Columbia Bank is a New Jersey-based bank that serves a wide range of customers, including consumers, entrepreneurs, corporations, developers, and local government entities. The bank offers personal and business banking products and services, as well as wealth management services and guidance.
On the personal banking side, Columbia’s checking accounts offer several options to suit a consumer’s financial needs, including a free account with no monthly fees and a high-interest bearing account that comes with avoidable balance requirements. Savings accounts that are available give consumers access to free services like a debit card and online bill pay. By opening both a checking and savings account with Columbia, customers can be reimbursed for ATM fees up to a certain amount. The bank’s money market accounts have a minimum daily balance requirement in order to earn interest and off higher levels of interest for increased account balance thresholds. Certificates of deposit (CDs) range in term lengths from 7 days to 84 months and IRAs from 3 to 72 months. Youth targeted banking is also available and consists of a savings account that comes with very low initial deposit and minimum to earn interest requirements.
Columbia Bank online banking provides a web-based platform for customers to view all of their account activity, make and schedule fund transfers, set email alerts, pay bills, and make loan payments. The banking system also comes with a financial management tool powered by Quicken that integrates Columbia bank accounts into budgeting software and allows customers to effectively manage their finances. Mobile banking apps have also been released by the bank and provide smartphone and tablet access to accounts to make banking on the go convenient and easy.
Columbia Bank was originally established in 1926 as Columbia Savings and Loan Association, before shifting to its current name in 1995. The bank is headquartered in Fair Lawn, New Jersey and serves its customers through numerous branches in the New Jersey and New York regions.
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Raisin Customers Can Have Only ONE (1) Bank Account Linked To Your Savings Accaccount
Raisin customers can have only ONE (1) bank account linked to your Savings Accaccount. Customers can change their linked bank account 60 days after their initial deposit. If you are a customer and qualify to update your account, please email [email protected] from the email address you use to log in and request an update to your reference account. We will respond to qualifying customers with further instructions.
Arrogant And Unprofessional Staff
I tried to open a checking account with this bank and had to interact with rude and arrogant staff. They told me on the phone that they could open a checking account for me, however, when I went into their branch they did not open the account. They seemed to be uneducated and inexperienced.
Privacy Policies Not Followed
I recently filled out an application online for a mortgage prequalification. I submitted all my documents electronically. The loan officer, Nuno Poitevin NMLS ID# 223216 was the agent assigned to my application. Two days past and I had yet to hear from the bank, however, the real estate agent contacted me to disclose very detailed, personal information about my application, and my credit report. I asked the agent is this how the bank handles customer sensitive information, and she was quick to back track explaining that herself and Nuno. very closely together and that the bank representative had contacted her to inform her that my loan could not be honored. I asked the agent if the bank doesn’t follow their privacy guidelines, as I, the client, had not heard directly from Nuno, yet she had all my information. Shortly after I got off the phone with the real estate agent, I received a casual text message from Nuno just saying hello. I replied the next day, hoping that he’d pick up the phone and handle the interaction professionally, but to no avail. While it’s unfortunate that I was not able to meet the requirements at this time, Nuno was not professional to reach out and discuss the information directly with me. In my opinion this bank does not follow their privacy policies and one’s personal information can be shared with whom ever they choose. I would not recommend them as a secure financial institution.
Downhill Fast
I've been dealing with Columbia since 2013. At that time, they gave good rates on their mortgages and their high yield checking accounts. I don't know what is happening now, but while other banks are increasing their rates on saving and checking accounts, Columbia has stayed at ridiculously low rates. Customer Service is also at an all time low. I received an Escrow Statement in Sept. 2022 telling me I would be getting a refund. After 4 weeks, I called to let them know I had not received it. I was told they would send it out on Nov. 1st. On Nov 7th, I called again. I was told I was "probably" on the 2nd batch of refunds being sent out. When I complained about the delay, they put me on hold for a while, only to get a nasty supervisor telling me I was not due a refund because I should have seen the statement was in error!! I never received a letter stating that nor was I sent a letter of apology for their error. Don't know if they've changed management but this bank is going downhill fast. I'll be taking my business someplace else.
Long Time Free Checking Suddenly Changed WITHOUT WARNING!!
I am a busy person who frequently travels and changes addresses due to work. I set up a free checking account with them years ago and my card doesn't expire until 2024. Despite this they turned my card off anyway with little to no warning!! No texts, no calls. When i called them to turn my card back on they said they had mailed a letter to my old address. After setting up a new card in the mail, a week later my phone bill doesn't go through because they charged my card WITHOUT WARNING a 20$ I was never told I would have! When I called back they removed the fee then explained to me that they set me up with an account that required a 1000$ minimum WITHOUT MY PERMISSION!!!! They didn't even tell me that's what they were doing! So now im left here SUDDENLY WITHOUT A BANK!!! I HATE THIS BANK!! This was the last straw! Im closing my account and NEVER coming back.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 28834 |
| Year Established | 1926 |
| Employees | 742 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.07% |
| Return on Equity - YTD | 0.78% |
| Annual Interest Income | $217.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $10.47B$9.77B |
| Loans | Q2 2024vs Q2 2023 | $7.59B$7.53B |
| Deposits | Q2 2024vs Q2 2023 | $7.66B$7.6B |
| Equity Capital | Q2 2024vs Q2 2023 | $967.3MM$929MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $55.8MM$52.1MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $25.4MM$10.7MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $2MM$0 |
