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The Berkshire Bank

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
1.05%18-month CD18 Months CD
0.75%CheckingSuper Security Checking
1.05%18-month IRA18 Months IRA

Overview / Commentary
212-802-1000
4 East 39th Street
New York, NY 10016

The Berkshire Bank is headquartered in New York and is the 61st largest bank in the state of New York. It is also the 1,003rd largest bank in the nation. It was established in 1989 and as of June of 2016, it had grown to 100 employees at 12 locations. The Berkshire Bank's CD rates are 12% higher than the national average, and it has an A health rating.

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Reviews (7)

Outstanding Customer Service

Posted by: Wil | Feb 20, 2011

On Feb. 1st I opened a CD and Power NOW Checking accounts at the Teaneck, NJ branch of The Berkshire Bank. The branch manager and staff treated me as if I were "visiting royalty," and convinced me that the bank truly wanted my accounts and that they were committed to the bank's motto of "putting your interests first." I got the 18-month CD special being offered at the time at a rate of 1.9% APY. The Power NOW Checking is the bank's reward checking with a qualifying rate of 2.5% APY, which is guaranteed until March 31, 2011. Note: the Power NOW Checking requires a minimum balance of $1500 to avoid monthly fee ($10); 6 debit card uses per month (either point-of-sale or PIN) totaling $100 per month to get qualifying rate; 50 debit card uses per month are free (additional uses will be charged $0.25 per debit); direct deposit is not required; balance cap is $25K; only one Power NOW Checking account per household; interest compounds daily. If all account terms are not met for 2 consecutive statement cycles, account will convert to NOW Checking account. Account earns the qualifying rate for the first 30 days without having to use the debit card in order to allow time for you to get the debit card in the mail. In fact, I received the debit card and the first 50 checks (which was offered to me "on the house") 10 days after opening the account. What has truly impressed me is the responsiveness of the branch since opening the account. The branch manager has called, without fail, every time he said he would. He even called to tell me the trial verification amounts when they posted to my account from Capital One and Charles Schwab. Furthermore, when I called the bank's main telephone number, I got a live person immediately! The only thing about the Berkshire Bank that is a bit behind the times is the enrollment process for online banking. You need to fill out a form at a branch (or print it and bring it to a branch), which will then take about 2 weeks to be processed, before you get a user ID and password to enroll for online banking. Many banks make it easier than this to enroll in online banking. Furthermore, although The Berkshire Bank can initiate ACH transfers (certainly a plus), that requires filling out another form to be processed, and providing a voided check for every external account to be linked (up to a maximum of three external accounts). This means, evidently, that only checking and money market checking accounts can be linked. Now that I have everything set up, I think I'll be very happy with The Berkshire Bank. I only hope that they keep the qualifying rate on the Power NOW Checking competitive after the expiration of the rate guarantee.

Worse Policy For Deposits

Was told I could not deposit an insurance check that was made out to my mom & I because the checking account was in my mom's name only. They wanted me to make an appointment to open an account in both our names. How inconvient. I resolved this problem by taking the check to another bank where I had no trouble depositing it. Berkshire bank lost my business and please remember you are not married to your bank, you have other banks to chose from. It's time you do what's best for you.

Zero Stars If I Could

I felt like my money was being held hostage. I made a deposit with a certified bank check and it took 9 days to clear. Whyyyyy? the money was already taken out my other bank acct.. maybe it's me, but I always got the impression from the Hudson branch personal, that they were mad at me because I had some money. Not liking this bank one bit!

Awful Customer Service

Posted by: Frank_A | Nov 4, 2013

Berkshire Bank is just awful. I had an automobile loan with a local Beacon Federal Bank until Berkshire bought them in June 2012. I loved Beacon Federal, they were VERY customer oriented, but Berkshire Bank not so much.

When I started making payments on my automobile loan five years ago I set my bill payment service from my checking account to make recurring monthly payments. So, I have made sixty payments without issue on my loan... sixty payments! My payment for October 7th was never sent from my checking account, either I inadvertently reset the recurring payment or five years ago I entered the wrong year for the last loan payment. Either way, I made a mistake.

