GE and am thinking how they can turn down so much business.

Reply to this comment

avatar 51 Anonymous

Hello, From what I’m reading it appears many of you were going to place a considerable amount of money into these accounts. If not immediately then in the near future. With high interest rates they would be paying you a lot of money over time. Yet the people who opened up accounts without any problems did so with less ?? The banks are in it for the profit. Who might incur the most fees may be the ones they accept. It is just a thought . It still doesn’t explain why they turned Luke down, as he was opening the account with a smaller amount. I tend to agree with Patty and others, it’s because of the type of writing he does. Yes he is upset they turned him down and wrote about it, ( Thank you Luke) however they are looking at damage control. A little now verses maybe ALOT LATER?

Reply to this comment

avatar 52 Anonymous

I was just declined today due to poor credit score. I am opening a Saving Account and what’s my credit score has anything to do with this? Please fill me in if I am missing something… :(

Reply to this comment

avatar 53 Anonymous

This is an online MM account. They give higher interest than regular checking because they expect and anticipate the deposit to stay longer in the account. This gives them greater stability over investing deposits and earning money to pay you the higher interest. Their possible reasoning of using credit scores could be, a lower credit score person would be someone who needs to tap his/her savings more often than a higher credit score person and hence a greater risk.

Reply to this comment

avatar 54 Anonymous

Initially I called GE Capital and set up the acct over the phone. I was skeptical about the bank being legit. I told them the amount I’d be transferring and just had to finish the online process after they sent me an email. After reading your article I started only by transferring $100, a substantially less amt than I stated over the phone. I’m ambivalent about anything as I have a lot to lose. The email I received stated they would automatically transfer the amt I stated after i linked my acct to theirs, but that didn’t happen which I am now glad about.

Reply to this comment

avatar 55 Anonymous

I just opened a GE Capital Bank online savings and they DOUBLE TRANSFERRED my initial deposit amounts… Now, they say I have to just wait for them to post at my bank (Wells F), which will overdraft my account hugely. THEN I can fix the mess by sending GE Cap any overdraft charges/fees. The GE Cap online web instructions are so poor that sadly the customer rep said that I am not the only one who has had this same problem… Be sure if you use this company, remember that when you open the account you promise a certain amount of deposit. Then, once it happens after four days, you get another message asking how much you want in each account. Well, you already gave that info once, and if you enter that amount again (they give you no warning), it will double transfer from your bank to GE Cap. What a mess!

Reply to this comment

avatar 56 Anonymous

Just opened a CD last week with GE and the same thing happened. Initially the website will give you the option of putting in the amount you want to open up the CD with and then a second option comes up for you to put in the amount again, without any warning from their website that if you put in the amount again, you will incur a double transfer. Because I this I incurred overdraft fees from my local bank ( SunTrust). If this has happened to several customers, why have GE not taken the time to fix this. I am being given the run around, but someone has to refund my money. I wish I read the reviews first, I would have opened up the cd with another company.

Reply to this comment

avatar 57 Anonymous

This is not how it works at GE Capital. I transfer funds between GE Capital and USAA Savings Bank frequently. I have changed the transfer amount before while pending and cancelled pending transfers using the internet and the click of a mouse from the GE Capital end of the transactions.

Reply to this comment

avatar 58 Anonymous

I was also rejected with no reason given. I have excellent credit. Kind of shocking that they reject for a savings account. It’s not like this is a mortgage I’m applying for.

Reply to this comment

avatar 59 Anonymous

I’m confused also, GE opened my account and made two small deposits into my external account. A few days after I verified the deposits, I received an email stating that they closed my account. I’m baffled! I don’t have a history of over drafting. I just ordered my Chex report to see if there is anything I need to dispute.

