5.19% 12-Month CD at a North Carolina Institution

Anonymous - #1, Monday, March 13, 2006 - 2:03 PM

Amerifirst Direct has an add in the Atlanta Journal Constitution today (3/13/06) advertising a "Higher CD Yield 5.40% APY for a 12 month CD, FDIC Insured." The add also advertises "Ask About our higher yielding annuities."

When I called, I was told that I had to apply in person, it couldn't be done by mail. I was also asked if the money was immediately available which I thought was an odd question. I cannot find any listing for Amerifirst Direct the the Atlanta telephone directory. This has left me with an uneasy feeling about giving them any of my money.

Anonymous - #2, Monday, March 13, 2006 - 2:09 PM

The 3/13/06 Atlanta Journal Constitution has an ad for Amerifirst Direct "Higher CD Yield, 5.40% APY, 12 month CD FDIC Insured." It also reads "Ask about our higher yielding annuities."

When I called the number listed, I was first asked if the money was immediately available. Then I was told that I had to make an appointment and apply for the CDs in person. It could not be done through the mail. Amerifirst Direct is not listed in the Atlanta telephone directory. I don't have a good feeling about this.

Banking Guy (anonymous) - #3, Tuesday, March 14, 2006 - 9:35 AM

Thanks for the info. My guess is that Amerifirst Direct is acting as a CD broker and not a bank.

SMART INVESTOR (anonymous) - #4, Friday, March 24, 2006 - 7:21 PM

SATISFIED CUSTOMER: AmeriFirst Direct is a financial services company, not a bank. That is why they are not in the FDIC databse. All the banks they use are FDIC insured. CD's are just one of the investments offered. It is necessary to have your money with you on the day you do business, because the banks who offer these promotional rates change from day to day along with other specials.

They are not in the phone book because the Atlanta offices just opened in Jan or Feb of 2006.

The men who own the company have been in business for 15 years, starting in FL and now have 4 offices in Charlotte, NC and 2 in Atlanta, with more offices opening this year.

They offer only high yield, risk free investments, which is why I chose to do business with them. They have done me a great service and are a company you can trust.

SMART INVESTOR

James (anonymous) - #5, Thursday, February 15, 2007 - 5:10 PM

What else can you tell me about Amerifirst Direct?

Banking Guy (anonymous) - #6, Thursday, February 15, 2007 - 6:54 PM

I've noticed many of these financial service companies who seem to serve as middle men between banks and customers. They often advertise in newspapers. I'm afraid they're hard to investigate, but I am looking into them to better understand their business and the deals they offer.

Anonymous - #7, Wednesday, July 11, 2007 - 12:54 PM

And the reason I can't go directly to the bank and bypass these middle men is...........?

Whenever a middle man is handling my money I get very uneasy. There have been way too many pyramid and fraudulent investment schemes that have ended in disaster for the people who trusted others with their money.

Anonymous - #8, Saturday, July 14, 2007 - 8:31 PM

On their website, it says that you make your check payable directly to the bank not to Amerifirst Direct. Why does that make you feel uneasy? You can also go directly to the banks and bypass them --you just won't receive their higher yeilds.

Anonymous - #9, Monday, August 20, 2007 - 11:51 AM

I think anonymous is a past disgruntled employee.

Anonymous - #10, Tuesday, August 21, 2007 - 2:42 PM

if it seems to good to be true, then it usually is...... check out bankrate.com, this site can give you rates for the entire country, as well as advise if they are FDIC insured.

Anonymous - #11, Thursday, August 23, 2007 - 6:43 PM

I have bought 2 CD's with Amerifirst in the last year and I have been very pleased with their service and their rates. They advertise CD's and Annuities. I choose to just get the CD's and had no problem obtianing either.

Banking Guy (anonymous) - #12, Thursday, August 23, 2007 - 6:53 PM

Thanks for sharing your experience. Did you have to spend much time in their office? Did the CD's match what they were advertising?

Anonymous - #13, Monday, August 27, 2007 - 9:57 PM

I spent a little over an hour in their office on my first visit. I think it was due to my skepticism otherwise they could have gotten me out of there sooner. The CD's that I got both matched their advertised rates. For my second CD, I was able to do it over the phone for the most part. They already had my information on file --all I had to do was drop off a check off at their office. No problem. I'm very pleased with the service I received, and will use them again.

Banking Guy (anonymous) - #14, Tuesday, August 28, 2007 - 8:05 AM

Thanks for the info. Did they show you the bank that would hold the CD?

