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.
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).
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
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
Overall | |
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FDIC Certificate # | 27499 |
Year Established | 1989 |
Employees | 466 |
Primary Regulator | FDIC |
Profit Margin | |
---|---|
Return on Assets - YTD | 2.5% |
Return on Equity - YTD | 17.95% |
Annual Interest Income | $1.94B |
Assets and Liabilities | ||
---|---|---|
Assets | Q3 2020vs Q3 2019 | $10.08B$13.84B |
Loans | Q3 2020vs Q3 2019 | $7.31B$10.58B |
Deposits | Q3 2020vs Q3 2019 | $3.83B$5.34B |
Equity Capital | Q3 2020vs Q3 2019 | $1.61B$1.87B |
Loan Loss Allowance | Q3 2020vs Q3 2019 | $1.18B$676.9MM |
Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $262.5MM$440.7MM |
Real Estate Owned | Q3 2020vs Q3 2019 | $0$0 |
Always verify rates and promotions with the bank or credit union. We are not Comenity Direct; we are a rate comparison website and cannot provide official rates or promotions.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.60% | $100 | $10m | High-Yield Savings Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.90% | $1.5k | $10m | 5-Year CD | |
0.85% | $1.5k | $10m | 3-Year CD | |
0.85% | $1.5k | $10m | 4-Year CD | |
0.75% | $1.5k | $10m | 2-Year CD | |
0.60% | $1.5k | $10m | 1-Year CD |
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