New York Community Bank is headquartered in Westbury and is the 6th largest bank in the state of New York. It is also the 42nd largest bank in the nation. It was established in 1859 and as of September of 2016, it had grown to 2,082 employees at 238 locations. New York Community Bank's CD rates are 23% higher than the national average, and it boasts an A+ health rating.
I come to NYCB via their acquisition of Penn Federal Savings. I only have a savings account but the bank has always been helpful. They refunded wire fees when it was clear I didn't know the policies etc. Branch folks are always very friendly whether in person or on phone. I started with PennFSB in 2000.
I've been with NYCB for a couple of years in my youth. The bank doesn't have ridiculous stipulations and don't try to stiff their customers on things more well known banks are notorious for. Setting up a checking account is pretty easy and there are no minimums or large over draft fees as well as no ATM fees which is almost unheard of today. Savings accounts are average but they do have better features than other banks, such as a respectable minimum amount (Under $500) and their penalty fee is pretty low as well. While I do approve of the bank, one thing I will suggest if you go with this bank is to make sure you have one in your neighborhood. Branches are extremely sparse and it will become a headache if you need to actually go to the bank regularly. You'd think such a good bank would have a lot more branches available but high quality usually means low quantity unfortunately.
So recently Ohio Savings changed it's automated system to commune with NY Community Bank. WHAT A NIGHTMARE. DEFINITELY not easy to navigate through the system! Then I made a purchase in another state and instead of calling me to make sure of the transactions, they FROZE my account WITHOUT ANY NOTIFICATION. Seriously? What another nightmare. Investigating other banking options after being a loyal customer for over 25 years.
Perhaps deposit accounts are treated better, but head the warning before doing business with a company who treats its customers like this.
The website roll-out, customer service, and company employee attitude that I have dealt with are absurd. My mortgage was sold to this institution so I am stuck -- can't believe how painful it is to work with this company. I have in the past and currently pay mortgages to 7 different companies. Few hiccups do occur in accessing tax records, getting billpay right, escrow maintenance, forgotten passwords, etc,etc... all easily resolved at other places. With MYNYCB, it is a struggle to simple log in and pay. I have considered incurring refinance fees just to move my loan somewhere else. The good news is that waiting 90 minutes in line at the Department of Motor Vehicles next to screaming toddlers just to transfer a title seems more reasonable now that I have banking with NYCB to compare it to.
Sadly I agree with the other two customers. I have been with Ohio Savings for many years. They were bought by New York Community Bank and the service has been terrible. I don't need to be redundant, but I have had numerous problems in terms of freezing my account when traveling, not being made aware of processing times, non-consumer-friendly ATM'a and others.
I will definitely be changing banks ASAP!
I have had a checking account with Ohio Savings for over 25 years. I have never had an issue until the last 2 years. First issue: about 2 years ago, a check for $400 deposited to my account bounced. They removed the $400, but I noticed that my "available balance" was missing an additional $400. When I inquired, I was informed that "that is just a policy". When I asked why they were holding $400 of MY OWN money (after charging me a $36 fee), they could not give me an answer. They did ask "did you need the funds?" By unusual circumstance, the missing $400 luckily did not cause any of my checks to bounce. When I asked to speak to a supervisor, one was not available and I was told I would be contacted, but I never heard from anyone.
8 days ago, I deposited a personal check for $8000. A paycheck also was auto-deposited, and a few items were debited, leaving me an average of $8800. 5 business days later I transferred $4500 to another account. No problem. At 6 business days, I transferred $1000 to a credit card. The next day, I charged $970 on my debit card to the car dealer. The next day, my card was denied, and I looked up my account, and it said "available balance - $0". I inquire. The person says, "I'm thinking what happened is sometimes a business will request double the amount to be held in the account. It looks like maybe that happened with the $970." I said, "What, I've never heard of that". the response was, "Oh, yes, sometimes vendors will do that. It should come off in a couple days". The next day, I look at my account, and the $1000 has been returned and $36 charged. I inquire. I'm then told that deposits over $5000 take 7 days to clear, and it will be available at midnight tonight. Under that it's only 3 days. I say, "o.k., let's count. 7 days would have been yesterday. Why did the $970 clear, but the $1000 did not? And how am I to know of this difference in policy?" I was told I should have been able to tell by the amount available. But the amount available was different each time, sometimes $3000 of that 8 was available. And why was I told that story about the double holding when I was asking yesterday? And why was I able to transfer $4500 of that money right away?
I told them I was extremely upset over this. I asked why was my $500 overdraft not enacted? I was told because it wasn't really an overdraft (but apparently STILL warranted a RETURN FEE). I asked if it could be refunded as a courtesy, and was told no, since THE SAME THING HAD HAPPENED ONCE BEFORE AND I WAS AFFORDED THAT COURTESY BEFORE. Yes, this was the second incident of them witholding a payment transfer and then charging me for it. So I'm done. I will be looking for another bank.
|FDIC Certificate #||16022|
|Return on Assets - YTD||1.12%|
|Return on Equity - YTD||8.94%|
|Annual Interest Income||$1.17B|
|Assets and Liabilities|
|Assets||Q3 2016vs Q3 2015||$45.90B$44.93B|
|Loans||Q3 2016vs Q3 2015||$36.91B$33.55B|
|Deposits||Q3 2016vs Q3 2015||$26.79B$25.77B|
|Equity Capital||Q3 2016vs Q3 2015||$5.80B$5.47B|
|Loan Loss Allowance||Q3 2016vs Q3 2015||$155.9MM$166.9MM|
|Unbacked Noncurrent Loans||Q3 2016vs Q3 2015||$159.0MM$187.2MM|
|Real Estate Owned||Q3 2016vs Q3 2015||$12.4MM$23.6MM|
Always verify rates and promotions with the bank or credit union. We are not New York Community Bank; we are a rate comparison website and cannot provide official rates or promotions.
The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.25%||$500||-||84 Month CD|
|1.11%||$500||-||12 Month CD|
|0.75%||$500||-||24 Month CD|
|0.20%||$500||-||7 Month CD|
|0.15%||$2,500||-||3 Month CD|