Modern Bank, National Association is headquartered in NEW YORK and is the 59th largest bank in the state of New York. It is also the 1,196th largest bank in the nation. It was established in 1977 and as of March of 2023, it had grown to 58 employees at 1 location. Modern Bank, National Association's money market rates are 12X the national average, and it has a B 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 | |
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FDIC Certificate # | 22398 |
Year Established | 1977 |
Employees | 58 |
Primary Regulator | OCC |
Profit Margin | |
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Return on Assets - YTD | 0.45% |
Return on Equity - YTD | 4.19% |
Annual Interest Income | $11.7MM |
Assets and Liabilities | ||
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Assets | Q1 2023vs Q1 2022 | $798.9MM$784.1MM |
Loans | Q1 2023vs Q1 2022 | $648.8MM$606.9MM |
Deposits | Q1 2023vs Q1 2022 | $591.3MM$599.8MM |
Equity Capital | Q1 2023vs Q1 2022 | $86.4MM$86.7MM |
Loan Loss Allowance | Q1 2023vs Q1 2022 | $8.8MM$8.7MM |
Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $11.7MM$13.9MM |
Real Estate Owned | Q1 2023vs Q1 2022 | $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 |
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5.20% | $100k | - | High Yield Money Market Accounts | |
4.40% | $1k | - | Premier Money Market Accounts |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
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5.55% | $10k | - | 12 Month CD | |
5.40% | $10k | - | 9 Month CD | |
5.35% | $10k | - | 8 Month CD - New Money | |
5.30% | $10k | - | 6 Month CD | |
5.25% | $10k | - | 3 Month CD | |
5.10% | $10k | - | 18 Month CD | |
4.40% | $10k | - | 24 Month CD |
Modern Bank, National Association Locations | ||
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Modern Bank, National Association | 410 Park Ave | New York, NY 10022 |