Reply to this comment

avatar 60 Anonymous

I have been declined also credit score in 700 never been declined before, not angry just curious. Read all post which people are trying to make sense of why. Went to barclays for the same interest rate, just trying to make the most of savings, I suppose thats why they offer higher interest. My guess is they reject half of their applications for no specific reason because they are not in need of the extra money. But to me its bad customer relations because for me I would not deal with this bank and there are many other banks that don’t waste your time. These decisions by the owners or managers I believe are not good and they will not have my support now or in the future.

Reply to this comment

avatar 61 Anonymous

As I walked into the Kawasaki dealer, I was excited. This was to be my new transportation and a fun one at that. We went through the paperwork and all was going well until I was hit with a crazy high interest rate from the bank. My credit is very good and the rate should have been much lower. But, I was stuck. GE was the only one the dealer would use. After eating my discontent I got my motorcycle. Since then I realized the appalling mistake I made. GE is the only bank I know of to not allow any online services for loans. I mean none what so ever. To setup auto pay you have to go to your bank and try to get them to put all your information on paper with their letterhead or GE will not take it. You can call in your payments, but they hit you with a large fee. If you send a payment but it gets delayed in the mailing they hit you instantly with a fee almost a quarter of your payment then they call you early in the morning to say well that’s on you. I checked with another bank to buy the loan out and switch to them, my interest will be a quarter of what GE is using to rip me off. Never, ever use this company. They are money hungry and create the worst possible customer experience.

Reply to this comment

avatar 62 Anonymous

GE Capital Bank does not offer or service loans. This online banking only offers CDs and savings account options.

Reply to this comment

avatar 63 Anonymous

Same thing for me. A rejection letter without further explanation. It’s wrong of course to have the nice web-page come-on to encourage people to sign up but not put on that page a warning that the person who wants to give them money may be rejected without explanation. Hey, if they don’t want or need my money I’m fine with that and also telling this story to my family and friends every time the subject of banking or credit comes up. This may not hurt the part of GE that doesn’t want my money, but in some small way it will hurt GE the brand. Their problem, not mine. For the savings and CD I was planning to open ($5,000 to start) I’m off to Ally or others.

Reply to this comment

avatar 64 Anonymous

You were lucky, I would not do business with GE Capital Retail Bank again. I found them to be dishonest and totally unhelpful. Do business with them at your peril.

Reply to this comment

avatar 65 Anonymous

GE Capital Retail Bank is different than GE Capital Bank and seem to get mixed up a lot in online reviews. My only experience is with GE Capital Bank and I have been nothing but impressed!

Reply to this comment

avatar 66 Anonymous

**** READ THIS **** Contact Customer Service if you were “REJECTED”

I highly encourage anyone who was “rejected” to contact customer service!! I went through the same experience but to me it appears to all be related to “technical issues”. My application was accepted without a problem when I resubmitted it. I hope they get them resolved. My experience was not without frustrations, but I don’t believe they deserve all the bad press they seem to be getting. Here is my review I left on another website today:

[Ed. note: Text copied and pasted from another website deleted. All comments need to be original.]

Reply to this comment

avatar 67 Anonymous

I was not rejected but wish I had been. I can tell you that actually HAVING an account with GE Capital Bank is worse than being rejected by them. I opened an account at GE Capital Bank about three weeks ago and have had the WORST experience I have ever had with any bank. Customer service is useless — I have already had to call them at least 5 times and every time I have gotten a different answer, with pretty much every answer being wrong. I deposited over $20k a week and a half ago. They held the check for five days (understandable and expected) but then when I tried to withdraw some of it, they wouldn’t let me have it until they “verified the funds” that I had deposited. That’s what the five day hold was for, right? Oh but this was a “different” type of verification. I guess they last thing they expect is for their customers to actually take money OUT of an account. Anyway, I still cannot access my money, they are giving me the runaround, but as soon as I get access to it I will be withdrawing it and depositing it into my already-opened Ally Bank account. I will never deal with GE Capital Bank again and would NOT recommend using them. I was swayed by their “high” interest rate but I would rather get 0% interest than deal with them at this point.

