1 /5 Pastor Frugal (The Frugal Pastor): I have never used this bank, but my parents did for over twenty years. They were loyal customers and loved the employees who worked at the counters, who were always very kind to them. My father told me all his cash savings were at the bank and how much there was in 2012. There was enough to last my mother ~8 years of senior support at the time.
He died in 2022 and my mother asked for help with the finances. I found they had put all their cash - several hundred thousand - in a non-interest-bearing checking account and it was now a little less than half what it had been. Shocked, I asked for an appointment with a financial advisor, who it turns out is the President of the bank. When I shared my concerns that hundreds of thousands were left in an account that lost so much value, he curtly told me he didnt know who my parents were. I told him when I had tens of thousands in a checking account my bank reached out to me. He ignored me, sat down at his computer, and without asking looked up the value of my parents home (since he had their address). He then advised we sell it, though so he could invest it (and apparently lose over half of that value, too). When I told him that was off the table he suggested certificates of deposit for what was left and quoted rates much lower than other banks. When I told him what our bank was offering for CDs he laughed and said "let me know how to invest and Ill put my money there, too."
We moved all our mothers money out of that bank ASAP. Its now split between two different banks, earning money instead of losing tens of thousands each year to inflation. The management at Five Star PY is incompetent and has zero concern for customers. The president wanted my mother to sell the only asset the bank hadnt already severely damaged after a horrendous track record no self-respecting person would accept.
Fine for everyday banking, but DO NOT put your long-term savings here. I would never, ever allow them to invest my money in any form. The leadership does not care about you or your future, and will only deplete what you have and ask for more.
