Customers Bank Ups Ascent Money Market Savings Rate

POSTED ON BY

Deal Summary: Ascent Money Market Savings Account, 2.25% APY guaranteed through 6/30/2019, $25k minimum opening deposit, $25k minimum balance to earn stated APY, new money.

Availability: Nationwide through online application only.

About a month ago, Pennsylvania-based Customers Bank unveiled a new product: the Ascent Money Market Savings Account (Ascent MMSA). At that time, the Ascent MMSA earned 2.03% APY on balances of $25k and above, with balances below $25k not earning any interest.

Customers Bank ended the week by substantially improving the Ascent MMSA, when it raised the rate to 2.25% APY and guaranteeing the APY through June 30, 2019. The minimum opening deposit is still $25k of new money, with no stated balance cap. Unlike some other banks that limit new rates to new accounts, existing Ascent MMSAs will automatically earn 2.25% APY; the rate guarantee also applies to existing Ascent MMSAs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%$25k-Customers BankAscent Money Market - Online Only
Rates as of November 17, 2018.

There is no monthly service fee and the Bank’s $10 incoming wire transfer fee is waived for the Ascent MMSA. The Ascent MMSA must be funded within 30 days of application approval. If the Ascent MMSA is closed before interest is credited, the accrued interest will be paid.

The promotion page contains a FAQ section, which answers most of the commonly asked questions. For example,

The Ascent Money Market Savings Account is not meant for everyday spending. Therefore, ATM cards, debit cards or checks are not issued for this type of account.

To access your funds, visit www.customersbank.com, click on personal banking login and login using the username and password you created.

There are several ways to fund a newAscent Money Market Savings account. You may:

    1. Transfer money from your account at another bank. If you are already a Customers Bank customer, you can transfer money from your existing account.
    2. Wire money from your account at another bank.
    3. Write a check. Checks should be made payable to and mailed to: Customers Bank, Attn: Deposit Operations, 99 Bridge Street, Phoenixville, PA 19460.

A very knowledgeable CSR explained that withdrawals made through ACH transfer are limited to $5k per day and $50k per statement cycle. Surprisingly, there is no excess transaction fee assessed if more than six transactions occur in a statement cycle, but you will receive a warning letter. CSR stated that the Ascent MMSA will be closed following the receipt of a third warning letter.

Availability

Headquartered in Phoenixville, Pennsylvania, Customers Bank is offering the Ascent Money Market Savings Account on a nationwide basis to U.S. citizens and resident aliens who possess a valid Social Security number.

The Ascent MMSA can be opened as an individual account or as a joint account (with or without survivorship). Trust, fiduciary, or custodial accounts are also available.

While Customers Bank has branch locations in Pennsylvania, New Jersey, and New York, the Ascent MMSA can only be opened online. A U.S. driver’s license, U.S. passport, or state-issued ID is required to open an account.

Bank Overview

Customers Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 2.77% (excellent) based on March 31, 2018 data. Customers Bank has an above average capitalization level (9.93%), the result of holding $10.76 billion in assets with $1.07 billion in equity. Please refer to our financial overview of Customers Bank (FDIC Certificate #34444) for more details.

Customers Bank is currently the fourth largest bank headquartered in Pennsylvania, with assets in excess of $10.7 billion and more than 1,939,000 customer accounts. Founded in 1997 as New Century Bank, the Bank rebranded in 2011, following the acquisition of USA Bank (NY), ISN Bank (NJ), and Berkshire Bank (PA). According to a June 2018 press release,

Customers Bank, the region’s leading super-community bank with operations in Pennsylvania, D.C., Illinois, New York, New Jersey and New England, has been granted Preferred Lender status under the United States Small Business Administration’s (SBA) Preferred Lenders Program (PLP).

Preferred Lender is the highest level of approval and status that a lender can hold in the SBA loan program. As a Preferred Lender, Customers Bank can now process, close, service and liquidate most SBA-guaranteed loans without SBA review, providing a faster and more streamlined process for financing small businesses.

How the Ascent Money Market Savings Account Compares

When compared to the nationally available savings accounts tracked by DepositAccounts.com, Customers Bank’s Ascent Money Market Savings Account APY currently ranks first, regardless of minimum deposit. (Northfield Bank’s Online Platinum Savings also offers 2.25% APY, but is capped at $100k.)

The above rates are accurate as of 8/4/2018.

To compare the top Savings Account rates, both nationwide and in your local area, please refer to DA’s Savings Accounts rate table.

Related Pages: New York savings accounts, Philadelphia savings accounts, savings accounts, nationwide deals

Comments
RichReg
RichReg   |     |   Comment #1
And now the REAL game begins. They're a nice bank w/convenient locations in NJ. Also good to know they'll pay accrued interest at termination. However, no checks= less ease of exit...no thanks.

