Very inflexible. My mother is elderly and wanted to roll her expiring CD into a savings account but did not want to come into branch during COVID as she is high risk. Bank refused to do transaction either via phone or via mail. read more

We have all of our personal accounts here and while we have had occasional frustrations, mostly with the on-line banking (we don't use the bill paying service anymore), we still value the personal service and the fact that it is a rock solid, local bank. Several months ago much of my jewelry was stolen. One recent weekend, my husband took me shopping to replace a couple of pairs of earrings, and he surprised me with a necklace and matching earrings and a couple of other lovely pieces as well. The next Monday, a bank manager called, asking for my husband. She said that regretfully, she couldn't speak to me about why she was calling but she needed to speak to my husband as soon as possible. I was mildly annoyed as all of our accounts are joint accounts but I called him at work and asked him to let me know what was going on after he spoke with her. He called me back a few minutes later, chuckling. Someone at the bank had noticed that his bank card had been used to buy several pieces of jewelry at different stores and they just wanted to make sure that he had made the purchases. She didn't want to tell me what she was calling about in case he had purchased them as gifts for a birthday or anniversary - she didn't want to ruin a surprise. This is a bank with a heart that cares about its customers' accounts and about its customers. This is not the first time that they have called to verify expenditures when debits from our accounts have deviated far away from our usual spending pattern. Fortunately, there has never been an issue, but it is reassuring to me that if there ever was one, they would spot it immediately. read more

Institute for Savings, Rockport, MA. $25,000 cashier check they would not give me the money for 5 business days. Had to travel to my bank in Winchester, COOP, where I deposited it. VERY BAD POLICY! Previous Rockport National Bank held funds for one day. Lesson learned! Bank elsewhere. read more

Broken business process, from customer experience to operations, and technology. They are behind the times and will eventually fail. I tried to use my debit card, on a website that I have purchased from in the past. IFS flagged it as fraud, declined my card, and locked my account down. This was on a Sunday night. The message I got told me to call a number, they were closed. When I called the next day the Woman who answered the phone at deposit services advised me it was a cybersecurity protocol, and if I wanted to use my card on an "international" website (obviously doesn't understand the theory of a world-wide-web) I would have to call and "ask" them to allow it. I told her this was an ignorant policy, she said if I didn't like it "a perfect solution" was to take my business elsewhere. Not a problem. I called their VP of Retail Operations to confirm this was the appropriate response to a locked down account. It took her 3 days to call me back, at 8:45 on Thursday evening. Which funny enough was in the middle of another issue with their online banking. She offered to make it right but had no path forward or ideas on how to make it better. I gave her some ideas, like retraining bad customer service reps, understanding and addressing cyber issues, updating their old website that always has issues, and responding faster than 3 days to an issue that was obviously a problem on their end. IFS- It's 2019, you are just one of a thousand banks in a 20-mile radius. The moment you allow bad business processes and trash customer experience to happen is the moment you lose all value. Bank of America will replace you, they have a large enough firm to have proper training, real IT, and forward-thinking customer experience. I would suggest you either get with the times or sell out, cash in, and move on. Because based on my experience, the other reviews here, and all the reviews on your facebook page, its time to fish or cut bait. read more

Signed up for Super Money Market account with $250K minimum a month a half ago for 2% rate only to find out it was a teaser rate. Just dropped to 1.5% and soon probably lower just to bait people into the bank. If they drop it any lower I'll be going back to my other bank which has a better rate they've been consistent with for years. I specifically asked if this was a teaser rate and prone to change after 90 days much like Citizen's Bank. They told me it was new and couldn't say more. Guess why? Probably because they've done this in the past! read more

I felt an invasion of privacy and possibly my my personal identity compromised. I went to the Topsfield branch today with my son and made a withdrawal as I do often throughout the week. The teller asked me to spell my last name out loud, then she asked to see my driver's license. Then she asked me to say my social security number out loud. I hesitated but said it. She then photocopied my license without asking me. I asked her why she just did all that and she replied that she was updating her system (which should have been updated since I go to many branches very often). I asked her "Why did you need me to say my SS number out loud if that didn't change? Shouldn't a new license also be enough verification?" I called the branch manager and she gave me the same run around. She said the other branches weren't doing their job asking for that private information! I requested that the photocopy of my license be shredded and I won't be going there again. Do not do your banking at the Topsfield location. Otherwise you risk being the victim of identity theft. read more

the bank does have competitive rates on CD but not worth the hassle of opening a account in person. this bak has a 1950 mentality and will charge you $25 to simply have money mailed back to you. Management is extremely stubborn and they are like dealing with a government agency like the motor vehicle department....stay away is my advise.... read more

I had this bank for a long time with no issues until there was an unauthorized withdrawal. I did everything on my end to recover my money with no luck. I asked them for help and was told because I visited their site that there was nothing they could do. I know this is untrue, as I have worked in a bank before. It's an easy form to fill out. If you need help they will not help you. But don't worry, there are other banks willing to help you. read more

No bail out money needed here! These guys are conservative with a buck and are thriving in an economy when the big boys are going down. If you have good credit, their rates are decent and you get the personal, neighborhood relationship. Got my small business loan through them and five years later I requested and received my preapproval letter for a single family home through them. I met with the senior vice president and the head of residential loans and they treated me like family. If we lived in a society that a hand shake was a binding contract ... I think this bank, is that type of bank read more

