Northern Bank Direct Reviews

Average Rating:
Based on 18 review

Do Not Trust, Sleazy

Posted by: |

They are one of the worst.
I applied for a 12 month CD online, after a lot of intrusive questions that I felt uncomfortable about, i submitted the application on Monday. On Tuesday I receive an email that your application is accepted and within next 2-4 days we are going to make two small deposits to your bank and once you receive it, follow the instructions in the email.
I received the deposits on Thursday. I went to their website and confirmed the amounts. It immediately gave me a confirmation that the account has been established and the money will be withdrawn through ACH within 2-4 days from my account but at the same time it displayed a rate that wasn't what I had agreed to, 5.18% instead of 5.6%.
I immediately tried to call their helpline to tell them that if they cannot honor my original rate then cancel the account. but over an hour I was on the phone and constantly hear every 15 seconds :Someone will be with you shortly". I finally hung up the phone and sent them an email. But realizing how sleazy these guys are, I went to my bank and withdrew enough money that there isn't enough balance for them to try to withdraw.
Live and learn
These entities think without customer service they can thrive!!!

Customer Service ????

Contacted customer service multiple times. Somebody would get back with me. Nope. I called back, after giving them 15 pieces of personal information to 'verify me', they told me to.send them email in secure portal which you need an userid to send it to, only to have response case closed. Three more emails later, they told me everytime I send an email, a new case is opened. It has been at least 3 weeks, they have still not gotten back to me about my 'rejection'. If you are in a hurry, find another bank.

Good Experience

Posted by: |

I opened a online 9 month CD with Northern Direct back in May 2023 when they were paying 5.50. I had zero problems. The application and transfer were simple and easy. I just opened a 11 month CD at 5.60 on Aug 08, 2023. Again I had zero problems. Northern Direct did the two trial deposits to my linked Chase account within 24 hrs and did the funds transfer within 48 hrs. I see some folks had some issues with Northern Direct but that hasn’t been the case with me. So far I’m happy with the service and rate.

Just Don't

This is the worst bank I have ever dealt with in my entire life. Banks like this should be out of business. Do yourself a huge favor and bypass this bank completely. Their customer service is completely incompetent and dealing with them month after month will give you an ulcer or cause a heart attack.

One Last Chance

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Giving this bank one last chance to get things right.... will post back results.

After being hung up on about 6 times, I asked the receptionist at a branch, who was very polite, to get me some type of management. I eventually did get a call back from their customer service manager who got everything straightened out. My transfer went through finally, and it seems set up OK.

It's a shame that my blood pressure had to spike for a week to get things fixed. I hope they get their customer service figured out.

A Waste Of Time

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I have had CD's with this bank before, just filled out a new application and at the end of the process I received the message "We cannot process your application." Called customer service and they had no idea why I was rejected and could not help me. It was a total waste of my time.

Disappointing Customer Service

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I have an existing money market account at the bank, but my application for a new certificate of deposit has not been approved even after I emailed a scanned copy of drivers license 5 days ago after being told to do so. Today, i was told that my Identification documentation is under review by its fraud unit, which makes no sense since I've been an accountholder at the bank and also have had the same drivers license number and address since 2018.

Dont Bank Here

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Open a money market account 7 days ago and funded it with a $30K transfer from my Schwab account.
Once the xfer was done I logged into my account to verify the xfer and to setup 2 factor authentication which was no where to be found on my account page. Called customer service and the lady said we dont have 2 factor but she said they know who my computer is and just logged me in without the 2 factor??? I said that is not possible due to my VPN shifting locations and me deleting my cache and cookies after every log out. Then she said it was my VPN, which makes not sense and I proved it to here by logging in with and without my VPN on. Then i asked to be transferred to the Tech services dept and she said they dont have one...what the??? I said OK transfer me to a manager and she hung up on me. Called back and got another lady who said they do have 2 factor and every time I log into my account it texts me a code. I said not it does not and where can I go on my account page to set that up. She said there is no place to do that....what?? Then how does it know to do that and send me the code? She could not answer that so I asked to be transferred to a manager but she hung up on me again, but did call back a few minutes later with the manager who could not answer the question either. Well at this point it was a moot question because i wanted to verify the external 3rd party bank limits which i had read somewhere there were none. After checking their Account Agreement download from their web site it says: (There
is a maximum daily limit of $5,000.00 (or the available balance in my account, whichever is less) for
Interbank (external) transfers per transaction; $5,000 in aggregate per day; and $25,000 in aggregate
per calendar month. ) So I asked the manager if this had changed and he said no but you can request a one time limit increase and after you have been at the bank for 6 months to a year they can increase these limits if you request it. I asked what the limits would be and he said it was base on the dollar amount in my account and a calculation they use to determine that new limit. Ok, how much would the limit be for a balance of $200K in my account? He said he would have to feed that information into some internal calculation. Nothing but games and no one knows anything about anything. Lesson learned. Closing my account. To bad they have 5.5% on Cd and 4.75 on money market.