Reply to this comment

avatar 68 Anonymous

Richard, I had a similar experience and understand how you felt. I had some difficulty opening my account (see posting above) in late November 2013. And I also ran into some frustration for the length of time it took to “verify” my bank accounts. (I did not mail a check like you did for deposit but I had to wait almost two weeks from the time I initially applied online until my other bank accounts were ‘verified’ and I could make an electronic deposit into GE Capital Bank!) I have made other deposits and withdrawals since then, and they seem to have gone smoother. However, they are *NOT* instantaneous. You need to allow a few days for it to be processed on one or both ends between the banks. (Sometimes, the delay might be from your own bank. I just made a withdrawal on Friday of $5,000 and GE Capital Bank processed it the same day. However, the funds didn’t show up in my Credit Union Account until Monday.) As long as you give yourself a little pad, I think the transfers delays are acceptable and maybe the price you pay for getting a better rate. Like you, I have considered opening another account so that I can compare the difference. For now, I am sticking with GE Capital Bank. madd_maxx // 01.27.2014

Reply to this comment

avatar 69 Anonymous

I’m concerned about the two Trial Deposits which occur after creating my first external account yesterday, as there still not in shown in my external account as pending. No way will I continue business if these two tiny deposits are Not shown within the next two days–as that indicates to me very lengthy external transfer times. I also was online app Denied – but I knew the reason when I did the follow up call, as instructed, 48 hours later. Upon afterthought, I realized I incorrectly answered one of the Security questions listing a street address I had lived on in the mid 1970’s. Rep agreed that there should be a statue of limitations. I have to admit; he patiently listened as I was definitely overly verbose about that issue. Lol

Reply to this comment

avatar 70 Anonymous

GE Capital Bank came through! In 48 hours or less (I didn’t check my bank’s mobile app until the evening) as I don’t know the exact time – with the 2 Trial Deposits credited to my checking account: I’m a very satisfied customer at this point.

Reply to this comment

avatar 71 Anonymous

BAD NEWS: I thought things were safe after my brokerage firms 2 micro depos went smooth — now after transferring over 103,000 (in three transfers) my last 86,000+ deposit from my old online savings (first two no problem) reads FUNDS ON HOLD for almost a week now. And I got in trouble with TD America as their request to withdraw was REJECTED and they charged me a $25 fee.

Worse, is that TD/Me want to know why but GE Capital CLOSED all weekends. Terrible not knowing what’s going on – plus I need money moved to checking as bills need to be paid and my money is being held hostage. Nothing like this ever happened to me before, and I’m a bit upset, especially because I received the brokers notice late Friday evening and GE capital was Closed.

I’m sure everything will sort out — but occasionally a client may need assistance during the weekend and that is what’s not excusable behavior on their part. Even local banks are Open on Saturday mornings.

avatar 72 Anonymous

Summary: GE Capital’s policy (located in 3 pg Disclosure) is a 5-Day Business Hold for all incoming Deposit transfers — which I realize is exactly a 7 Day (excluding Holidays) Hold as all five days always include a weekend. Yes. I am smart.

And also according to supervisor Ms Brandy who informed me several times during our conversation that, “Many people like their money on hold.” Hard to agrue with that kind of logic… However, their was a rep (whom I spoke with after engaging in virtual verbal boxing with Ms Brandy) that understood fairness and promised too (and did) escalate my feedback.

So, from my experience, you might want two online savings accounts with two different banks: One that’s normal e.g. American Express or Ally – both of whom I’ve had/have accounts with when expecting a large deposit, then use GE Capital as a higher interest baring account, when transferring funds is not a priority. Think of GE Capital as a quasi-CD account.

Lastly. Yes. I was earning interest during that lengthly hold – but less than 1/2 the amount had it been in their 5 yr CD after a normal (ACH transfer) hold time. So remember, while they have access to your funds (and you don’t) and maybe investing them in some very High Yield venue — don’t be upset — just enjoy and be happy!

avatar 73 Anonymous

My online verification into GE Capital from USAA and into USAA from GE Capital took less than two days both ways.

