After reading the warnings in reviews about ConnectOne not processing transfers as expected, I called the bank before applying and inquired about the strange issues. I was assured that there are no special requirements and restrictions I need to know about their transfer practices, and I can just do transfers as I wish like with any other bank. So I opened the account. Then, when I initiated a transfer from ANOTHER BANK, trying to get out some of my own money, ConnectOne rejected the transfer over and over again after calling them about it. Eventually they admit they DO NOT ALLOW MY MONEY TRANSFERRED OUT! Unheard of! It was very generous of them to let me know I could only try to call my "funding account" and ask them to "recall"! They kept saying with such straight tone trying to convince me it is normal for banks to reject external transfers and tell me to do a "recall" from my finding account! And then when I finally took my hostage money by "recalling" from my funding account, they close my account with money still left in it, with no explanation, no reason, no notice shamelessly! I found out my account was closed when I tried to look for my left over money !huh Unbelievable!WOW
While their online account has a decent interest rate, it is impossible to see your full account number in order to set up external inbound transfers. The welcome letter for new customers does not show the account number either.
Their 800 number goes to a general, non bank call center which is essentially a screening service, where an agent will tell you to call a branch. A complete waste of time.
Any high amount external transfer will require a paper check mailed to you.
The 21st century doesn't apply here.
Some points of these disclosures are very unusual.
For example, they write for all kinds of their savings, money market, etc accounts:
"Withdrawals. We have the right to require seven (7) days prior written notice from you of your intent to withdraw any funds from your account. Withdrawals may be subject to a service charge."
Read the other reviews... I'm a small business customer and these guys have gone the extra mile for me a number of times. Have not bought a CD from them but they helped me get my PPP and SBA monies. I hate writing reviews but these guys don't deserve to be slammed regarding business checking.
I opened a CD with ConnectOne Bank because their attractive interest rate but once it matured, it was a hell experience with this bank because they refused to wire transfer the balance nor send me by overnight next delivery via FedEx even I said I will pay for it. With other banks, they were able to do as long as customer pays for the cost. But with ConnectOne, only way they were able to send my money in their check by Regular US mail which it took more than 13 days! I checked with my local US postal office how long it takes from NJ to my area and they said usually one week unless bad weather.
So I asked Bank to provide a proof that it was mailed out as promised but they couldn't and told me to wait at least two weeks and said if I don't receive by two weeks then call them back so they could send me a replacement check and who knows how long that will take. Meanwhile I am out of fund(more than $250K) and couldn't invest nor get any interest ($14/day).
l've been a customer with ConnectOne since it was Union Center National Bank. I must say as of late, their customer service is not all up to snuff, and if they continue to provide me with poor customer service, l'm going to drop them. Thanks for your time and God Bless.
I just opened a 23-month CD at a very competitive rate. The on-line process was very straight forward to use and the CSRs were excellent. The bank provides an ACH transfer option to fund the account. Be aware the APY assumes interest accrues until maturity, no periodic interest withdrawals are permitted. On-line account access is available. POD beneficiary designation must be done by using the bank internal messaging feature via on-line access. The entire enrollment process, less the ACH funds transfer, was completed in less than 24 hours.
Note: also read post by pua
I opened a CD online and initially found the process very efficient; normal test deposit routine with ACH funding account also went smoothly.
Oddly, about nine days after my CD was confirmed, I received an email apparently from ConnectOne indicating thatI should call "Client Connection Center at 1-844-266-2548 so we can complete the process This is not the phone number on their website, so with all the internet fraud going on, it was with some trepidation that I called. They wanted me to state/confirm that 1) I was not an employee or director 2) I was not an elected government official.
When I asked why such was not dealt with in the application process, they stated it was a legal requirement and needed to be voice verified on a recorded line? It appears that this is a state chartered bank. A NJ requirement? I have never been subjected to this at any other internet bank.
Just irritating, not a deal breaker.
Also, note other informatoin on this page -not all CDs are available to residents outside NJ, along with comments that pua found about other accounts not being available.
Update to above review:
I inquired about how proceeds of a CD would be paid out upon maturity, assuming not wishing to renew. Here is the response:
"Once we are notified that you no longer wish to renew your CD, we will send you a check by mail. We currently do not have the option of sending the CD funds through ACH."
Furthermore, these folks did not respond to my first inquiry, using their message feature on their online banking site. All in, it took about two weeks to get an answer.