Customer service is lacking apparently because of many new customers. No ACH out and no plans to later allow it. $10 wire fee out. No checking account to go with it. Additional accounts require duplicate sign ups & snail mailing paperwork.
They responded to my first email and my first phone call but after that, they did not always answer the phone did not respond to emails and even when they did answer they did not know what was going on.
They did not know they got my paperwork & check on a timely basis but when they finally admitted it I found it was dated when it should have been. (I sent it on a monday, they posted it on friday but I did not know until the following thursday and that took multiple calls to find out)
I am not sure if they backdated it to compensate for their issues or what. Dallas is where you send the paperwork & checks. The ladies who answer the phone are at a different location. Multiple calls inquiring about the status of my paperwork got me nowhere. I even got cut off a few times and they did not call me back. The last time they did call me back and finally confirmed they had gotten my paperwork. And gave me my account number and said I could sign into online banking the next day.
If they did not have a top rate, my review would have been far less charitable.
The 2 year CD has a high EWP but I cannot imagine needing or wanting to close it early so I did not let that stop me.
My hope is they will work thru their customer service issues and in 2 years have top rates again.
Or at least wave the wire transfer out fee.
I sent checks because their system had no way to allow X from one place and Y from another place without opening multiple CDs and duplicate snail mail paperwork. Even your basic information has to be reentered for each new CD I'm told.
Best 12 month CD rate to my knowledge (as of 5/6/19). Consider: while you may electronically transfer money in you cannot electronically transfer out. Instead they send a check if you ask for it. When I spoke with a representative he said this could change in the future." Hopefully it does. Another consideration is that the current rates posted on the site are said to be valid "as of 4/23" - nine business days ago.
It took 12 days to open an online CD and another 14 days to get confirmation that the account had actually been opened. I could not reach customer service for a week, just got a recording telling me to leave a number. No messages were ever returned. I lost $175 in interest waiting for my CD to be opened. Not worth the few basis point of extra interest. No telling how long it will take to get my money back when the CD matures.
I looked into CDBANK (parent bank is TBK Bank) because rates seemed good, but the T&C (Truth in Savings Disclosure) seemed to have some bad terms. I don't like doing business with banks that have the bad stuff in the fine print.
For example, default is for interest to be compounded semi-annually.
Also, early withdrawal penalties are 90 days for less than 1 year; 12 months for 1 year to less than 2 years. 12 months penalty for a 1 year CD!!! 18 months for 2 years to less than 3 years.
|FDIC Certificate #||23498|
|Return on Assets - YTD||1.51%|
|Return on Equity - YTD||11.2%|
|Annual Interest Income||$261.0MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$4.52B$3.47B|
|Loans||Q4 2018vs Q4 2017||$3.57B$2.85B|
|Deposits||Q4 2018vs Q4 2017||$3.47B$2.66B|
|Equity Capital||Q4 2018vs Q4 2017||$670.9MM$407.1MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$27.5MM$18.7MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$27.0MM$30.9MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$2.1MM$9.2MM|
Always verify rates and promotions with the bank or credit union. We are not CD Bank; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|3.20%||$10k||-||24 Month CD|
|3.10%||$10k||-||18 Month CD|
|3.00%||$10k||-||12 Month CD|
|2.75%||$10k||-||6 Month CD|
|2.45%||$10k||-||9 Month CD|
|2.10%||$10k||-||60 Month CD|
|2.00%||$10k||-||48 Month CD|
|1.90%||$10k||-||3 Month CD|
|1.90%||$10k||-||36 Month CD|
CD Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 12700 Park Central Drive, Suite 1700 - Dallas, TX 75251