Dedicated to Deposits: Deals, Data, and Discussion

5.10% 12-Month CD at Pacific Mercantile Bank

POSTED ON BY

Pacific Mercantile Bank
Update 9/20/08: The latest 12-month CD yield is 4.50% APY. Please check the bank's website for the latest rates.

Pacific Mercantile Bank is offering a 5.10% APY 12-month certificate of deposit. The minimum deposit is $10,000.

From the online application it appears available to people in any state. The application must be printed, signed and mailed in with a copy of your driver’s license. The CD can be funded by check or wire transfer. The application also allows for a formal trust and a payable-on-death trust account.

More CD details are listed in the truth-in-savings disclosure. One unique feature is that you're allowed to make 3 deposits into the account before maturity if your account has a term of six months or longer. Other CD details include: early withdrawal penalty of 90 days of interest for the 12-month CD, 10 days grace period at maturity, and interest compounded daily.

Branches are located in California. The bank is FDIC insured (Certificate # 34940). It doesn't have the best rating at Bankrate with a 2 out of 5 star safe & sound rating (below peer group).

  Tags: California, Pacific Mercantile Bank, CD rates

Related Posts

Comments
5 Comments.
Comment #1 by Anonymous posted on
Anonymous
I have a question about the 100 dollar BofA bonus. What are the consequences to your FICO score of opening and closing credit cards in order to get the bonuses. Doesnt this accumulate inquiries that hurts your rating....

1
Comment #2 by Anonymous posted on
Anonymous
Rate may vary. This is an online promo, however, they will accept in-person applications.

1
Comment #3 by Anonymous posted on
Anonymous
Both Pacific Mercantile Bank and Corus Bank high yield CDs do not have ACH transfer funding I was told. They charge for a wire fee so you lose a lot of time/money.

>>>Hello, Thank you for your inquiry regarding our wire fee.

There is an incoming wire fee; however for the initial deposit for a new COD account the fee is waived. When the COD is reaching maturity we send out a notice with a few options on how you would like to handle the COD at that time. One is to reinvest the COD at a term of your choosing, two have the funds wired to an external account for a $35.00 wire fee, or three have the funds sent in the form of a cashier’s check that will be mailed to you.If you have any questions feel free to send me an email or call me at the number below. Thank you, Michael Murol Operations Specialist ( COD Pacific Mercantile Ban Ph: 866-762-2788 Ext. 266 Fax: 714-438-1059

>>>Dear Prospective Customer:

Thank you for your inquiry. We are not able to open a CD account by ACH transfer. If you would like to open the account by Wire Transfer, please mail the completed signature page along with a copy of your ID. Our application is available at www.corusbank.com or you may call 1-800-555-5710. If you prefer, you can send your packet by Fed -Ex or Priority Mail
to: Corus Bank
4800 N Western Ave
Chicago, IL 60625
Attn: Phone Center

Once your signature card and ID are received, we would then call you
with an account number within 3 days. When you are wiring funds to your account at CORUS BANK, please provide the sending bank with the following information: Your ten digit Corus Bank account number (provided to you by phone) CORUS BANK’s routing number 07100250. The bank’s address 3959 N. Lincoln Avenue, Chicago, IL 60613
Thank You, Paul Duque Internet Banking

1
Comment #4 by Anonymous posted on
Anonymous
Forget it, not worth the trouble or time wasted just to apply or fund. ACH not available or if available, it takes forever.

Be weary when you consider the good rates @ EverBank, Corus Bank, VirtualBank, Pacific Mercantile Bank

1
Comment #5 by vlopreto posted on
vlopreto
0 false 18 pt 18 pt 0 0 false false false <!-- /* Font Definitions */ @font-face {font-family:Arial; panose-1:2 11 6 4 2 2 2 2 2 4; mso-font-charset:0; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 0 0 0 1 0;} @font-face {font-family:Times; panose-1:2 0 5 0 0 0 0 0 0 0; mso-font-charset:0; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 0 0 0 1 0;} @font-face {font-family:Cambria; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 0 0 0 1 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-ascii-font-family:Cambria; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Cambria; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Cambria; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} --> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-ascii-font-family:Cambria; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Cambria; mso-hansi-theme-font:minor-latin;} I heard from a senior VP of Marketing for the Mortgage Division last night that the bank is 'LOSING BIG MONEY" (via a text message). This was his excuse on why PMB could'nt pay my $2,500.00 invoice. t's pretty pathetic when a BANK can't pay a 2.5K invoice. And to add insult to injury the market themselves as "committed to supporting the growth of small businesses" but they ****ed MY small business. Obviously they didn't care about MY growth.

1