Dime Community Bank, previously known as Dime Savings Bank, is a New York-based financial institution registered with the FDIC as a savings bank. It primarily provides personal and business deposit products and loans, in addition to its commercial lending services. Though its original identity was as a community banking institution, it is now a publicly traded company on NASDAQ (Symbol:DCOM).
Dime Community Bank offers checking, savings, Money Market, and CD accounts on its personal banking side. They have a free checking account and a rewards checking account that both offer attractive features. The free checking account comes with a free order of checks and a Visa check card and has no monthly fees or minimum balance requirements. The rewards checking account offers non-Dime ATM transaction fee refunds as well as access to higher interest rates when certain account balance thresholds are met. Several savings accounts offer consumers a way to save while accumulating daily compounded interest. One savings account has several features similar to that of a checking account, including a check card and free online banking. There is a student savings account option, as well, and it offers unlimited free deposits and withdrawals. Money market accounts offer higher rates of interest as account balances meet higher thresholds. Certificates of Deposit (CDs) are available in term lengths ranging from 3 to 60 months and require a minimum initial deposit to open. Dime’s CDs have been recognized in the past on DepositAccounts.com. Business banking accounts offer similar rates, and Dime features a unique lawyer account that is connected to a law-related public interest fund.
Dime Community Bank online banking provides a secure platform on which customers can perform account management activities like viewing transaction history, transferring funds, and paying bills. Telephone banking is also available and can be used to review recent activity and pay a mortgage or personal loan.
Dime Community Bank was originally established in 1864 under the name The Dime Savings Bank of Williamsburg. In 2002, the bank moved its headquarters from New York City to Brooklyn, New York, and it serves its customers through branches located across four of the five boroughs of the city.
Decided to post a review because of the rough comments below. No one ever posts good stuff when they're happy so I figured I'd write ... I've been a customer of the bank for almost three years - the customer service is great compared to the "big banks" ... and just recently they started promoting a great rate for a money market account. I rarely get to go to my local branch because I can deposit checks from the app, but when I do, the tellers remember my name. Love the personal touch ... :)
In opening an online money market account with Dime Savings Bank there was a glitch in initially funding it. The savings account with the external bank was described as (yes) a savings account when according to that bank (SFGI Direct) it should've been labeled as a checking account. Because of this issue the transfer of funds fell through. However I only learned that there was a problem when my account access was blocked. I phoned customer service who routed me to the department responsible for account openings. They told me that my account had been flagged, my access denied, and any activity prohibited. I called the other bank to find out what happened and they explained the reason. I then shared this information with Dime Savings. The transfer went through a few days later and the flag lifted. The only notice though Dime Savings gave alerting me to this issue was a message in my account inbox - which I was blocked from accessing. An email or phone call would've been the most effective means to let me know. On the positive side phoning customer service hasn't meant a long wait to speak with someone.
I just opened a Dime Money Market account. The interest rate is terrific, I had no issues transferring money, and the security seemed good. My one and only, but huge issue is that there is a cap of $5,000 per transaction with transferring money in and out. Nowhere did I see that prior to opening the account. They definitely should be putting that prominently on their information sheet. Luckily I only started with $1,000 because if I wanted to withdraw a large sum of money, I wouldn't be able to as I would be capped at $5,000 per transaction. As it is, since I can make 6 exchanges per month, it only makes sense to leave in $30,000 in the account if I want to be able to move my money in an out in a timely manner.
I have found problem after problem with employees of the Glen Oaks branch. I was given misinformation time and time again, and these people are simply clueless! They have people answer the telephone who have some difficulty with the English language, and many do not have any correct answers to my questions about their services. I would stay away!
|FDIC Certificate #||16012|
|Return on Assets - YTD||0.88%|
|Return on Equity - YTD||8.32%|
|Annual Interest Income||$221.5MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$6.31B$6.39B|
|Loans||Q4 2018vs Q4 2017||$5.37B$5.58B|
|Deposits||Q4 2018vs Q4 2017||$4.46B$4.54B|
|Equity Capital||Q4 2018vs Q4 2017||$689.5MM$643.3MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$21.8MM$21.0MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$2.4MM$20.5MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$0$0|
Rates for Dime Community Bank are currently being reviewed.