Dime Community Bank

Overview / Commentary
2200 Montauk Hwy
Bridgehampton, NY 11932

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.

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Pleasantly surprised

A few months a ago I was looking around for a decent APY that is not negative or zero after inflation for a 5 year CD for my son, lo and behold I have came across The Dime Community Bank. I decided to invest with them. Currently I have a decent APY, which is a bit low but since I'm thinking of the future and not spending, it was an okay deal. I was pleased with the service they provided and my hope is that the market price doesn't change too much within the next couple of years. I would recommend people to check them out if they are looking to save money that they have lying around. Great bank!

No Beneficiaries On Checking Accounts?

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I was told that there is no option to add POD beneficiaries on checking accounts. This makes no sense to me, why would a bank want to incur costs of dealing with probate courts when it is so easy to avoid it?

Clumsy Customer Service

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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.

Simply Not A Bank

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We have been with Dime Bank for about 20 years It was never a good bank for business Online banking is mostly either down or giving errors
The branch is changing employees and managers all the time
They recently merged with the BNB bank
Online banking turned to be worse
I made contact with the CEO always and the outcome was always lame or no results It is clear that the problem is the head of the company We will be switching all of our accounts to another real bank soon since we do not see any improvement Two days with no online banking and counting right now You can't consolidate, see payments or transfer money A real shame



Health Grade Components

FDIC Certificate #6976
Year Established1909
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.65%
Return on Equity - YTD6.62%
Annual Interest Income$187.2MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$12.69B$6.15B
LoansQ2 2021vs Q2 2020$9.48B$4.59B
DepositsQ2 2021vs Q2 2020$11.14B$5.08B
Equity CapitalQ2 2021vs Q2 2020$1.32B$580.3MM
Loan Loss AllowanceQ2 2021vs Q2 2020$92.8MM$43.4MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$53.5MM$17.7MM
Real Estate OwnedQ2 2021vs Q2 2020$0$0

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