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.
Related Posts
5/30 - Dime 15 Mo CD Now 2.25% APY
4/21 - Dime Boosts 4-Year CD Rate
3/23 - Dime Community Bank Is Featuring Great Rates On Their Platinum Money Market Account And 15-Month CD.
1/18 - 2-Year CD, 2.10% APY
1/12 - Dime Direct Raises MMA To 1.35% APY
9/29 - Dime Community Bank Is Running Free Checking Account Promotion.
8/11/16 - Safe Place To Keep Your Money
8/18/15 - Dime Direct Money Market Now Available Nationwide
8/14/15 - Dime Savings Bank MMA
7/2/15 - Dime Savings Bank 1.01% APY Money Market Guaranteed For One Year
1/3/14 - Special 5-Year CD Rate at Dime Savings Bank in New York
1/23/13 - Special IRA CD Rates at Dime Savings Bank in New York
7/12/12 - $50 Checking Account Bonus At Dime Savings Bank
3/1/12 - IRA CD Specials at Dime Savings Bank in New York - Available Nationwide
7/16/11 - Money Market Account Special at Dime Savings Bank in New York
7/15/11 - Issues and Tips on Closing CDs at Dime Savings Bank & Other Banks
3/21/11 - End Of DIME 15-Month IRA At 2.5%
12/30/10 - Special 10-Month CD at Dime Savings Bank in New York - Available Nationwide
10/26/10 - 3% 7-Year CD At Dime Bank In New York City BUT Big EWP
1/13/10 - 2.50% 9-Month CD at Dime Savings Bank in New York
9/18/09 - $300 Checking Account Bonus at Dime Bank in New York
Great Service, And A Greater Interest Rate
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 ... :)
Clumsy Customer Service
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.
Interest Rate Cut Twice In Less Than A Month
Update 10/19
Dime cut the interest rate by an additional .30% on 10/4 and I find the timing to be interesting. Unless you monitor the account closely you wouldn’t notice the rate cut until a month later as the September 30th statement shows the higher rate. I called the branch to let them know I was withdrawing about 95% of my balance due to the rate cut and the banker did not even ask if there was any way to keep my business. My new bank on the other hand welcomed me with open arms. Oh well.
Original review:
I understand interest rates were cut by the Fed but Dime cut my money market rate twice in about two weeks. I called the Bayside branch and asked to speak to the branch manager to see if there was a way to lock in a rate and the woman who answered the phone said the manager was on vacation and there was nothing the bank could do to keep my business. Wow. I would think a bank who cared about their customers would tell me to come in and talk to them. I couldn't get past the girl who answered the phone. Ok fine, there are plenty of other banks who would like my business.
Money Market Account Misleading
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.
Data as of Q2 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16012 |
| Year Established | 1864 |
| Employees | 431 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.82% |
| Return on Equity - YTD | 7.77% |
| Annual Interest Income | $117.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $6.49B$6.25B |
| Loans | Q2 2019vs Q2 2018 | $5.51B$5.38B |
| Deposits | Q2 2019vs Q2 2018 | $4.57B$4.50B |
| Equity Capital | Q2 2019vs Q2 2018 | $669.3MM$668.3MM |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $21.1MM$21.0MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $4.1MM$6.4MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $0$0 |
Always verify rates and promotions with the bank or credit union. We are not Dime Community Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Dime Community Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.05% | $250 | - | Statement Savings | |
| 0.05% | - | - | Passbook Savings | |
| 0.05% | - | - | Club Account | |
| 0.05% | - | - | Student Savings | |
| 0.05% | - | - | Holiday Account |
Dime Community Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.20%* | $75k* | - | Rewards MMA Statement | ||
| OTHER TIERS: 0.05% → Up to $1k | 0.10% → $1k - $25k | 0.15% → $25k - $75k | |||||
