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11/12 - TotalDirectBank CDs Are Rate Leaders - 24-Month, 2.60% APY
9/26 - TotalDirectBank's Money Market Earns 2.35% APY
9/8 - Direct Money Market Deposit Account, 2.35% APY
2/11 - Totaldirect 12 Month CD Up To 2.82%!
1/24 - Rate Drop On 12 Month CD
1/10 - Totaldirect 12 Month CD Up To 2.91%!
Smooth Sailing During Initial Process
Just opened an account after doing some major research because I had not heard of them before. I am an elderly person looking for a solid account with my wife as joint and need to ensure my money is safe!! They are indeed FDIC insured by a parent company, City National Bank of Florida. I called and asked some questions about their deposit and withdrawal policy. The rep was clear and provided the answers that I needed. Setting up an account online was, in my opinion, straightforward and very similar to other banks I've used in the past. I've had terrible situations with bank's that I've had no prior experience with. A big red flag for me is a customer rep that seems annoyed at my questions! We will see how things go with Total Direct Bank as I continue my relationship with them. So far they have the second best CD rate on the list and I felt they are doing a good job of presenting themselves. I will update my comment if my experience later on changes from my initial one.
Great Newcomer To Direct Bank Market
TotalDirectBank is a welcome addition to the direct banking landscape.
They have come a long way over the last year since their launch! I opened an eCD back then and the process has improved a lot. The new eMM product and application process were great. Love the #1 rate.
I also appreciate that it’s very easy to call them and talk to a real human being!
Too Frustrating To Use
There is hardly anything you can do to manage your account online. You have to call (and wait) to get any info or make any changes. You cannot transfer out of this account to another bank. You cannot specify a limit to how they can use your private information in sharing with others--you have to write the bank and send that request via US mail! I am closing my sizable account. (That's the only way I can get my money out). I would not recommend this bank. The hassle more than from any other bank I have ever used.
Easy To Apply
I was able to apply with my iphone which was great. The technology was very user-friendly and easy to complete in about 3 minutes and I especially liked the fact that I received an instant approval. It's good to see that banks like Total Direct Bank care about the user experience. I will definitely recommend my family and friends to open accounts here.
Data as of Q1 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 20234 |
| Year Established | 1970 |
| Employees | 980 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.16% |
| Return on Equity - YTD | 11.89% |
| Annual Interest Income | $153.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $22.10B$19.74B |
| Loans | Q1 2022vs Q1 2021 | $14.04B$12.47B |
| Deposits | Q1 2022vs Q1 2021 | $18.81B$16.26B |
| Equity Capital | Q1 2022vs Q1 2021 | $2.09B$2.04B |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $137.8MM$138.1MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $62.0MM$94.5MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $1.2MM$5.9MM |