MyBankTracker rated TIAA Direct based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.
I signed up for the 1. 25% rate, but i know this too shall pass eventually. My only problem with them is that they do not allow mint. Com connections. Bummer! For the amount i've deposited so far the yield is only going to be a matter of single-digit dollars so i opened an american express personal savings account until they decide to cooperate with mint. Sorry, but the convenience of seeing all my accounts in one place overrides my intention to save a few cents/dollars. Since rates vary i'm not going to make a huge effort to rate chace a savings account. Once tiaa decides to cooperate i'll probalby move my funds back.
I recently also had a horrible experience with TIAA with respect to a simple home equity loan. My issues stem from what appears to be a hugely bureaucratic organization that is ponderous at best. I jumped through every hoop asked, complied with all documentation requests only to be denied at last second because of an improperly performed appraisal. Understood that it isn't the banks fault necessarily, however no one seems to care that the error was not my fault either. The appraisal was for homes in completely different areas than mine that were nothing like my house, yet there are comparable homes 50 feet away that sold in 2014!
My complaints were not handled or addressed either by TIAA nor the horrible company THEY hired to erroneously appraise my house. I called the appraiser, who agreed with me but then asked me what" I expected him to do about it" I said perhaps your job? I had no support or recourse from TIAA nor the stepford wife loan processor who blithely apologized without really hearing me. Stay away from this company for financing, CLEARLY amateur and not ready for prime time. I have bought and sold 11 properties with several refinancing settlements as well and have never experienced this level of disconnect or incompetence. Utterly wasted 5 weeks of my time. Never again . [Redacted]
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We are in the middle of a horrendous mortgage experience that brought us up to the wire of one day before closing, only to be rejected at the 11th hour. We have been jumping through hoops for weeks to provide all document ion. the mortgage consultant even called our real estate agent for a rental property we own in New Jersey to verify why we have to both tenant and landlord names on the security deposit bank account and that our tenant is not really a family member. They would not believe that its actually the law in NJ. We have great credit scores (791 and 747) and have 20% down etc. Got preliminary approval and moved ahead with the process only to be told one day before closing that the rental income from our house in NJ won't count as income because we haven't rented it out for at least two years. Huh??? They couldn't tell us that at the beginning of the process? They even made us get an appraisal on the rental home-cost over $600 ! Really? I own that home already! So now we have paid for an appraisal on the house we want to buy and the house we already own that's rented. Total cost $1300. We stand to lose close to $10,000 now on the house we are trying to buy in NC. One day before closing it all falls apart because TIAA Direct is irresponsible and unprofessional. I only went with them because I have a retirement account with TIAA Cref. I am planning on initiating a lawsuit to recover damages but this has been an awful experience. The worst ever. Stay away from TIAA Direct. They are simply awful.
TIAA Direct Responded to My Post
Last week we were denied a mortgage one day before our scheduled closing. In frustration, I posted a negative review on mybanktracker.com. I am happy to report that I got calls from top management and the decision about the mortgage was reversed. We closed on our house within the week. I respect the fact that this company cared enough to do the right thing, however their business practice put us through a roller coaster of emotion.