Dedicated to Deposits: Deals, Data, and Discussion

3.25% 90-Day Online Savings Account Promo at ProvidentNJ Direct - Nationtally Available

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Update 3/12/2010: There is no longer a 90-day intro rate. Standard rate has fallen from 1.50% APY to 1.00% APY for balances of $10K+ and from 1.00% APY to 0.50% APY for balances under $10K.

The Provident Bank in New Jersey has started an internet bank called ProvidentNJ Direct. It offers two internet checking accounts and a savings account called Power Savings. The savings account is the best deal. They have a promo with a 3.25% APY guaranteed for the first 90 days from account opening. After the intro period, the standard rates apply: 2.25% APY on portion of the balance over $10K, and 1.75% APY for the portion of the balance between $50 and $10K. These rates are listed at the bank's website as of 4/29/09.

Some of the features listed on the bank's website include:

  • $50 minimum opening balance and $50 minimum to earn interest
  • Free online account with no fees or service charges
  • Must participate in ProvidentConnect Online Banking and receive periodic account statements electronically
  • ATM card available

The bank's FAQ doesn't provide too many more details, and I can't find any details about an ACH bank-to-bank transfer service. I'll try to call and get more info on this later (see update below).

The website specifically states that the account is available to consumers nationwide. There's an online application via Andera which allows you to open the account online and fund it with an ACH transfer from your current checking or savings account.

They also offer an online checking account called Green Checking. The 3.75% APY may make it look like a great deal, but this rate only applies to the first $1,000. The rate above $1,000 is only 0.50%. However, this isn't too bad for a non-reward checking when you consider ING Direct's Electric Orange only pays 0.25% for the first $50K. There's also a myTunes checking account which offers free iTunes downloads.

I was hoping that they would be offering their reward checking account nationwide. But it appears this remains a local deal (see post) for those in New Jersey. It currently pays 5.01% APY for balances up to $25K, but a reader has reported that it's scheduled to fall to 4.01% starting in May.

The Provident Bank is based in New Jersey and should not be confused with Provident Bank in Maryland that recently merged with M&T Bank. It's a fairly large bank with $6.5 billion in assets and $4.3 billion in deposits. The bank has been FDIC insured since 1934 (FDIC Certificate # 12010).

Thanks to the reader who emailed me news of this account.

Update 9/30/09: External Transfer Transaction Limitations:

A reader reported receiving the following from ProvidentNJ Direct:


Dear Valued Customer,

The world of Internet banking continues to evolve at an unprecedented pace, to which banks must continuously look at industry best practices to protect both customer and bank assets. This notice is being sent to inform you of two changes to The Provident Bank's Internet Banking service, which will become effective on September 29, 2009.

Transaction Limitations:
The Provident Bank has implemented a daily limit of $2,000 on external transfers from each of your Provident accounts, as conducted via Provident Connect. This daily limit is applicable to external transfers (transfers from your Provident account to an account at another financial institution) conducted Monday through Friday. Any transfers requested on Saturday or Sunday will be added to transfer requests made on the following Monday. Note: This transaction limitation does not affect transfers to or between your Provident accounts.

In order to close accounts with balances exceeding $2,000, you must send a secure message through Provident Connect providing the Bank authorization to close your account. Within one business day after we receive your authorization, a check for the balance of your account will be mailed to the address we have on file.

Funds Availability:
Electronic funds transfers processed via online banking to your Provident accounts from another financial institution will be available for withdrawal or transfer outside of The Provident Bank on the third business day following the day of deposit.

Please understand that the above limitations are being implemented to protect your accounts from unauthorized activity.

As Internet services continue to evolve, The Provident Bank is continuing to work with industry experts to ensure our practices meet both the high standards of performance expected by our customers, as well as the security needed to give you peace of mind.

Sincerely,

The Provident Bank



Rate History:

Update 3/12/10: There is no longer a 90-day intro rate. Standard rate has fallen from 1.50% APY to 1.00% APY for balances of $10K+ and from 1.00% APY to 0.50% APY for balances under $10K.

