Amboy Direct is the 454th largest bank in the nation. It was established in 1888 and as of December of 2024, it had grown to 246 employees. Amboy Direct's savings rates are 7X the national average, and it has a B+ health rating.
Excited About 2 Yr 5.80% CD Until ...
I noticed it was indexed ... 3 Month Treasury Rate + 0.50%.
3M treasury trajectory tracks the Fed funds rate. The Fed is likely to start cutting by early next year. So that 5.80% will likely be below 4.80% after the 2 years. Sneaky.
Unbelievable
Just want to alert other customers to the fact that this bank only allows linkage to one external account and it has to be from inside. You cannot have a link at an external account. They won't even disclose their routing number. When I found out, I immediately cancelled/withdrew my application. Had never heard anything like that. Unacceptable.
What A Scam!
They must think we're stupid. What is a CD that has an interest rate that they can change any time they want to? It's a savings account that you can't withdraw money from. That's what. Buy this if you don't care what the interest rate will be in 6 months.
AMBOY DIRECT HORRIBLE BANK
Horrible Bank. held my account hostage. Horrible products, horrible technology. Was going to file complaint with department of Banking and Insurance but they dont do anything. If i could sue i would. would give them -10 stars if it was an option. DONT WASTE UR TIME AND MONEY WITH THIS BANK
Horrible! Antiquated With Lot Of Red Tape
Horrible! Antiquated online banking platform. probably worst in the industry (at least I haven't seen anything worse). Nearly impossible to make any changes to a linked account without going through ton of red tape and filling out a form after form. If you want to withdraw your funds quickly - good luck. Avoid at all costs. I am not sure why regulators wouldn't look into these predatory practices
Another Way To Block Withdraw
There are more ways for Amboy Direct to prevent you from withdrawing your money. I was told to log into my account and was supposed to see a "banner" to verify my linked bank account, but there was none and nowhere to verify. I called customer service and was told that there was an unknown issue that she couldn't solve, and needed her supervisor to look at what was wrong. And of course the supervisor wasn't there, I have to wait until Monday when she is back. I'm no longer surprised by what kinds of "reasons" that I can't withdraw my money. I can't wait to get out of this, but have to see what other excuses they will find to prevent me from withdrawing MY money.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 6423 |
| Year Established | 1888 |
| Employees | 246 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.41% |
| Return on Equity - YTD | 18.69% |
| Annual Interest Income | $141.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $2.74B$2.64B |
| Loans | Q4 2024vs Q4 2023 | $1.9B$1.72B |
| Deposits | Q4 2024vs Q4 2023 | $2.31B$2.2B |
| Equity Capital | Q4 2024vs Q4 2023 | $313.9MM$331.1MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $30.4MM$28.9MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $50.2MM$4.9MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $2.1MM$1.7MM |