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.
We have been banking here for over 20 years. I love the individualized service you get at a small local bank. When my husband had his business we had his account here as well as our personal checking and a savings account. They knew him when he walked in and we have always been treated with the utmost respect and friendliness. I have had experience in the past with big banks and there is no comparison. I also like that smaller banks might be less likely to be the target of hackers. In today's world there is so much to look out for. Since so much of banking is accomplished online now we don't have as much interaction with the actual personnel at the bank but if we ever need to call our questions are answered quickly and professionally every time. I would not consider changing banks, especially to a big bank, even though we don't have ALL of the conveniences available at bigger banks. I would rather have the great service than all of the bells and whistles.
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 had a CD come due at this bank recently and went in to my local branch to renew the CD at the current posted promotion rate on this site. When I asked them about the promotion, they had no idea what I was talking about and said they didn't have a promotion even close to that rate. Why advertise the promotion if the banks don't have it? They lost my business to yet another internet bank.
The manager (?) of my branch in Parsippany, NJ is extremely rude.
I was going to open a business checking account for my LLC, and she looked at me like I have 2 heads and started asking me a bunch of personal questions about the nature of the services I provide, including “and you’re licensed to do this therapy?” YEAH I’M LICENSED TO DO THIS THERAPY!
Next, I needed to wire money to an international account and she required my drivers license to do this. Fine, no problem. Except I left it in my other purse at home. Her follow up question, “And you drove here?” Which actually no, I walked there because my arm is broken and I can’t drive. But even if I DID drive there, which I didn’t, how is that any of her business or relevant to the business we are doing? I asked if they have a copy of my license from when I opened a debit card with them a few weeks ago, and she said, no they rip those up. She wouldn’t even check the system as a courtesy. I needed to wire the money ASAP.
I was so taken aback by her rude behavior.
It also takes Valley National twice as long as Chase to transfer money to another account, both national and international. It’s also more expensive to wire money into an international account than at Chase. Also, they don’t accept international transfers of money after 3:00, whereas at Chase, they give you until 4:00.
I felt she was fishing to find something wrong with me. Anyway, I’ll be taking my business to Chase now. I am not doing either of the two tasks mentioned above at Valley National, because of that manager’s treatment of me, and I’m transferring all my savings, checking...etc to the Chase branch near me, where I witnessed the customer service being MUCH better.
|FDIC Certificate #||9396|
|Return on Assets - YTD||1.61%|
|Return on Equity - YTD||14.53%|
|Annual Interest Income||$320.2MM|
|Assets and Liabilities|
|Assets||Q1 2019vs Q1 2018||$32.46B$29.42B|
|Loans||Q1 2019vs Q1 2018||$25.30B$22.43B|
|Deposits||Q1 2019vs Q1 2018||$25.02B$22.06B|
|Equity Capital||Q1 2019vs Q1 2018||$3.62B$3.41B|
|Loan Loss Allowance||Q1 2019vs Q1 2018||$154.4MM$132.9MM|
|Unbacked Noncurrent Loans||Q1 2019vs Q1 2018||$157.6MM$125.5MM|
|Real Estate Owned||Q1 2019vs Q1 2018||$7.3MM$13.8MM|
Rates for Valley are currently being reviewed.