Update 8/14/09: The 90-day intro rate has fallen to 2.00% APY, and the standard rate has fallen to 1.50% APY for balances of $10K+ and 1.00% APY for balances under $10K.

Update 7/17/09: The 90-day intro rate has fallen to 2.50% APY, and the standard rate has fallen to 2.00% APY for balances of $10K+ and 1.50% APY for balances under $10K.

Update 6/20/09: The 90-day intro rate has fallen to 2.75% APY.

Update 5/25/09: The 90-day intro rate has fallen to 3.01% APY.


  Tags: Sterling National Bank (NY), checking account, savings account

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Comments
75 Comments.
Comment #1 by Brenda (anonymous) posted on
Brenda
I just completed the online account opening process for the "Power Savings" and "Green Checking" accounts. Here are a few additional informational items that I found:

1. If the Provident Visa® Debit Card is Inactive for 3 Months there is $1.50 fee. At the start of the application process, the option is given to deselect the debit card.

2. A $15 fee will be assessed against your account if you close it within six (6) months of account opening.

3. ACH deposits and withdrawals are allowed and unlimited and free in any dollar amount. However, the documentation does not state if ACH transfers may be initiated from their online system. The only thing odd I noted was the following in the withdrawals section: "We reserve the right at any time to require not less than seven (7) days notice in writing before any withdrawal."

4. The application did not provide the ability to add a joint account holder.

1
Comment #2 by Anonymous posted on
Anonymous
Upon completing online application I was notified that application failed. Screen stated NOTICE OF ACTION BASED ON INFORMATION CONTAINED IN CONSUMER REPORT from Chexsystems. Has to be a mistake. Have top credit and never had this response to anything before. Does not seem to have any resolution. Requested info.

Anyone else run into this??

1
Comment #3 by Anonymous posted on
Anonymous
My application failed, appparently because I answered some of the LexisNexis-style questions incorrectly. I'm not sure if I can just try again.

1
Comment #4 by Anonymous posted on
Anonymous
These deals make me leary. Looks easy to put money in; how do you get it out?

1
Comment #5 by Anonymous posted on
Anonymous
very tempting, i just send my money to 1st constitution for 90 day lock at 2.75%
is it worth it to jump ship for .50%?
decisions decisions..

1
Comment #6 by FrequentBanker (anonymous) posted on
FrequentBanker
I'm not able to open an account either because of Chexsystems. I have perfect credit, recently refinanced so I have a number of credit inquiries. Provident Bank said I can't have an account of any kind with them - I just called. Oh, my!

1
Comment #7 by Anonymous posted on
Anonymous
FYI they do NOT accept accounts in the name of a Revocable Trust. Also, after reading comments I don't think that they are worth the effort.

1
Comment #8 by Anonymous posted on
Anonymous
Why is it so difficult to get accurate info from these folks?

They cannot seem to provide how interest is calculated, ie. daily, monthly, etc.

Cannot fiqure out how to do a joint app.

Frustration leads to doubt about their credibility!

1
Comment #9 by Anonymous posted on
Anonymous
I was also rejected. Customer Service quickly figured out
why: I've had too many bank inquiries through the Chex system.
Perhaps banks have caught on to people who switch accounts often.
They may prefer depositors who will take the teaser rate and then
stay for years at an uncompetitive rate.

1
Comment #10 by Anonymous posted on
Anonymous
How the hell can you have too many inquiries? That is just plain ridiculous! As long as you are doing everything correct and legal it should not make any difference. Starting to wonder if all these banks are run by crooks.

Provident NJ Direct just plain SUCKS!

1
Comment #11 by Anonymous posted on
Anonymous
Interesting...I had no problems in opening up a Power Savings account. The initial ACH transfer is limited to 10,000.00. I suppose/hope you can deposit more after the initial transfer goes through.

1
Comment #12 by Anonymous posted on
Anonymous
I hope this "Power Savings" promotion wasn't set up in order to steal our private and valuable information! For the very first time, my application along with a couple of friends' were not processed due to "inaccurate information." You got to be kidding me -- we all have credit scores between 829 - 845!!!!