Gerri from Berkshire Bank's collection services sent me a letter to tell me my loan payment for October is overdue and to contact her. When I read the letter on Saturday October 26, I immediately scheduled my bill pay service to send the loan payment along with the late fees. I called Gerri Monday October 28 to tell her that I scheduled the payment to be sent immediately and that they will have it in a few days. She was satisfied that the payment was on the way.

While I had Gerri on the phone, I also asked her if she could provide me with the remainder of my loan schedule so I could enter it into my bill paying service. She said that I should be receiving monthly payment coupons. I said yes, I do get the monthly payment coupons by mail, but I want to enter all of the payments into my bill pay service. (In the past, I have had payments lost in the mail or delivered late to utility and credit card companies... so I now prefer to make electronic payments whenever possible.) Gerri said that they can not tell me what my loan payment schedule will be... just for me to keep looking at the monthly payment coupons. Really, they can't provide me a payment schedule!!! They are a bank, and they can not figure out my loan schedule! We are in the year 2013 when this should be as simple as can be... for a BANK!

So after speaking with Gerri on the 28th and telling her that my payment has been sent, she generates another letter on the 29th stating that my loan payment is overdue and that they are preparing to "ARRANGE FOR THE REPOSSESSION OF OUR COLLATERAL". She sent this letter the very next day after speaking with her on the phone! So my payment is not even a month overdue, the payment has been sent with the late fee and now my SUV might be repossessed! I don't think there are words to describe the levels of incompetence that this bank demonstrates.

After my auto loan payment for November 7th posts with Berkshire Bank, I will be fully paying off this loan. Hopefully they can figure out the correct payoff balance. I don't trust that my SUV will be in my driveway everyday with Berkshire holding the loan. I will never use Berkshire Bank for anything again!!!!

Worst Bank To Work For

This is the worst bank to work for.

Their program is from 1900's.

bank is full of old and nasty people.

Do yourself a favor, save yourself sometime, don't go working for that bank.

Horrible Place For A Mortgage

Posted by: Fstein | Nov 17, 2012

Missed deadlines, no show appraiser.

Despite the fact that they were the developers bank and were in fact transferring money from one pocket to another, no breaks on closing costs.

Although they had the file for 3 months, found out the day of closing that the numbers did not add up for us.

Berkshire Bank Very Slow To Update Online Banking Transactions ...

Is the fact that Berkshire Bank is so slow to update transactions through online banking an intentional thing?  I think it is.  You see, years ago banks got away with reordering checking account transactions on a nightly basis so that the largest transactions would go through first, making it more likely that said banking institution could make money off NSF (Non Sufficient Fund) charges.  Then, consumers wisened up, called banks out on it, and poof.....banks started processing transactions as they came in (on a nightly basis).  Well, it seems that banks are up their old tricks again.  This time they're, under the disguise of "our servers are running slow" (or something along those lines), banks are intentionally not updating online banking transactions as they occur.  If you go into your Berkshire Bank online banking account and make a transfer from one accoun to another  you will not see the changes reflected for each effected account.  This makes it very easy to forget which account you pulled money from, and what the balances are for each account.  Now, let's say, for example, you have a USAA online checking account.  AS SOON AS you complete a transfer from one account to another the changes are reflected IMMEDIATELY for each effected account.  Very straight-forward.  I will be looking to switch my accounts to another banking institution as it is clear as day that Berkshire Bank doesn't care anything about its customers.  



Health
A

Health Grade Components

Overall
FDIC Certificate #27503
Year Established1989
Employees100
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.72%
Return on Equity - YTD4.83%
Annual Interest Income$12.1MM
Assets and Liabilities
AssetsQ2 2016vs Q2 2015$727.4MM$748.6MM
LoansQ2 2016vs Q2 2015$346.3MM$285.4MM
DepositsQ2 2016vs Q2 2015$583.8MM$608.6MM
Equity CapitalQ2 2016vs Q2 2015$108.4MM$104.3MM
Loan Loss AllowanceQ2 2016vs Q2 2015$8.7MM$8.0MM
Unbacked Noncurrent LoansQ2 2016vs Q2 2015$269.00K$443.00K
Real Estate OwnedQ2 2016vs Q2 2015$74.00K$0
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