But it does sure seem like Northern Bank MM is about to lose it's crown...
Att
Att   |     |   Comment #2
Very similar to the Northern Direct savings account. The floor is a great feature. Should another savings account that surpasses the floor rate you just move the money to a new bank. I wonder if they have ACH limits on transactions initiated at an outside institution? Have to see how long it lasts.
Ann
Ann   |     |   Comment #26
" I wonder if they have ACH limits on transactions initiated at an outside institution?"

Except for the rare banks/CUs that block ALL ACH transfers on certain account types, and the mandatory limit of 6 outgoing transactions from savings/MM accounts regardless of where it's initiated, limits only apply to ACH transactions initiated interally.
Zemo999
Zemo999   |     |   Comment #34
Could you say how the no limit externally initiated ACH transfer was verified? For me, that's a make-or-break issue on this deal.
Ann
Ann   |     |   Comment #47
Call the bank yourself if you want to "verify". I was making a general statement about how the numerous banks I've read about people's experiences with here and elsewhere, and my own experience at several, have worked.
Bill
Bill   |     |   Comment #52
When I called,I was told there is a limit of $5000 on an outgoing ACH deposit (They are working on getting that increased). And maximum 6 ACH transactions per month. It appears you can get around this by opening multiple Ascension accounts, and thereby do one outgoing ACH transfer per account. So, if you had 5 ascension accounts you could do one $5000 ACH outgoing transfer for each account for a total of $30,000 in one day.
Miser
Miser   |     |   Comment #4
Better pay attention, Northern......You're soon going to be passed . And if you're like Redneck and decide not to be competitive.......I'm done and will move on. Just like I did at Redneck.
Bloviating Gibberish
Bloviating Gibberish   |     |   Comment #5
Did you really leave Redneck???
deplorable 1
deplorable 1   |     |   Comment #6
AllAmerica/Redneck has been competitive. Their rates are not teaser rates and they move up along with FED hikes. All these other guys have a rate guarantee and then drop the rate once the guarantee period ends. I have been using them as my hub account. The $5,000 ACH limit can be bumped up to $50,000 with a phone call. Their rate will be 2.25% sometime after the next FED hike as they tend to hike their rate at odd times. Ally has higher ACH limits for a hub account but also has lower rates.
Att
Att   |     |   Comment #7
The CD rate leaders change all the time. Remember when Penfed offered the highest rates? Ally was once a rate leader too.

Liquid savings accounts with a high rate and a 1 year floor are great. If someone else comes along with a great rate it's easy to move the funds No guarantee that Redneck will always be a rate leader but at least you have a 1 year floor with Northern.
deplorable 1
deplorable 1   |     |   Comment #9
I agree Att as I have Northern bank as well. My point was that AllAmerica/Redneck has been consistently either at or near the top of the rate tables for years now while other banks have come and gone. I'm just giving them credit where credit is due. Also let's face it while we can all change bank accounts at the drop of a hat it is much preferable to have a hub account that maintains a consistently high rate and not have to go through all the trouble of setting up a new account and linking up multiple accounts for ACH transfers which takes time.
Att
Att   |     |   Comment #10
But Redneck can become the next Pefed. Penfed for years was offering rates well above any other institution. That's my point.

Prefer no limitations like the 50K max and $5,000 ACH limit. I prefer not calling a bank and dealing with a CSR to get an increase for an ACH transaction. Northern Direct has 2 day ACH when I pull from Chase with no limitations on outside pulls. For you it works, for me and maybe others not.
deplorable 1
deplorable 1   |     |   Comment #11
Northern's rate is a teaser and will most likely be dropping at the end of the guaranteed period. I have something like 12 accounts linked to Redneck for ACH transfers while most banks limit you to only 1 or maybe 3. I think you can link many accounts with Northern as well. I'm hoping they don't drop their rate but their new MMA shows 1.51% on their website so the odds of their rate dropping looks pretty high to me. Yes I would prefer no $5,000 or $50,000 cap and not having to call but this account has been priceless for moving money around quickly between various accounts in order to take advantage of multiple deals with 24 hr. ACH transfers.
Att
Att   |     |   Comment #14
The Northern rate is guaranteed to pay at least 2.26% till June 2019 (1 year). I look at the Northern account as a 1 year no penalty CD with an extra benefit that I can add to or take funds out.Your statement that Redneck will surpass that rate is an opinion that may or may not happen. I agree with your opinion that someone will offer a rate higher than Northern in the future. Then, when that becomes a fact I will move my money to that institution and hopefully they will have a 1 year rate floor too.
klink
klink   |     |   Comment #21
This article was posted on Deposit Accounts on Aug 4. First I heard of it and with that the "1 year" shrunk maybe 2 months. Yes I was interested, but for a year guaranteed.
RJM
RJM   |     |   Comment #17
With rates rising, I do not anticipate staying at Northern until June so if their rate drops after the year, what do I care?

