Amboy Bank is a full-service institution for retail and commercial clients, with its Amboy Direct division serving the online-only space. Founded in 1888, Amboy has been voted Best Bank for more than 20 consecutive years. Amboy operates more than 20 branches throughout central New Jersey.
I just checked on a CD that I bought in June 2017. The statement shows Interest Accrued but no monthly breakdown. On the other hand, the statement does show the Forfeiture Amount. Other than that, things have been fine. Account was easy to set up on line. Transfer was also easy. Bank of America never contacts me to find out why large sums of money are transferred out of my account within days of deposit. If they offered decent CD rates that wouldn't happen! I am not going to let my money sit in a checking account that is getting .01% when I can get 1.51 at Amboy. Just got 1.87 at Advancial CU. Pain to set up an account at a cu but worth the interest.
I have nothing but good things to say about Amboy Direct. Everyone that I have dealt with has been wonderful and very helpful. I have also tried some other internet banks and Amboy is by far the best. The way Amboy Direct is set up is perfect for the way I like to bank. There is never any hassle and if there are small problems they are solved right away.
I've been banking with Amboy Direct for more than 10 years now. When I first started banking with them, I was really happy with the fact that I would be getting 4.0% interest on my savings account. But that started dropping fast over the years and it is now at 0.80%. To put that in perspective. I've got over $70,000 saved up now and only made a little over $43 in interest last month. That is a crying shame. Still, that beats the minuscule percentage rate that I was getting from Bank of America. But I miss those days of higher interest rates. Unfortunately, even though online banks give you a slightly higher interest rate, it's still not very much, and all the online bank rates are about equal with Amboy. That being said, I've never had any problems with them doing deposits and withdrawal. And the couple times I've spoke to customer service on the phone, they were very polite and answered all my questions.
All this being said, I would recommend Amboy Direct online banking to a friend or family since it beats making pennies in interest at brick and mortar banks. But I sincerely hope that in the near future their savings account interest rates start to rise again.
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.
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
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.
This used to be a good bank. Amboy Direct wants to be an online or internet only provider but they lack the tools to offer an effective product and experience. The web experience has only the most rudimentary of features and is quite limiting. Unfortunately letters, calls and emails to the bank go unanswered leaving effectively ZERO customer service. I did finally reach one representative who was wholly unsympathetic to my needs and referred me to the anonymous email address which they don't answer or support.
There are better places to park your money.
|FDIC Certificate #||6423|
|Return on Assets - YTD||2.23%|
|Return on Equity - YTD||16.12%|
|Annual Interest Income||$58.8MM|
|Assets and Liabilities|
|Assets||Q3 2021vs Q3 2020||$2.73B$2.55B|
|Loans||Q3 2021vs Q3 2020||$1.56B$1.66B|
|Deposits||Q3 2021vs Q3 2020||$2.30B$2.13B|
|Equity Capital||Q3 2021vs Q3 2020||$372.0MM$368.8MM|
|Loan Loss Allowance||Q3 2021vs Q3 2020||$31.3MM$31.6MM|
|Unbacked Noncurrent Loans||Q3 2021vs Q3 2020||$8.9MM$11.5MM|
|Real Estate Owned||Q3 2021vs Q3 2020||$7.6MM$13.3MM|
Rates for Amboy Direct are currently being reviewed.
Amboy Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 3590 U.S. Highway 9 - Old Bridge, NJ 08857