The Berkshire Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$3m*-Business Statement Savings
OTHER TIERS: 0.10% $300 - $3mm
0.20%*$50k*$4mBlue Ribbon Savings
OTHER TIERS: 0.10% $10k - $50k | 0.15% $4mm+
0.20%*$250k*$5mPlatinum Super Savings
OTHER TIERS: 0.10% $10k+ | 0.15% $50k - $250k
0.20%*$25k*$1mStatement Super Savings
OTHER TIERS: 0.10% $15k - $25k
0.20%*$3m*-Statement Savings
OTHER TIERS: 0.10% $300 - $3mm
0.20%*$2m*-Business Statement Super Savings
OTHER TIERS: 0.15% $25k - $2mm
0.10%$50k-Business Platinum Super Savings

The Berkshire Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$50k*$1mMoney Market Checking
OTHER TIERS: 0.10% $2,500+
0.10%$5k-Business Money Market

The Berkshire Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$500$100kSuper Security Checking
0.10%*$1,500*$1mNOW Checking
OTHER TIERS: 0.05% $1mm+

The Berkshire Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.05%*$10k*$500k18 Months CD
OTHER TIERS: 0.30% $1k - $10k
1.05%*$10k*$500k24 Months CD
OTHER TIERS: 0.40% $1k - $10k
1.05%*$10k*$500k36 Months CD
OTHER TIERS: 0.45% $1k - $10k
1.05%*$10k*$500kBusiness 18 Months CD
OTHER TIERS: 0.30% $1k - $10k
1.05%*$10k*$500kBusiness 24 Months CD
OTHER TIERS: 0.40% $1k - $10k
1.05%*$10k*$500kBusiness 36 Months CD
OTHER TIERS: 0.45% $1k - $10k
1.01%*$10k*$500k12 Months CD
OTHER TIERS: 0.50% $1k - $10k
1.01%*$10k*$500k13 Months CD
OTHER TIERS: 0.50% $1k - $10k
1.01%*$10k*$500kBusiness 12 Months CD
OTHER TIERS: 0.50% $1k - $10k
1.01%*$10k*$500kBusiness 13 Months CD
OTHER TIERS: 0.50% $1k - $10k
0.60%*$10k*$500k6 Months CD
OTHER TIERS: 0.10% $1k - $10k
0.60%*$10k*$500k9 Months CD
OTHER TIERS: 0.10% $1k - $10k
0.60%*$10k*$500kBusiness 6 Months CD
OTHER TIERS: 0.10% $1k - $10k
0.60%*$10k*$500kBusiness 9 Months CD
OTHER TIERS: 0.10% $1k - $10k
0.15%*$10k*$500k3 Months CD
OTHER TIERS: 0.05% $1k - $10k
0.15%*$10k*$500k4 Months CD
OTHER TIERS: 0.05% $1k - $10k
0.15%$1k$500kBusiness 3 Months CD
0.15%$1k$500kBusiness 4 Months CD
0.10%*$10k*$500k1 Month CD
OTHER TIERS: 0.05% $1k - $10k
0.10%*$10k*$500k2 Months CD
OTHER TIERS: 0.05% $1k - $10k
0.10%$1k$500kBusiness 1 Month CD
0.10%$1k$500kBusiness 2 Months CD

The Berkshire Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.05%*$10k*$500k18 Months IRA
OTHER TIERS: 0.30% $1k - $10k
1.05%*$10k*$500k24 Months IRA
OTHER TIERS: 0.40% $1k - $10k
1.05%*$10k*$500k36 Months IRA
OTHER TIERS: 0.45% $1k - $10k
1.01%*$10k*$500k12 Months IRA
OTHER TIERS: 0.50% $1k - $10k
1.01%*$10k*$500k13 Months IRA
OTHER TIERS: 0.50% $1k - $10k
0.60%*$10k*$500k6 Months IRA
OTHER TIERS: 0.10% $1k - $10k
0.60%*$10k*$500k9 Months IRA
OTHER TIERS: 0.10% $1k - $10k
0.15%*$10k*$500k3 Months IRA
OTHER TIERS: 0.05% $1k - $10k
0.15%*$10k*$500k4 Months IRA
OTHER TIERS: 0.05% $1k - $10k
0.10%*$10k*$500k1 Month IRA
OTHER TIERS: 0.05% $1k - $10k
0.10%*$10k*$500k2 Months IRA
OTHER TIERS: 0.05% $1k - $10k
Locations

The Berkshire Bank has 12 locations. Click to view all The Berkshire Bank locations.