Reply to this comment

avatar 74 Anonymous

My comment about GE Capital Bank has nothing to do with being turned down for an account. It has to do with the difficulty I have had paying my bill. When I had trouble getting my bill in the mail, I tried doing it online, but they wanted the account number. I called the customer service line to see if I could pay over the phone, and they said sure, but there would be a fee of $10. No way I was paying that, so I asked for my account number to register online. I was told no, I must get that from the card (which I didn’t have) or the bill (which I also didn’t have). So being caught in this loop, my bill was late and they charged me $35 late fee. Guess I should have eaten that $10 fee, huh? Never again will I do business with GE Capital Bank.

Reply to this comment

avatar 75 Anonymous

I applied for a 5 year CD with GE Capital bank after checking for the best interest rates, After giving the bank agent all my personal information, I was surprised when she said she would have to submit my application to the back office for approval. I have never been unable to open a CD before. Then I recieved an email stating my application was declined. I suspect they are gathering personal information. attracting customers by offering high interest rates with no intention of opening accounts.

Reply to this comment

avatar 76 Anonymous

They have many open accounts and satisfied customers. The banks financial statistics are publicly reported. I am sorry that you were declined. I am enjoying my banking experiences with them.

Reply to this comment

avatar 77 Anonymous

March 11, 2014.

Same thing. The joke is that their sister bank, GE Capital Retail, I have an account with. I hope they go broke. Somebody should organize a boycott.

Reply to this comment

avatar 78 Anonymous

The trial deposits they made did take about a week for mine. I’ve had no issues with transfers to them. I started out small with only depositing $10. My next couple deposits were $100 and $2000 respectively. I haven’t tried a transfer from GE to my bank yet but would hope there wouldn’t be a delay. Of course I wouldn’t wait until last minute if I need the money. I do not plan to keep my money here forever but the rate can’t be beat for a temporary holding place for a savings account for now. When I signed up I did it over the phone as I’m very cautious about registering online or via US mail due to fraud against me in the past. I did give them a larger amount over the phone than what I’ve transferred so far but being that I waited months to make initial transfers after reading these comments, GE never attempted to withdraw that initial amount I told them over the phone like some people have mentioned.

Reply to this comment

avatar 79 Anonymous

I had the same thing happen to me for application for a CD. How is it when I want to pay them 10k to open a CD it’s rejected. Its not like I’m requesting a loan.

Reply to this comment

avatar 80 Anonymous

I had nearly the exact same experience with GE capital, however I have 0 online savings accounts. I too was told nothing as to the reason why I was denied.

Reply to this comment

avatar 81 Anonymous

I got an error message, too and immediately called the bank. Turned out I was temporarily dyslexic when I entered my Government ID # (drivers license) and I got it all straightened out and am now happily earning 0.95% interest on my savings.

Reply to this comment

avatar 82 Anonymous

I just helped someone else open an account with G.E. Bank and we had to call in to set it up under a trust account. You can’t do it over the internet.
We had no problem at all.

Reply to this comment

avatar 83 Anonymous

Had the same experience today. Spent much time w/ fill-ins (and their silly password requirements) then the “call” message.


Reply to this comment

avatar 84 Anonymous

I don’t know how you were denied. Maybe you didn’t put enough in initially. I put in a couple thousand and was accepted. Btw I am only 20 and have like zero credit history.

Reply to this comment

avatar 85 Anonymous

We were just denied opening this account too. And the fact that they refuse to give you a reason has to be because it’s something that would be controversial (i.e. Racial profiling, ageism, living in the wrong zip code, etc…) Because why wouldn’t they just tell you if it was something simple as we reached our quota for the day. Something is very strange with this bank.

