TBK Bank With Branch In Dallas

Anon456 | May 11, 2019 | 214 posts since 2011

This bank is mentioned in Ken's summary of CD rates.

I have not been able to pinpoint it, but there is something ODD going on here. I called mid-week to ask about opening a CD, and got put into a lady's voice mail. Never got a call back from anyone. Tried calling three times on Friday, but never got a human to answer or call back.

They may have good stated rates, but there is something amiss here. Just wanted folks to know that some due diligence may be needed. As for me .... even if they are FDIC .... I won't do business where they do not return calls.

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AnnO | May 11, 2019 | 96 posts since 2018

Many small banks/CUs have a small staff and take days/weeks to get stuff done, especially if there's a surge of interest in something they offer.

willy12 | May 13, 2019 | 65 posts since 2019

I've now opened 2 accounts with their online sister company CD Bank. While they initially answered the phone and responded to emails, later they did not.

From talking to them they have been overwhelmed by the response. My account opening was not without issues and for a week I was in limbo, my checks had not cleared and they said they did not even get them. Got cut off several times while they were trying to find out what was going on. I called back again on Thursday and got cut off again. Only this time she called back, said they had gotten my checks, gave me my acct number and said I could login to online banking the next day.

Friday both checks cleared. I logged in and saw my CD was dated 5/3 which was when they should have gotten my paperwork & checks. I am unsure if they backdated it as a courtesy or they really got them on 5/3 but did not process them until the following week. While it was a bit frustrating, I did get it open and got interest at both places for a week because of it.
And last night I went ahead & opened a 2nd smaller CD with money I did not have on 4/29.

My rate for a 2 year is 3.20% which is higher than anyone else. And if you go in a branch, their rates are even higher. So you are being compensated for their issues.

My hope is that CD Bank will continue to have top rates in 2 years when my CDs mature.

If you are in Dallas and want a CD, it would be worth your while to stop by.

I think I computed the difference between a 3.20% 2 year and a 3% 2 year was $400.

I'm looking at a $15 wire out fee at the end of my term or waiting on a snail mail check if they don't have top rates at that time. And I still did it.

If you are local, your advantage is even greater.

There are issues at nearly every financial institution. If not at first, eventually.
Might as well go for a top rate unless those issues are insurmountable.

willy12 | May 14, 2019 | 65 posts since 2019

Typo....the $400 difference was on $100k.

(I computed the difference between a 3.20% 2 year and a 3% 2 year was $400.)

Anon456 | May 14, 2019 | 214 posts since 2011

Thanks, Willy.

I do chase yield, but I have to stop at places that do not answer their phones, or return calls. YES, they are FDIC .... so not to worry. Still, I just do not want to do business with people who do not return calls. PERIOD. Makes me uncomfortable, and frankly ..... MAD. There are always other places. Having to move that CD money to Navy Army for 3 years. Still have some cash, but hoping someone (else) will post a "special".

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