New York Community Bank is headquartered in Hicksville and is the 6th largest bank in the state of New York. It is also the 45th largest bank in the nation. It was established in 1859 and as of June of 2022, it had grown to 2,789 employees at 237 locations. New York Community Bank's CD rates are 4X the national average, and it boasts an A+ health rating.
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Since The Start
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.
My New York Community Bank Experience.
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.
A couple of complaints
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.
Atrocious Customer Service
I went into the branch at 265 N. Broadway in Hicksville to make what I thought would have been a routine deposit. There were no tellers at any of the stations. I sat on a chair and waited for a while. Eventually a teller showed up and thanked me for waiting. That was a fairly minor, though unacceptable, inconvenience and all was forgiven.
However, they infuriated me by refusing to accept a legitimate insurance company's check that was made out to me and my wife. We had both endorsed the check and I was depositing it into my wife's account because we do not have a joint account.
They have a sign that says "double endorsed checks will not be accepted unless approved".
I was personally at the bank, I had proper identification, and I was depositing the check into my wife's account. Why my check could not be approved is beyond me. That is HORRIBLE customer service. The lady who I almost lost my temper with was probably a manager or senior person but she has absolutely no inkling of good customer relations and should be FIRED.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16022 |
| Year Established | 1859 |
| Employees | 2789 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.13% |
| Return on Equity - YTD | 9.29% |
| Annual Interest Income | $902.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $63.05B$57.44B |
| Loans | Q2 2022vs Q2 2021 | $48.32B$43.37B |
| Deposits | Q2 2022vs Q2 2021 | $41.38B$34.32B |
| Equity Capital | Q2 2022vs Q2 2021 | $7.31B$7.41B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $216.2MM$202.0MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $49.8MM$31.5MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $2.7MM$3.3MM |
