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Opened CD Online For First Time With Able
Opened the 2 year, 3.2% today. You have to read and click the disclosures to move forward in the process. Have your DL handy and beneficiary info. Was allowed 3 beneficiaries on a joint CD and able to put charitable organizations by putting part of name as "first" and rest as "second". You will need tax ID#'s for beneficiaries.
In a couple of days 2 micro deposits will go in and out of my external funding bank, then I'll log back in, enter those amounts and when CD is funded they'll mail me signature cards which need to be returned with copy of drivers license. Rep said when CD matures call them and they will ACH to external bank if that's what we want. She said we'll get notice 30 days before maturity. Seemed straight forward, no problems.
Great Rates - But Horrible CS And Fraud Policies
I love their rates so I have an account here. Unfortunately they are terribly annoying. If you log into your account from a State that differs from your home State (think holiday or vacation travel) the banks fraud department will call you and demand you call them back. They want to verify its you logging in. As though people don't travel around the US! They do this EVERY time you log in away from your home State. I've never dealt with a more annoying bank. Not worth the extra basis points to have to deal with the stress.
Too Many Limitations With What You Can Do With Your Money
All kinds of surprises with this bank that I didn't realize upon signing. I am with other online banks that are not so restrictive. First of all, I didn't realize I couldn't withdraw any funds until they send me a form I must sign and give back to them (which I am still waiting on) so my money is locked in there. Furthermore, the account can only be linked with one other account at a time. I guess that's fine, but when I decided to change the account it would be linked with, I found out I cannot change the linked account within the first 60 days so my fund are locked in there for the time being. I plan to close the account and move the funds into other online banks that are less restrictive.
Caution For Online Account Opening
Wanted to open an online CD and thought to check their Truth in Savings Disclosure document. They have quite a few documents available online BEFORE you open an account, but NOT the Truth in Savings document. The customer service agent informed me that it is presented ONLY AFTER all the account opening details are given online. This is opposite from all other banks I work with. They present Truth in Savings BEFORE we share our details with the bank. I do not feel comfortable dealing with a bank that hides this particular document, but shows the rest!
Data as of Q4 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19690 |
| Year Established | 1872 |
| Employees | 172 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.77% |
| Return on Equity - YTD | 12.85% |
| Annual Interest Income | $83.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $1.21B$1.19B |
| Loans | Q4 2019vs Q4 2018 | $997.7MM$934.6MM |
| Deposits | Q4 2019vs Q4 2018 | $956.4MM$1.00B |
| Equity Capital | Q4 2019vs Q4 2018 | $163.4MM$166.9MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $5.4MM$5.3MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $12.9MM$10.6MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $2.5MM$1.5MM |