Doral Bank Direct is the online division of Doral Bank, a federally chartered savings bank headquartered in New York City. Both are wholly owned subsidiaries of Doral Financial Corporation. (NYSE: DRL), a diversified financial services company headquartered in Puerto Rico with 35 years in the banking industry.
Submitted: Feb 3, 2009
Views: 3778
Comments: 29
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Feb 17, 2009 Update - Doral has closed its high yield savings account to everyone except residents of CT, NY, and NJ. Please check with Doral's site to see if this restriction remains.
Doral Bank Direct is the online division of Doral Bank, a federally chartered savings bank headquartered in New York City. Both are wholly owned subsidiaries of Doral Financial Corporation. (NYSE: DRL), a diversified financial services company headquartered in Puerto Rico with 35 years in the banking industry.
Doral Bank Direct offers high yield savings and certificates of deposit.
Account Opening and Funding
Doral Direct Bank accounts can be opened online or via the mail. If you open online, you'll fill out the form and submit it.� Once the application is approved the account is open.� They will send you a welcome pack along with a signature card that you'll need to fill out and send back.� If you are applying for a CD, the rate can be locked before they receive your signature card back.
Funding can be done via check or online. If done online, they'll use two test deposits to verify you have ownership of the funding account. From there, the rep on the phone said that transfers take 1-2 business days. That seems awfully short compared to other banks so if anyone has experience with Doral transfers, let us know.
Doral Bank Stability
Doral Savings Bank is FDIC insured and is rated 3 1/2 stars out of 5 (Good) by Baeur Financial for its safety and soundness. Doral Savings Bank's parent company has suffered like many financial institutions and its stock which had a 52-week high of $24.23 is currently trading close to its low of $4.80.
As with all banks, we recommend you stay below FDIC insurance limits to ensure your money is protected.
Please share your experiences with a Doral Direct Savings or CD. Thanks.
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Comments Received:
gene
(Unregistered)
this is a joke, you have to be residents of pittsburg or cleveland only.
it should specifiy, so we don't wast our time!
Posted: Feb 6, 2009
Rip The Jacker
(Unregistered)
Like so many other people, I became a Steelers fan the minute they won the Super Bowl. Does that count?
Posted: Feb 6, 2009
StupidOne
(Unregistered)
Gene, your comment does not sense. This a New York City based bank.
Posted: Feb 6, 2009
some other guy
(Unregistered)
Note, they're offering an 11-month personal CD for the same APY as their high-yield personal savings, 3.50%.
Posted: Feb 7, 2009
Zurich
(Unregistered)
After reading Gene's comment I called Doral Bank Direct. They confirmed they do not have any residency restrictions to open an account.
I also confirmed with Doral:
1) The APY rate in effect when the account is opened is guaranteed for 90 days.
2) The account can not be closed during the first 30 days but after that it can be closed with no fees or restrictions. (Some banks have a fee if closed prior to 90 days.)
3) There are no restrictions on withdrawal/transfer amount(s) after the first 30 days. (Some banks only let you withdraw $10K a day.)
4) No ATM card, so you'll have to transfer your money to your personal bank if you want to withdraw.
When in doubt, call and ask.
Posted: Feb 7, 2009
Zurich
(Unregistered)
Again, they do NOT have any residency restrictions in opening an account.
The above information was obtained with regards to the on-line savings account.
Posted: Feb 7, 2009
Sand Man
(Unregistered)
Their website says "Rate may change after the account is opened". Nothing is stated in writing about guaranteeing the rate for 90 days.
Posted: Feb 8, 2009
Zurich
(Unregistered)
Regarding Sand Man's comment:
If you go to the home page and click on the "Learn More" button within the fine print you will find confirmation that the current rate of 3.50%, as of 2/2/09, is guaranteed for three months for accounts with new money and a daily balance of $1,000.00.
