My experience was excellent. Very smooth application process on Friday 10/5. Banking holiday on Monday, then on Tuesday the trial deposits appeared on the other bank and I verified them. I could register for online banking immediately, and I tried to link several banks. All those trial deposits appeared on Wednesday, and the accounts were linked. Also the funding amount was posted, which means one day ACH. A question to the CRSs via the website was answered within a couple of hours, saving the need for a phone call. I tried using the ACH once more to pull funds from one of the linked banks, and the transfer was posted on Thursday (next day). Given the super-fast ACH with high limits (7:00 pm cutoff time) and the DIF insurance, this bank seems to be among the best for a substantial liquid account, and can serve as a better hub than ALLY or ALLIANT. There is a 3 day hold on deposits after the introductory period (1 month), but I can live with that.
I agree with earlier reviewer that the application asks too many unnecessary questions. And like a number of others, I had trouble signing in the first time with the system requiring to send a security code, but it doesn't have the correct phone number on file. After 10 min wait for the rep, I found out that I also need to create Online Banking access via ebsb.com to enable successful sign-in. This is the part that the Open Account instructions from ebsbdirect.com didn't mention.
So, I saw this attractive yield of 2.5% and the feedback is a mixed bag, so decided to give it a try. It was really bad. Opening an account and registering with them was fine, many intrusive and unnecessary questions notwithstanding. And then I was supposed to fund the account which I intended to do via electronic transfer from Bank of America.
There were no instructions how to do it and no account number was provided. Actually, nothing was provided save the confirmation number. So, I tried to call them to find out how to fund this. After 45 minutes of listening to elevator music (it was enough time for shaving, making some coffee, drinking it, etc.) a pretty clueless woman answers and tells me that I have to wait a couple of business days and they will e-mail me instructions, no problem.
OK, I wait but nothing. (I "opened" the account last Friday, so it's more that a couple business days, right?). So, I sent them an e-mail and explained the situation and asked to do something. Nothing in response.
So, I feel I am bothering them and foisting myself on them. It's a pretty unpleasant feeling to be dealt with as if I was a bothersome insect. I see they really don't want to have a customer who wanted to invest $25,000 with them. I realize it may be not a great deal of money to them but it is to me. Lack of interest on their part and lack of communication were appalling. The most terrible service I've seen in years.
If they behave like that before the account has been funded I can just imagine what would happen down the road when they actually have the money, how hard it will be to withdraw, to close the account if necessary, to get any information, etc. Especially since their actual branches are only back East and I am in San Diego.
I would say that their rate being 0.2 or 0.3 % higher than elsewhere is not worth the hassle.
I will not fund this account even if by some miracle they did come back to me with information and will never again deal with them.
Instead I'll go to other banks who do care and value their customers or potential customers. There are plenty of those I believe. And I recommend that others do the same and steer clear of this bank.
|FDIC Certificate #||33510|
|Return on Assets - YTD||0.96%|
|Return on Equity - YTD||9.57%|
|Annual Interest Income||$108.1MM|
|Assets and Liabilities|
|Assets||Q2 2018vs Q2 2017||$5.65B$4.70B|
|Loans||Q2 2018vs Q2 2017||$5.12B$4.26B|
|Deposits||Q2 2018vs Q2 2017||$4.44B$3.68B|
|Equity Capital||Q2 2018vs Q2 2017||$561.7MM$490.8MM|
|Loan Loss Allowance||Q2 2018vs Q2 2017||$49.4MM$43.2MM|
|Unbacked Noncurrent Loans||Q2 2018vs Q2 2017||$7.1MM$10.5MM|
|Real Estate Owned||Q2 2018vs Q2 2017||$0$0|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Always verify rates and promotions with the bank or credit union. We are not EBSB Direct; 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.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.80%*||$10k*||$2m||Money Market Special 3|
|OTHER TIERS: 0.50% → $10 - $10k | 0.80% → $2m+|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.50%||$1k||-||15 Month CD|
EBSB Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 10 Meridian Street - Boston, MA 02128