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Description

Leader Bank provides a variety of personal banking services, such as checking and savings accounts, certificate of deposit, and IRA accounts.  We also offer a full range of commercial real estate services including permanent loans to purchase or refinance existing real estate, as well as residential loan services, including competitive mortgage rates.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that Leader Bank, NA meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that affect the rating for Leader Bank, NA include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 1 complaint(s) filed against business
  • Resolution of complaint(s) filed against business

Industry Ratings Comparison | Chart


Customer Complaints Summary Read complaint details

1 complaint closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 0
Total Closed Complaints 1

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Leader Bank, NA
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: September 27, 2007 Business started: 05/01/2002 in MA Business incorporated 08/15/2006 in MA
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Massachusetts Division of Banks
1000 Washington St, 10th Floor, Boston MA 02118
http://www.mass.gov/ocabr/government/oca-agencies/dob-lp/contact-the-division-of-banks.html
Phone Number: (800) 495-2265
Fax Number: 617) 956-1599
dobconsumer.assistan@state.ma.us
The number is 449250.

Type of Entity

Corporation

Business Management
Mr. Sushil K Tuli, President & CEO
Contact Information
Principal: Mr. Sushil K Tuli, President & CEO
Number of Employees

204

Business Category

BANKS MORTGAGE BANKERS MORTGAGE LENDER Monetary Authorities-Central Bank (NAICS: 521110)

BBB Program Participation

BBB Community Patrons
BBB Community Patrons are like-minded businesses that see ethics as the key factor in creating a stronger, healthier business community.

BBB Community Patrons' additional financial support enables BBB to pursue distinctive, mission-based programs focused on ethics that would not be possible if not for the generous backing from BBB Community Patron Sponsors.

Industry Tips
Adjustable Rate Mortgages Advance Fee Mortgage and Loan Brokers Choosing a Bank Home Equity Loans Mortgages - Broker

Additional Locations

  • 1201 Massachusetts Ave

    Arlington, MA 02476 (781) 641-8800

  • 141 Massachusetts Ave

    Arlington, MA 02474 (781) 649-3900

  • 160 Gould St
    Ste 111

    Needham Hgts, MA 02494

  • 180 Massachusetts Ave

    E Arlington, MA 02474 (781) 646-3900

  • 363 Pleasant St

    Belmont, MA 02478 (617) 489-5100

  • 449 Massachusetts Ave

    Arlington, MA 02474 (781) 641-0020

  • 50 Mall Rd

    Burlington, MA 01803 (781) 221-1700

  • 675 Massachusetts Ave

    Cambridge, MA 02139 (617) 497-2500

  • 864 Massachusetts Ave

    Arlington, MA 02476 (781) 641-8600

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

6/25/2016 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: Deceptive advertising flier enclosed. Flier included that says to qualify for ****** Rewards. “I receive $1,000.00 in direct deposit or recurring credit”. I made the direct deposit plus another credit “totaling $1,000.00.

Desired Settlement: They gave me only the lower interest rate of .10% instead of the promised 2.0% rate on my savings account. I made the other requirements of e-statements & 8 debit transactions.

Business Response: RE:      Response to Better Business Bureau Complaint No. ********Dear Sir/MadamI write on behalf of Leader Bank, N.A. with respect to the Complaint No. ******** (“Complaint”), as submitted to the Better Business Bureau (“BBB”) on June 3, 2016.  We pride ourselves on offering superior service to all customers, and regret that the affected customer was not satisfied by his Leader Bank experience.  Leader Bank has researched the allegations raised in the Complaint upon our receipt from the BBB by email on June 9, 2016, and can provide the following information and response to the Complaint, which Leader Bank hopes addresses any confusion for the customer who submitted the Complaint (“Customer”).In March 2014, Customer opened a checking and savings account with Leader Bank under our ****** Rewards program.  Under the program, customers who satisfy the specific conditions of the program each month are entitled to certain rewards for meeting those conditions, including but not limited to receiving an increased interest rate of 2.05% APY for the first $50,000.00 deposited in their savings account.  If a customer meets all conditions in a given month, then they receive the benefits to their account in the following month; in other words, a customer who meets the conditions in April will receive their rewards, including the higher interest rate, in May.  If a customer does not meet these conditions in a given month, then their interest rate defaults to Leader Bank’s standard 0.10% APY for savings accounts.As set forth in our advertising materials, truth in savings disclosure and our website regarding the ****** program, these conditions include (1) using electronic rather than paper statements for their accounts, (2) conducting a minimum number of debit transactions in a month, and (3) receiving a “direct deposit or recurring credit” above a certain minimum amount, which was $1,000.00 in April 2016, to their checking account each month.   As set forth on our website and disclosure, recurring credit captures repeating credit such as pension payments or social security stipends which are deposited on a monthly basis.  Leader Bank specifically used the word “recurring” to ensure that customers understand that, to qualify for the ****** rewards, they cannot simply initiate a one-time credit from a non-Leader Bank account but instead must have regular and repeated deposits.  Leader Bank has placed the conditions on the ****** Rewards accounts in order to allow us to offer these rewards and increased interest rate to our customers, and ensuring our customers satisfy these conditions is necessary to allow for the continued offering of our program.In April of 2016, Customer failed to satisfy the final condition of our ****** Rewards program, specifically the receipt of $1,000 of “direct deposit or recurring credit” to his checking account.  Although he did receive a recurring deposit in April, the deposit was less than the $1,000.00 minimum. To make up the difference, Customer initiated a one-time credit to his Leader Bank checking account; however, as noted above and as made clear in our disclosures and advertising, this one-time credit did not meet the criteria of the ****** Rewards program.  Customer did not satisfy the necessary conditions to receive his rewards in April 2016, and Leader Bank credited his savings account with the appropriate 0.10% APY for May 2016 accordingly.We hope this explanation provides a full explanation to the Customer and provides clarity for his use of the ****** Rewards program going forward.  However, Leader Bank declines to offer any compensation or increased interest rate to the Customer at this time.  Customer has used our ****** Rewards program for over two years and has received repeated letters and disclosures detailing the conditions necessary to qualify for the increased interest rate.  Moreover, allowing Customer to receive the benefit of the higher interest rate without meeting the ****** Rewards criteria would be unfair to the hundreds of Leader Bank customers who do meet the criteria each month and properly earn the rewards for complying with the program. Leader Bank believes that this response fully addresses the Complaint and the Customer’s questions regarding his deposit accounts.  If there is any further information that the Bank can provide to resolve this matter, please do not hesitate to contact me at ************, ext. 200. Very truly yours, ***** ****In-House Counsel Leader Bank, N.A.


Customer Review(s)

The customer review(s) below are un-filtered. These positive and negative reviews are not used in the calculation of the BBB Rating. If you wish to file a complaint and request a resolution to your issue please click here. This customer review section is not BBBs complaint resolution system. Customer Reviews are the subjective opinion of the individual who posted the review and not of Better Business Bureau. A customer review is not posted on a business if a BBB complaint on the same issue(s) is also filed. BBB cannot guarantee the accuracy of any customer review and is not responsible for the content of any customer review. Public comments are not customer reviews.

Customer Reviews Summary

0 Customer Reviews on Leader Bank, NA
Positive Experience (0 reviews)
Neutral Experience (0 reviews)
Negative Experience (0 reviews)