My broker can do everything redneck can do and the rate is just .16% less and no $50k limit. On a $1000 average balance, the interest difference is $1.60 a year. Broker does not have the 6 transaction per month limit either.

All these banks with small balances just mean extra forms at tax time on small amounts of interest.

There really is no reason for me to keep bank accounts at Discover or Redneck.

Especially given I will likely be opening more accounts in the coming months. Maybe even the Home Loan 3.15% 18 month next week.
(Unless something better comes along quickly)
deplorable 1
deplorable 1   |     |   Comment #20
Well to each their own. I'm not telling anyone what to do. I have different accounts for different things. I also have a different AllAmerica/Redneck setup than most folks. I have 4 redneck accounts so that's a $200,000 cap and a $100,000 a day transfer limit. This also enables 24 ACH transactions per month between the 4 accounts. Many of these get tied up with $1 auto transfers to Insight and netspend to maintain 5% savings accounts and keep them fee free(I still have $42,000 earning 5% APY with these guys). I'm constantly doing bank bonuses, new CD's and moving money around to obtain the highest yield and Redneck so far has been the only bank that allows me to do all this while also earning a top rate. Basically my liquid cash is constantly on the move seeking higher yields and Redneck is just the high yield pit stop along the way.
Att
Att   |     |   Comment #23
How do you find the time and keep track of all these things?
deplorable 1
deplorable 1   |     |   Comment #30
@Att: It's kind of like my full time job now that I'm retired. I always did this while I was working but now I can just do more of it. It sure beats working in a hot shop 80-120 hrs./week.
larry
larry   |     |   Comment #36
It's a nice feature that Redneck has, which we've never had an account that allows you to make $1 ACH auto transfer. I tried that trick at Discover a couple of years ago and got shot down because they state $25 is the min. for pushing out of Discover via ACH.
david
david   |     |   Comment #24
RJM...I thought your broker was Fidelity. Fidelity's settlement account is not yielding 1.84%...please clarify.
RJM
RJM   |     |   Comment #25
SPRXX

https://fundresearch.fidelity.com/mutual-funds/summary/31617H201
david
david   |     |   Comment #29
RJM...I was told I could only use SPAXX (or FZFXX) as my settlement account at Fidelity. I can use SPRXX as an alternative fund to stash cash, but technically it isn't my "settlement account". Is that the same thing as what you are doing?
RJM
RJM   |     |   Comment #38
I'm not sure what difference it makes to me?
Its not like I am day trading and pressed for buying power.

I don't do a lot of buying stocks but when I sell them, like last week one went crazy up, I then bought SPRXX as soon as the trades settled.

But the main money I was talking about came in from Penfed. As soon as it got There, I bought the SPRXX.
david
david   |     |   Comment #42
RJM...thanks for the feedback. Yes, SPRXX has the highest yield of any Fidelity retail MMF with no minimum balance requirement. SPAXX & FZFXX yield less but they are the only options for Fidelity's brokerage account core position (aka: settlement account). At Vanguard VMFXX is the required settlement account but VMMXX (min. balance = $3000) has the highest yield of any Vanguard retail MMF. It's 2.06% which is 0.21% higher than SPRXX.
RJM
RJM   |     |   Comment #48
I don't have an account at Vanguard. Vanguard did not just give me 500 free trades for 2 years for moving $100k in.

My understanding is if I buy a stock today, they will first use any money in SPAXX first and the rest from SPRXX.

Vanguard pays .20% less than my Northern MMA.
Bogie
Bogie   |     |   Comment #13
Att, you got my attention with you comment "For you it works, for me and maybe others not." And I personally consider a different mix of priorities when choosing among various financial institutions. Precisely why no one size fits all.
Att
Att   |     |   Comment #15
Bogie.. My 86 year old mother will only deal with Chase bank and has funds with Fidelity and a trust with Morgan Stanley. My mother trusts her private client banker. She has pension income and has investments that are more than she will ever need.