I thought these CD agents might have arrangements with some banks. But when they advertise a very high rate like 6% or 7%, I wonder how they get the bank to agree to something like that. Sometimes they include a deposit limit and the inclusion of a gift which seems to be done to inflate the advertised rate.

Anonymous - #15, Wednesday, October 31, 2007 - 3:20 PM

I just opened an account at Amerifirst Direct in Salisbury, NC and I must say that I am completely satisfied with my experience. The gentleman who helped me was very professional and patient. He explained all of my options for investing in a CD and an Annuity. I chose the Annuity because it is the better investment for my needs. I did not feel pressured at all. The experience over all was a good one. Everyone I have met there is very nice and pleasant.
I have recommended the gentleman who helped me to several people.

Daisy (anonymous) - #16, Tuesday, December 11, 2007 - 2:23 PM

I have read all the comments through Oct and I am of course, at this time, very pleased to have a financial person that can help me through the different avenues of finances. I own the Allianz bonus 15/20 (10 year) contract. And I am now looking to sit down and go over a shorter term contract with good return as well as I have purchased a high yield CD for a year. I believe this to be an honest personable institution. They have the power to deal with the bank rates and feature Allianz Insurance company as a major annuity supplier. Allianz offers excellent various annuities to fit your situation. Well, unless the world blows up, I expect to have a pleasant relationship with this company for the next 10 years.
Daisy Naples FL

Banking Guy (anonymous) - #17, Tuesday, January 22, 2008 - 7:43 AM

I did another post on these CDs and businesses here.

Anonymous - #18, Friday, June 20, 2008 - 11:40 AM

Amerifirst Direct is a financial services company. They currently advertising 4.5% APY 1-Yr CD's, FDIC insured, in free newspapers in SE Florida. The ad shows 5 offices: Plantation, Hollywood, Coral Springs, Boynton Beach and E. Lauderdale (opening soon). I phoned the Boynton office. They are compensated by the financial institutions and only do business in person by appointment.

Anonymous - #19, Wednesday, March 18, 2009 - 2:01 PM

Just did business with the Westminster Maryland Amerifirst Direct location. Great Service, very professional team approach. They really seemed to care about our needs. They went over a couple conservative accounts with us and made it clear on what our needs are and how they are to be accomplished. Very Happy in doing business with the MD location.

Anonymous - #20, Monday, March 30, 2009 - 1:13 PM

I dont work for Amerifrst Direct and I have no affiliation with them however I am a Financial Consultant who advises on many products, including Fixed Indexed Annuities. When I read some of the posts above I dont understand why people are so against something they know nothing about. Sure, fixed annuities are not for everyone, I dont advise all of my clients to invest in them but I would say 75% of my clients have a fixed indexed annuity as part of thier overall portfolio. Diversification is the key to almost all investing and these annuities play a huge roll in that. The comments about "Being on Crack" because the person thinks they are getting a 10% Bonus on all premiums paid into his investment for the first 3 years, Why do you think that person is on crack? I have a fixed annuity product that some of my clients are doing that does the exact same thing so its absolutly real. The post above the one I am writing is a joke, "the insurance company and the sales rep make all of the money" - Do you think banks dont make money from CD's? Investment Brokers usually charge a yearly fee of 1.5% to 3.0% of your investment, so add that up over 10 years. Advisors who sell annuities get a "one time" fee of usually 1% to 3%, the company they work for may make more like 6-9%.
Most fixed annuities allow you up to 10% free withdrawals each year. Yes most of them have surrender charges up to 10%. Do you honestly think they are going to give you 10 - 15% Bonuses plus minimum guaranteed rates normally around 3%, and than allow you to just turn around and take the entire amount out. Your principle and gains are locked in every year so there is no participating in a down market like he says above. If the market is up you get to reap about half the rewards. If the market is down your money is not affected. Finally anyone who invested in one of these annuities last year will absolutly not be "underwater" like he says above. Anytime you get in at the lowest point you are going to be the one to see the biggest gains when the market does turn around, which it will, eventually. So those people will actually see some huge gains in thier investment. There was a time when I hated annuities and did not incorporate them into any of my clients portfolio's but when I took the time to actually understand the in's and out's of fixed annuities I found that they they are actually a very good, safe, low risk with moderate reward investment. Anyone interested in this type of investment should take the time to really understand how they work, dont ask your stock broker about them because they dont want to lose your money that they are making yearly commisions on and dont call your personal banker for the same reason even though most banks have now started selling these as well because fixed annuities have become so popular. Do the research yourself and than talk to the professionals to see if it is the right choice for you.

Anonymous - #21, Saturday, January 30, 2010 - 9:03 AM

This is a fraudulent company they pray on the elderly