I signed up and when I signed up had a rate better than CITI. Citi now has a better rate. Go figure.
I was able to signup pretty fast, had to go fish for my drivers license.
The online account management after the account opened has like zero functionality, but for a CD, I don't care that much, just so long as when it matures I get my money.
I was able to apply with my iphone which was great. The technology was very user-friendly and easy to complete in about 3 minutes and I especially liked the fact that I received an instant approval. It's good to see that banks like Total Direct Bank care about the user experience. I will definitely recommend my family and friends to open accounts here.
I opened up an investment account with another institution, that’s another review. Using that’s institutions outdated and clunky online portal i setup a transfer from my Total Direct account. After waiting a couple of days I see that the other institution had initiated two withdrawals, the second of which of course was unauthorized and overdrew my a Total Direct Account. I contacted the other institution to correct the problem; however, they started a third withdrawal from Total Direct. After contacting them again, I am told there’s nothing they can do. At this point I attempt to contact Total Direct to tell them the two withdrawals were authorized. Apparently Total Direct only wants to help it’s customers from 8:30 to 5, since it was after 5 I was stuck until the next morning. I called promptly at 8:30 and explained the above and two of the three transactions were unauthorized. Total Direct refused to take any action and charged me $50 is overdraft fees. I expect when I notify my bank that charges are unauthorized they will stop the transactions and penalize me for those unauthorized transactions. When I have had similar issues in the past at other banks those banks have worked to protect me. I have ceased my relationship with Total Direct and cannot recommend anyone open any account with them.
I should mention the other institution was GM Right Notes.
After applying I received an email to enroll in online banking. Several tries with different browsers all ended with 'unable to process because some of the information you provided is incorrect'.
No indication of what information was incorrect but it was good enough for them to collect funding from the source account apparently.
Their business hours are pretty tight so can't call after work. I emailed and will update this review if warranted.
update 1: Spoke to a rep who said the reason my enrollment failed is that my information hadn't been added to their system and I need to wait another day.. I'd already gotten an email that this process was completed and ready for enrollment so this doesn't make much sense. No new stars added for this interaction.
update 2: Able to finally access account online. Website easy to navigate but no obvious option to add external account for transfers. I emailed for more info...so far this is requiring more legwork on my part than I'm used to.
update 3: Was told external transfers in or out cannot be initiated from TotalDirect and the transfer function on their website is 'disabled'. Not sure why it's there at all then.
Not getting a great vibe from this bank, will check back.
update 4: things haven't improved...transferred money from an external account. the transfer out posted two days ago and has yet to make it to TD's system. So three days no interest on this transferred money. Not good.
update 5: aaand the interest rate dropped without notification. Guess I should have seen that coming.
update 6: account closed six months to the day after opening because that's the minimum time you can close without a fee.
I signed up online looking for some place to put some money away for the new year.
Here are some notes I made to help others:
They have three ways of connecting to another bank to get money for the account.
1) Using "microdeposit" to confirm that the other bank account is mine. This means that they send a small deposit to the account. The microdeposit will appear to come from another company called "Prelim".
2) Logging in to the other bank
3) Through the mail
I chose to use microdeposit and it took two days for it to show on my other bank.
I got an email as soon as I finished the application and then another two emails a day after telling me how to setup an online account (which I was confused because I thought I had already set it up)
I called them and they had an actual human respond to my call, but it looks like they're only available to be talked to from 9am to 5pm est.
Still failing to e-mail with "further instructions" in the sign up process. Will not link to external accounts from TDB so beware if you don't have another account that will you to link to theirs. Completely substandard for an on line bank. Not worth a few tenths of a percent and will close ASAP without the penalty.
Applied online to get the rate before it does down (I missed it and it went down before). Applying online took all of a few minutes on my iphone, and was able to send the deposit by connecting to my bank account and got a confirmation email as soon as I finished. Also called in when I was done and a real person actually answered my call!
They couldn't manage to properly set up an ACH link with my bank, and they don't do wire transfers. They wanted me to mail them a check and hope for the best, so much for the security of MY money. I'm supposed to take the risk and mail them a check, obviously they don't care about the customers, will not deal with them again.
