Amalgamated Bank, founded in 1923 by the Amalgamated Clothing Workers of America, is a commercial bank chartered in New York with nationwide service. At Amalgamated Bank - America's Labor Bank - they work hard to make your life easier. For more than 80 years, they have provided working men and women, as well as unions, associations and businesses, with affordable banking services.
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Pretty Good Choice For A Main Bank
I've used Amalgamated's online banking services (Give-back checking and Online Savings) for over a year now. I chose them as my main bank since there are local branches where I can go in in case something goes wrong or for certain things (e.g., I recently had to go in to add a beneficiary). I'm all about online banking, but I do prefer something with a physical presence for my main bank.
Their online rates are okay, but far from top-notch. Their online experience is also okay but not great -- they use iBanking stuff like a lot smaller banks do, which has an ugly UI but is pretty reliable and gets the job done. Their customer service has been great when I needed it. And they're also a pretty ethical bank which is important to me.
I do have other online savings account that give higher interest rates. But, overall, I've been quite happy with using Amalgamated as my primary bank for over a year now.
The Worst Bank Experience I Have Ever Had
I am so disappointed by Amalgamated commercial banking and the amount of time I have lost in choosing to bank with them.
First the customer service is terrible. Every time I call I spend an average of 40min to an hour on hold. The process of setting up the account took several weeks (where as an account at my other bank took only a few days) and I had to constantly follow up with the rep who was "assisting me" in setting up the account. At times I left multiple emails and messages saying things like " I have not heard from you in a week, what is happening with my account opening". They mailed my debit card to the wrong address. I've been waiting for my checks in the mail for over a month to which the agent said she forgot to order them. The web and mobile banking is cumbersome with codes assigned to login in that are difficult to remember and and archaic web design. I was trying to support a smaller local bank that seemed to have a good social impact, but I am really regretting choosing Amalgamated and as soon as I have free time will take the time to close this account and open with another bank.I strongly suggest you do not do commercial banking with them.
Online Interest Rates Dropped To 0.30%
online interest rates dropped to 0.30%
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 622 |
| Year Established | 1923 |
| Employees | 367 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.79% |
| Return on Equity - YTD | 9.06% |
| Annual Interest Income | $43.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $6.39B$5.76B |
| Loans | Q1 2021vs Q1 2020 | $3.24B$3.52B |
| Deposits | Q1 2021vs Q1 2020 | $5.72B$5.08B |
| Equity Capital | Q1 2021vs Q1 2020 | $540.1MM$473.1MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $36.7MM$42.3MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $60.3MM$37.8MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $3.0MM$786.00K |