Seattle Bank offers the service and flexibility of a small bank and product selection and convenience of a large nationwide lender. Specializing in tailored banking solutions, they can meet virtually all individual and business banking needs and, through affiliated companies, provide a broad range of financial services such as personal insurance and residential loans. They are a very active and experienced residential construction and commercial construction lender.
Seattle Bank Is Good For CD's
With competitive rates, a friendly staff that returns requests promptly, I have found them to be easy to work with and very responsive. I now have two CD's here.
Customer Service OK
I opened 2 CDs last week - each about 5 days apart. Sometimes you have to wait a while for customer service but when you do get them on the phone they handle any problems right away. Their rate of 5.80 is one of the best and I think well worth the small inconvenience.
Slow To Process Funding ACH
In addition to hurdles to getting ones money out of Seattle Bank as discussed in other reviews here, now they have delays in processing incoming ACH transfers to fund new CDs.
Last Thursday, I applied for a new CD. They processed the funding ACH on Friday and the funding bank shows the money withdrawn on Monday. All well and good.
However, the new CD was not opened until Thursday, costing me several days of interest. Such was not the case when I opened a CD with them last year as the CD was opened the same day funds were withdrawn.
This time I called on Wed morning to inquire why the CD was not opened. I was told the funds take 3-5 business days FROM THE DATE THEY ARE DEDUCTED at the funding bank to arrive at Seattle Bank, at which time the CD would be opened. The 3-5 day window is typically stated as the time to turn around an ACH transaction from initiation to completion, not for receipt of funds. Some how this outfit is not up to snuff on ACH capabilities.
Loan Department Is A Joke
We have been working with Rural King to buy a tractor. Unfortunately, Rural King uses Seattle Bank for their tractor loans. We ordered our tractor a month ago and still have not gained possession of the tractor due to the lack of communication and the lack of returned calls from Brent at Seattle Banks Loan Department. We are now securing a loan through our own banks which is adding additional time before we can secure the tractor. Never have I ever had to deal with such run around with any bank or loan department. Will absolutely refuse to use Seattle Bank in the future.
Do Not Open CD's
Seattle Bank CLAIMS to be an online bank but they are not a well functioning online bank. They make short work at obtaining your funds but once they have your money they place one road block after another in front of you when you need your money back. I speak from experience as I previously held a number of large CDs with Seattle Bank---which I have closed one by one at maturity. They, for reasons unknown, manage to take money from the funding bank but cannot return it at maturity to that funding bank. The site has a so-called "identification" process but they cannot send you a CODE to gain access to your account! I am trying to get my funds returned from the last account I have or will ever have on deposit with Seattle Bank and once again, I'm having the same old problems---lucky for me this last account is for a small denomination.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35139 |
| Year Established | 1999 |
| Employees | 95 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.35% |
| Return on Equity - YTD | 3.32% |
| Annual Interest Income | $37.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $921.7MM$815.3MM |
| Loans | Q2 2024vs Q2 2023 | $728.9MM$674.9MM |
| Deposits | Q2 2024vs Q2 2023 | $813.8MM$662.1MM |
| Equity Capital | Q2 2024vs Q2 2023 | $94.1MM$89.9MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $33.9MM$19.7MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $10.8MM$6.9MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $18MM$7.1MM |