Related Posts
9/19 - Valley Direct Savings Account Mowed Down To 4.25% APY
2/21 - Valleydirect Slashes Again Its Savings Account To 4.80% APY
1/16 - Valleydirect High Yield Savings Account Cuts Interest Rate To 5.05% APY
One Of The Easiest HYSA Applications And Approval
I have several HYSAs. I'm always looking for yield. I read about Valley Bank's online division, ValleyDirect. For new customers the present yield is 5.05% APY. That is a rate that is hard to beat. So, I applied. They use Plaid for account verification. Having submitted myself in the past to Plaid, I figured I have nothing to lose at this point in time. Immediately after completing the application and the Plaid process I was approved, and an account number issued. Besides the top tier rate, what is attractive to me about Valley is they have a couple of branches in my city. So, I don't have to worry about ACH limits or delays. I can just stroll over to a branch, and have them stroke me a check. It doesn't get any better than this.
Daily Withdrawal Limits
FYI - If you're using their Savings Account for high $$$, there is a daily withdrawal limit of $25,000. Fine for 99.9% probably, but not for all. Then again, it's YOUR money so why the cap when others like CIT or DollarSavingDirect, etc., have none?
Wanted To Open An Account But...
I'm grateful for this site where you can read the reviews before making a commitment with an online bank. In my view, ValleyDirect came up on top for banks offering a 5% return. So I began opening an account, they even accepted a joint applicant. However, when I wanted to fund the account through Plaid, I noticed that I couldn't use any of my accounts that allowed a large daily limit for money transfers, not even Synchrony. That's my biggest issue. I want to be able to move money when I want to and not be limited by say a $5000 daily limit. I tried putting in 3 different banks that allowed large daily transfers and all 3 were not recognized by Plaid. At that point, I just couldn't go through with the application for my own piece of mind. Something to think about.
SCAM ARTISTS OF JERSEY
Filed Complaint with CFPB and OCC against them and having served NO ARBITRATION NOTICE I will be suing them: Valley feels in-liberty to violate recognized and federally sanctioned rules: (A) They falsely place hold on my account to avoid paying interest, subsequent to an ACH transfer. (B) They place long (11-14 days) hold on deposited Certified Bank Checks, even when you have far more than the check sitting in your account. (C) They are reckless with record keeping, e.g., they do not divulge, disclose, or mail acknowledgement of successful designation of beneficiary (until I filed complaint with CFPB against them). (D) They have undisclosed terms (policy) to defraud you, e.g, $300 minimum balance on account. (E) They have hands off (unaccountable) attitude of management from top down. See my CFPB complaint and Valley's response thereof, which I authorized CFPB to publish.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 9396 |
| Year Established | 1927 |
| Employees | 3694 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.61% |
| Return on Equity - YTD | 5.12% |
| Annual Interest Income | $1.66B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $62.05B$61.7B |
| Loans | Q2 2024vs Q2 2023 | $49.81B$49.47B |
| Deposits | Q2 2024vs Q2 2023 | $50.33B$49.78B |
| Equity Capital | Q2 2024vs Q2 2023 | $7.3B$7.31B |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $519.3MM$436.4MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $317.7MM$269MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $8.1MM$824K |