Danversbank

Danvers Bank (MA)
- 51hh - Wednesday, June 16, 2010 - 5:10 PM

I started my Reward Checking Account (RCA) endeavor with this bank "many" years ago (6% APY).  I still have two accounts with them (grandfathered $100K limit, 4.01% APY).  They have a large asset ($2B) and excellent customer service.  One can access their president via e-mail, e-mails are returned within a day (usually by high authority like VP or above).  Their (nationally available) RCA rate has been steady for several years while other banks fall left and right.  My favorite features:

1. $100K (grand-fathhered) high RCA rate (4.01%)

2. Near-by bank location (within 10 minutes of my home)

3. Offer $5 for each hidden customer feedback (by invitation only)

4. Warm customer service with friendly accommodation

5. Free starter checks

No AHC Feature
- Quovatis - Tuesday, August 24, 2010 - 5:58 PM

The bank has no AHC feature.  If you want to move money to and from it, it must be initiated by another bank.

Other than that, great bank with a great rate.

Rates Just Lowered To 3.01
- bemson - Wednesday, September 29, 2010 - 4:12 PM

Quick review: Bad phone hours, but the people are very friendly and helpful. Web site stinks, but the security is robust. Private email service is equally antiquated, but the separate service provides some much appreciated confidentiality.

It's unfortunate, but true. Don't know if I'll jump ship - since I just boarded... Here's the email, titled: "Notice of Rate Change on Free Rewards Checking"

Effective Monday, October 4th, the Rewards Rate APY on our Free Rewards Checking account will be 3.01% -- still one of the best returns around! 

We know how much you love your Free Rewards Checking, and we have some pretty high expectations about how you'll manage your account (i.e., the four qualifications) -- so it only seems fair that we fill you in on how we're managing it. We've kept the rate constant for two and a half years, during a time when interest rates have been at historic lows. Now the time has come to close that gap a little bit, by lowering the rate to something still pretty phenomenal. We're proud to say that in the nearly four years since Free Rewards Checking was introduced, this is only our second rate decrease.

Thank you for your continued relationship and for recommending Danversbank and Free Rewards Checking to family and friends who know a good deal when they see one!

If you have any questions, don't hesitate to contact our Customer Support Center at 1-800-771-8200, option 1.

Amazing Customer Service
- perrin - Wednesday, May 11, 2011 - 4:08 PM

Any issue I have, one phone call and one button press later (no massive voice menus) Im talking to a real person within 1 minute, who is always pleasant and friendly and helpful.  

I just had an outstanding experience that motivated me to write the review.  I noticed my state tax refund never showed up in my account, almost a month after the IRS claims to have deposited it.  So i call up the IRS, and find out they misread my handwriting and deposited it to an account ending in 118 rather than 113.   They say its up to my bank to figure it out, so I call up danvers, and talk them through the situation.  Within 5 minutes, not only have they located my funds, but theyve transferred it to my account while im on the phone with them, and stayed on the line with me until I can see it myself in online transactions.  

I couldnt be happier, with a larger bank, if i could have even got a real person, I imagine it would take weeks or months to get my money back if at all.  Thank you so much danversbank, you've earned a customer for life.  

3.01% October 4, 2010
- schris413 - Wednesday, September 29, 2010 - 7:08 PM

Just got an email. They will be lowering the rate as of October 4th to 3.01%

Overdraft Fees
- Lizzy - Tuesday, July 26, 2011 - 7:33 PM

I have been a customer of Danversbank for many years, but my experience with them over the past year has been awful. In September of 2011 I over drafted my checking account through my bank card because I had oops protection, to the amount of $750.00 in fees. At that time I tried to work with the bank manager to reduce this amount. She would not hear of it, so I paid the overdraft fees and resumed using my account. Last week I set my bills to be paid for a certain day. My husband went to the bank that day to make the deposit into the account to pay these bills. Deposit made on the 20th bills to be paid on the 20th. On the 21 the bank charged me $175.00 in overdraft fees. I was away for a wedding over the weekend and went to use my bankcard only to find out my balance was to low. On Monday the 25th I called the bank to inquire why I was charged these overdraft fees only to find out that because my husbands check which was put in as cash didn't clear for 24 hour this was the reason for the overdraft fees. I explained to the assistant bank manager that my husband is on disability and I only work one day a week, have had two brain surgeries and that we could not afford to take a hit for $175.00. At that time he told me he would have to speak to the manager who was out on Monday and that he would speak with her and get back to me on Tuesday. On Tuesday I waited until 3:00 for a call, and decided to call him instead. After being on hold for a long while the assistant manager picked up my call and informed me that the manager would only refund me $70.00. I was very upset with this action. While I grateful for the $70.00 I feel that it should be a full refund of the fees. I will be sending this along to the local newspapers and The Boston Globe. I will be closing my accounts and taking my banking elsewhere.

Rate Going Down So I Am Leaving
- Anonymous - Thursday, September 30, 2010 - 3:05 PM

I just got with this bank's Rewards Checking a month ago because The Provident Bank lowered their rate to 3.01% for the same thing.

So now DanversBank is lowering their rate to the very rate I fled.

I will be looking at a different bank. Annoying to have to move money around AGAIN.

DanversBank is very highly rated, which also annoys me since so few banks are any good these days.

They Need Merger, Very Rude Customer Service.
- winkie - Sunday, September 4, 2011 - 2:48 PM

Ive Been With This Bank Around 10 years.The Mortgage Dept. Is horrible, Made Rude Comments About my buissness. they flat out lied to me.Branch Managers Can not make any decisions.thank god the suffering is over.best thing about this Bank is buildings Are new.Never Saw any asian or  black Employee's That Should Tell you something.. P.S Don't Keep hidding  under desk.