Provident Bank of New Jersey

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Provident Bank of NJ recently began an online bank called Provident NJ Direct that offers attractive savings rates available nationwide (reward checking account is not available nationwide).

Comments: 8

Some of the features of Provident NJ Direct account are the following. 

  • $50 minimum opening balance and $50 minimum to earn interest
  • Free online account with no fees or service charges
  • Must participate in ProvidentConnect Online Banking and receive periodic account statements electronically
  • ATM card available

After opening an account, you may fund it with an ACH transfer from your current checking or savings account.

The Provident Bank is based in New Jersey and should not be confused with Provident Bank in Maryland that recently merged with M&T Bank. It's a fairly large bank with $6.5 billion in assets and $4.3 billion in deposits. The bank has been FDIC insured since 1934.

Comments


Natalie M., October 07, 2010


Very poor customer service. I have had a checking account for a few years now, and am getting ready to switch to Chase. Branch management does not seem to have any authority to waive any fees to keep customers happy, as other banks sometimes do. Also, they hold onto out of state checks way too long before the money is available. Come on, it's not 1985!

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Vlad M, September 23, 2010


The bank put a hold on my checking account to verify my identity because they had wrong information on file. I had to stop by the local branch
to show them my id twice and they made a copy of it when I came in the third time.but they will not release my account on the grounds that my cousin has an
account with them as well (which I am managing for him) and they suspect that I am using his account illegally which I am not. My
cousin provided them with a copy of his passport and credit cards to confirm his identity but still both accounts remain on hold. My
cousin Oleg Iourov is in China right now and cannot come to the country right now. Bank representatives refuse to call him in China
and discus the situation. They stated that they will not call or accept calls from him. We pay our bills and buy food and all the
necessities using our accounts but the bank refuses to cooperate with us.
No clear explanation was given to us by the bank as to the reason, law or regulation under which they are holding our accounts. No proof, no cause, no court order, no investigation, no litigation
We filed complaints with NJ Dep of Banking and FDIC and I am sure it will take some weeks to get to the bottom of this but in the meanwhile we don't have any (our own money) to even buy food, let alone to pay bills.
Does this sound like our rights as citizens protected by law?

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Anonymous, October 23, 2009


Do I actually need the words "pay roll" on my check for me not to have a 5 day waiting period? Is that a provident policy? and a general banking policy?? Please let me know I would appreciate it. Thank you.

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outbound xfers, October 01, 2009


There's appears to be a new daily outbound transfer limit of $2000.

I just received the following message on my last login:
"effective on September 29, 2009" ... "The Provident Bank has implemented a daily limit of $2,000 on external transfers from each of your Provident accounts, as conducted via Provident Connect." [Provident's online banking website] "This daily limit is applicable to external transfers (transfers from your Provident account to an account at another financial institution) conducted Monday through Friday. Any transfers requested on Saturday or Sunday will be added to transfer requests made on the following Monday. Note: This transaction limitation does not affect transfers to or between your Provident accounts. In order to close accounts with balances exceeding $2,000, you must send a secure message through Provident Connect providing the Bank authorization to close youraccount. Within one business day after we receive your authorization, a check for the balance of your account will be mailed
to the address we have on file."

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jojibro, June 28, 2009


The online accounts were easy to open.
However, please note beneficiaries are not allowed for these online accounts.
Very short-sighted for an apparently venerable parent institution in New Jersey.
If enough depositors demand this policy be changed, it may get the executive management's attention.
Worth a try.

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very tough, June 24, 2009


This is a very tough bank to open an account with. First, you can only deposit a maximum of $10,000 to initiate the account. That process took weeks because you then need to confirm the trial payments. Then, I wanted to deposit more into my account and logged in to find that even if I wanted to transfer more money from the same external account, I needed to go through the entire account set up / trial deposit process again, taking another week. Then, the website is tempermental. The good side, of course, is that the rate is good, and they have guaranteed the introductory rate at the time that I opened the account, even if it has since fallen.

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you think?, June 15, 2009


You may very well have entered an answer wrong. Would you like them to let people guessing peoples information to open an account? Sounds like they are trying to be secure, nothing wrong with that. In fact, my biggest worry with an online bank is security.

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gerald kerchner, June 13, 2009


I tried to open an account today. After entering all of my information, I then got four ridiculous verification questions. I must have answered one wrong, because I then got a message that my information could not be verified and I got thrown off of the site. Could you imagine being thrown out of a bank when you arrive to open a new account and deposit thousands of dollars? You wouldn't go back no matter what the rate. I see a lot of banks launching online savings accounts with great rates in order to quickly gather deposits, but many do not understand the importance of treating customers well online as well as offline.

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