Northern Bank & Trust Company Reviews (12)
-
This is an example of a bad bank. Their online process for purchasing a CD is horrible. You fill it out and it rejects it after all of your private information is disclosed. They there customer service is bottom of the barrel they contact you will an automated email unacceptable and 29 days late. That same day they took my information and rejected application. I opened a new CD with Forbright Bank the process was smooth and it took about 12 minutes. I would not recommend anyone to give out their information or try to process anything through northern bank, direct as their service is unacceptable and junk.
Review on the Online bank -
Thanks FP, I have done some research and your correct.
1. "If you initiate the electronic transfer from your other financial institution, Northern Bank Direct does not impose a limit on the amount of the transfer. However, you should check with your other financial institution to see what their limits are." 2. "There is no limit on the number of financial institutions located in the US that you may link to your Northern Bank Direct account" its all in the FAQ, the rate blows everyone away
Review on the Online bank -
I like the rate and looked at it. I'd rather open a 1-year CD with my wife and I's $500,000. I can get 2.30% and get out of it and all of it at any time with a 3 month penalty. This thing will limit me to $25,000 per month and I am not even mentioning the $5,000 per day and that seems to be the case even if they drop their rates to zero. It could take 2 years to get out of this! So, I one year cd would be better but I will stick with Purepoint or another savings account without these limitations.
Review on the Online bankMe | Jun 19, 2018
Death Knell - You cannot put a half mil in a joint account with your wife because they cap this at $250,000. I suppose you can open two separate individual accounts, but in that case you will be out in 11 months, not two years. Your point is nonetheless well taken.
FP | Jun 19, 2018
WOW! You need to read........ First, the rate is guaranteed for a year, Second, forget about using the Northern account for in and out. You need to use another like Marcus, etc to fund with a million dollar limit in and out. So far so good for me.
-
Inbound ACH transfers from your bank to Northern do not have the $5000 limit, Any ACH request from the Northern side has a limit of $5000. Opening the account was a breeze but the $5000 limit can be a deal breaker for some. ARE YOU LISTENING NORTHERN BANK ?
Review on the Online bank -
The rate caught my attention so I did a little due diligence by calling and confirming the prior user review. The 6 inbound and outbound withdrawals per month limitation isn't surprising. The cap on inbound and outbound transfers is. That turns this from a money market to something more like a CD. Look for something in savings/MMA that gives you access to your cash. Marcus, Purepoint, Ally are fine. This isn't.
Review on the Online bank -
Opened an account here with little difficulty. Be forewarned this bank only allows max of $5000 ACH transfers inbound and outbound per day and only 6 withdrawals per month!
There is checking on the account, which allows unlimited outbound. Inbound checks are also accepted for unlimited amounts. Customer service appears to be inhouse.
Review on the Online bank
- «
- Page 1 of 1
- »
Mike Brown
Jul 6, 2023