TotalDirectBank
Related Posts
8/26 - Total Direct Bank Raises Rate On Money Market Account
8/14 - Totaldirectbank MM Increased To 2.00% APY
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.
Telephone Wait Times Are Terrible
Total Direct raised their Money Market rates to the highest in the nation on 8-26-22 and management had no conception of the chaos that would ensue. I tried to reach them over the phone on 3 different days and hold times have exceed one hour, with still no one with whom to talk.
It Isn't Worth The Effort/No One Answers Phones
I have called Total Direct (City National) 5 times to fix a problem that won't let me enroll in online banking. To make it even more frustrating, each time I call I have to wait between 30 and 60 minutes for someone to answer. Yesterday, I waited for an hour at which point the call disconnected. I hung up after calling back and waiting an additional 40 minutes. Today was the 5th time that a rep told me that the "back office" will fix the problem and to try enrolling tomorrow morning. Tomorrow is my deadline. Either I am able to enroll or I withdraw my funds. I can't continue wasting my time with this bank.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 20234 |
| Year Established | 1970 |
| Employees | 1017 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.23% |
| Return on Equity - YTD | 13.08% |
| Annual Interest Income | $328.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $23.18B$20.24B |
| Loans | Q2 2022vs Q2 2021 | $14.79B$12.33B |
| Deposits | Q2 2022vs Q2 2021 | $19.21B$16.69B |
| Equity Capital | Q2 2022vs Q2 2021 | $2.03B$2.11B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $144.1MM$136.7MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $28.5MM$88.8MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $719.00K$5.0MM |