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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.
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.
Does Not Protect It’S Customers
I opened up an investment account with another institution, that’s another review. Using that’s institutions outdated and clunky online portal i setup a transfer from my Total Direct account. After waiting a couple of days I see that the other institution had initiated two withdrawals, the second of which of course was unauthorized and overdrew my a Total Direct Account. I contacted the other institution to correct the problem; however, they started a third withdrawal from Total Direct. After contacting them again, I am told there’s nothing they can do. At this point I attempt to contact Total Direct to tell them the two withdrawals were authorized. Apparently Total Direct only wants to help it’s customers from 8:30 to 5, since it was after 5 I was stuck until the next morning. I called promptly at 8:30 and explained the above and two of the three transactions were unauthorized. Total Direct refused to take any action and charged me $50 is overdraft fees. I expect when I notify my bank that charges are unauthorized they will stop the transactions and penalize me for those unauthorized transactions. When I have had similar issues in the past at other banks those banks have worked to protect me. I have ceased my relationship with Total Direct and cannot recommend anyone open any account with them.
I should mention the other institution was GM Right Notes.
Data as of Q4 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 20234 |
| Year Established | 1970 |
| Employees | 881 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.08% |
| Return on Equity - YTD | 9.04% |
| Annual Interest Income | $577.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $15.84B$14.33B |
| Loans | Q4 2019vs Q4 2018 | $10.92B$10.11B |
| Deposits | Q4 2019vs Q4 2018 | $11.85B$11.29B |
| Equity Capital | Q4 2019vs Q4 2018 | $1.89B$1.70B |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $49.0MM$33.9MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $47.4MM$34.3MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $209.00K$432.00K |