1
Comment #13 by Anonymous posted on
Anonymous
I was also rejected, and asked for a reason why. Imagine, I was going to give them $50,000, and now they're out of luck. I'm going to press them to give me the reason in writing.

1
Comment #14 by Anonymous posted on
Anonymous
I think this bank is really crooked or the system is really ****ed up.

We all should report them.

1
Comment #15 by Anonymous posted on
Anonymous
We have never seen a legitimate bank that will not provide simple and basic disclosure as required by the FDIC and the OCC. This information should be on their website.

1
Comment #16 by Anonymous posted on
Anonymous
During online account application, a porn site spam appeared.

I was also rejected.

???

1
Comment #17 by Anonymous posted on
Anonymous
My application was also rejected although I, like the other posters, have excellent credit history . . . Seems questionable! Beware!

1
Comment #18 by Anonymous posted on
Anonymous
What is the consensus on this bank ?

Should I open the account or not ?

1
Comment #19 by Anonymous posted on
Anonymous
this might be the chexsystems problem. sometimes chexsystems gives very strange result.

my friend has better credit score than me, but failed to open a checking account from sovereign because chexsystems report; but I had no problem.

good thing is, no hard pull.

can not open it in a brance. have to do it online.

1
Comment #20 by Anonymous posted on
Anonymous
I just opened an acoount, but the maximum initial deposit amount was $10,000. We will see how it goes.

1
Comment #21 by Anonymous posted on
Anonymous
Chexsystems doesn't have anything directly to do with your credit. It's a system, among other things, for banks to check if you've had adverse banking history, such as bounced checks. It also keeps track of inquiries into the system and account reported opened or closed.

Some institutions don't like people opening or attempting to open a lot of new accounts (where "a lot" is a relative term). You can get a free copy of your Chex report.

In general, if you're rejected due to a Chexsystem problem, this can be worked-around by a phone call and some extra paper work. Whether that's worth it is up to you.

1
Comment #22 by Anonymous posted on
Anonymous
to 9:44am:

Did you have a choice to fund the account by credit card? How did you fund it?

Thanks

1
Comment #23 by Anonymous posted on
Anonymous
I was once rejected because of a chexsystems report from opening a new account at a credit union at which I was already a member. The reason I was given was because of "too many" bank inquiries. I had opened new bank accounts (I think 3 CDs & 2 savings accounts) over about three months time. The explanation was that the Homeland Security Act requires further scrutiny of the applicant in such cases. Apparently, opening "alot" of accounts over a short period of time is seen as a "red flag" for terrorist activity. In any case, it has nothing to do with your credit score.

1
Comment #24 by moola (anonymous) posted on
moola
i havent opened one of the new accounts, but i have their high interest checking account, and have had no problems with the bank.

1
Comment #25 by Anonymous posted on
Anonymous
As Bankguy stated the website states that after the promo period you receive 2.25% APY on "the portion of the daily balance over $10,000". Now that seems to mean that you only receive 1.75% APY on the first $10,000. I called customer service about this and after "looking it up" she said that the 2.25% applied to the entire amount as long as you had a $10,000 balance. When customer service has to look up info it makes me a little uneasy with their answer. And why use the term "portion"?

1
Comment #26 by Anonymous posted on
Anonymous
Sorry, In my last post I typed Bankguy; I meant "Banking Guy". :>)

1
Comment #27 by Anonymous posted on
Anonymous
I was also rejected and am waiting for a report from ChexSystems. Never had this happen before, but recently opened several new accounts with three other banks.

1
Comment #28 by chuckwits (anonymous) posted on
chuckwits
I believe the customer service representative was mistaken when she said that the 2.25% applied to the entire amount as long as you had a $10,000 or greater balance. The terms on the bank's website are quite clear and unambiguous; 1.75% on the portion of the balance between $50 and $9,999.99, and 2.25% on the portion of the balance $10,000 and above.

As to why they used the term "portion", they could have just as easily used "part". They used it to indicate that if you have more than $10,000 in your account, there will be two separate rates applied. One rate to one portion, or part, of your balance,(the part below $10,000) and a different rate to the other part of your balance (the part above $10,000.)

