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Talk about a total nightmare for a “bank” and I use the term bank very loosely when referencing Spiral. I had a personal account and then we opened one for my mom and funded it from my external bank account. They waited until the transfer was completed and the debit card arrived (cancelled already mind you) to inform us that not only would they be closing her account because it goes against their Ts & Cs to use an external account to fund the opening of a new spiral account if it’s in someone else’s name regardless if they authorized it or not. Ok fine whatever. Well then they inform me by email (now bear in mind that our spiral accounts were NOT connected in any way) that they are canceling and closing my account as well! I don’t know who came up with the business model behind this atrocity posing to be a bank but after doing some research I wouldn’t trust them with 1 cent of my money ever again. It took me filing a dispute with my external bank to force them to send back the $200 they were trying to hold hostage. NEVER AGAIN! they should be shut down and I have contacted the BBB and made them well aware of the sketchy and unethical way they are conducting business.

Signed up because they had a good 200 dollar bonus program going if you make direct deposits of 1,000 for two consecutive months. Come January 1st, they change the terms of the deal and make it 1,500 for two consecutive months starting at the end of the new promotion period which is January 31st. I.e the clock has restarted for people who have been making 1,000 direct deposits for a couple of payroll cycles.

We all have a bank account because we have to, but other than stashing money or getting a direct deposit the service is purely and only link to us. Nothing beyond that, this banking up has exactly all the benefits of a regular bank with the only difference that you are actually contributing to your community. I love it!