TotalDirectBank
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Great Service And Easy Application Process
I recently opened an account with Total Direct after seeing a better rate than what my current bank was offering me. the overall process of opening an account was simple and I was able to link my other account to the new CD. here are is what I like and didn't like:
What I didn't like:
* I did not receive an email confirmation fright away, I wasn't sure if my application was submitted I had to all customer service for them to confirm that they did receive my application.
* I received email confirmation the next day, and asked me to enroll in online banking.
What I like:
* The entire applications was online, there was no need to sign anything.
* Excellent customer service. I called customer service a few times throughout the process to ask a few questions and they were very helpful, and friendly.
* I like that I didn't need to manually enter my routing number and account number. I was able to link my account in easily.
Overall I was happy with the experience, there are improvements that can be made, but will definitely consider Total Direct again.
Good Service With Some Changes Needed
I got some glitches with the application, perhaps because I was one of the first few, but all got promptly addressed.
Positives:
- Good rate
- Good look and feel website
- Application all done online. NO paper signature card to mail in!!!
- Great customer rep experience - no wait time and responsive to questions/concerns.
Need improvements:
- No immediate email confirmation after application submission.
- A while later received notification to login to another site to complete and send back the document. This was very confusing. It was a read-only version of the filled-out application and nothing to do. Should just request to review and if any wrong info, contact bank.
- While waiting for application to be processed, user can still access the application. There is no clear status shown whether it has been submitted/being processed and user is allowed to go through the pages again as if to create new application (confusing) and if user clicks the ACH validation page again, it will do additional ACH withdrawal!
- After receiving notice that CD has been opened and user can now do Online Banking enrollment -- well, the enrollment did not work right away.
Total Direct Bank But Not Totally Online.
The application process was not smooth. I have Chase but they could not link. No confirmation email after 24 hrs opening a new cd account. I m not sure if i can trust this bank or really have to pick up the phone to talk to someone (would be waste of my time). They need to have more user friendly online version.
Requires Sharing Your Other Account Login Info? Seriously?
While the CD rates and fees were quite competitive, I bailed out of the opening process when I learned I'd have to share my funding account login id and password with some third party in order to fund the CD via ACH transfer. Not something I'd recommend anyone do, and a red flag for me as I'd question the security sense of any bank that encourages customers to share their login information with others. Why not just verify access to the funding accounts by the common 2 small deposits rather than steal your customers' passwords?
Cds Are A Waste Of Time
Have had two automatic rejections on different applications. No explanations or attempts to resolve the problems are forth coming.
Not User Friendly To Open An Account
Wanted to open a CD but cannot ACH money to them because none of my banks are listed. Cannot believe they do online banking like this. If you want people to invest you need to make it so you can set up ACH transfer without hassles. I'm not mailing a check either.
Data as of Q2 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 20234 |
| Year Established | 1970 |
| Employees | 838 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.05% |
| Return on Equity - YTD | 8.82% |
| Annual Interest Income | $293.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2019vs Q2 2018 | $15.05B$14.10B |
| Loans | Q2 2019vs Q2 2018 | $10.59B$9.97B |
| Deposits | Q2 2019vs Q2 2018 | $11.81B$10.91B |
| Equity Capital | Q2 2019vs Q2 2018 | $1.80B$1.65B |
| Loan Loss Allowance | Q2 2019vs Q2 2018 | $42.7MM$24.4MM |
| Unbacked Noncurrent Loans | Q2 2019vs Q2 2018 | $27.6MM$35.5MM |
| Real Estate Owned | Q2 2019vs Q2 2018 | $161.00K$388.00K |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Direct Money Market Deposit Account, 2.35% APY
The maximum amount allowed per client is $500,000.
A $50,000 daily balance required to earn the disclosed Annual Percentage Yield (APY) and avoid maintenance fee.
The APY may change after the account is opened.
APY is accurate as of September 6, 2019.
No transactions allowed by debit/credit card or by check.
Always verify rates and promotions with the bank or credit union. We are not TotalDirectBank; we are a rate comparison website and cannot provide official rates or promotions.
TotalDirectBank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.35% | $50k | - | Direct Money Market Deposit Account |
TotalDirectBank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.60% | $25k | - | 24 Month CD | |
| 2.60% | $25k | - | 36 Month CD | |
| 2.60% | $25k | - | 60 Month CD | |
| 2.50% | $25k | - | 12 Month CD | |
| 2.20% | $25k | - | 3 Month CD |
TotalDirectBank is an Internet only bank and does not have branch locations. Its headquarters is located at 25 West Flagler Street - Miami, FL 33101