Many here like Ally and the service they provide. Some people are just looking for the highest rate.
Luvcd
Luvcd   |     |   Comment #16
Close question: Dump Chase verses keeping mother? Good call...mothers are hard to come by!
Att
Att   |     |   Comment #19
Basically she has a checking account and and some type of savings account with Chase. My sister has all her holdings in a trust. She has plenty of funds to support herself.
??
??   |     |   Comment #22
Luvcd...I don't understand your "close question". Chase is the bank of Att's mother, it's not Att's bank. How could Att dump Chase bank?
Mike
Mike   |     |   Comment #8
Do you know if they use Chexsystems for the application? I got turned down by Northern because I opened like 5 CD accounts in a week and my credit Chexsystems score was 570, even though my FICA score is 868.
RJM
RJM   |     |   Comment #18
I did not know Chexsystems had a score. But, I fear I could be turned down for another account for similar reasons. Not 5 in a week but more in probably 6 months.

I had a chexsystems problem when I was much younger but a visit with the branch manager had him override it. I explained what happened, showed him my brokerage account and flapped down a few thousand in cash to open the account. Back then, local banks paid no interest and I had to keep a $1000 average balance or fees would kick in. (That was a business account)

I also got rejected for a checking account for too many new accounts about 12-15 years ago and the bank would not override it.

My new accounts in the last 6-7 months:
Redneck
Local CU RCA
Heritage Bank RCA
NASA
Andrews
Northern (2 accounts)
Popular

That's more than I thought. I'm probably at risk for rejection too.

Some people whined about hard pulls but not one of the above did a hard pull for me. But with an 828 score, it would not be the end of the world.

If you have an 868, it must be on the one with a top score of 950. Mine is 846 on that one.

Your FICO® Score 9, based on Equifax data and pulled on 07/03/2018, is 846 and is the same score that PenFed uses to manage your account.
RJM
RJM   |     |   Comment #27
I might be mistaken on the range for the fico 9. It seems its high is 850 too.

Industry-specific FICO scores range from 250-900.

Looking deeper, I see NextGen Fico score has a range of 150-950.

It says in another place industry specific range from 250-925.

https://www.creditsesame.com/blog/credit/credit-score-range-for-experian-transunion-equifax/
Phil
Phil   |     |   Comment #28
Mike (comment #8) - FICO (not FICA, which stands for Federal Insurance Contributions Act) scores range from a minimum of 300 to a maximum of 850. How could your score be 868?
MDH71
MDH71   |     |   Comment #31
Mike, RJM is correct. FICO's standard credit scores range from 300 to 850, but their industry-specific credit scores range from 250 to 900.
RJM
RJM   |     |   Comment #39
I am unaware of any industry specific free scores out there unless say a car dealer tells you your car loan score.
Ian
Ian   |     |   Comment #12
1)How many external bank accounts can you link to this MMA account? 2) Will this account help satisfy the average total balance requirements of $5000 in deposit accounts for each statement period to get free, ATM refunds if I have their checking account?
Stuart
Stuart   |     |   Comment #32
CSR old me today that the Bank charges $20 for a withdrawal to an external account. The maximum withdrawal is $5K and no more than $50K can be withdrawn in any month
Pie Tin
Pie Tin   |     |   Comment #33
tHANKS sTUART!

Sounds good, though $20 is a bit hihg, $10 better!
Snap14
Snap14   |     |   Comment #35
WARNING - I called customer service (855-398-8159) who confirmed that only $5,000/day and
$50,000/month limit for withdrawals apply EVEN for externally initiated ACH's. So, if you opened
a joint account for $500,000, it would take you 10 months to get your money out. There is no other way to withdraw money (they won't even mail a check).

So, unless you can live with $50,000 max withdrawal per month, this is a non-starter.
Makes it hard to jump to another bank if a better rate appears
Zemo999
Zemo999   |     |   Comment #37
Snap - thanks for checking that all important question out. Yup, that kills the deal for me. Essentially, it's the equivalent of a CD that pays 2.25% and the term of the CD is de facto forever. No thanks!
Blade
Blade   |     |   Comment #40
I called them today on the withdraw limitations as well. I think there are two ways around the $50K / month issue. You open a free checking account with them - do an internal transfer for the amount over the $50K you want out of the MM and then write yourself a check to your external account. I'd need to call their checking dept to confirm as the Ascent MM agents can't answer checking questions. The second way to get your money out without waiting for months would be to simply close the account and request all funds be sent to you. I don't think they can hold your money hostage if you wish to close the account. Like other posters, I want to like this offer but the dollar limit is truly annoying and unnecessary since they are calling it a money market account.
Snap14
Snap14   |     |   Comment #41
You're right, according to customer service there appear to be no ACH limits for internal transfers. I couldn't reach their checking customer service, but i'd bet they pay little to no
interest. There's also this disclaimer:

"To receive ATM surcharge refunds and avoid a monthly service fee there is no minimum balance requirement in the convenience checking account; however, you must maintain, in any combination among all your deposit accounts and/or your outstanding balances on your mortgage and consumer loans, an average total balance of $5,000 for each statement period"

Since the $50,000/month limit is really $30,000 (max six transactions at $5,000 day),
and the money market pays no interest below $25,000, I think a balance of $30,000- $60,000 would be the best use of this account. Writing a check for anything over would
involve several days of lost interest that may negate much of their 0.25% advantage over
other 2.00% accounts. The other way is to treat it as a one-off account where you close
the entire account for a different bank, but again you have the problems of lost interest waiting for a check or paying for a wire transfer.

