Q; Can I visit one of your offices and open a CD onsite?
Crestmark is not a traditional retail bank. Because we are not a traditional retail bank, our physical locations are business offices; they are not equipped with tellers to accept or disburse funds on a walk-in basis. Our service is personal, but due to the nature of most of our products (equipment financing, asset-based lending and factoring) transactions are generally handled at the customer’s place of business or transacted digitally.
Our CD offerings allow individuals and businesses to take advantage of impressive rates; however, the CDs are administered online, not in person. CD accounts can be requested by using the simple, step-by-step electronic form on our CD page.
For personalized attention, please contact the CD department during business hours (8:30 a.m. to 5 p.m. EST) at (855) 267.6445.
Q: How do I add beneficiaries?
Please include up to two beneficiaries during the online application process. If there are more than two, or you were not able to include them during the process, send your beneficiary list, with their Names, Addresses, Dates of Birth, and Email Addresses; by email to firstname.lastname@example.org; by fax to 248.641.5104; or mail them to CD Administrator, Crestmark Bank, 5480 Corporate Drive, Suite 350, Troy, Michigan 48098. Please include the Account Holder Name, or Name of the Trust with the Beneficiary listing. We recommend using a method that provides tracking such as certified mail, UPS, or FedEx.
Q: Do you pay APY or APR?
Since we pay simple interest (it is not compounded and does not get added to the account to earn more interest), and there are no fees, our APY rates are identical to APR rates.
Q: Do you accept out of state funds?
Yes, we offer CDs across the United States. Apply for an account on this website; or alternately by email, mail, or fax. However, we do not offer international funds for CDs.
Q: How do I send the money to open my CD?
We accept ACHs, wires or checks. Send your ACH or wire to ABA: 072413764, Account Number 1210590#### (please use the last four digits of your Social Security number to replace the # symbols). For the ACH, you will need to send it from your bank. If you are sending a check to fund your account, the check should be made payable to Crestmark Bank; and sent to: 5480 Corporate Drive, Suite 350, Troy MI 48098; Attn: CD Department. We recommend using a method that provides tracking such as certified mail, UPS, or FedEx. We need to receive your funds within five (5) business days of the submission of your account request. Please note that we cannot open your account until we receive the funds from you.
Q: Do you compound interest?
No, we do not. We pay what’s called simple interest, which means that your interest does not make interest.
Q: Can I view my account online?
Though you cannot view your account online at this time, if you have any questions regarding your account please contact us at email@example.com or call 855.267.6445, Monday through Friday between 8:30 am or 5:00 pm ET, so that we may personally address your specific concerns and account detail.
Q: I would like to receive my interest monthly. Can you Direct Deposit (or ACH) my interest to me?
Yes, we do offer direct deposit (or ACH) for CD interest payments. Please specify whether you would like it to be deposited into your checking or savings account, and include your routing and account number with your documents when setting up your CD.
Q: What kind of statements will I receive?
You will receive your safekeeping receipt and the certificate of deposit terms and conditions shortly after we receive your application, documentation and funds.
We mail quarterly account statements to non-commercial CD customers who have a transaction during that quarter; e.g., if you have signed up for monthly interest payments, or when you open or redeem your account.
In the month before maturity, you will receive a notification in the mail that your CD is nearing maturity. You must tell us what to do with the funds or the CD will automatically roll over. After maturity, you will receive a notification that the CD has matured. Feel free to reach out about your CD to firstname.lastname@example.org or call 855.267.6445.
Q: What is the difference between sending an ACH or a wire?
ACH (which stands for Automatic Clearing House): ACHs for this process must be initiated by the CD owner. They are processed in batch transfers by your bank (rather than as individual transfers); the funds are not available immediately and can take up 2-3 business days to complete.
Wire transfer = Must be done by your bank. They can be made in one business day, and funds are usually available on the next business day, based on time of transfer. Banks can charge a fee for the wire transfer of sometimes $10-$35. Crestmark does not charge a fee for an incoming wire, nor for a wire to your account at maturity.
