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.
Submitted: Mar 26, 2009
Views: 2447
Comments: 18
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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).
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Comments Received:
Ken
(Unregistered)
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 ?
Posted: Mar 27, 2009
Frederick Chopin
(Unregistered)
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.
Posted: Mar 27, 2009
Paul
(Unregistered)
I am pleased with them. I like their corporate style and local feel.
Posted: Mar 30, 2009
Dave
(Unregistered)
I opened a savings account a few days ago... application process, verification, funding, etc all very smooth and fast! Seems OK!
Posted: Apr 3, 2009
Frederick Chopin
(Unregistered)
Rate drops to 2.05 on 5/21.
Posted: May 20, 2009
Mark
(Unregistered)
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.
Posted: Jul 3, 2009
Frederick Chopin
(Unregistered)
Rate is at 2.15% as of 8/01/09!!!!
Posted: Aug 1, 2009
Frederick Chopin
(Unregistered)
Rate is up Admin to 2.15% as of 8/03/09!!!!
Posted: Aug 3, 2009
Brady
(Unregistered)
How is this bank? thinking of openning a accout.
Posted: Aug 21, 2009
Baxter
(Unregistered)
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!
Posted: Oct 2, 2009
Concerned
(Unregistered)
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
Posted: Oct 9, 2009
Jeremy
(Unregistered)
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
Posted: Oct 12, 2009
Jeremy
(Unregistered)
Also the cease notice was back in july or june does anyone know anything else
Posted: Oct 12, 2009
Ryan
(Unregistered)
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.
Posted: Oct 15, 2009
Ron
(Unregistered)
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.
Posted: Oct 19, 2009
gary
(Unregistered)
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
Posted: Oct 20, 2009
Hailey
(Unregistered)
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.
Posted: Oct 22, 2009
Jay
(Unregistered)
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.
Posted: Oct 24, 2009
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