Live Oak Bank Reviews

My business accounts with decent yield would be really great if they had proper access by the business. Live Oak Bank DOES NOT CONNECT TO QUICKBOOKS ONLINE. After spending hours on the issue you can find a temporary workaround...but within weeks it has failed again. They say they purposefully don't support QB--which is BIZARRE for a bank wanting to support BUSINESS ACCOUNTS. IN 2024. I will likely be moving my accounts to something I can properly account for as soon as I find a decent yield alternative.

Date of experience: September 08, 2024

It’s just really difficult to use your website. I always have to verify myself 100 times, there’s a message when I log in about changes that happened in Aug 2021 - what the heck?! It makes me worried that you don’t pay attention to website banners bc you left it up there for 3 years, so what else is slipping by you???

I can’t easily connect my other accounts, and transfers take forever. I can’t use Zelle.

Date of experience: September 09, 2024

Pretty much everything. From customer service to the quickness and ease of moving funds between Live Oak and my personal bank. YOU guys have been fantastic. Keep up the good work!

Date of experience: September 09, 2024

Live Oak has the best customer service I have ever experienced with a bank.

This is our second loan with them and we have NEVER had a less than completely positive experience with them on anything. ESPECIALLY during COVID when they bent over backwards to help us get through a very challenging time.

They take dealing with the SBA ( a cumbersome and bureaucratic process) and make it as seamless as possible.

Date of experience: September 06, 2024

I appreciate the high return on investment from our small business money market account. It's exponentially better than what we had been getting from our 'standard' bank.

Date of experience: September 09, 2024

The ease of use of the app
Not sure why they hold the money for several days after it comes out of one account and goes into my account there

Date of experience: September 09, 2024

Live Oak made the process of Applying to an SBA loan so much nicer than other banks I tried to work with. They were very helpful and straight-forward. They answered my questions when other banks were impossible to get ahold of. They were familiar with my industry (Fitness) and didn't ask for things that don't exist or would be impossible with the kind of business I own.

Date of experience: August 26, 2024

Simple set up. Well-functioning website. Solid interest rate. Options for greater than $250k FDIC limit,

Date of experience: September 09, 2024

Live Oak's website and business banking has made our experience simple and efficient.

Date of experience: September 09, 2024

Everything has been easy to setup and maintain. Its worked great for our non-profit. The one thing that is clunky is that the monthly interest is posted to the statement on the last day of the month but doesn't clear the account until the following day (first of the month). Since we use Quickbooks that makes more steps for us to reconcile. But overall, it's been a good experience with Live Oak.

Date of experience: August 26, 2024

I like the fact that I can get a real person on the phone if I call I also find your confirmation emails and text messages helpful to make sure that the transfers I make between banks and accounts have happened

Date of experience: August 26, 2024

Easy to use and get what I need. Statements are easy to read for our non-profit.

Date of experience: September 09, 2024

We opened a business savings account with Live Oak a few months ago. We've had a great experience with the bank and are delighted with the interest rate! My only recommendation would be for Live Oak to improve its website to be more robust with information. When shopping for a bank that offered business savings accounts, we desired more details from the Live Oak website that would provide us with a sense of security because we don't live near a bank branch, and all our transactions would be online. Any financial institution must build a sense of security and strength with its potential and existing customers.

Date of experience: August 12, 2024

The team was well organized. The transaction went quickly, and I was kept apprised along the way.

Date of experience: September 02, 2024

A joke of a company—myself and a seller went through four months of due diligence and were ready for the final closing when I simply made a mistake on my tax return that I could have easily fixed. But no, they discarded the entire application and wasted everyone's time.

I suggest to never do business with this bank. Also jim is very rude.

Date of experience: August 01, 2024

When I have made contact with Live Oak, they are always very helpful, nice and easy to understand. In this day and age, most companies farm out their customer service to foreign countries, which can sometimes be a barrier to easily understand. I appreciate the ease of customer service- thank you Live Oak!

Date of experience: August 12, 2024

Nina is awesome in getting our account established and assisting us with proof of account letters.

Date of experience: August 01, 2024

Live Oak Bank offers small businesses access to online business savings accounts, which is hard to find with many online banks. The customer service was very helpful in going over our questions in setting up our business savings accounts. The banking products and rates are favorable. Thank you Live Oak Bank.

Date of experience: July 29, 2024

Liveoak is by far the best bank for small business. Only bank I know which offer very competative interest rate on savings account.. Online capability are very good to take care of any business need and don't need a physical branch

Date of experience: July 29, 2024

When I first set up the account I had a question and I was able to speak to a live person that spoke very good English.

I’ve been able to transfer money into my account with no issues. I even have an automatic transfer every 2 weeks.

There is a few days wait to be able to access any new money deposited into your account. In which I don’t mind because my intention is to save not to use it as my everyday bank account.

I haven’t transferred money out so I can’t say much about that. I should do a small amount to know how long it takes to hit my everyday bank account.

Over all, I’m content and have recommended some of my clients to open and save money in an account with you.

Date of experience: July 29, 2024