Hope that helps. :)

1
Comment #29 by Anonymous posted on
Anonymous
I called again today and talked to a different customer service rep. She also said the 2.25% is on the entire balance if your balance is over $10,000. I asked if she was sure about that. She said she was. I agree with you Chuckwits; that is NOT what the website states.

1
Comment #30 by Anonymous posted on
Anonymous
I just completed the online application for the Power Savings. I was surprised that the application went through after the above comments. I also have had a number of credit inquiries in the past month or so. I am always trying to get the best interest yield for my money (who isn't these days). It will take 2-3 business days before I hear about the 2 small deposits to my funding account.
The opening deposit has a maximum of $10K, of which I signed. We will see how it goes.
Those of you that were rejected the first time should try again because I think they are easing up now after all the comments they received earlier.

1
Comment #31 by Anonymous posted on
Anonymous
This bank is questionable with all there stipulations. There is a serious effort to make deposits and withdrawals a pain in the azz. Also, they do not want a person with experience and hits with online banks because they know you will leave after 90 days when the rate falls below 2%.

1
Comment #32 by Banking Guy (anonymous) posted on
Banking Guy
Regarding whether the 2.25% APY applies to the entire balance or just the portion over $10K, based on federal regulations, the 2.25% APY should apply to the entire balance assuming the balance is at least $10K. Otherwise, regulations require the bank to provide an APY range (see Tiering Method B at the above link).

However, they are violating regulation in how they report the APY for the intro period. See the 2nd paragraph of "C. Variable-Rate Accounts" in the above link. I think this is why EverBank changed how they report their 3-mo promo.

I'll do an update-post on ProvidentNJ Direct soon.

1
Comment #33 by Matthew (anonymous) posted on
Matthew
I get a 404 error when trying to access the application? Sounds like they launched their website a little prematurely or something.

1
Comment #34 by Anonymous posted on
Anonymous
Yield Pledge MMA: 2.51% 3-mobonus rate3. 1.84% first-year APY ($50-100k)3. "3Rates and Annual Percentage Yields (APYs) shown are current as of 5/1/2009 12:00:00 AM. Minimum opening deposit of $1,500 is required. This is a tiered variable rate account and any of the tiers or rates may change at any time without notice. This bonus rate offer and New Account First-Year APYs are available to first-time EverBank account holders only and are limited to one account per household. The bonus rate of 2.51% will apply to the first $99,999.99 on deposit for the first three months after account opening (the "Bonus Period") and may change at any time prior to account opening. New Account First-Year APY for Balances under $100,000: This corresponds to an APY for the 12 month period after the account is opened ("New Account First-Year APY" or "First-Year APY") based on the current ongoing rates the current bonus rate and the average collected daily balance on your account as follows: $50,000 - $99,999.99 1.84%; $25,000 - $49,999.99 1.57%; $10,000 - $24,999.99 1.46%; and under $10,000 1.39%. New Account First-Year APY for Balances of $100,000 or more: During the Bonus Period balances of $100,000 or more will earn an interest rate of 2.51% for the first $99,999.99 and will earn the ongoing rate or Current Rate for all amounts above $99,999.99. The Current Rate is 1.64% and is subject to change without notice at any time, including during the bonus period. Assuming the highest balance in the account is $10,000,000 the range of First-Year APYs available for this highest tier based on the bonus rate the ongoing rate and the average collected daily balance on your account for the 12 month period after the account is opened is 1.87%-1.66% APY. Without Bonus Rate: Without this bonus offer the current tiers and APYs as of 5/1/2009 12:00:00 AM are: $100,000 and higher 1.65%; $50K-$99,999.99 1.60%; $25K-$49,999.99 1.25%; $10K-$24,999.99 1.11%; and under $10K 1.02%. Higher balances are accepted." That's at everbank.
AT ProvidentNJdirect, they state: Earn 3.25% APY 1 for the first 90 days from account opening.
After the 90-day introductory period, earn:
1.75% APY 2 on the portion of your daily balance $50-$9,999.99
2.25% APY 2 on the portion of your daily balance over $10,000. 1 As of 02/20/09, the 90-day introductory Annual Percentage Yield (APY) for the Power Savings account with a minimum daily balance of $50 is 3.25%. The APY is variable and subject to change at the Bank’s discretion. A minimum of $50 is required to open this account.
2 As of 02/20/09, the non-promotional APY for Power Savings daily balances between $50 and $9,999.99 is 1.75%; for the portion of the daily balance over $10,000, the APY is 2.25%. No interest will be earned on accounts with a daily balance less than $50. Offer is limited to consumer accounts only." They clearly state what it is. You can file a complaint; but good luck on that.

