Cross River Bank


PPP Mvps! Helping The Small Business Owners During Tough Times

Posted by: |

This bank was a savior for me. I am a small business owner and the bank that I had my business account with (Great Western Bank) turned me away after day 3 of the PPP loan application process being open in 2020. I would have been absolutely out of luck if Cross River didn't offer these services to out-of-network customers like myself. I had never heard of this bank before but they were absolutely incredible at handling my PPP loan and forgiveness. I cannot thank them enough. I opened an account on this website just to write this review; that's how thankful I am. TRUE MVP's! Thank you for helping this small business owner!

Not A New Bank, Branch Visit No Longer Required

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.

Frustration Experts

Posted by: |

Stay away from this place. Overly complicated in putting in getting out ur money.

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.

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Health
B+

Data as of Q4 2020

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #58410
Year Established2008
Employees389
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.2%
Return on Equity - YTD28%
Annual Interest Income$318.5MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$9.69B$2.06B
LoansQ4 2020vs Q4 2019$9.13B$1.66B
DepositsQ4 2020vs Q4 2019$3.02B$1.62B
Equity CapitalQ4 2020vs Q4 2019$378.7MM$251.0MM
Loan Loss AllowanceQ4 2020vs Q4 2019$49.8MM$36.8MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$6.9MM$7.2MM
Real Estate OwnedQ4 2020vs Q4 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
0.51%--I Connect Savings
0.51%--Prestige Business Tiered Savings
0.51%--E Connect Savings
0.51%--I Connect Select Savings
0.51%--E Connect Select Savings

Cross River Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%--Money Market Account
0.30%--E Money Market Account
0.20%--Business Prestige Money Market Checking

Cross River Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%--NJ IOLTA Checking
0.15%--I Connect Select Checking
0.15%--Attorney Trust Escrow
0.15%--E Connect Select Checking

Cross River Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%$500-48 Month CD
0.40%$500-Business 48 Month CD
0.35%$500-36 Month CD
0.35%$500-Business 36 Month CD
0.30%$500-24 Month CD
0.30%$500-Business 24 Month CD
0.25%$500-18 Month CD
0.25%$500-Business 18 Month CD
0.20%$500-12 Month CD
0.20%$500-Business 12 Month CD
0.15%$500-6 Month CD
0.15%$500-9 Month CD
0.15%$500-Business 6 Month CD
0.15%$500-Business 9 Month CD
0.10%$500-3 Month CD
0.10%$500-Business 3 Month CD
Locations


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

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