tiaabank.com has banking, lending and investment services and products. tiaabank affords unique opportunities for both consumers and businesses with strategies to help them achieve long-term goals.
Consumers are attracted to two unique opportunities offered by their company including high yield deposit accounts and global diversification. Their high yield saving accounts comes with an introductory rate of 3.00%, one of the highest yields available. With direct access to global markets, they have information pertaining to numerous foreign currency CD’s and deposit accounts which give them an edge over their competition. On the flipside, the penalty for a Foreign Currency 5-year CD, if withdraw early, results in a loss of the entire principle.
With key insights into new markets, tiaabank is able to make strategic investments and avoid the questionable ones. All of their investment services are provided by tiaabank Wealth Management. Since this subsidiary is not FDIC insured and is not bank guaranteed, as stated on their website, investments in their portfolio may lose value. With this in mind, they offer precious metals to offset other investments that may lack stability.
tiaabank has acknowledged that their customers may feel uncomfortable with the security of their information through their online banking services. It is for this reason that they have an Online Banking Shield Anti-Malware product which can be downloaded for free through their website. This software ensures their customers that they can use their online services without compromising the safety of their data.
Online reviews point out recurring obstacles encountered by applicants as they attempted to open an tiaabank account. While the application may be printed from their website, it can only be mailed to them and must include a check. Upon receiving your check, it was noted that funds were not deposited into their account immediately. New customers found it difficult to obtain their account information and access their account online.
Questionable business practices can be contributed to the class action lawsuit which was filed against EverBank when they closed the Icelandic Krona Demonetized CD’s account. It resulted in a loss of over 4 million dollars for its investors. Another hit to their reputation came when tiaabank’s wire manager was indicted by the FBI and the Debt of Justice for its Foreign Currency Bank Account Scam.
It is highly recommended that all necessary due diligence is taken before using any of their banking services. As always, read the terms and policies for their products and services, highlighting the fine print throughout physical documents and online. Most importantly, document and retain all of your correspondence to protect yourself from any disputable claims made by the company.