Cross River Bank is headquartered in Teaneck and is the 4th largest bank in the state of New Jersey. It is also the 138th largest bank in the nation. It was established in 2008 and as of September of 2020, it had grown to 361 employees at 1 location. Cross River Bank has a B+ health rating.
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Great With PPP Would Try Them For Savings
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.
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.
One Of The Worst Banks Around...!
This Cross River Bank is another fly by night bank. They have horrible customer service and terrible financial products. This Cross River Bank is only looking to do business with people who have a high credit score and if you don't have a high credit score, then you are treated like garbage and they are not interested in your business. The best day of my life is when I went into one of their branches and closed all of my accounts and I had over $100.000 in combined accounts. I demanded I wanted all of my money in CASH and the teller informed me they didn't have that amount of CASH on hand and then the teller informed me they could only give me a Cashier's check and I told her, "I don't want any of your worthless checks and I want CASH only!". She called the bank manager and he came out and I told him, "Listen up and listen up good, you have 2 hours to have all of the CASH to give to me or I am going to go to the local police station and file a complaint and have you arrested on the spot. It's strange after I told him that someone else when into the bank vault and brought out and counted all of my Cash that was my money. They gave me a bunch of green bank bags with locks on them, I counted all of the money out again in $100 bills, put all of CASH in the green bank bags and walked out. I never stepped foot into another Cross River Bank ever again...!
Substandard Presumptive With Questionable Practices
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.
Terrible, Terrible!
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.
Not Ready For Prime Time
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!!!
Data as of Q3 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58410 |
| Year Established | 2008 |
| Employees | 361 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.6% |
| Return on Equity - YTD | 13.54% |
| Annual Interest Income | $203.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $11.78B$2.00B |
| Loans | Q3 2020vs Q3 2019 | $9.89B$1.63B |
| Deposits | Q3 2020vs Q3 2019 | $3.19B$1.50B |
| Equity Capital | Q3 2020vs Q3 2019 | $321.6MM$235.1MM |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $70.4MM$36.0MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $5.7MM$2.2MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $0$0 |