Comenity Direct

Deposits held and insured by Comenity Bank

Overview / Commentary
833-755-4354
1 Righter Parkway, # 100
Wilmington, DE 19803
Deposits held and insured by Comenity Bank

Comenity Direct - Good Rates And Good Online Experience

Posted by: |

Comenity Direct overall has been a good banking experience. The opening process (both for the initial savings account and for a CD) was simple and fast.

Easy to link external account for ACH, and allows for external accounts to push/pull. A few notes about transfers:

* Transfers initiated by Comenity are usually same-day, and start earning interest right away. When scheduling a transfer in the morning, the money was already transferred by the afternoon - both on Comenity's website and my credit union's. This is nice to have this speed, but keep this in mind if you try timing transfers.
* Transfers initiated by Comenity are subject to holding period of a few days, earning interest but not available for withdrawals.
* Comenity allows for external push/pull ACH transfers. These usually showed up in 1 business day, and were not subject to the holding period (part of available balance as soon as credited).

Their App and Mobile Experience work great - they have added daily accrual amounts to savings accounts, and now have the account number and routing number listed.

I only needed customer service for password resets. Experience was fast, pleasant USA-based representatives that were able to understand and assist promptly

Some items I wish Comenity would address:

* The ability to set up Beneficiaries for all accounts online
* The ability to change CD-Renewal/Maturity instructions online. Currently these require you to contact Comenity within the 10-day grace period, unlike other CDs (Alliant CU, Live Oak Bank) that allow you to provide guidance after opening the CD and modify as needed on the website.

Overall I have been surprised and happy by my experience with Comenity Direct and can recommend them if you are looking for a good online savings account.

Cannot Get Your Money If You Need It Quickly

Posted by: |

Unfortunately, after speaking with a CS rep I was informed that there is a strict limit of $10,000 per ACH transfer outbound, In effect this means that it is not possible to transfer more than $60,000 out of the account via ACH in a month (and it would take 6 x $10,000 withdrawals to do so).

NO CUSTOMER SERVICE

Posted by: |

Waited 13 minutes on hold, hung up
Called again another day waited 28 minutes
Tried the CHAT - haha will call back
Very regretful that I put my money here

Not A Safe Place To Put Your Hard Earned $.

Posted by: |

Do not use Comenity Direct Bank. This company has not processed the return of $ after CD maturity. They quoted 1-2 days for processing and it's been 14. When you call, the reps have no answers & refuse to give corporate contact info. I was lured in to putting $ in a CD at Comenity Direct bc of high interest rate offerings. Now, 1 year later my CD has matured and I need my money for bills. Comenity has delayed processing times and no estimate as to when they will return my $. I'm filing a complaint with Federal Reserve. I hope others with issues will join in doing so. https://www.federalreserveconsumerhelp.gov/about/ready-to-file-a-complaint

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Health
B+

Data as of Q1 2020

Data displayed below is for insuring bank: Comenity Bank
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #27499
Year Established1989
Employees485
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.41%
Return on Equity - YTD11.01%
Annual Interest Income$808.1MM
Assets and Liabilities
AssetsQ1 2020vs Q1 2019$12.14B$13.17B
LoansQ1 2020vs Q1 2019$8.85B$10.28B
DepositsQ1 2020vs Q1 2019$4.75B$4.95B
Equity CapitalQ1 2020vs Q1 2019$1.52B$1.88B
Loan Loss AllowanceQ1 2020vs Q1 2019$1.29B$661.9MM
Unbacked Noncurrent LoansQ1 2020vs Q1 2019$418.2MM$409.2MM
Real Estate OwnedQ1 2020vs Q1 2019$0$0
Rates
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Comenity Direct Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%$100$10mHigh-Yield Savings Account

Comenity Direct CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%$1.5k$10m5-Year CD
0.85%$1.5k$10m2-Year CD
0.85%$1.5k$10m3-Year CD
0.85%$1.5k$10m4-Year CD
0.80%$1.5k$10m1-Year CD
Locations

Comenity Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 1 Righter Parkway, # 100 - Wilmington, DE 19803

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