ShoreBank Direct
Article Submitted By: BankMan
The is the place to discuss your questions and comments about ShoreBank Direct.
ShoreBank Corporation, the parent company of ShoreBank Direct, is a development and environmental bank holding company. Headquartered in Chicago, ShoreBank is a $2.4 billion asset company with banks and nonprofits in Chicago; Cleveland; Detroit; Ilwaco, Washington; Portland, Oregon; and Michigan's Upper Penninsula; and consulting services around the world.
ShoreBank Direct offers a nationally available high yield savings account that can be opened online. The application is all electronic. To confirm your identity, several questions will be asked from your credit report.. After you have submitted the application, you'll receive an email from ShoreBank letting you know if the account has been approved. You can then initiate a trial deposit into your account which takes between 3-5 business days. Once the trial deposit has been confirmed, you can ACH money into the account. That generally takes between 2-3 business days. So, from application to funding you should plan on it taking 5-8 business days.
ShoreBank also offers socially responsible banking. The bank was founded on the principal of investing in community development and environmental projects. According to the bank's website, the bank did $445 million in total mission investments in 2006. These break down to:
- $185 million in conservation loans
- $415 million in community development loans
- $156 million in loans that achieved both
The bank has a Bauer Rating of 2 out of 5 stars for safety and soundness. As long as you stay below $250,000 your money will be FDIC insured (FDIC Cert: 15640).
Comments
jeremy , January 20, 2010
the rate has crashed i have with drew my 22,000 not sure how many people will keep money in them now i know all banks are cutting rates but this bank went from 1.70 down to 1.09 thats very bad so i will putting my money in my other account that offers at least 1.55
Kevin, December 26, 2009
Just open an account with them about a week ago. The application process is smooth. However, after you register, you have to do an initial deposit and bank verification first before they even create an account for you to log in. This never happened to me from any other online saving accounts. After you log in with your new account, they do not even remember the bank account that you use for doing the initial deposit so you have to do another deposit verification which take a few days. Let just hope the Rate that this bank offer hold up.
Brad, December 07, 2009
I discovered this bank while researching for a better savings rate than EmigrantDirect. I am from Massachuetts and the mission of this bank caught my eye and I established an account immediately. I'm not fairful of the problems they face because I'm confident it's mission will help it to survive and attract others because of it's social purpose to help those who just need a little help. Remember our problems only makes us stronger.
Jay, October 25, 2009
After an initial glitch in funding, account opened very quickly. Linked accounts easy to set up, however transfers are slow. I have some concerns about stability, but I\'ve been through banks closings before. (IndyMac, Corus) Just stay under the FDIC limits. The customer service has been friendly and helpful.
Hailey, October 23, 2009
I opened up my Shorebank account a few months ago and have been happy with the interest rate. I am closing my Etrade account that is only paying .5%. The FDIC report gave me pause but I'm going to stay with Shorebank because it's FDIC insured and I believe in their mission of Community Development. Glad to hear others are doing the same.
gary, October 21, 2009
withdrew most of my money with them. holding onto a little to see if they survive. already had cd with corus that went under. dont feel like dealing with another weak bank although service has been good so far with shorebank
Ron, October 19, 2009
Their trouble gave me pause as well, but I've decided to stick with them. Just opened savings account and will definitely add to it with the current 2.15 being in effect. Their web site and over the phone service are definitely above average. Hope they succeed and prosper.
Ryan, October 16, 2009
I just opened and funded my account. I have looked into this bank and they are rated low on all sites (bankrate, bankfox, etc) but as long as you maintain your balance under the FDIC limits your safe. 2.15 is amazing and im staying put.
Jeremy, October 12, 2009
Also the cease notice was back in july or june does anyone know anything else
Jeremy, October 12, 2009
Shore Bank has been a great great they did receive the cease notice but they have a great rate and one great thing they do different than my ing account is they email you every rate increase or decrease or anything they do even website updates they just recently updated the view your account page i would deff tell someone to use them just keep your money under the fdic limits and I look for them to get a better star rating soon a lot of people I know have been deposting money with them and as long as the rate stays above to they will have no problem getting capital
Concerned, October 09, 2009
Anyone considering opening an account with Shore Bank should keep in mind that this bank is in trouble. The following order was issued in July 2009: http://www.obre.state.il.us/CBT/Enforcement/2009/ShoreBank072409.pdf
Baxter, October 02, 2009
I opened an account this past week. It was quick, easy, and efficient. Trial deposits were done the next day and easily verified. Limits on transfers are high ($100k per day & $300k per month). No fees. $1 minimum. I'm pleased...now let's just hope the rate stays high!
Brady, August 21, 2009
How is this bank? thinking of openning a accout.
Frederick Chopin, August 03, 2009
Rate is up Admin to 2.15% as of 8/03/09!!!!
Mark, July 04, 2009
I have had an account with them for about 6 months now. It was easy to open, and I have been very pleased with the customer service. It is very easy to transfer money in and out, but it does take about 4 to 5 days. I do recommend them for an online savings account.
Dave, April 03, 2009
I opened a savings account a few days ago... application process, verification, funding, etc all very smooth and fast! Seems OK!
Paul, March 31, 2009
I am pleased with them. I like their corporate style and local feel.
Frederick Chopin, March 28, 2009
Dear Editor Sir, Thank You for finally posting information on "Shore Bank Direct".You have used your "Skill" set to perfection.After a little help in the right direction.Your "Audience" has your undivided attention.Thank you for your time with this matter.
Ken, March 27, 2009
Very easy to open an account. Key in all info online. Funding is easy, I just have my check info type in, verify online immediately. One of the cool feature that someother big banks like HSBC, WAMU are using. Except they need to review my joint applicant's info. Not sure, if anyone has use them before ? Any comments ?