1
Comment #35 by Anonymous posted on
Anonymous
I too was denied based on this Chexsystems result page as others have experienced it appears.

1
Comment #36 by Anonymous posted on
Anonymous
Another person here with excellent credit and few recent credit inquiries who was just rejected. What a waste of time. If the bank is having this much trouble approving qualified people, I'd be very worried about keeping any funds with them. They don't seem to be ready for prime time.

1
Comment #37 by Jim (anonymous) posted on
Jim
I opened my Power Savings Account and found the process to be painless and not much different than other internet savings account setups. Yes, the initial transfer cannot exceed $10,000 and the second transfer requires that you "again" verify two new small deposits to your linked account. But the money moves very quickly (next day for both ACH transfers)

1
Comment #38 by Anonymous posted on
Anonymous
Well, I just applied for the power savings account. I was rejected. I am 61 and have never had an application of any kind rejected by a bank; until now! I called customer service and was told that I received a chexsystems score of 571. Unfortunately, you need a score of 575. I told her that my FICO is over 800 and would like to know why I was being rejected to be allowed to give them money! She said that it could be because I have had too many inquiries on my social security number. I have opened 4 savings accounts since May1, 2008. So, I guess this was the 5th inquiry within the past 13months. I still have those 4 savings accounts. I think it is absurd to penalize someone who has inquiries due to opening accounts where I am depositing money, not borrowing money. There is something wrong with this system! The CSR did say she would give my application to a manager for further review and I would hear from them within 48 hours.

1
Comment #39 by Anonymous posted on
Anonymous
I still have not seen anyone comment about TAKING MONEY OUT... does this account allow you to ACH money out into an external account (e.g. the same account that you used for funding)?

1
Comment #40 by Anonymous posted on
Anonymous
Provident denied my application also.. I assume they are doing this because I have opened "too many" bank accounts in the past year. I am ordering my Consumer Report from Chex Systems, Inc (www.consumerdebit.com) to see if this provides any additional information.

1
Comment #41 by Anonymous posted on
Anonymous
Ordering a copy of Chex will only yield the banks that you have done biz with. There was no score on mine.

Folks, this bank does not want you if you shop for banks. They want the dumb and dumber that will stay with them after 90 days when your rate goes below 2%.

1
Comment #42 by chuckwits (anonymous) posted on
chuckwits
Hmmm, a long comment I wrote earlier somehow never made it to an actual post :(

At any rate, I essentially said that I was sorry to hear that you were denied for having four savings accounts, and that I thought the reason must be related to the recent heightened concerns over terrorism, and that once a live person had a look at your information that you would most likely be approved once they saw you still had the accounts etc.

I also said that I applied for a high interest checking account this morning from First Banking Center. Apparently approved; at least I passed the CheckingFinder screening process and I'm waiting for final approval from the bank which is supposed to happen within one to two business days. It pays an APY of 5.01% on balances up to 25k, and the terms aren't too bad either. You need to make ten Check-Mate Card purchases, receive a monthly electronic statement, and do either one ACH automatic debit or direct deposit per month.

I really like that this bank gives everyone credit for meeting all the qualifications and pays interest on the first month of opening the account while you're waiting to receive the debit card and getting things situated. Many banks don't do this, and I think it shows a lot of class.