Q: Do you have branches all over the country?
We offer our Certificates of Deposit nationwide; they are processed at our Corporate Headquarters located in Troy, Michigan. Crestmark Bank also provides commercial financing across the country, and has business and sales offices located in numerous U.S. locations.
Q: Are you covered by FDIC insurance?
Yes. Our Certificates of Deposit are covered up to the maximum available by law, which is $250,000 per account owner. You can verify our FDIC standing by visiting the FDIC Institution Directory and entering Crestmark Certificate #34353, or entering Crestmark Bank in Troy, Michigan.
Q: What documentation will I be provided once my account is open?
You will receive a safekeeping receipt via email shortly after your CD is open. If you would prefer to receive your receipt via fax or postal mail, please contact our CD Administrator.
Q: Can I open any other type of account, like a checking, savings or money market account? What about an IRA CD account?
No, we only offer regular CD accounts.
Q: What do I do when my account comes to maturity?
Send a fax to (248) 641-5104 with your instructions as to whether you would like to renew your CD or redeem it. Or you may email your request to email@example.com with your request as a pdf attachment. All requests require an authorized signature to be processed.
If requesting a redemption, we will send your funds via check or wire transfer at no charge. If you would like the funds sent to you by wire or ACH, please include your bank’s routing number and your account number and whether it is to be sent to your checking or savings account.
If choosing to renew your CD account, please note that only currently advertised maturity terms are available. If your term is no longer offered we’re happy to assist in setting up an account with an alternate, available term.
Q: Are there any bump ups?
No, there are not.
Q: I want to open an account, but I won’t have the funds for a few weeks. Can I send you an account opening form anyway?
Please wait until you have the funds before sending your account request form.
Q: What is your early withdrawal penalty?
The early withdrawal penalty varies based on the duration of the CD term.
1 Month CD: 1 Month of Interest
2 Month CD: 1 Month of Interest
3 Month CD: 2 Months of Interest
6 Month CD: 3 Months of Interest
9 Month CD: 4 Months of Interest
12 Month CD: 6 Months of Interest
18 Month CD: 9 Months of Interest
24 Month CD: 12 Months of Interest
36 Month CD: 18 Months of Interest
48 Month CD: 24 Months of Interest
60 Month CD: 36 Months of Interest
We honor every CD to full term, even if we don’t currently offer that term length for new accounts.
Q: When will your rates change?
Our rates and maturity terms offered can change at any time. Please fill out an application to lock in your rate. We do require that we receive all necessary documentation and your funding within (5) five business days of your application submission.
Q: Are there any fees?
No, we do not charge any account set up fees, or fees at maturity.
Q: How do I open a Certificate of Deposit account with Crestmark Bank?
Just click the “Get a CD” at the top of the page, or the “Open an Account” button above, and fill out the application. You will be asked to provide supporting documentation. If you have questions, please contact us at 855.267.6445 Monday-Friday from 8:30 am – 5:00 pm; or email firstname.lastname@example.org.
Q: What supporting documents do I need to provide to open my account?
For Individual accounts, we require legible photocopies of a drivers’ license for each party on the account. If you do not have a drivers’ license, a state-issued photo ID can be used. For Business accounts, we need a copy of your Articles of Incorporation, Corporate Resolution, and W-9. For Trust accounts, we need a copy of the Trust document, as well as photo ID for each trustee on the account. Please upload a photocopy of these during the application process. Alternately, you can mail the documentation to the attention of the CD Department to 5480 Corporate Drive, Suite 350, Troy, MI 48098; or fax a copy of these to us at 248.641.5104. We recommend using a method that provides tracking such as certified mail, UPS, or FedEx.
Q: What if my questions were not answered here?
Please feel free to call our Certificates of Deposit Administration team if you have any further questions. You can contact them directly at 855.267.6445 or email at email@example.com