Ok Bank, But ACH Transfers Limited To 5K...

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Unfortunately their app doesn't seem to have an option to initiate external ACH transfers. It's no problem transferring money from their website except the 5K ACH limit. I'm also deducting a second star due to issues with setting up CDs and a less than helpful conversation I had with a customer service rep.

Rate Reduced To 1.5% 5/1/20

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The 1.75% rate which was in place since January after last year’s 2.5% has just been lowered to 1.5%.

Just Signed Up

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But did not make a transfer yet. Looks to me like they are still honoring the 2.5% rate through Dec 31? Too good to pass up. Anyone know for sure?

Average At Best Banking Experience

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I primarily use their high yield online savings/money market account due to a promo rate they were running. The customer service is primarily e-mail, the phone service is not so great. You will typically get bounced around and then asked to send an e-mail via online portal. The portal is vanilla and looks like most other banking platforms like TIAA, but does have the majority of features you will need. What will make me move on is not just slow customer service, but the $5K money move limitation and the fact they are the last to send my 1099's. I think its absurd they mail them and do not offer an online option with tax documents for those who file early. I also did not receive a communication about the timing, at the least post it in your portal. Once promo rate is up I will most likely move on.

Great Rates, Great Service

This bank does a great job of providing really competitive rates on Money Market and CDs (I like that they have bumped up the rate on my money market to keep it near the top of the market). Customer service has been very friendly when I have needed it. Mobile app makes it easy to monitor my accounts. And, I like that they are private/family-owned and operated vs big corporate.

Limited Availability Of Matured CD Balances

This bank seems to be competing on the national stage for CD accounts. Yet, they have adverse capabilities, compared to major internet banks. Here is what they have to say about getting your money back:
"If you would like to have your funds sent electronically we will need a request to do that two days before the maturity date. The only option we are able to give if the CD has already matured is to send a check to an address on file."

I should note there was no problem funding my CD electronically. And, of course, if you want the proceeds transferred electronically, as referenced above, you must have previously established an external bank account.

Addendum: 8/1/19 This outfit has an Identity Problem
First let me reiterate that NB DIRECT is a division of Northern Bank. They each offer distinctly different rates on CDs and other deposit accounts. So, make sure you are dealing with the intended entity.
Second: Even when clearly within NBD, their accounts are, nonetheless, not integrated. For example, I just attempted to open a CD funded from my MMA (both at NBD). Not exactly easy. Even after I entered information on application form that I was an existing customer, when you get to the funding options for the new account there are only two: 1)send a check 2)transfer from another bank.
So, I took a shot in the dark and entered the NBD routing number and account number and that processed just fine, except they are going to send test deposits to verify my account. They are sending test deposits to THEMSELVES. I called them and they confirmed they currently have no capability to transfer from MMA to CD except through this procedure. When I pointed out that the test deposit routine would count against my six transaction limit, they concurred that would be the case and they could not waive this restriction for this type of administrative "withdrawal". I guess if you want their attractive rates you are going to have to suffer a little.

Transfers Limited To $5,000, Useless For An On-Line Bank

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There transfers to and from externally linked accounts are limited to $5,000 / day. This is absurd and completely useless for an on-line bank. Oh, and the maximum for an entire month is only $25,000. That's a ridiculous considering there are so many other online banking alternatives that are much better.

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