I opened a Total Direct Bank CD recently and here are some notes on the accounts and the account creation process. I wrote these afterwards, so there could be mistakes/omissions.
You fill out an online application including the funding amount and at the end of the process you have two choices on how to fund the account. One is to send a check which they have to receive in 30 days (which implies there is a 30 day rate lock).
The other funding method is to select your bank from a list and enter your credentials (login/password) into a program called Plaid. It then displayed the account that I wanted to transfer funds from. It did not display other accounts perhaps because they were CD’s rather than savings accounts or did not have enough money to fund the new account. Once you confirm the account, it apparently gathers the account number and routing number to do an ACH transfer. The list of banks seemed extensive.
My first reaction to this idea was negative (as other commenters have said). Plaid claimed to encrypt the credentials. A TDB rep told me that each of the associated banks had to agree and do some setup to make this possible. I know Yahoo Finance has a way to access brokerage accounts and trades can be placed in Yahoo. So, this limited access does seem somewhat common. I did change my password at the other bank afterwards.
TDB rep told me they do not compound interest (which must be why TDB interest rates and APY are the same).
However, you can have your interest sent to a linked account monthly or quarterly. There is a choice on this during the account creation, but I found it confusing. I learned how it worked after calling TDB after I completed the online process. The rep checked my CD Terms and explained how this worked and allowed me to change the setting. It sounded like future changes would not be possible.
As others have mentioned, after account creation no email is sent confirming the new account. That left some doubt in my mind that the account was created. A few days later, I did get two emails. One with a temporary password, the other with a link that uses that password to access a CD Terms PDF file with the details of the account. A few days later, I got a Welcome email with steps to enroll in online banking and to access disclosures.
Note the TDB Support can only be contacted M-F during business hours.
TotalDirectBank is a welcome addition to the direct banking landscape.
They have come a long way over the last year since their launch! I opened an eCD back then and the process has improved a lot. The new eMM product and application process were great. Love the #1 rate.
I also appreciate that it’s very easy to call them and talk to a real human being!
The web and mobile experience can improve, but my rate is honored and there are no hidden extra fees, what matters to me, so I am a happy camper. You can actually call this customer service number and speak to a human willing to answer questions, sheeshh! I like that a lot.
The application process was not smooth. I have Chase but they could not link. No confirmation email after 24 hrs opening a new cd account. I m not sure if i can trust this bank or really have to pick up the phone to talk to someone (would be waste of my time). They need to have more user friendly online version.
I recently opened an account with Total Direct after seeing a better rate than what my current bank was offering me. the overall process of opening an account was simple and I was able to link my other account to the new CD. here are is what I like and didn't like:
What I didn't like:
* I did not receive an email confirmation fright away, I wasn't sure if my application was submitted I had to all customer service for them to confirm that they did receive my application.
* I received email confirmation the next day, and asked me to enroll in online banking.
What I like:
* The entire applications was online, there was no need to sign anything.
* Excellent customer service. I called customer service a few times throughout the process to ask a few questions and they were very helpful, and friendly.
* I like that I didn't need to manually enter my routing number and account number. I was able to link my account in easily.
Overall I was happy with the experience, there are improvements that can be made, but will definitely consider Total Direct again.
Wanted to open a CD but cannot ACH money to them because none of my banks are listed. Cannot believe they do online banking like this. If you want people to invest you need to make it so you can set up ACH transfer without hassles. I'm not mailing a check either.
I recently opened a MMA due to competitive rate and I would say the application process has improved since a year ago when I opened a CD with them. The main problem now is that you can't initiate ACH deposits or withdrawals with them once account is opened (initial ACH deposit during application was fine). You would need to rely on your external bank to initiate ACH activities. My other bank does not charge for inbound but charges $3 for outbound (deposits to TotalDirect). The only free option is to send them the deposit checks. Hopefully they'll have ACH implemented soon otherwise I'll close the account when better rates available at other banks. Keep in mind they also have dormant acct fee.