1
Comment #43 by Anonymous posted on
Anonymous
The process of opening this account has progressed very well. My application was accepted (surprised, because I have applied for many accounts in recent times).
Now that I can see the $10K in my online Provident account I am very happy.
This whole process is complete in only 4 days. Provident Bank has a 4Star rating, so I am ready to deposit a larger amount to the Super Savings Account.
To make another deposit, you must go through the process of the bank making the 2 small deposits in your home checking account. This happens each time you want to make a transfer in or out the account.
This yield is great, 3.25% for 3 months and it is liquid funds.
I highly recommend this bank!

1
Comment #44 by Anonymous posted on
Anonymous
Well, I just got an email from Provident stating that I am enrolled in online banking and my account is open. Evidently, the Chexsystems rejection was overruled. But the email mentioned nothing about the type of account opened and gave me no instructions as to how to establish an external account to fund the account. I called CS and was told that since the account was opened after a rejection, the normal procedure was circumvented. She guaranteed me that it is a Power Savings account and because the account was already opened, there would be no limit on my first deposit. Since I have several online savings accounts, I know how to set up an external account and hopefully all goes well.

1
Comment #45 by Anonymous posted on
Anonymous
A short survey - 1) anyone fund their account via credit card and have it categorized as a purchase? 2) conversely, anyone fund their account via credit card and have it categorized as a cash advance? Either way - what credit card did you use?

1
Comment #46 by chuckwits (anonymous) posted on
chuckwits
Congratulations! Are you the gentleman who is 61 with 4 savings accounts? I thought you would be cleared once the computers were taken out of the equation. Glad to hear that my intuition was correct.

1
Comment #47 by Anonymous posted on
Anonymous
To Chuckwits: Yes, I am the 61 year old. Good intuition! Now I am waiting for the 2 small deposits to be placed in my external account in order to fund the new account. Hopefully that occurs tomorrow.

1
Comment #48 by Anonymous posted on
Anonymous
This Super Savings Account is moving along very quickly. Got the initial $10K deposited into the account yesterday.
I then proceeded to my online account External Transfer, to add a larger amount to the account.
Again they needed to make the 2 small deposits to my checking account. This morning the 2 small deposits showed up in my checking account.
I have now transfered the money and hopefully by tomorrow I should see all the money in my Super Savings account. (big smile)

1
Comment #49 by chuckwits (anonymous) posted on
chuckwits
Mine, too is moving right along. I got confirmation of approval by the bank along with my account number in an encrypted email attachment; I went online today and signed in and did all the necessary things they wanted me to do. They said I should be receiving the debit card in a couple of weeks, not that there's really any hurry since I'm guaranteed to receive interest for the first month--I'll just feel better knowing I have it when the next month rolls around so I can make certain I'm off to an early start at getting the requirements met. :)

1
Comment #50 by Anonymous posted on
Anonymous
I also opened "Power" savings & "Greeen" checking online.
No problem there.
However, customer service admitted the online division of Provident is quite new.
So, they are really making it up as they go along.
For example, they provide no option to add a beneficiary to any online account.
Furthermore, Provident adamantly and uneqivocally refuses to consider such an "option".
I find this risky and counter-productive on their part, and have written to the executive office in Bergen NJ about it.
If enough cusomers raise a stink, perhaps they may re-consider such short sighted policy.

I was rejected by M&T Bank for undisclosed reasons.
After many emails and phone calls, that bank claimed "security issues" without explanation.
I got my Chex Systems report which was clean as is my credit report.
My FICO is 800+.
Chex Systems is for one purpose only.
That is to identify any negative events in recent customer history and reveal that to inquiring financial institutions.
Applying for bank accounts is not a negative event in and of itself.
This is a misuse of otherwise irrelevant information, and should be stopped.

1
Comment #51 by Anonymous posted on
Anonymous
I have opened about 10 checking accounts in the last few months, and have been rejected a couple of times and had one account closed shortly after it was opened. Some banks use the Qualifile score, which is affected by inquiries/account openings just as if it was a credit score. Other banks are more "cool" with inquiries so long as there are no other negative items. I've found it helpful to call a CSR at the bank and ask how ChexSystems sensitive they are. Sometimes, if you tell them your situation ahead of time, they can get it open whereas an online application would be rejected.