The rep did say their ACH limit policy is under active review, so we'll see!
rzelman
rzelman   |     |   Comment #43
I would want to confirm that limit on externally pulled funds with a senior bank official. If true that would be worse than Popular Direct's recent restrictions on liquidity.
Big Words
Big Words   |     |   Comment #44
I would ask to speak with a vice president or perhaps the president or chief executive officer. Also, there are websites where smart people post experiences, surely someone knows!
recklessmax
recklessmax   |     |   Comment #45
If you initiate an external ACH from another bank to pull your money thats like an electronic check and they have to honor it if there is sufficient funds on your account . im not sure if imposing this kind of limit of not honoring a an externally initiated transfer when funds are in the account is within regulation
rzelman
rzelman   |     |   Comment #46
Not necessarily true, if you have been following the Popular Direct thread it was reported that holds and limits were placed on new accounts regardless as to where the transaction was initiated.

I tried to fund my account today with an internal transfer at their $25K interest threshold and was denied. If they are this restrictive in moving funds in and out I am not going to bother funding it. I will speak to a bank officer tomorrow about their policies, at this time it doesn't appear to be a bank that I can do business with.
Love$
Love$   |     |   Comment #49
I called the bank's listed phone number and was transferred to a special department handling this deal. Was given this number for that dept. 855-398-8159. I asked the representative if I could wire out a large amount of money from the Ascent account if I need to (I said $150,000 for the question). He said wiring out of the ascent account will have the same limitations on amounts per day/month as ACH. 5/50k He did say you could open a separate checking account and move funds over to that account. He implied that you could move over larger amounts that way. However, you have to write a check and wait for the money to be deposited. Could take some time.
I asked about closing the account and getting the funds. He said that can be done without penalty, however, could take substantial amount of time to receive a final check. Sounds like it is best for me to deposit a maximum at 50k in this bank as I may need access to the money.
rzelman
rzelman   |     |   Comment #51
Pretty much was told the same today and was told they are "reviewing" their transfer policies due to customer comments. I responded that I will not fund the account until they allow at least some degree of normal money market liquidity.
Auctorial
Auctorial   |     |   Comment #53
You may have ask the question the wrong way - wiring out I would take to mean initiated through CB.
I asked:

Janae Munz
Customer Service Manager
Digital Banking
99 Bridge Street
Phoenixville, PA 19460
(833) 534-1028

today specifically about ACH withdrawals initiated through another linked institution and she said the limits would not apply - only the limits imposed by the external institution as RecklessMax stated.
Auctorial
Auctorial   |     |   Comment #54
Thats actually the same policy as Northern Bank Direct.
rzelman
rzelman   |     |   Comment #56
That is contrary to what the CSR told me this morning. I will speak to Ms Munz directly for clarification.
TR555
TR555   |     |   Comment #50
this account is a joke, you cant get your money out quickly if you need to. You must put 25k in to get the rate and then you can only get $5k out per day if you need it.....what a gimmick, great way to **** people off!
Auctorial
Auctorial   |     |   Comment #55
The other thing I noticed in the disclosures is that closing the account requires 14 calendar days notice. Janae verified they would send a check and it would not be subject to the 5k/50k limit.
Zemo999
Zemo999   |     |   Comment #57
I called the bank about the Ascent Money Market transfer rules, since some here say they've been told that the $5/$50k limits are inviolable, others that they've been told the limits can be gotten around by initiating it from an external source, and the limits imposed by that external source, if any, would be the ones that apply. I spoke to a first line rep named May, who was a bit hard to understand because of her accent. But she assured me that it's external limits that count in this situation. I called back and used the number provided in these comments for Junae (sp?) Munz, who was listed as head of customer services. I got her associate Steve, who gave me a definitive story: Yes, you can pull in (or push in, your choice) as much as you want - the $5k/$50k limits are waived, as is the $10 incoming wire fee. HOWEVER, he was clear and authoritative that pulling money out is limited to the $5k/day, $50k per cycle, REGARDLESS of where such a transfer was initiated. He said you could ask for a check to be sent to you, but the timing on that seemed indeterminate. His attitude was to be as helpful as possible. I said that such a limit would make opening an account with a substantial sum of money impractical, and he said he understood. He said a check could be sent out by mail, but the timing on it seemed indeterminate. He took my name and said they're reviewing their policies on this (as was told to another forum member), and offered to call me if they do change those policies, since it's the only deal-breaker in this deal for me. I'd like to do business with them, but getting your money out seems to be a real problem. at least for now.
Pauly C
Pauly C   |     |   Comment #58
read the fine print, folks. The interest compounds monthly (not daily). As such, take for example the following two bank rates:

1. Cit Bank Money Market Savings, Pays 1.85 and compounds DAILY
2. Customers Bank Ascent Money Market 2.25% and compounds MONTHLY.