Classic old bank on the main drag in the fair city of Newburyport. People actually visit this place to see the old school windows and safe (the safe is still in use, so you can only gaze from afar). This bank has been in business for a seriously long time, and they take their ties to the community to heart. They have decent rates and offer all the bells and whistles, like on-line banking and bill-pay, free debit, on-site notary, CDs, and even a finance whiz to help you with your retirement fund. And the best part is the service here.. they will bend over backwards for their customers. I toy with the idea of changing to a local bank or credit union now that I've moved, but I can't imagine it. read more

I've had two mortgages with them and they're just phenomenal. Nancy Taylor is our current mortgage officer and she has taken care of every single step without fail. She is always available through email and answers her phone 9 out of 10 times when I call. The home buying process is complicated enough. It's so nice to know I have a lender that cares about me and handles everything with care and ease. read more

I've worked with the Institution for Savings on numerous real estate transactions and I have to say they are one of the finest banks I've ever dealt with! The IFS constantly goes above and beyond with the clients that I've sent to them and I know my clients are always in great hands with their staff! read more

I helped a son shop for a mortgage for a house on the north shore a few months ago. After researching rates and terms at multiple banks, we settled on IFS because of both their competitive rates and the attentiveness of their loan officer, Nancy Taylor. She did an outstanding job of shepherding them through the buying process and accommodating the sometimes erratic demands of the seller and her broker, all with much grace and patience. It was refreshing to find that level of service and attention to detail. Based on what we experienced, I would not hesitate to recommend their mortgage service. read more

We went with this bank a few years ago and a recent incident reinforced that I had made the right decision. We have multiple accounts in the bank and a computer glitch in their main frame off site resulted in an expense to me of considerable dollars. I sat down with an officer of the bank and detailed all my costs connected to the glitch, she gave my numbers a brief look for accuracy, excused herself and returned with a deposit slip to my checking account for the entire amount (sizable four figures). No fuss no muss, now that is a bank you can be happy with. Also, all of their buildings and branches are attractive and a pleasure to visit. Their financial contributions to the area are to be admired. They treat everyone like family. read more

Was happy for a while and thought they were going to be my primary bank until they used a bait-and-switch technique to acquire some deposits of mine. They offered 2.0% via a mailer/pamphlet. I made a deposit and 30 days later they dropped the rate to a rate offered by most other banks. I called and e-mailed the CEO all to just be ignored. They said: "They disclosed that the rate could drop". Yes they did so legally they are right. But morally and ethically is another issue. My business is leaving because I only deal with ethical institutions and/or those that the CEO ACTUALLY cares. Bad job Michael, bad job! read more

More often than you would imagine... when you visit the Gloucester Branch which is posted as being open til 6 pm on weekdays, it is closed. There is usually a sign on the door..."Closed early for Company meeting" or something else..... Tonight (Wednesday) again, my family went to the bank after breaking all records to get there on time... And it was closed.. We were there at 530pm and drove around to the drive thru teller location.. There the shades were down and a caterer from Ipswich (address on the truck) came out the back door and told me they closed early for a Party at 4pm. A Caterer!! They couldnt have the party after 6 pm and take care of their customers? Time to change banks. read more

Institution for Savings is the absolute worst bank. The customer service is unparalleled in the most negative of ways. I had been a customer since they bought out my old bank having my entire direct deposit and closing this bank as soon as I can get to their branch because unlike any other bank in this day in age they are unable to accomplish anything over the phone or virtually. I have been disappointed time and time again (refusing to refund foreign duplicate charges) and most recently an issue with a PIN number. I went into the Gloucester branch to change my PIN number and she told me it wouldn't work right away to check it later. Here I am am hour away from any branch, about to board a plane and ZERO access to any of my funds because low and behold the pin code was not changed correctly. After spending 20 minutes on the phone with several level of staff members there is nothing they can do. I was told oh well I should have waited at the bank and tried. I don't know about most people but I do not have the time or energy to wait around and cater to bank's needs over my own. I will be closing my account immediately and encourage you to do the same. read more

I called the bank to inquire about mortgage rates for my son who is buying a condo. I was informed that since the amount he wanted to borrow was under 100,000 (because he had a large down payment) his interest rate would be higher. 3.7 if he borrowed 100,000 and 4.2 if he borrowed 84,000. REALLY???? So he gets penalized because he was hard working and saved enough money to put a large down payment.down? As a young person starting out that is too bad the bank operates that way. Unfair and shame on you!!! I will withdraw a CD I have there and put it elsewhere!! read more

Two of my closest friends and I have accounts here, and this is the best bank on the North Shore! The people, from the tellers on up to management, are wonderful, friendly folks who seem to know every customer by name. Other posts have noted how old school this place is, and they're right. You feel like you've gone back fifty years (and I mean that in the nicest possible way) when you walk in. I hope they never change a thing!! read more

I love this bank. Practically the minute we moved here in 1977, we began banking here. Why? For its physical stature and elegance. Plus it's a community, not just a bank. Friendliness, superb customer service and fabulous community contributor (money as well as other services). read more

Since taking over Rockport National.. it has been nothing but problems.. Checks postings vary.. So, you are never sure of your balance.. Inconsistent customer service.. One person will say one thing.. and the next rep will totally contradict. read more