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11/25 - Crestmark Bank Offers Top-Rate Nationally Available Short-Term CDs
7/14 - Crestmark Bank Has Top-Rate, Nationally Available CDs
Great Rates And Interest Penalty Only On Amount Withdrawn
I opened a CD account because of they have competitive rates and a very reasonable interest penalty policy. If you need to break your agreement, the interest penalty is only applied to the amount you withdraw. You do not have to completely close the account and pay 6 or even 9 months interest penalty. So if you have a 100k CD and only need 10k, the interest penalty is only on the 10k. Very reasonable.
Before I opened my account, I talked to Crestmark representatives and they were professional and answered all my questions.
New Account
I am new with Crestmark. They don't work like other online banks. I just learned that they will not open your account till they receive your money first. And they don't do two micro deposit to verify your account. You have to initiate ACH from your other bank and ACH or wire money to an account number listed on line. I guess it is a common account number for all new accounts. I feel somewhat spooky and insecure. Should I go ahead to ACH or wire like this?
Great Rates..BUT!
Unfortunately they don't compound interest on CD accounts. That's to bad.
Uneasy Feeling About This Bank
When I filled out the online form for a cd I had a question and called the 800 number and no one answered so I hung up and tried later and was asked to leave a message which I did and no one called back. In early October I opened 2 cds and by the third week of October no word from Crestmark. I made a few attempts to call and speak to someone and when I got through I was told they don't mail or email confirmations on opening cds. What are the certificate numbers, what are the maturity dates, did you get the check?
Questionable Security
Originally contacted Crestmark Bank via email, first thing was using Chrome their website was insecure. They apparently corrected that.
After several communications about handling of Certificates of Deposits and noting there is no online secure site to send/receive secure messages. Completed an online CD application. The final screen has a box to indicate(as I recall) whether an Email is desired of the transaction receipt- that box was left unchecked intentionally.
Regardless, a receipt was sent via email with the entire contents of the application excluding Social Security number, driver's license and a few other details.
The sending of the information to an unsecured email address does not represent an attempt to avoid identity theft.
Suspect Financial Bank
I live a few miles away and can not even open an account there. One has to email them only! I just don't trust a bank that I can't get walk in service or my money if need be right away.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 30776 |
| Year Established | 1954 |
| Employees | 992 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.59% |
| Return on Equity - YTD | 23.73% |
| Annual Interest Income | $80.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $5.85B$6.04B |
| Loans | Q1 2020vs Q1 2019 | $3.57B$3.45B |
| Deposits | Q1 2020vs Q1 2019 | $3.97B$4.98B |
| Equity Capital | Q1 2020vs Q1 2019 | $893.2MM$895.1MM |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $65.4MM$48.7MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $30.3MM$9.6MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $0$28.1MM |
