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.
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 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 20234 |
| Year Established | 1970 |
| Employees | 873 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.1% |
| Return on Equity - YTD | 10.33% |
| Annual Interest Income | $139.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $19.74B$16.24B |
| Loans | Q1 2021vs Q1 2020 | $12.47B$11.13B |
| Deposits | Q1 2021vs Q1 2020 | $16.26B$11.89B |
| Equity Capital | Q1 2021vs Q1 2020 | $2.04B$1.95B |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $138.1MM$58.8MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $74.7MM$41.9MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $5.9MM$1.1MM |