Posted: Feb 8, 2009
townsend
(Unregistered)
Decided to open up a 11-month CD, to lock in a 3.5% rate for that maturity. Fairly straightforward process online. However, at the very last screen, you learn about the bank sending you a signature card through the U.S. mail. Not a deal breaker, but this slows down what could be a much quicker process, all done online (trial deposits, verfication of trial deposits, and transfer of CD amount via ACH). Oh well. The rate for a 11-month CD is the best I can find. Can you beat it?
Posted: Feb 11, 2009
Sand Man
(Unregistered)
Regarding Zurich comment:
The statement "Rate may change after the account is opened" IS from clicking on "Learn More" on the Doral Bank Direct home page (under Doral Direct Savings) . Nothing is stated in writing about guaranteeing the rate for 90 days. You must be looking at an old link.
Posted: Feb 11, 2009
Zurich
(Unregistered)
Sand Man:
I correct myself.
Go to "More Details", the orange button in the middle of the home page.
Posted: Feb 11, 2009
townsend
(Unregistered)
As mentioned above, I completed application for a 11-month CD at 3.5%. The rep today said that the CD rate was changing on Friday. I would expect savings rate and CD rate to both change (as they did with Dollar Savings Direct). If you are interested in these offers, better complete your application by Thursday night before the rate change.
Posted: Feb 11, 2009
buzzy
(Unregistered)
I filled an application 5 days ago and still waiting for them to confirm it.I tried calling but you get tired listening to the message that someone will be with you shotly.So I left my phone number and guess what? I am still waiting for the call!
Posted: Feb 13, 2009
Zurich
(Unregistered)
To clarify my above correction, the written confirmation of the rate guarantee for 90 days is under "More Details" not "Learn More."
Posted: Feb 13, 2009
Sand Man
(Unregistered)
Zurich:
Statement under "More Details" is exactly the same: "*Annual Percentage Yields (APY) are accurate as of 02/02/09 and are subject to change without prior notice."
Posted: Feb 14, 2009
Zurich
(Unregistered)
Sand Man:
To me that means the rates posted are the current rates and if you don't lock in today they can change without notice.
Two sentences later you will read:
"A minimum daily balance of $1,000 must be maintained in the savings account in order to obtain the promotional rate, WHICH IS GUARANTEED FOR THREE MONTHS. After the three month introductory period, the savings account will earn interest based on the account balance and the prevailing rate offered by Doral Bank."
My interpretation:
1-The rates that are stated on their home page are current but can change if you don't lock them in.
2-If you open a savings account and maintain a $1,000 balance you will receive their promotional rate, currently 3.50%, guaranteed for three months.
3-After the three months the APY will be the banks prevailing rate and is subject to change without notice.
Again, this is written under "More Details" and I verbally confirmed my understanding with a bank rep.
Regardless, it's the best rate currently out there so if someone is going to open an account worse case is they get the current best rate out there until it changes or best case is I'm right and they get 3.50% for a guaranteed three months.
Tired of debating this one.............it seems clear to me.
Posted: Feb 15, 2009
Rony
(Unregistered)
They are only offering the account now in the Tri-State area of NY, NJ, CT.
Posted: Feb 17, 2009
Brad
(Unregistered)
Is there any reference to the 3 state restriction on the Website? I don't see it. How did you find out? Was an application rejected? How did you find out?
Posted: Feb 18, 2009
townsend
(Unregistered)
Update to my 2/11/09 post.
1) On 2/13/09, I completed my application for a 11-m CD at 3.5%. I received a confirmation e-mail, welcoming me and stating I would receive two trial deposits to validate ownership of external checking account. The e-mail stated I had 30 calendar days to complete this process.
As of 2/19/09--one week later--I still had not received the trial deposits. I've done this many times w/ other banking institutions, and it has never taken this long. On this web page (up above), the rep said the test deposits usually occur within 1-2 business days. Not so in my case.
2) I've called customer service four different times, and I've waited over 25 minutes on one of these occasions, and I've never spoken to a customer service rep. On the other three instances, I hung up after over a 10 minute wait. Once I left a message, and they didn't call me back. This is unacceptable.