1
Comment #52 by Anonymous posted on
Anonymous
This is a simple case of a bank using the number of bank accounts that you apply for relevant for them to make a decision. They do not want rate chasers! We will not do business with banks that do business this way.

1
Comment #53 by Anonymous posted on
Anonymous
I also opened a "Power" savings & "Green" checking online.

No problem.

I have opened about 15checking/savings accounts in the last 6 months.

1
Comment #54 by Anonymous posted on
Anonymous
no acc opennings for 4 months
yet turned down

1
Comment #55 by Ryan from Chicago (anonymous) posted on
Ryan from Chicago
I opened a "Power Savings" account last week and the process was flawless. ACH transfers to/from my Chase checking have all been completed in 1 business day. The only thing to take note of is the initial funding account does not get automatically added as an "External" transfer account. You must add all external transfer accounts after initial funding has completed.

1
Comment #56 by Anonymous posted on
Anonymous
My husband and I opened two accounts.
Both had problems, but the account was open "manually" once we called customer service.
Brittney C. in customer service was EXTREMELY helpful to us.
Transferred monet from Everbank to both which got it there in 1 business day (compare to 5 business days for Everbank).
Also connected two external accounts to each account with no problem.

1
Comment #57 by Anonymous posted on
Anonymous
The intro rate is now 3.01% APY.

1
Comment #58 by Anonymous posted on
Anonymous
I opened 1 Savings account earlier at the 3.25%.
I have a CD that matures 6/25 and I planned to open a second account for my husband and deposit those funds into it.
Now the yield is down to 3.01%, guess I outsmarted myself by waiting. I figured since it is for 90 days I should wait for my upcoming CD to open the account.
TOO BAD.

1
Comment #59 by Anonymous posted on
Anonymous
To the anonymous who posted at 10:42AM on 4-30-09:

Even though it is probably late for you, I did fund the account with credit card, and it showed up as "purchase" on my Chase Visa. The maximum amount they will let you fund with CC, they say, is dependent on your "available credit." In my case, they let me fund $2,500 this way.

1
Comment #60 by Anonymous posted on
Anonymous
Has anyone been able to open A Power savings after being rejected by Chexsystems for "too many inquiries"?
If so, how? emails? phone calls? Thx

1
Comment #61 by Anonymous posted on
Anonymous
Provident Update:
Have had the "Power" chkg & "Green" sav since 5/5/09.
So locked in the 3.25% until 8/5/09.
After several emails to online supervisor and letters to the executive offices in NJ, I got no response what so ever to my request for a benficiary on my accounts.
They obviously think that this is a valid cost saving measure on their part.
I strongly disagree, and urge all with online accounts at Provident to request a beneficiary option be added ASAP.
If enough customers bring it up, it may change policy for the benefit of all.
Otherwise, ACH external links are relatively easy to establish, and seem to work well.

1
Comment #62 by Anonymous posted on
Anonymous
To the previus poster - If your main goal in establishing a "POD" or benficiary account is to increase FDIC insurance (as opposed to really needing/wanting a beneficiary), you may want to consider adding joint owner(s) instead. Although the FDIC is fine with either method, I'm seeing that more and more banks seem to not want to do the POD thing, or that some of their phone reps. may not even understand it or be able to answer questions pertaining to it.

1
Comment #63 by Anonymous posted on
Anonymous
reps keep telling me that the credit card funding at ProvidentNJ is a cash advance , not a purchase... anymore experience with this?

1
Comment #64 by M (anonymous) posted on
M
I should have read the comments before applying:
Notice

NOTICE OF ACTION BASED ON INFORMATION CONTAINED IN CONSUMER REPORT

We regret we cannot open your account today. In evaluating your application the following consumer reporting agency/agencies provided us with information which in whole or in part influenced our decision. These agencies did not make the decision to disapprove your account application and are unable to provide you with specific reasons why the decision was made.

You have rights under state and federal laws. Included in these rights are:

* The right to obtain a free copy of your consumer report if you make such a request to the consumer reporting agency within 60 days of your receipt of this notice; and
* The right to dispute the completeness or accuracy of any information contained in such report by notifying the consumer reporting agency directly of your dispute.

