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Even staying well within FDIC limits, the frustration isn't worth your time! Dopey bank trying desperately to avoid govt closure.
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Unclear whether this bank is a subsidiary of Flagstar or NYCB now. Under either circumstance, the bank is distressed. It is also a terrible bank. I would avoid. If you cannot avoid, stay well within FDIC limits.
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I’ve had a significant funds in CD account of this bank that matured 4 days ago. On my request of transferring the final amount by ACH to my other bank account on maturity, I’ve had a response that the only option for me is to get the check in a mail (they perfectly were able to use ACH wile funding this very account initially, though!). I've finally get the check in three days and have deposited it into my savings account immediately. Now, I am waiting for the check to be cleared and it can take anywhere from one to three days from my bank. This means, My Banking Direct is using my money without paying me any interest for at least additional 5 business days while I am unable to invest these very funds on my own. I’ve had quite multiple experiences while investing with different banks and never have had this kind of frustration before. This bank is not that you want to invest with.
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I researched dozens of on-line banks when the Federal Reserve started jacking up rates. I wanted a high money market rate for my rainy-day fund. NYCB (this is their on-line division, separate from the bank branches) was the most professional and also seems the safest because you have your own account number and there is no middle-man, like many of the others have. I'm from North Jersey originally and so have seen their branches, so I know it's a real bank. Also, others have said their people are rude, but again I'm from that area and the "attitude" is what I grew up with, so it was OK with me.
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a great bank for naive people who can be easily separated from the money that they should be earnings. i fell for the flashing of a 4.05% rate. but I am not naive, so i moved out the small amount of money that i had deposited without getting as involved as i had intended when opening a new account.
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I called with a simple question about my new account and had to deal with a woman who was irate and obviously fuming before she even answered the phone. I am happier with the customer service on Synchrony where the women who answer the phone on the other side o the world don't speak a word of English, but at least they try.
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Have called around four times trying to sign into my new account set up by NJ Department of Labor and have tried everything they asked me to do and was told they are having some kind of problem on their end and to keep trying. I've been trying and still can't get in but can call and able to get my information on my account that way. I will like to see it on my pc so I can print it out but still can't get in. At 85 I really don't need any added stress than I already have so please fix this problem so I can sign into my new account with you people.
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I cannot speak to the other experiences listed here like, but I just spoke to the absolutely most helpful woman on the phone who set me up with online access right away after I failed to properly read the very clear instructions about keeping my account number from the signature card before returning it. And, I was able to immediately fully fund the account by setting up an additional transfer from the initial funding account (at many other banks the funding account needs to be entered again, it isn't prepopulated). Fingers crossed, but I have high hopes for this one!
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Spent 55 minutes mainly on hold. Spoke with "Betty" who couldn't answer my question, and when I showed a little frustration this agent took the all high and mighty road saying "I will not be spoken to like that!". She got very proud suddenly. She got offended that I was frustrated. Put me on hold for 20 more minutes. Never resolved how to simply transfer money into the new account I set up. Seriously that should be the easy part! Horrible first impression . Betty needs a new line of work because she is a big liability with My Banking Direct.
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I've been depositing cash with online banks for a while and found the forums on this site and some of its competitors to be very helpful. What isn't being pointed out in relation to NYCB is that it isn't a strong bank and it is involved in a difficult merger with Flagstar bank in Detroit which is also not a strong bank. By all means, stay below FDIC insurance! What also isn't being pointed out here is that this is the same bank that previously branded their online bank as Amtrust Bank. Amtrust had great rates a decade or so ago, but those who chased rates were burned by such awful customer service that NYCB eventually had to close it down and rebrand to this. I would certainly avoid.
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They have a nice domain and brand, but that is about it. Not well enough organized to be an online bank serving customers remotely. Phone support is indifferent, to put it gently. Save yourself time and open with a place like Ally or Citizens Access and just wait because they eventually will all need to raise rates.
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I called as a prospective account holder to ask simple questions that are no disclosed on the website and the reps behavior was totally reprehensible. A supervisor heard the call and tried to call back an hour later and apologize. Nobody should consider this place.
smithy1968
Apr 20, 2024 |