Assume you open an account with $25,000 in each bank for one year:

Not much difference in savings:

Future Value of $25k @1.85% compounded daily = approx. $25,466
Future Value of $25k @ 2.25% compounded monthly = approx. $25,568

They are being sneaky. 2.25% compounding monthly is basically the same as 1.85% compounding daily. Moral of the story, make sure the rate you are getting is compounding daily.
Zemo999
Zemo999   |     |   Comment #64
I must be missing something. Does not APY/APY comparison take into account what your total return would be, regardless of the math of how you got there?
dumb down
dumb down   |     |   Comment #65
4/10 of 1% on 25 thousand dollars is a cool $100.

nothing to do with the frequency of compounding.
dumb down
dumb down   |     |   Comment #66
The real story is, small amounts of money don't earn a lot of interest.
Zemo999
Zemo999   |     |   Comment #67
Understood. But, obviously, let's say you put $250k into the account - That's an extra $1k/yr. And they're both liquid, so if a better opp comes along, you're gone, if you want. (Of course the reality is that CIT bank is much more facile and expert than the Ascent people, since the latter has that weird $5k/day withdrawal rule that is a real deal-killer, esp for larger amounts.) I wish there was a 2.25% liquid account that was doable without jumping through difficult hoops. Maybe in Sept. after the next rate hike we'll see a variety of opportunities.
enelrad1123
enelrad1123   |     |   Comment #59
I just spoke to CSR about the Ascent Money Market account. Any other liquid bank account I have ever had will deposit checks made payable to me and endorsed by me. Not so with this account. If I receive a dividend check, for example, made payable to me, I cannot simply endorse it and write "for deposit only" and mail it on to Customer's Bank. They will only accept checks made payable to Customer's Bank. There are plenty of other banks out there who don't make it so difficult to deposit a check by mail, so this one's not for me.
Dunmovin
Dunmovin   |     |   Comment #60
for deposit only doesn't do it! Need to put the account no. and then the signature. Otherwise "for deposit only" means nothing
enelrad1123
enelrad1123   |     |   Comment #61
Regardless of how I would endorse the back of the check, Customer's Bank will not accept it. According to the CSR, the only checks they will accept must be made payable to the bank.
Bogie
Bogie   |     |   Comment #62
I find that very odd. Why would it matter so much to them. They would put a hold on the money anyway, until the check cleared.

With any financial institutions I have ever dealt with, I have always written a personal check payable to myself and endorsed it on the back side with:

For Deposit Only, then the financial institutions name and my account number.

That avoids any confusion as to what the check was for and I never had a check refused.
Dunmovin
Dunmovin   |     |   Comment #63
I would never endorse to the bank w/o the account number and signature as Bogie states...don't trust them putting the money in the right account! Ask him where the money is credited on the banks records if no account number...and ask why!!! And, then ask again! You can always put the check in the outside deposit "box" and they will handle it and put into the noted account BUT only, as noted, you endorse as we are stating
enelrad1123
enelrad1123   |     |   Comment #68
Thank you for your advice to write my account number on the back of my check. I always include a deposit slip that has my account number, but it wouldn't hurt to have this extra layer of protection. My point about Customers Bank was that they will not accept a check made payable to me and endorsed by me, even if I add the financial institutions' name and my account number. As Bogie pointed out, most financial institutions accept a check made payable to yourself and endorsed properly. I once had a banker explain to me that the reason they requested I make the check payable to myself (not the bank) was because I was depositing it into my account (not the bank's). I don't want the hassle of depositing a check that is made payable to me at my local bank, then writing a check to Customers Bank. It seems to me that Customers Bank is swimming against the tide and ought to rethink their policies
Dunmovin
Dunmovin   |     |   Comment #69
Having the acct number on the dep slip is a little bit different than on the check as part of the endorsement, i.e. the dep slip is NOT an endorsement.
A bank will normally not like to receive a check payable to it b/c of endorser liability
obi
obi   |     |   Comment #70
Since their internally initiated ACH limits are tiny, I thought I would open their free checking account as an alternative way for access. However, as far as I can tell its only the Ascent money market that is available nationwide, and you need to be local to a branch (which I'm not) to open a checking account. Too bad/
TheOne
TheOne   |     |   Comment #71
Obi, just like Northern Bank Direct. I am in CA and asked to open a checking account with them along with the 2.26% MMA. Lo and behold, they said the checking account was only available to MA residents. Even before I read your comment #170, I had suspected this bank probably only allowed checking accounts to be opened by residents of their state.
RJM
RJM   |     |   Comment #72
Northerns 2.26%, which is now dead to newcomers, was open to other states.

