B+ MyBankTracker Rating

Luther Burbank Savings

About Luther Burbank Savings

Luther Burbank Savings was founded in 1983 as a privately owned bank and our responsibilities are to our customers, not public stockholders. Current assets have reached $3.3 billion, and profits have been posted for 300 consecutive months.

Luther Burbank Savings logo

MyBankTracker rated 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. See how it’s rated.

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Customer Reviews

Most Helpful Luther Burbank Savings Bank Customer Reviews

  • G
    Reviewed By GBurns Feb 26, 2016

    Luther Burbank Savings Beverly Hills office

    I was told that they just moved because of the subway. They are now on Beverly Drive. They have a 1% money market account that I opened with my wife. Luna, the banker who helped me was very sharp and the manager helped with questions about an IRA that we have at Wells Fargo. She seems to know her business inside and out. The only complaint is that they are on a busy street but the parking lot they own helps.

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  • S
    Reviewed By Swainwoods May 13, 2016

    Your worst nightmare

    If you are looking for a home loan nightmare, look no further than Luther Burbank Savings. We have had numerous sleepless nights during our attempt to use Luther Burbank Savings to secure a home loan. Our third home buying experience, this is undoubtedly the worst and most disorganized ever. As promised, I am voicing on every public forum, every social media network possible how horrible this process has been.

    Working with our loan officer has been heinous. We have been professionals our entire adult lives, have excellent credit, have plenty of funds, yet somehow he cannot get the job done. We were supposed to close escrow on a home last week but have not been able to and the deal is at great risk for collapsing due to his and his underwriting department's incompetence. During our home buying process, he misrepresented to us how much we were pre approved for--to the tune of $400,000 more than we now are told we will be approved for. He wrote loan approval letters for us for at least three other home offers before this one yet none were accurate and we are finding out now? Multiple deadlines have come and gone without him pushing for action and completion. He and his underwriters can go home for the weekend without concern over their financial lives while we toss and turn for another three nights wondering when our sellers will tell us to perform or quit.

    Last week I posted a review on Yelp (yes, a week ago and we remain in the fifth circle of home loan Hades). Today I will make my way down the list of other forums, posting everywhere I can how horrible it has been to deal with this company. (This is my second so far this evening.)

    We were told he was the local guy who could get the job done. Apparently he can get some other job done but lending isn't one of them. Do yourself and your family a favor and NEVER DO BUSINESS WITH LUTHER BURBANK SAVINGS!

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    Luther Burbank Savings

    Replied on May 20, 2016

    We sincerely apologize that you have been dissatisfied with the loan origination process at Luther Burbank Savings. At LBS we take customer concerns very seriously and we take great pride in ensuring our customer’s satisfaction. I will personally be reaching out to you in order to learn from this experience and to ensure your request receives immediate and full resolution. – Tim Sorenson, SVP – Director of Residential Lending

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  • Type Fee National Average
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  • Non-Sufficient Fund (Overdraft) N/A 0
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