I know this web site says they are only accepting new accounts from NY, NJ, and CT, but this restriction came after I had applied, and I did receive a confirmatory e-mail, congratulating me on my CD application.
I've lost confidence in this bank, regardless of the rates offered. (And the banking business is about confidence.) I will not do business with them again. I've already applied for a CD at a lower rate, but at an institution where customer service reps quickly and courteously respond to consumer questions.
Posted: Feb 19, 2009
DOA
(Unregistered)
This bank is DOA! Violate the trust and you will be owned by the FDIC.
Posted: Feb 20, 2009
StupidOne
(Unregistered)
Townsend is correct. The customer service sucks! I reside in one of the three states that the offer is now restricted to and decided to send an e-mail to ask a few questions before opening an account. A week later, still no response. It is bad enough that the rates are falling but do we have to contend with the bad customer service that banks are doling out?
Posted: Feb 22, 2009
michael
(Unregistered)
Customer service is non -existant at this bank.
They do not answer their phone, just hear the same recording over and over again. Put phone on speaker and made breakfast and read part of newspaper and some 40 minutes later the same recording was still playing .
Decided to send e mail , that was Monday and here it is Thursday and no response . Are they for real??
Posted: Feb 26, 2009
john
(Unregistered)
Applied for online savings 2/14, made small deposits 2/18, I confirmed deposits 2/18, accepted my application 2/20, they pulled the $1k from my checking 2/24. I still have no access to my account. Customer service does not pick up (doesn't even connect on Saturdays). Sent email today, not optimistic. Does the FDIC pickup?
Posted: Feb 28, 2009
john
(Unregistered)
You guys that have open (and accessable) accounts. Do they send you a token or a new username/password in the mail with the signature card? Trying to figure out how to get into my account without customer service help.
Posted: Feb 28, 2009
David
(Unregistered)
Similar story to yours, John. I applied for the 11-month 3.5% CD on 2/12. Got email about the two trial deposits on 2/13. Deposits showed up 2/17. I verified deposits on 2/17. Got email the same day saying account had been opened and that I would get a Welcome Package in the mail. The money to fund the CD was taken from my checking account on 2/19. Still have not received Welcome Package so I have no access to my Doral account. I am starting to worry if I will ever see my money again - I am not impressed with Doral Bank Online.
Posted: Mar 1, 2009
Harold
(Unregistered)
Same Problem. Have been listening to their recorded message for 45 min. Did on line application on Feb 10.
Confirmed the two deposits a week later. They took the money from the linked account 12 days ago but still no snail mail, no account # and no access to my money!!!
Posted: Mar 2, 2009
Mike
(Unregistered)
DO NOT DEAL WITH THIS BANK!!!!!!
Signed up for an account, they took my money and there's no way to get a hold of anyone at this bank. I have sent 5 emails, all of which have gone unanswered, and tried calling numerous times, only to be left on hold for 45 minutes before the system just hangs up. Stay away from this mickey mouse shi* bank! Have contacted the FDIC, and the NY AG's office - I suggest others do too!
Posted: Mar 3, 2009
Jerry
(Unregistered)
If you have been experiencing the same difficulty as other users with this bank, I suggest promptly filing a complaint with the Office of Thrift Supervision. The complaint form can be found at:
http://www.ots.treas.gov/?p=ConsumerComplaintsInquiries
Select OTS Consumer Complaint Form
Posted: Mar 3, 2009
Bill
(Unregistered)
I opened accounts for both the 11mo. C/D @3.5% and the savings account @3.5% locked in for 90 days. I understand your frustration because it all happened to me also. Since their rates are the highest in the nation, they are overwhelmed by the response and under staffed. You just have to be patient. They will send you, via US mail, your password and user ID to access your account. The Welcome package will be in a seperate mailing. To set up transfers to/from the savings account you have to wait for an additional welcome package. I now have on-line access to both accounts but still haven't received the welcome package to be able to do transfers.
Posted: Mar 12, 2009
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