Unless you missed the deadline or something.
HappyPanda
HappyPanda   |     |   Comment #75
Northern Bank Direct promo MMA 2.26% was open nation wide. What is limited to MA residents only is their checking account. I was NOT able to open a checking account along with the MMA.
RJM
RJM   |     |   Comment #76
Why would you want a low rate checking on top of a high rate MM?
Bill
Bill   |     |   Comment #80
They want to get the money out of the ascent account by transferring to checking where there is no limit to the size of the withdrawal. But, the way I found around the 5k ACH transfer limit is by opening multiple ascent accounts. I opened 8 ascent savings accounts. I put $25,000 plus in each account. I can now do 8 ACH transfers per day which equals $40,000 per day that I can transfer out. That means I can transfer out $240,000 out in 6 days.
Snap14
Snap14   |     |   Comment #73
One note on Customers Bank - I called customer service and they say they have removed all limits on externally initiated ACHs (both daily and monthly limits).

I'd be interested if anyone can confirm, or has had experience with ACH transfers with them
rzelman
rzelman   |     |   Comment #74
Contrary to previous comments posted here I was also told that prior to establishing my account. I have yet to make an external withdrawal since I am satisfied with the current rate that exceeds my linked Vanguard Prime which currently has an compounded yield of 2.11%
Zemo999
Zemo999   |     |   Comment #77
I spoke with customer service today, and it's all good news: You can transfer money in and out, if initiated from the outside institution, and the outside institution's limits on transactions per day, if any, will apply, not the deal-breaking internal amount of $5k/day, $50k/month that has been in force up to now. To open an account, fill out the form online, and once you have an acct number, transfer your funds by ACH. They do not have any wire capabilities at this time. I'd think that instituting an ACH from the outside/sending institution would be best, as it would make running into any problems with limits null and void. And there's even better news: They have both the capability to name multiple beneficiaries *and* put the acronym 'ITF' in the title of the account, thus creating an informal trust, and ensuring that your deposit can exceed $250k and still be covered by insurance. That's the story, and it's a good one. I'll be doing this myself, now that the deal-breaker withdrawal limits have been solved. There is one stipulation which you should know about: Funds that have been deposited in the first 30 days of the account being opened are subject to a 10 business day 'hold' is you want to withdraw them. After that 30 day period, that 'hold' no longer applies, so that the delay is only how long it takes for ACH funds to get transferred. Clear, yes? A great deal, in my book, if it performs as advertised.
confused reader
confused reader   |     |   Comment #78
In #57 you said
To open an account, fill out the form online, and once you have an acct number, transfer your funds by ACH. They do not have any wire capabilities at this time.
in #77 you said

I got her associate Steve, who gave me a definitive story: Yes, you can pull in (or push in, your choice) as much as you want - the $5k/$50k limits are waived, as is the $10 incoming wire fee. HOWEVER, he was clear and authoritative that pulling money out is limited to the $5k/day, $50k per cycle, REGARDLESS of where such a transfer was initiated.

please explain
confused reader
confused reader   |     |   Comment #79
More: from #57
You can transfer money in and out, if initiated from the outside institution, and the outside institution's limits on transactions per day, if any, will apply, not the deal-breaking internal amount of $5k/day, $50k/month that has been in force up to now.
Existing customer
Existing customer   |     |   Comment #81
I opened 8 ascent savings accounts. I put $25,000 plus in each account. I can now do 8 ACH transfers per day which equals $40,000 that I can transfer out in one day.. That means I can transfer $240,000 out in 6 days.
Zemo999
Zemo999   |     |   Comment #82
Confused Reader:I believe you are mixing quotes from my posts of #57 and #77.
Your first quote, in your comment #78 is quoting my post of #57, i.e.,
" I got her associate Steve, who gave me a definitive story: Yes, you can pull in (or push in, your choice) as much as you want - the $5k/$50k limits are waived, as is the $10 incoming wire fee. HOWEVER, he was clear and authoritative that pulling money OUT is limited to the $5k/day, $50k per cycle, REGARDLESS of where such a transfer was initiated."

