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Cross River Bank


Overview / Commentary
www.crossriver.com
201-808-7000
400 Kelby St., 14th Floor
Fort Lee, NJ 07024

Cross River Bank is headquartered in Teaneck and is the 13th largest bank in the state of New Jersey. It is also the 369th largest bank in the nation. It was established in 2008 and as of March of 2020, it had grown to 315 employees at 1 location. Cross River Bank's savings rates are 25% higher than the national average, and it boasts an A+ health rating.

Related Posts

Cross River Bank CDs Can Be Opened By Email/Phone - 4/4/2020

Cross River Bank's nationally available CDs can now be opened by phone/email and funded through a bank transfer. The 24-month CD currently earns 2.10% APY ($500 min).

Rates Will Change Friday. Teaneck Branch Closed. - 3/18/2020

I visited Cross River today to lock in one of their good rates (2.4% APY for 3 yrs). Due to Corona Virus, their only branch office in Teaneck, NJ was closed. As a substitute, they transacted business in their Ft. Lee, NJ, administrative office, which is located in an office building. After my wife and I entered the office, the bank informed us that we were the last customers that would be served in that building, as the building management advised the bank that they did not want any more bank customers to enter the building. Once again, a casualty of Corona Virus precautions. While in the office, I overheard that rates would drop Friday. I do not know how customers can open accounts between now and then. I would suggest calling their main phone number on the Cross River Bank website for guidance.

Cross River Bank CD Yields (Possible National Availability, With A Catch) - 3/9/2020

12 mo. - 2.15% 18 mo. - 2.20% 24 mo. - 2.25% 36-mo. - 2.40% 48-mo. - 2.45% https://www.crossriver.com/personal-banking The catch -- Based on the comments in this 2018 article, it was nationally available at that time, but a visit to their one branch in Northern New Jersey was required. (I don't know what the current situation is.) https://www.depositaccounts.com/banks/cross-river-bank/offers/

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Reviews (5)

Great With PPP Would Try Them For Savings

Posted by: |

Cross River did a great and speedy job processing my PPP, my friend had a great experience too. Based on this I would give them a shot for banking.

1

Not A New Bank, Branch Visit No Longer Required

Posted by: |

I opened my first CD with Cross River in 2012. Have had several since, all with great rates & no issues. They did require a branch visit (Teaneck, NJ) till the pandemic hit. Now you can open one by phone & email. I just opened their 2-year at 2.1%. Very easy and their customer service is good, especially under current conditions. I should note:
-I was already a customer so I was able to skip a few steps.
-CD must be funded by check or wire transfer. They don't charge for wire transfer but your bank probably will (Chase charged me $25.) If you mail a check, they don't lock your rate until they get the check. (Unlike online banks that usually let you open the CD & lock the rate, then give you 10 days to fund it.) Worth the $25 to lock the rate instantly.
-Their website isn't awesome but who cares? Their reps are very helpful by phone, & emails get a surprisingly fast response (mine were within an hour).
-Rate page: https://www.crossriver.com/personal-banking
-Phone: 1-877-55CRB55 or (201) 808-7000.

3

Substandard Presumptive With Questionable Practices

Posted by: |

The CEO , singlehandedly, managed the newly FDIC Bank upon illusive presumptions, as if the bank was his ???????? (scam) enterprise. In 2019-2020 the FDIC pocked and prodded Cross River's banking practices ( do a google search). Feeling the FDIC's booth on its rear-end, Cross-river painted rosy pictures of the bank to attract investors, e.g., offered the highest interest rate for 24 month CD, only to drop same to almost lowest in in US within the quarter in 2020. The bank under its leadership is irradiate and unstable for me to put a dime in it. I will not be surprised if the name Cross River disappears from FDIC list.

1

Terrible, Terrible!

Posted by: |

Round and round I went with trying to open an account for a CD over $100K for TWO days. Spend an hour on the phone with an "expert" to try and fill out an application to open and fund account on phone. No success!
He acted like I didn't know the first thing about computers. Must admit I am not a geek with computers but opened up on line accounts with Synchrony, Marcus, Barclays to mention a few, quick no problems.
Final got the account open and problem with funding through my Bank of America(funds in account)....computer glitch on their part.
Will not accept a cashier check via mail. Than I spoke to a supervisor. She was very nice but informed me that the special promotion was expiring that evening!! Guess they did not want my $$$ Never will deal with them again.

2

Not Ready For Prime Time

Posted by: |

This is a new bank that was financed by some Silicon Valley VC Fintech people -- amazingly, their website is awful and their account opening process is difficult if not impossible. Their disclosures say they "may" allow CD early withdrawals and they don't specify their early withdrawal penalty. I tried to open a new CD (their rates look good) but the application process rejected me and locked me out with no explanation. If this is the quality of their website and customer service before you are a customer, just imagine how difficult it will be when you try to get your money back! Stay away from this place until they know how to run an internet bank. Right now all they know how to do is raise money from venture capital investors!!!

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Health
A+

Data as of Q1 2020

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #58410
Year Established2008
Employees315
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD-0.37%
Return on Equity - YTD-3.37%
Annual Interest Income$48.8MM
Assets and Liabilities
AssetsQ1 2020vs Q1 2019$2.53B$1.50B
LoansQ1 2020vs Q1 2019$1.86B$1.22B
DepositsQ1 2020vs Q1 2019$1.91B$1.15B
Equity CapitalQ1 2020vs Q1 2019$248.9MM$215.0MM
Loan Loss AllowanceQ1 2020vs Q1 2019$55.8MM$22.4MM
Unbacked Noncurrent LoansQ1 2020vs Q1 2019$11.1MM$2.2MM
Real Estate OwnedQ1 2020vs Q1 2019$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Cross River Bank; we are a rate comparison website and cannot provide official rates or promotions.

Cross River Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.65%--I Connect Savings
0.65%--Prestige Business Tiered Savings
0.65%--E Connect Savings
0.65%--I Connect Select Savings
0.65%--E Connect Select Savings

Cross River Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--Business Prestige Money Market Checking
0.35%--Money Market Account
0.35%--E Money Market Account

Cross River Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--NJ IOLTA Checking
0.25%--I Connect Select Checking
0.25%--Attorney Trust Escrow
0.25%--E Connect Select Checking

Cross River Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.01%$500-36 Month CD
1.01%$500-48 Month CD
1.01%$500-Business 36 Month CD
1.01%$500-Business 48 Month CD
0.50%$500-24 Month CD
0.50%$500-Business 24 Month CD
0.45%$500-18 Month CD
0.45%$500-Business 18 Month CD
0.40%$500-12 Month CD
0.40%$500-Business 12 Month CD
0.35%$500-6 Month CD
0.35%$500-9 Month CD
0.35%$500-Business 6 Month CD
0.35%$500-Business 9 Month CD
0.20%$500-3 Month CD
0.20%$500-Business 3 Month CD
Locations


Cross River Bank Locations
Cross River Bank885 Teaneck RoadTeaneck, NJ 07666

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