From our friends at Investors I just learned, in an online chat session, that they DO NOT use ACH. Their slower, so-called "External Transfer" service is apparently something else . . .
Which in practice means that, from within your Investors eAccess Money Market account, you can set up links to other FIs (as "external accounts") . . . a process that uses the traditional two trial deposits for verification, just like ACH.
BUT, if you attempt to link to your Investors account from the outside -- from Chase, for example -- the two trial deposits Chase sends to your Investors account will be rejected. For better or worse, your Investors Money Market is impenetrable from the outside, by other FIs.
Investors Bank is not exactly a roach motel of money, but you ARE at the mercy of their longer delays and holds. I wonder why they bother giving you an ABA routing number along with your account number, since it's really of no practical use!
In comparison, United Bank credits my account with an interest-earning deposit the day of the requested transaction -- even before it's been debited from the funding account. I was planning to pair the two (both currently offering 2.5% APY). But I will not be able to initiate transactions on the United side. All control has been wrested by Investors' "sluggish" (read "float") impaired system.
Is investors not really ready for prime time on the internet super-highway? Or are they simply taking advantage of their customers? (Or both!) Given lack of external access, is "eAccess" actually a misleading misnomer? You decide!
The identity verification questions with this bank is absolutely absurd! I have tried to open a savings account with this bank (2) times and they keep saying that I did not pass their identity verification questions. This bank is asking me to provide the exact number(s) to addresses I lived at when I was in college over 30 years ago ~ seriously!
When I was answering their address questions, I even referred to my Experian, Equfax, and Trans Union credit reports, which have my addresses on the credit reports. The verification still said there's a problem verifying my identity. I called the bank and spoke with a rep. The rep advised that the questions come from my credit reports. Well, apparently not, because I was taking my precious time answering the questions, and looking at my credit reports to verify the addresses. And, the verification came back that my answers were incorrect ~ baloney!!
I may not know the exact apartment numbers or house numbers I lived at over 'many, many years ago', but one thing for sure - I know the streets I lived on, including the cities and states.
The first time I tried opening up an account with this bank, I was told by a rep that I would get something in the mail in (10) business days. Did that happen? NO. I never received anything! I opened a savings account with Discover Bank and CIT Bank and they had zero problems verifying my identity!! Investors Bank say that they are trying to protect my information and security - Well, I say this - DO NOT PROTECT ME FROM MYSELF!! If you want to see a copy of my social security card, driver's license, etc - then allow me to provide that information to you. I have never been so frustrated with a bank before, like I have with this bank - absolute absurdity!!
BTW: Other reviewers have had the same or similar experience as I have - just read some of the other reviews.
Spent 15 minutes opening a joint account, then received message that process was not successful. Never had a problem opening online account before, and I've done this over a dozen times at other banks.
IF THEY HAVE TROUBLE OPENING ACCOUNT AND TAKING YOUR MONEY, HOW GOOD WILL THEY BE SERVICING AN ACCOUNT AND RETURNING YOUR MONEY??? It's not worth the extra few basis points of interest-- look elsewhere!
Application process for savings account is more intrusive than more matured institutions. Approval process is opaque. Customer Service is lacking in information.
Marginally higher interest rate will not compensate for the aggravation.
|FDIC Certificate #||28892|
|Return on Assets - YTD||0.73%|
|Return on Equity - YTD||7.09%|
|Annual Interest Income||$256.3MM|
|Assets and Liabilities|
|Assets||Q1 2019vs Q1 2018||$26.57B$25.22B|
|Loans||Q1 2019vs Q1 2018||$21.51B$20.36B|
|Deposits||Q1 2019vs Q1 2018||$17.95B$16.80B|
|Equity Capital||Q1 2019vs Q1 2018||$2.67B$2.80B|
|Loan Loss Allowance||Q1 2019vs Q1 2018||$234.7MM$231.1MM|
|Unbacked Noncurrent Loans||Q1 2019vs Q1 2018||$117.7MM$136.5MM|
|Real Estate Owned||Q1 2019vs Q1 2018||$7.0MM$4.9MM|
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|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.50%||-||$2m||eAccess Money Market|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.70%||$500||-||10 Month CD|
|2.50%||$500||-||6 Month No Penalty CD|
Investors eAccess is an Internet only bank and does not have branch locations. Its headquarters is located at 101 JKF Parkway - Short Hills, NJ 07078