Thus, at the time of that post, #57, by me, you could only move $5k/day or $50/mo. regardless of where that transaction originated. Hence, a deal breaker, as I mentioned.

In your above quote, Comment #79, you're mixed up. My comment you reference as also coming from my post #57, i.e.,
"You can transfer money in and out, if initiated from the outside institution, and the outside institution's limits on transactions per day, if any, will apply, not the deal-breaking internal amount of $5k/day, $50k/month that has been in force up to now."
That's not a quote from my Comment #57. It's a quote from my comment #77, as of yesterday 9/7/18.
Hence, the meaning of the #77 comment by me: The 'deal-breaker' is gone. You can pull money out via ACH (no wire capability) from an *external* institution, with the only limits on the amount being subject that that external institution's rules.

Simply put:
They've *changed* that provision of the limits of $5k/day $50k/month for withdrawing funds from the account, so if you initiate a withdrawal from the money market to an external institution, the amount of the withdrawal is no longer limited to $5k/day, $50k/month, as long as the transaction originates at an outside institution. You *could* do what Existing Customer suggests, and have a plethora of accounts, and do multiple transfers of $5k per day. But it's much simpler, in my view, to simply initiate one transfer via ACH from an external institution, since those limits disappear if you do that.
Clear, yes?
confused nomo
confused nomo   |     |   Comment #83
Zemo999
comment #82
Thanks for making the time to reply,and your other posts. The posting lineage sometimes leads me astray.
I have to look at the whole thread over each time to make sure I haven't missed something important.
Brenda
Brenda   |     |   Comment #84
Is the Ascent Money Market available in California?
ming
ming   |     |   Comment #85
Sorry, I accidentally click the wrong link to report.
ming
ming   |     |   Comment #86
Two other options are available for CA resident.
1) MySavingsDirect, no min
2) iGObanking/BankPurely, $25,000 or above.
Customers Bank Offers Ascent MM Savings Nationwide
Deal Summary: Ascent Money Market Savings, 2.03% APY, $25k minimum opening deposit, $25k minimum balance to earn stated APY, new money.

Availability: Nationwide through online application

Customers Bank is promoting a new product: the Ascent Money Market Savings Account (Ascent MMSA), which earns 2.03% APY on balances of $25k and above; balances below $25k do not earn any interest. The minimum opening deposit is $25k of new money, with no stated balance cap. The Ascent MMSA must be funded within 30 days of application approval.

Continue Reading
CD and Money Market Specials Continue at Customers Bank in PA, NJ & NY - Local Only

Customers Bank continues to offer good deals on CDs and a money market account. The rates have gone down since my December post, but the rates remain competitive. These specials are listed as January specials in the rate table. Here are the special CD and money market account rates listed on the bank's rates page as of 1/17/2011:

  • 1.75% APY 2-year CD, $500 minimum
  • 1.50% APY 11-month CD, $500 minimum
  • 1.50% APY money market account (1% under $10K)

For those who opened this money market account when the promo rate was higher, you might...

Continue Reading
CD and Money Market Specials Continue at Customers Bank for PA & NJ Residents

Customers Bank continues to offer good deals on CDs and a money market account. The rates have gone down since my September post, but the rates remain very competitive. There's also a new 2-year CD. Here are the special CD and money market account rates listed on the bank's rates page as of 12/20/2010:

  • 2.00% APY 2-year CD, $500 minimum
  • 1.75% APY 11-month CD, $500 minimum
  • 1.75% APY money market account (1% under $10K)

The 11-month CD and money market account yield had been 2.00%. A reader mentioned in the forum that those who...

Continue Reading
Short-Term CD and Money Market Specials at Customers Bank for PA & NJ Residents

As I was working on last Friday's bank failure post, I noticed these specials at Customers Bank. The FDIC arranged for this bank to assume all of the deposits of the failed ISN Bank. As of 9/19/2010, Customers Bank is listing two very competitive specials on its home page:

  • 2.00% APY 11-month CD, $500 minimum deposit
  • 2.00% APY money market account (1.00% under $10K)

The downside with the money market account is that the rate isn't guaranteed to last for any period. Also, there's a $5 monthly fee for balances under $1,000.

The bank...

Continue Reading
2.00% Money Market Account with Rate Guaranteed for 6 Months at New Century Bank in PA - Local Only
New Century Bank has a nice promotion for its money market account. They're guaranteeing 2.00% APY for 6 months with a minimum balance of $50. The offer is scheduled to end on 11/30/09. The promotion is advertised in a big image on the bank's front page. Also, when you open the account, you get a free Snuggie.

The regular money market rates are listed at the bank's rate table, and the rates are low with a maximum rate of 1.09%. So this is probably not a good long-term deal.

A branch visit...



Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.