Spencer Savings Bank is headquartered in ELMWOOD PARK and is the 10th largest bank in the state of New Jersey. It is also the 326th largest bank in the nation. It was established in 1939 and as of June of 2023, it had grown to 320 employees at 27 locations. Spencer Savings Bank 's money market rates are 7X the national average, and it has a B+ health rating.
13 Month Promotion W/ Platinum Checking
13 Month Promotion with Platinum Checking 5.354%
13 Month Promotion w/o Platinum Checking 4.879%
Gimmick Of Scam Artists
They cap CD to $50K for paying the %5.5 and exponentially reduce rates of the CD after $50K. They further require you to keep $2500 sitting in their "Platinum," with virtually no interest to qualify to purchase the said CD. They were true private conservative bank with management with integrity, until purchased and compromised from top-down. I will not recommend Spencer for investment. However, it may be a good bank to borrow if you are a local business, who does not speak English.
Forced Closing Of Out Of State Accounts
I received a letter dated 8/3/21 from the bank stating that they will close a CD account that I've had there for decades because I reside out of state.
There is a long history of litigation between the bank and a depositor, Lawrence Seidman, who was trying to force the bank to convert from being a mutual savings bank to stock ownership. I assume that this is another move by bank management to further entrench themselves in office.
WORST BANK - EVER
Spencer Bank is by far, the ABSOLUTE WORST Banking institution there is. The Bank - and the Headquarters - display a host of shortcomings and clearly are the most substandard bank - dealing with numerous staff members in the Corporate Office and bank location, I can easily say that across the board, each person failed miserably in their competencies...there was incompetence, unprofessionalism, a lack of knowledge, and complete disregard displayed - a Bank Manager who left an urgent situation hanging and unresolved - never to have the decency to properly handle customer's needs.....and members in the Corporate Office following the same pattern - with absolutely no accountability, conscience or morals. The Bank Manager comes from a place of NO...as do the other staff members...they go through the motion to do nothing ...and handling any question or request for them is utterly challenging and mishandled - they are literally clueless and inept.
The bank couldn't have failed worse in their non-actions in supporting their clients - they have antiquated ways of handling situations and horrendous follow-through in meeting customer needs - it's non-existent and actually creates stress and aggravation to a situation. Who would need that? It's no wonder Spencer Bank exists in a bubble in New Jersey and fails to be a national bank - they're ill equipped on every staff level. It's a small, isolated banking institution ...and instead of at least offering more personalized service, as a result, they actually fall short in that too....but rather, they're impersonal, backwards, unresponsive and irresponsible in performing tasks that other banks can do with ease.
I decided to google - "what skills are crucial for bank professionals" ...and the following was listed - Patience...Attentiveness...Emotional Intelligence...Ability to Communicate Clearly...Problem Solving Skills...A Methodical Approach...Creativity and Resourcefulness...and Ability to Use Positive Language." So, what I find remarkable is - There Is Not One Skill Listed That Would Encompass Spencer Savings Bank - They Literally FAILED On All Counts.
In assessing my experience with their employees and the abilities of Spencer Savings, it is so deplorable that the traits, listed above, are the complete opposite skills to what was offered at Spencer Bank - they come from a place of NO...they lack resourcefulness, they lack accountability and they cannot be depended on...the Bank Manager was so ineffective and seemed completely disinterested in her job...after dealing with other Company members, I realized that this seems to be the trend there - sadly, it starts from the Top Down. Low Expectations seem to be their motto - and their goal....it's too bad that clients suffer, as a result. I only recommend using Spencer Savings if you are comfortable with failure and incompetence.
Life lesson: If you go to a "Rinky-Dink" Bank, then expect "Rinky-Dink" service!
The Worst Bank
There is no way they can do anything for you. Always the answer is "NO" and always you need to bring more documents and make another trip to the bank as nothing is ever possible to do online or over the phone.
And every person working there gives you different information on what you need to do.
They are in business of wasting your time.
I would give -5 starts if possible.
Threatened To Take Our Money.
Beware, as an account holder I was asked for ID and why I needed the balance on our account? I politely said the other party is deceased. Then I was told that due to the death of other named party they will seize and hold half of the account. I inquired about a CD that was there in both names and was told that they can charge a fee to close it out, and then I was told no fee will be charged. Make up your mind !!! If I get any more trouble I will retain an attorney and sue them for this. It will only add to there legal woes they have already.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 30076 |
| Year Established | 1939 |
| Employees | 320 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.55% |
| Return on Equity - YTD | 5.16% |
| Annual Interest Income | $79.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $3.88B$3.74B |
| Loans | Q2 2023vs Q2 2022 | $3.23B$2.96B |
| Deposits | Q2 2023vs Q2 2022 | $2.90B$3.14B |
| Equity Capital | Q2 2023vs Q2 2022 | $416.2MM$385.2MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $29.1MM$28.1MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $10.2MM$13.0MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
