AmTrustDirect is headquartered in Westbury and is the 5th largest bank in the state of New York. It is also the 39th largest bank in the nation. It was established in 1859 and as of September of 2013, it had grown to 2,110 employees at 243 locations. AmTrustDirect's money market rates are 82% higher than the national average, and it has a A health rating.
I was eager with opening the money market for 1.15% knowing that I was locked in for 6 months so if the rates when down, I was still on the hook for 6 months regardless.
My other bank reduced my money market rate to .75 from 1.10% a big drop.
Opened my account online, since no paper application could be mailed out. I did not even receive an e-mail confirming my online application, they take a hard credit check inquiry so I thought some e-mail welcome note, none. I screen all my junk mail so this was not an issue lost in a spam automatic deletion.
I called 3 separate times in three weeks, to inquiry how my account would be transferred over since I provided routing and account numbers. I was told my application was received, Second call the rep said a letter was going out requiring a copy of a utility bill and driver’s license. No letter after another 1.5 weeks, called again and third rep said the letter should arrive very soon and mail back those two pieces of information, he also asked if I made a copy of the online application, I said no, I applied and hit the submit button when finished thinking a confirmation e-mail would alleviate this. He said they would need this application copy in addition to the copy of my utility bill and driver’s license. Never told this when I initially called.
I called AmTrust Direct and cancelled my application process and mailed a stop payment to my existing bank so any ACH’s would NOT occur from AmTrust Direct.
My account was $140K, I tried to stress the seriousness of purpose, all I got was inconsistent CSR’s and being transferred to another group.
Word to the wise, you may get a competitive rate for a very short period of time, but once you factor in the 6 months of staying with them, ordering your checks, no starter checks and the poor service, you’ll regret your decision. I am VERY glad I walked away unscathed.
I opened MM to get 1.15% and it went through in a week or so.
Now, due to my travel I can't login online to my account and it was locked due to "some activity"
Now sure what activity is as only single intitial direct deposit was made from my home bank and I initiated to link one more account and that was it.
What's more - to unlock account I was asked multiple choice questions based on some 3rd party system that uses some other public records ... and somehow my answers were not match that 3rd party expectations and I asked to fax my signature to re validate myself.
Maybe it looks good from security point of view, but none of those questions were part of application process and you might have no idea of expected answers.
Anyway it's extreme inconvenience and time consuming.
Another thing is I can't see current MM rate at the web site ... they asked to call to the bank for this matter.
If you can minimize your interaction with amtrustdirect and rate remains the same - that is good MM, otherwise ...
I think they using customers as guneapig to test some security and etc systems.
Hope you will not have same issue as I have had.
I wanted to open the account in the name of my family trust. To do that, you have to open the account, and then fill out the forms afterwards. A hassle, but it is acceptable. BUT, I was stunned to find out that the bank charged $75 to put the account into the name of the Trust. Really??? The consumer has to do all the work, and you are charging $75 to allow the consumer to distribute their money after they die the way they want! That is ridiculous.
I opened one in Februrary and wanted to open another one last week to discover that now the only account New York Community Banks offers is the account at MyBankingDirect where external accounts cannot be linked.
I have decided to open an account at TIAA-CREF Direct instead!
If you open an account with Amtrust or its parent NYCB then you are going way overboard with the rate chasing.
Their MMA account currently yields 1.15% for balances above $5K but there is barely any discussion on this website.
Sent a $100K check to the wrong address without authorization to close out account. DO NOT PUT ANY MONEY IN THIS BANK.
That is a very good question "why does it seem Amtrust Direct is unpopular?" They are at least in average shape compared to all other banks says the Texas ratio index. I moved our money from Capital One to Amtrust. I think they are going to work out just fine. I'm glad I made the move.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 AmTrustDirect had $414.52 million in non-current loans and owned real-estate with $5.56 billion in equity and loan loss allowances on hand to cover it. This gives AmTrustDirect a Texas Ratio of 7.46% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for AmTrustDirect decreased slightly from 10.46% as of September 30, 2012 to 7.46% as of September 30, 2013, resulting in a positive change of 28.75%.This indicates that the balance sheet and financial strength for AmTrustDirect has improved slightly in recent periods.
In the past year, AmTrustDirect has increased its total deposits by $221.64 million, resulting in 0.97% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth AmTrustDirect has shown is above average.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. AmTrustDirect has $42.63 billion in assets with $5.56 billion in equity, resulting in a capitalization level of 13.04%, which is excellent.
|FDIC Certificate #||16022|
|Assets and Liabilities|
|Equity Capital||$5.36 billion|
|Loan Loss Allowance||$199.69 million|
|Unbacked Noncurrent Loans||$342.67 million|
|Real Estate Owned||$71.85 million|
|Historic Data - September 2012|
|Equity Capital||$5.34 billion|
|Loan Loss Allowance||$181.40 million|
|Unbacked Noncurrent Loans||$342.67 million|
|Real Estate Owned||$42.99 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.97%|
|Return on Assets||1.13%|
|Return on Equity||8.78%|
|Interest Income||$1.20 billion|
Always verify rates and promotions with the bank or credit union. We are not AmTrustDirect, we are a rate comparison website and can not provide official rates or promotions.
|0.80%||$5k||$100m||Earn>More Money Market Account|
|1.00%||$500||-||24 Month CD|
|0.40%||$500||-||12 Month CD|
AmTrustDirect is an Internet only bank and does not have branch locations. Its headquarters is located at 615 Merrick Avenue - Westbury, NY 11590