Modern Bank, National Association is headquartered in NEW YORK and is the 60th largest bank in the state of New York. It is also the 1,174th largest bank in the nation. It was established in 1977 and as of June of 2024, it had grown to 43 employees at 1 location. Modern Bank, National Association's money market rates are 12X the national average, and it has a C+ health rating.
Opened and deposited cash into a CD. Shortly thereafter, I was notified that my account was closed and my cash would be refunded, no explanation or reason was given. However, they never actually sent the funds back to my account. I contacted them directly and was again, given absolutely no explanation for the initial closing of the account. On top of this, they insisted they had sent back my funds and that I should take it up with my bank. Essentially, they advertised something, took my money, closed my account, never sent my money back to me, and then completely denied that hadn't sent the funds back and told me it was my fault/on me. In the process of contacting attorneys and law enforcement now. Don't make the same mistake as me and completely avoid these scam artists.
As mentioned in another post, you fill up application and the message comes "They will contact you". This never happens!!!!
Fill up application and They will NEVER contact you.....
| Overall | |
|---|---|
| FDIC Certificate # | 22398 |
| Year Established | 1977 |
| Employees | 43 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.34% |
| Return on Equity - YTD | 3.65% |
| Annual Interest Income | $31MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $846.7MM$859MM |
| Loans | Q2 2024vs Q2 2023 | $600.5MM$698.2MM |
| Deposits | Q2 2024vs Q2 2023 | $692.8MM$643.3MM |
| Equity Capital | Q2 2024vs Q2 2023 | $86.3MM$86.1MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $8.9MM$9.2MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $16.3MM$13.6MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |
Always verify rates and promotions with the bank or credit union. We are not Modern Bank, National Association; we are a rate comparison website and cannot provide official rates or promotions.
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 5.20% | $100k | - | High Yield Money Market Accounts |
| Modern Bank, National Association Locations | ||
|---|---|---|
| Modern Bank, National Association | 410 Park Ave | New York, NY 10022 |