TotalDirectBank
Related Posts
4/23 - Totaldirectbank 1.55% APY MM $2,500 minium [Not On DA MM List]
3/5 - Totaldirect Bank Flees The 2% Club
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.
I Got Lucky...Finally
I had a CD with discover and they kept giving me the runaround. When I tried to pull the CD the customer service dept. told me that they would give me a better rate to keep it. I agreed and guess what? MY RATE NEVER CHANGED! My CD wasn't even showing on my online banking acct. CONVENIENTLY, as soon as the renewal window for the CD was over, it was showing again on my dashboard. I expected better from a HUGE bank ranked highest in client satisfaction by JD Power!!! SOOO, I was FINALLY able to pull my money and took a gamble on Total Direct Bank based on the reviews and so far I have to say I am content. MUCH BETTER RATE ANYWAY! I may have to call in but I am fine with it so long as I get what I want. Just my opinion. Good luck.
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.
Terrible Service
I had one of the worst experiences I've ever had in receiving funds after the maturity of a CD. (I've had more than 200 CDs, so I know a fair amount about them.)
My CD matured on a Saturday. On Friday, the day before maturity, I got a phone call from TotalDirect confirming I wanted to redeem the CD (this followed my sending them an email to that effect). I was promised the funds would be sent to me on Monday.
On the following Tuesday, I received an email from TotalDirect saying they had closed the account that day, and I got an email from UPS saying I would have the check on the following Thursday.
On Thursday, I called TotalDirect, and they said UPS didn't pick up the check. I made a big deal out of it, and I received the check, without extra interest, on the following Monday, NINE DAYS after the account matured.
I've never had such a hard time receiving funds, and there were other details that led me to believe TotalDirect didn't mind wasting my time while providing poor service.
I will never do business with TotalDirect again.
Data as of Q4 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 20234 |
| Year Established | 1970 |
| Employees | 866 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.65% |
| Return on Equity - YTD | 5.58% |
| Annual Interest Income | $556.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $18.62B$15.84B |
| Loans | Q4 2020vs Q4 2019 | $12.32B$10.92B |
| Deposits | Q4 2020vs Q4 2019 | $14.96B$11.85B |
| Equity Capital | Q4 2020vs Q4 2019 | $2.05B$1.89B |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $137.2MM$49.0MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $83.3MM$47.4MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $796.00K$209.00K |