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11/13/09 - Update on SFGI Direct - The Top Online Savings Account
Simple Product, Perfect Execution!
10+ years as an SFGI account holder - short and long-term savings. Always next-day ACH transfers, interest rates in the top tier, and a web interface that is simple, all down-to-business, and perfectly executed. Couldn't be happier with this account!
Needs To Upgrade To Standard Practices
1) Some transfers are stopped by SFGI, causing problems – it's caused by esoteric SFGI coding blocking certain transactions. Therefore, can't be trusted for paying bills. No similar difficulties with other banks.
2) Only one external account accepted.
Can't Open An Account If You Have A Fraud Alert
I attempted to open an account with SFGI direct, and received confirmation of my application. After a three-week wait with no word, I called and was told that my application was denied because of a fraud alert on my account (had a freeze, too, but lifted it with a big window) and that I have to "lift the fraud alert" which isn't really desirable or easy.
This is a really non-standard practice. Fraud alerts are there for the financial institution to verify the person's identity (as many other financial institutions have done). They can still access the credit file.
It seems like SFGI Direct is too lazy to actually go through the trouble to verify identities, or to even send out a notification when an application is declined because of this.
If you have a fraud alert on your credit report, don't bother with SFGI Direct.
Not Able To Open The Account
I tried to open an account on line, completed detailed application including beneficiaries, external account info and security questions, and was given the confirmation and account number. Received an email confirmation. After waiting for few days, and nothing else happening, decided to call to inquire. Well when you call , there is only one specific person who can answer regarding on line accounts, you have to keep calling to reach her. Finally got a hold of her, just to find out that my application declined due security alert on my credit report. That is ridiculous, the bank can still access my credit report, and I have no credit problems at all. She Sandy, did not have any explanation why she did not return my call, and why nobody cared to inform me about the account to be declined fir so many days. The rep attitude was , she did not care at all. Poor customer service. Avoid this bank for online accounts.
Data as of Q2 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34102 |
| Year Established | 1995 |
| Employees | 343 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.33% |
| Return on Equity - YTD | 12.35% |
| Annual Interest Income | $52.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $2.30B$2.10B |
| Loans | Q2 2019vs Q2 2018 | $1.81B$1.62B |
| Deposits | Q2 2019vs Q2 2018 | $1.80B$1.64B |
| Equity Capital | Q2 2019vs Q2 2018 | $251.3MM$223.0MM |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $13.2MM$12.6MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $13.5MM$15.8MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $21.4MM$21.6MM |
Always verify rates and promotions with the bank or credit union. We are not SFGI Direct; we are a rate comparison website and cannot provide official rates or promotions.
SFGI Direct Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.27% | $1 | - | SFGI Direct Savings Account |
SFGI Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 300 North Main Street - Moorefield, WV 26836