Sterling National Bank (NY)


Overview / Commentary
845-369-8040
400 Rella Boulevard
Montebello, NY 10901

Sterling National Bank (NY) is headquartered in Montebello and is the 8th largest bank in the state of New York. It is also the 67th largest bank in the nation. It was established in 1895 and as of December of 2019, it had grown to 1,639 employees at 84 locations. Sterling National Bank (NY) has an A health rating.

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18Th Avenue Branch

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My family is with this bank for the past 40 years and having accounts in different major banks, always happy and satisfied with the service that had been provided by Lyudmila Peygumbari, she is at customer service at the 18th avenue branch. I have several personal accounts, trust account, and 2 business accounts including real estate management company and she had always been very attentive and professional and helpful whenever I needed the professional approach to my accounts. She managed to create a special attention to each and every account that I have. Lyudmila's professional approach and help is the major reason that I stay with this bank.

Actually Pretty Okay...

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In the 5 years I've had a checking account with Provident Bank, I have to say the experience was pretty okay. Customer service was always helpful, polite & accomodating in addressing errors (even my OWN...). Fees are realy no worse than other banks I was with but at least the level of calm & professionalism of individual tellers & phone reps is so refreshing that I regret moving out of their service range. They've closed several branches in the Orange county region, which is a bit of an inconvenience, but we might be able to blame the economy for a lot of that. Nonetheless, a pretty painless relationship when compared to BNY, Welles Fargone & BoA...

Systematic Reduction Of Savings Rates!

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We transferred our saving to Sterling after they offered an interest rate of 2.46%. It wasn't until we were doing our taxes this year that we noticed EVERY MONTH since joining, they have systematically (and with no notice) reduced the interest paid; 2.42, 2.29, 2.19, 2.10 and we'll assume that will continue. Disgusting and crooked!

A Sterling Reputation -- Not!

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Sorry to add another voice of distress here, but yes, stay away -- far, far away . . .

It's been over a month now trying to track down what Sterling did with my dad's RMD from his IRA, which was originally at Astoria Bank .

Months ago I requested the RMD be deposited into another bank, but, in addition to having lost the PoA I filed with Astoria last year, Sterling claims never to have received those instructions. "When did I send it?" "To where?" are all they can pointlessly respond, attempting to shift the blame.

Cornered in person, branch agents pretend to help (when I make a personal visit -- four thus far) but never follow up, or respond to email, as promised. Too busy, I guess (ripping others off?). Out of site, out of mind. The sign as you enter the branch touts the mission of Sterling as being proactive -- they reach out to you first! My experience: don't hold your breath -- you'll die waiting to hear from them

Bottom line, the proceeds of my dad's RMD (from a CD at a very low rate -- compounding injury and insult) were debited mid-December, mailed to who-knows-where (they won't say, despite my repeated asking), have not been earning interest ever since . . . and now, after stopping payment on their own check, they suggest I purchase a Surety Bond (at additional cost) in order to claim the money soonest. Or wait another 90 days for a replacement check to be issued and mailed out.

The story changes somewhat each time I visit the branch. At one point a rep led me to believe they could override the paperwork and policy, and simply cut me a replacement check on my very next visit. One I could then cash, and deposit as I please. Never happened.

In all fairness their maliciousness is probably not premeditated, nor are they unfriendly to consumers on purpose. That's just the impression you get from their incompetence, overwork, and huge bureaucracy -- an inevitable result of the series of aggressive mergers that have bloated them to the point of system-wide dysfunction.

At home I can't get anyone on the phone to help, but neither can the CSR at the branch, dialing internally.

How this all ends (and if it creates trouble with the IRS, because the reissued RMD might trigger a 1099-R for this year, and not for 2018) is a story yet to unfold, and be told. But there's currently no light at the end of this dark tunnel.

Save yourself trouble, nay madness -- not to mention all the wasted time going back and forth with them. If you can, avoid Sterling at all costs!

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Health

Health Grade Components

Overall
FDIC Certificate #30337
Year Established1895
Employees1639
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.47%
Return on Equity - YTD9.86%
Annual Interest Income$1.20B
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$30.57B$31.33B
LoansQ4 2019vs Q4 2018$21.34B$20.69B
DepositsQ4 2019vs Q4 2018$22.74B$21.34B
Equity CapitalQ4 2019vs Q4 2018$4.64B$4.51B
Loan Loss AllowanceQ4 2019vs Q4 2018$106.2MM$95.7MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$179.2MM$170.9MM
Real Estate OwnedQ4 2019vs Q4 2018$12.2MM$19.4MM
Rates

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Locations

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