For information pertaining to your credit account history contact:

ChexSystems:

You may contact ChexSystems on the worldwide web at www.consumerdebit.com, by telephone using their voice messaging system at 1-800-428-9623, by mail at ChexSystems, Attn: Consumer Relations, 7805 Hudson Road, Suite 100, Woodbury, MN, 55125.

Adverse Action ChexSystems Form

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Comment #65 by Anonymous posted on
Anonymous
Green Checking allows no paper checks. It wasn't obvious to me, and I don't know why they call it Green "Checking" account.

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Comment #66 by steve (anonymous) posted on
steve
I have the same problem with "anonymous." It looks like a hard credit pull. I believe a dentist forgot to file insurance claims and send it to collection agency did it. My FICO is over 750.

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Comment #67 by Ryan from Chicago (anonymous) posted on
Ryan from Chicago
Interestingly and unfortunately it looks like they started adding a 2 business day lead time on external ACH transfers. I called a CSR this morning to inquire why the ACH transfers went from 1 business day to 2-3 days and she simple restated what was on the website about ACH transfers taking 2-5 business days. Maybe I was just lucky for the first month as initially the external ACH transfers were only taking one day???

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Comment #68 by Anonymous posted on
Anonymous
Any experience in receiving interest in both accounts if transfer out from external bank is set on a Friday AM at ProvidentNJ so that effective date is Monday but shows as available in ProvidentNJ on Saturday?

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Comment #69 by Anonymous posted on
Anonymous
Ryan:
It was only taking one day for ACH transfers for me also. It was the fastest bank that I have dealt with when it came to ACH transfers. I figured that some executive wanting to increase the float would eventually put a stop to it. Tom

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Comment #70 by Matthew (anonymous) posted on
Matthew
promo rate now 2.75%

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Comment #71 by ichaelm (anonymous) posted on
ichaelm
promo rate now 2.50%. Standard rate now 2.00%

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Comment #72 by ichaelm (anonymous) posted on
ichaelm
yet another rate cut:
promo rate now 2%
standard rate now 1.50%

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Comment #73 by doctorergo (anonymous) posted on
doctorergo
Just received this from Provident. Guess it's time to close this account.....

This notice is being sent to inform you of two changes to The
Provident Bank's Internet Banking service, which will become effective
on September 29, 2009.

External Transfer Transaction Limitations: The Provident Bank has
implemented a daily limit of $2,000 on external transfers from each of
your Provident accounts, as conducted via Provident Connect. This
daily limit is applicable to external transfers (transfers from your
Provident account to an account at another financial institution)
conducted Monday through Friday. Any transfers requested on Saturday
or Sunday will be added to transfer requests made on the following
Monday. Note: This transaction limitation does not affect transfers
to or between your Provident accounts. In order to close accounts
with balances exceeding $2,000, you must send a secure message
through Provident Connect providing the Bank authorization to close
youraccount. Within one business day after we receive your
authorization, a check for the balance of your account will be mailed
to the address we have on file.

Funds Availability: Electronic funds transfers to your Provident
accounts, as conducted via Provident Connect, from another financial
institution will be available for withdrawal or transfer outside of
The Provident Bank on the third business day following the day of
deposit.

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Comment #74 by Anonymous posted on
Anonymous
I have been able to bypass their $2,000 daily limitation. I set up an ACH transfer between ProvNJ and my Schwab account from within Schwab. They needed a canceled check. I wrote myself a billpay check for $1 from ProvNJ. I just initiated and completed a transfer of $265,000 (actually had to split it into 3, Schwab's own limitation).
I also used the billpay check to myself to order printed checks from ChecksInTheMail.

This bank has been VERY troublesome to deal with. Same problem with Chexsystems that others reported. Still, getting a few hundred dollars in interest every month feels good. On the whole.
Check out their %4.01 APY checking account (first 25K).

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Comment #75 by Anonymous posted on
Anonymous
Any promo offers here anymore besides GreenChecking?

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