Live Oak Bank

Staff nice and helpful

Staff nice and helpful. Found most of what I wanted

Super efficient and helpful

Super efficient and helpful. Very happy we switched from Synchrony.

Great ROI

Great ROI, website always in working order, never any issues, very happy.

No ATM Cards for Personal Accounts

My wife and I tried to open a joint HYSA with VIO Bank. VIO is paying 4% vs LiveOak's 3.8%. We tried about 10 times. (Seriously. 10 times.) Each time, VIO's computer system wasn't able to verify our identities. I called and spoke to people at VIO 3 or 4 times, and pointed out that we've been banking with our local MidFirst Bank for years. (Midfirst owns VIO.) Each time I was told that that didn't matter. If we couldn't verify our identities through VIO's online application, we couldn't open an account. We finally gave up on VIO and opened an account with LiveOak Bank. Opening the LiveOak account online was simple, quick and easy. 5 stars for that. Funding the account was fairly quick and easy. 4 stars for that. Before opening the LiveOak account, I researched it as thoroughly as I could. LiveOak's website said I could access my money with an ATM card. After a few weeks, I called in to ask why I hadn't received my ATM card, and learned that ATM cards are only issued on Business accounts. I was furious when I learned this. LiveOak's website grouped all the info for Personal & Business accounts together. If I'd known I couldn't get an ATM card, I wouldn't have opened the account. Minus 5 stars for no ATM cards on personal accounts. Since we'd already opened and funded this account, instigated direct deposit of our paychecks, and changed our utility bills to be auto-drafted from this account, I'm determined to make this work. I'll have to transfer money from my LiveOak account to my local bank account every month or two, then let it sit for 5 days before I use my local bank's ATM card to withdraw cash. That's a big inconvenience. I really want an ATM card for my LiveOak account.

Every thing it’s ok

Every thing it’s ok, the only thing I wish they would improve on the website should be to be able to show interest earned on the CD account.

Best Bank for Business Acquisition

I’ve done two acquisitions with Live Oak Bank now, and both times the team made the difference. Andrew and Jordan were sharp, responsive, and genuinely invested in getting the deal across the finish line. And a special thank you to Megan, our closer, who was outstanding. Every time we ran into a problem, and there were plenty, they found a solution instead of an excuse. Both deals closed on time. I’ve talked to plenty of other banks over the years. I’ve tried working with some of them. I’ve regretted it every single time, and I’ve always come back to Live Oak. It isn’t just the products or the process, it’s the people. They understand acquisitions, they move fast, and they actually communicate with you. If you’re buying a business and you’re shopping lenders, save yourself the trouble. Live Oak is hands down the best in the business. Don’t look any further.

Great working with Nick Padlo to get an SBA Loan

Worked with Nick Padlo to get an SBA loan to acquire another company. The team was very responsive and worked through numerous deals and scenarios with me to get us to where we needed to be. It was our first time getting any sort of business loan and Nick and his team helped us through the whole process.

All online transactions went through…

All online transactions went through easily! I have already recommended you to a family member.

LOB makes everything as easy as…

LOB makes everything as easy as possible. On the rare occasion I've run into trouble, their Help Desk has been exceptional. But those times of trouble are indeed rare.

First time I’ve ever heard of live oak…

First time I’ve ever heard of live oak bank from my daughter. I was pleased with customer service and explanations on online walk through.

Communication is a challenge

Communication is a challenge with LiveOak if you work during the day and have questions outside business hours. There’s no customer service email support. I’m looking to move elsewhere bc of that. And it takes 3 days or so to transfer funds to regular bank - this may be a norm but I’m looking around to see if there’s a better account.

Spent 10k to start an and loan process…

Spent 10k to start an and loan process and was told I was approved after spending 30k on feasibility, environmental, surveys and engineering extras. All for them to just pocket the cash and stop responding. One star is 10 times better than what they were. Terrible

I cannot run a business with my banking…

I cannot run a business with my banking accounts. It’s almost impossible. I wanted three operational accounts . A manager has to approve your limit increase and it could take hours. You can’t write checks fluidly. That’s also a barrier. Transferring funds are a head ache. I’ve never had so many barriers accessing my own money. I do not recommend at all.

Terrible Terrible Terrible

Website easy to use

Live representatives

Great to have live representatives to talk to

Customer service is great

Customer service is great, you can actually talk with a human which is rare these days for a bank. Rates are really good for a business HYS.

High interest rate

High interest rate. Good user experience online.

Never needed customer assistance

Never needed customer assistance, everything straight forward and no hoops to jump through, keep up the good work!

Good interest rate