Comenity Direct
Related Posts
6/26 - Online Savings Now At 1.10% From 1.35%
5/21 - Rate Drop From 1.55% To 1.45% APY
5/15 - Comenity Finally Follows Suit With Rate Drops
4/1 - Comenity Direct Makes Modest Rate Increases
3/27 - Comenity Direct Going Up??
3/7 - Comenity Direct Rate Drops Savings Now 1.55% APY Cds Down About .4% Each
1/13 - Comenity Direct Savings Rate Down To 1.90% APY, Cds Fall As Well
10/11 - Comenity Direct Savings drops To 2.15%, CDs drop 5 Bps
9/13 - Comenity Direct Lowers All Rates By 10 Bps, Including High Yield Savings
8/16 - Comenity Direct Lowers All Rates, Including High Yield Savings
7/29 - Comenity Direct Drops All CD Rates By 15 Bps Or More
7/11 - Comenity Direct Drops all CD Rates by either 10 Or 15 Bps
6/27 - Comenity Direct Rate Drops, Including 3 Bps On High Yield Ssavings
6/22 - Comenity Direct Dropping CD Rates
5/7 - Comenity Direct 1-Year CD Earns 2.86% APY
4/25 - Comenity Direct Unveils High-Yield Savings, 2.48% APY
Comenity Direct - Good Rates And Good Online Experience
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
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
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 $.
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
Data as of Q1 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27499 |
| Year Established | 1989 |
| Employees | 485 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.41% |
| Return on Equity - YTD | 11.01% |
| Annual Interest Income | $808.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $12.14B$13.17B |
| Loans | Q1 2020vs Q1 2019 | $8.85B$10.28B |
| Deposits | Q1 2020vs Q1 2019 | $4.75B$4.95B |
| Equity Capital | Q1 2020vs Q1 2019 | $1.52B$1.88B |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $1.29B$661.9MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $418.2MM$409.2MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $0$0 |