Reply to this comment

avatar 86 Anonymous

Sorry for all of you but I applied few weeks ago and was accepted.
Not sure why you’ll are being denied. I would suggest trying again.

Reply to this comment

avatar 87 Anonymous

I just completed an application for a CD through GE Capital Bank. It was denied, and the denial message stated the reason could not be disclosed to me, and that I “may” receive a written explanation at a later time. When I called them, I was told that 1) there is no way to obtain the reason for the denial, and 2) there was literally *no* alternative means of authenticating my identity to their satisfaction. In other words, if the site does not think I am who I say I am, not only will the bank not tell me why it thinks that, so I have no way of correcting it, but it will also offer no other means of proving I am who I say I am. It’s almost comical. Fortunately, I have a relationship with a local credit union who offered a similar CD rate and, you know, believes I’m actually me. Oh, and I screen-printed every page of my app, so I am 100% certain there were no typos, transpositions, or wrong information.

Reply to this comment

avatar 88 Anonymous

This same thing happened to me this week. My husband tried to open us a joint savings account and my applicationw as rejected. He was able to open an individual account and add me as the beneficiary, however. I was concerned so we called customer service and figured something was accidentally entered in wrong, so I reapplied. Today, I got the same rejection letter. I called customer service again, who was a little more helpful, while trying not to be helpful at the same time. I read this portion of the letter to the CSR:

“While we cannot disclose the specific reason your application failed, generally an application can fail for one or more of the following reasons: a number was transposed (e.g., date of birth, social security number, address), or the questions at the end of the application were not answered correctly.”

I explained that other than the basic information, I was not asked any additional questions at the end, and asked her if I should have been. She indicated that if the basic information was flagged as being incorrect, that additional questions would not be generated. I also referred to this statement in the email:

“If your application failed for any reason other than the reasons stated above, we will provide a written communication outlining the reasons your application failed.”

I asked the CSR when I would expect to get this written letter in the mail if that were the case, and she indicated that I would not get this letter unless something was there was something wrong other than the examples they provided. With all of these “hints”, I assume I can narrow it down to either my DOB, SSN, or address. She correctly read this information back to me during the application process over the phone…. So now I’m stumped. The only thing I can think of is that my license hasn’t been updated since we bought our new home. However, neither has my husband’s and his information was approved.

What am I supposed to do now?!

Reply to this comment

avatar 89 Luke Landes

Thanks for sharing your experience. As far as your question, what are you supposed to do now, you could do what I did — find a different bank.

Reply to this comment

avatar 90 Anonymous

Applied for a joint savings account with GE Capital and when I hadn’t heard anything about it a month later, I called. They said I had chosen the “wrong option” when adding my wife as the joint account holder. My response was – then you shouldn’t have given me that option during the application process. All the rep could tell me was that the application was cancelled. No notice. No call. Nothing. A couple weeks later I set up a new CD and funded from an individual saving account with GE Capital bank. Two weeks later the CD still showed no funding. They have no record of me telling it to be funded.

Bottom line – their systems and user experience are both subpar. Trust is the cornerstone when dealing with any bank. This bank just lost my trust. Now I have to double and triple check everything. And will have to call every time i want something done (and get confirmation numbers). Really disappointing in this day/age.

Reply to this comment

avatar 91 Anonymous

Thanks for saving me time and aggravation. After reading about your undeserved application rejection, I called first ( Today is 12/15/2014). I was told that GE Capital Bank was not accepting any Rev Trust account applications. I then asked if I titled the account in my own name and made my Rev. Trust as the POD would that work. She said no, because we would need a DOB and an SSN for the beneficiary. Of course, I noted that the date of the trust is actually it’s birthday and my SSN is used to id the trust, would the computer and company accept that? The answer was a clear no to anything with a trust. So, the question is a tad higher interest rate today for a probate problem tomorrow? I asked to file a complaint on the issue and left my name and tel number. Maybe if they had enough complaints they would see that they are turning away business.

