Valleydirect
They’Ve Been Pretty Good To Me
ValleyDirect has been good to me since I opened an account with them. The competitive savings rate that they’ve recently increased for new and existing customers is what keeps me with them. Their customer service has been helpful to me when I needed it.
Valley Bank has been around for a while and is in the top 50 banks in terms of assets nationally. They definitely don’t get enough attention for their competitive offerings, but they should! I’ve now moved all of my banking to Valley.
Bank With Good Interest Rate
Opened an account in Nov.2022 with 3.5%, and they actually up that to 4% 2 months later to keep up with other competitors, which is great. Customer service is slow on responding, and there will be inactivity fee charged if there's no deposit or withdrawal within 24 months range, but that's easily avoidable.
Outstanding Customer Service
Valley Direct was quick to call me directly when I had a problem with an ACH adding funds to my account. I got a call from 2 different customer service reps to help me through the problem even when I was going to give it a couple days to play out. The problem was with the bank I was pulling funds from. I'm not used to that kind of follow up so was surprised and grateful. I look forward to a long relationship with great rates.
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.
You Have To Give Your Username And Password Of Bank
hmm, this is a long process, so for the first time I want to transfer money in via ACH, I have to give them my external bank username and password through Plaid. Which I assume means I have to immediately go change my external bank password afterwards.
It takes many days, 2 days later (provided apply before 5 pm ET) to get funds out of your external account and then another 2 days before it is posted to your new Valleydirect account....and then later after your account is open, you can set up transfer now by setting up trial deposits into your external account and then manually entering them... that takes another week.... too many hoops to jump through until they can just auto fund ACH by giving them your external bank and routing #
It seems these accounts offering 2% and above have problems, either funding, or very low limits on ACH withdrawal amounts or they don't post interest monthly, some only quarterly if no activity that month, some you don't get the interest if you close before it posts, some take days to get your money and more days to post to your account, and long hold times if you are a new account, and only can reach them by phone after a 30 minute wait...and no thanks, that is why I prefer to deal with Barclays and Marcus, instead. (and earn a little less interest but safe, quick, large withdrawals, peace of mind)
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 9396 |
| Year Established | 1927 |
| Employees | 3864 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.02% |
| Return on Equity - YTD | 8.62% |
| Annual Interest Income | $720.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $64.31B$43.42B |
| Loans | Q1 2023vs Q1 2022 | $48.24B$35.08B |
| Deposits | Q1 2023vs Q1 2022 | $47.76B$35.65B |
| Equity Capital | Q1 2023vs Q1 2022 | $7.25B$5.73B |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $436.9MM$362.5MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $259.7MM$241.7MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $1.2MM$1.0MM |