Valley National Bank engages in personal, commercial, corporate and institutional banking and offers depository products, loans, and insurance options to its customers and potential customers.
The bank makes several checking and savings accounts available, which include basic and senior checking as well as health and children’s savings accounts. Money Market accounts are available and differ from the savings accounts with regard to account requirements. CDs and IRA CDs are also offered with term lengths ranging from 7 days to 72 months.
Valley National Bank online banking is called VBankWorks and gives customers access to free online account management services. It offers them the ability to check account balances, view transaction history, transfer funds, and pay bills.
Valley National Bank was originally established in 1927 as the Passaic Park Trust Company, before changing to its current name in 1976. It is headquartered in Waynen, New Jersey and is the principal subsidiary of Valley National Bancorp, operating hundreds of branches predominantly in the states of New Jersey and New York.
I have repeatedly missed my car payment dates. They call my cell, mention the problem, and I say pay it. I finally got my own bank to start making automatic payments for this reason, so the calls should stop. Given all the $10 or see fees each late period, I paid about $100 in late fees this year. That is my fault. I consider the fees a bargain. Someone had to call me, and that service costs money. Often, these callers get nowhere, so I must unfortunately but realistically account for that low efficiency in what I pay as a late fee. I appreciate the calls. It's much better than my forgetting until I end up with my payments so overdue they get reported to credit agencies. My credit score is over 820. If not for their calls, I would forget and it would be much lower. I don't recall getting calls when I missed payments for anything. For me, it's a win-win. Maybe other banks do that, but I'm just glad they do it. Saved my credit score. I'm thinking of buying a house. How much is the score worth to me? A lot! I do wish I could have paid online to their bank directly from mine without an account at their bank, but such is life.
I have been banking at my branch for over 30 or so years. Valley purchased Prospect Park Savings many years ago.The branch was a pleasure to deal with, because people at the branch, could solve a problem if you had one.I recently ran into a problem with one of my accounts that they changed the monthy balance from $500.00 to $999.00.No notices were sent out by the bank for this change and since they stopped sending out hard copies every month I was charged a $25.00 service charge for this change in bank policy.The 2 girls at my branch were no help at all in solving this problem.After numerous calls to customer service I was able to talk to a supervisor who was able to reverse the charge and get me back on getting a hard copy of my statements every month. The tellers are great people,but have no use for the 2 so-called branch managers.
Last year I opened up an account with Valley National in Landing, NJ. I had been with TD Bank/Commerce Bank for years prior, but moved to Blairstown last year and wanted a bank close by my work and new home, since there were no local branches of TD Bank nearby. Well, I could not believe the horrible service I would get from Valley National! They were not honest about the funds availability schedule when I opened my account, and held on to my money for an excessive amount of time, even though the checks had already cleared. When I complained to the branch, they were not even apologetic that it was not made clear to me when opening the account, and were visibly annoyed that I had the nerve to complain. They assured me that if I had funds deposited via cash or direct deposit, the money would not be held unavailable like that. So, I had my child support direct deposited into their bank. Well, guess what? They lied again! A deposit that was made on 9/8 from child support via direct deposit still has HALF of the funds not available! That is totally unacceptable! I NEVER had any issues with funds availability with TD Banik or any other bank I have ever dealt with in my life. I guess customer service is not a priority in this area--I can't believe that such an awful bank can even stay in business. Then again, when I pass the Fredon branch or the Blairstown branch, I rarely ever see cars in the parking lot. Maybe that says something. Anyway...I plan to have my money direct deposited elsewhere...there HAS to be a better local bank than Valley National. I've heard First Hope Bank is good, I may try them and see. I can't imagine the service can be any worse than what I've gotten with Valley National.
|FDIC Certificate #||9396|
|Return on Assets - YTD||0.5%|
|Return on Equity - YTD||4.76%|
|Annual Interest Income||$707.1MM|
|Assets and Liabilities|
|Assets||Q4 2015vs Q4 2014||$21.56B$18.78B|
|Loans||Q4 2015vs Q4 2014||$15.95B$13.40B|
|Deposits||Q4 2015vs Q4 2014||$16.32B$14.11B|
|Equity Capital||Q4 2015vs Q4 2014||$2.30B$1.97B|
|Loan Loss Allowance||Q4 2015vs Q4 2014||$106.2MM$102.4MM|
|Unbacked Noncurrent Loans||Q4 2015vs Q4 2014||$98.2MM$100.0MM|
|Real Estate Owned||Q4 2015vs Q4 2014||$12.6MM$14.2MM|
Rates for Valley National Bank are currently being reviewed.