Reply to this comment

avatar 92 Anonymous

Took me probably 15 minutes to open an account with an initial $1000 deposit without any issues. As a matter of fact it went super smooth. I’m really puzzled why so many are being rejected.

Reply to this comment

avatar 93 Anonymous

Try getting your money OUT. After about a year, I wanted to move my deposit to our trust. no way to do online. Was directed to call. Rep said they don’t do trust accounts, so asked to close with a check for balance. Yes, but no check–only wire transfer. No charge by GE but my bank charges $15 for wire transfers IN. This puts a hole in the net return on investment.

Reply to this comment

avatar 94 Anonymous

I was able to open a savings account with GE in about 10 minutes, with an initial $100 deposit. I was a little apprehensive after reading your article, and because about six months ago I was declined by Ally bank when I tried to open an account with them. Ally also cited Chex Systems as a reason for declining my application. I ordered by Chex Systems report, however, and found nothing derogatory listed. So that was a mystery to me as much as this is a mystery for you. But I was able to open a GE account with no problem.

Did you ever try reapplying?

Reply to this comment

avatar 95 Anonymous

I tried to open an account online, but got interrrupted while answering the security questions (where is this past address, etc). When I went back to complete them, I got a message saying can’t do it, you took too long. I understand that. Message had a code and a customer service phone number to call within 48 hours.

Called this morning, 3 times within 40 minutes. Their phone tree would allow me to navigate to be placed on hold to talk to someone about opening an account, then it would play a message telling me to call back M-F 7am-11pm central time. I was calling Tuesday 8:15-9:00am eastern time. If they can’t even get the phone answering part right, I’m gone.

Reply to this comment

avatar 96 Anonymous

My brother recommended the GI saving. I just attempted to open an accout with a $80,000 deposit. I was rejected. No explanation. No reason This is crazy.Why not take my $$?

Reply to this comment

avatar 97 Anonymous

Applied yesterday and denied. This is the first time I have ever been denied for a bank account.

Very frustrating.

For people getting denied, what are the recommendations for other banks?


Reply to this comment

avatar 98 Anonymous

We went to Barclays. Other than the fact that in some of their email addresses it’s “barclays” and some it’s “barclay” (emails went awry because of this) their process was good.

Reply to this comment

avatar 99 Anonymous

Federal law says they must give you the name and contact information of the consumer reporting agency used as the basis for the decline. I would call them and find out which one they used, and then request your annual report.

Although there may not be any negative information, some banks use your credit score and/or the number of recent account inquiries to decline.

Reply to this comment

avatar 100 Anonymous

Rejected today called, asked why rejected,was told they do not do a credit check,instead mistake must have been made with address questions etc. spoke to rep re applied answered all questions given she set up the account for me,with furthur instruction via e-mail. best to set up acct via telephone.

Reply to this comment

avatar 101 Anonymous

Its good you were rejected. They are are bunch of cheaters. I communicated with them that I wanted my funds not to auto renew on maturity and also sent them 3 different messages before due date. They auto renewed it anyways and when I called after one day, they deducted 104 $ as early withdrawal fee. It was so disappointing because I was a customer with them for 1 year. I will not recommend them.

Reply to this comment

avatar 102 Anonymous

I applied at GE capital and had no issues. I am self employed, and don’t have pristine credit. GE capital has been great in my experience. I haven’t had any pressures to buy anything or felt like they were scamming me. I deposited a small amount in savings and have built on it. I connected GE capital with my other accounts and transferring has been seamless. I have called their 800 number with questions and they have been wonderful. Only problem I could imagine would be misspelling, as I’ve done with different situations. ?:0)

Reply to this comment

Leave a Comment

Note: Use your name or a unique handle, not the name of a website or business. No deep links or business URLs are allowed. Spam, including promotional linking to a company website, will be deleted. By submitting your comment you are agreeing to these terms and conditions.