7 Key Facts about Abacus Federal Savings Bank: Savings Accounts, Loans & Branch Network

7 Key Facts about Abacus Federal Savings Bank: Savings Accounts, Loans & Branch Network

1. Introduction & Overview

Abacus Federal Savings Bank is a community-oriented bank headquartered in New York, serving clients through its branches across New York, New Jersey, and Pennsylvania. usbanklocations.com+3abacusbank.com+3Wikipedia+3

This article dives deep into everything you want to know: savings and deposit products, how to open accounts, loan and mortgage offerings, the branch network, contact info, and more. Whether you’re an individual, small business, or real estate investor, this guide will help you understand what Abacus Bank offers and whether it fits your needs.

2. History & Profile of Abacus Federal Savings Bank

Abacus Federal Savings Bank was founded in December 1984 by leaders from the Chinese American community in New York City, with a mission to serve immigrants and underserved communities. Wikipedia+1

Over time, the bank expanded beyond its local roots. Today it operates 6 branches across New York, New Jersey, and Pennsylvania. abacusbank.com+2abacusbank.com+2

It provides deposit services, safe deposit boxes, residential and commercial real estate loans, as well as insurance and annuity products via its subsidiary, Abacus Insurance Agency Corp. abacusbank.com+2Wikipedia+2

In recent years, Abacus gained wider public attention during the legal battles following the 2008 financial crisis, when it was prosecuted (and later acquitted) of alleged mortgage fraud. Wikipedia

It is FDIC insured, regulated under U.S. federal banking laws. Deposit Accounts+1

3. Savings & Deposit Products

Abacus offers a range of personal savings / deposit accounts, certificates of deposit (CDs), and business savings products.

Personal Savings / Deposit Accounts

Abacus provides several tiers of savings accounts:

Some additional savings types include:

• Credit Card Collateral Statement Savings – used as security for secured credit card accounts. abacusbank.com

• Early Start Passbook / Statement Savings (UTMA / Minor accounts) – for youth accounts. abacusbank.com

• Money Market accounts – a higher-yield option with steeper minimums. abacusbank.com

Notes on Savings Accounts:

• Most of these accounts limit you to six (6) automatic or pre-authorized transfers per month (per Regulation D style rules). abacusbank.com+1

• Maintenance fees may be waived if you meet the minimum balance or link with certain checking accounts. abacusbank.com+1

• The interest rates (APY) vary; customers must call or check current rate schedules. abacusbank.com+1

Certificates of Deposit (CDs)

Abacus offers Certificates of Deposit (CDs) with fixed terms and guaranteed rates. Key features:

• Terms from 91 days up to 5 years. abacusbank.com

• Low maintenance fees or no monthly fee on CDs. abacusbank.com

• Minimum deposit: $1,000 for many CD terms. abacusbank.com

• Automatic renewal option at maturity. abacusbank.com

• Early withdrawal may incur penalties. abacusbank.com

Business Savings / Deposit Products

Abacus also supports business savings / money market accounts under its business banking division. Features include:

• Earning interest on excess balances. abacusbank.com+2abacusbank.com+2

• Minimum deposit requirements (e.g. $1,000) and possible monthly fees (waivable with minimum balances). abacusbank.com+1

• Ability to sweep funds between business checking and savings accounts (within regulatory limits). abacusbank.com

4. How to Open an Account with Abacus Bank

Opening a deposit or savings account with Abacus is generally straightforward, though certain steps and documentation are required.

Eligibility & Requirements

• Must satisfy identity verification (valid U.S. government ID, Social Security Number or Tax ID).

• Proof of address (utility bill, lease, etc.).

• Minimum opening deposit (varies by account type: e.g. $25 for basic savings, $500 for Gold / Diamond). abacusbank.com

• For business accounts, additional documentation: business registration, EIN, KYC for business entity, beneficial owners.

Account Opening Process

1. Choose account type: savings, checking + linked, business etc.

2. Application: Either via branch or possibly via online registration / contact.

3. Submit documentation: ID, address proof, SSN / EIN (for businesses).

4. Fund the initial deposit: Via check, wire, or internal transfer depending on the branch.

5. Activate account: After verification, account is active and you receive account number, debit / ATM card (if applicable).

6. Enroll in online & mobile banking: Once account is live, you can register for Abacus online banking. abacusbank.com+1

They strongly encourage using their online banking tools for ease of management and notifications. abacusbank.com+2abacusbank.com+2

Also, they support telephone banking 24/7 via 1-888-818-6613. abacusbank.com

5. Loan & Mortgage Options

Abacus offers various credit products centered on real estate (residential / commercial) and consumer lending.

Mortgage & Real Estate Lending

• Abacus provides residential and commercial real estate mortgage loans across its service area. abacusbank.com+2abacusbank.com+2

• The bank supports automatic debit program: with authorization, monthly mortgage payments are automatically deducted from your depository account to ensure timely payment. abacusbank.com

• The monthly mortgage payment includes escrow for property taxes and insurance (where applicable). abacusbank.com

Other Loan & Credit Products

• Business Loans / Lines of Credit: Through its business banking department, Abacus supports business loans to meet capital needs. abacusbank.com

• Overdraft / Credit Line: They offer overdraft line of credit attached to business accounts, so debits may be honored up to the unused line. abacusbank.com

• Consumer Loans / Installment Loans: While their main focus is on real estate, the bank may provide other forms of consumer lending (subject to credit & underwriting).

• Safe Deposit Boxes & Collateral Lending: They also provide safe deposit box services and may support secured lending or pledging of collateral for specific credit products. abacusbank.com+1

Credit & Risk Management

• From their FAQs, Abacus monitors depository accounts closely to ensure funds are available for automatic debits on mortgage payments; if insufficient, they charge fees and may request manual payment. abacusbank.com

• Borrowers must adhere to credit eligibility, credit history, collateral, property valuation, income verification, and other underwriting standards typical in U.S. banking.

6. Other Credit & Business Financing

Beyond mortgages and basic lending, Abacus’s business banking suite includes:

• Merchant services and payroll services for business clients. abacusbank.com+2abacusbank.com+2

• Business checking & savings combined packages, offering integrated cash management tools. abacusbank.com+1

• Overdraft protection / line of credit for business accounts. abacusbank.com

• Business online banking that lets customers view balances, transfer funds, order checks, pay bills, and more. abacusbank.com+1

Abacus aims to support small to medium enterprises (SMEs) in their growth via tailored financing and banking infrastructure.

7. Branches, Locations & Contact Information

Knowing where Abacus branches are and how to reach them is important for in-person services.

Branch Network

According to their official and third-party sources, Abacus operates about 6 branches in New York, New Jersey and Pennsylvania. abacusbank.com+2LinkedIn+2

Some notable branch locations:

The branch locator on their site lists all branches & hours. abacusbank.com

Contact & Communication

• Main Phone: +1 (212) 285-4770 for general inquiries. abacusbank.com+1

• Telephone Banking (24/7): 1-888-818-6613 (English / Mandarin) abacusbank.com

• Department Extensions:
   • New Loan Inquiries: 6111 abacusbank.com
   • Loan Payment: 6117 abacusbank.com
   • Property Tax & Insurance: 6116 abacusbank.com
   • Loan Payoff: 6115 abacusbank.com
   • Other Loan Questions: 6118 abacusbank.com
   • Secured Credit Card / Debit / Wire / Check Issues: 6126 abacusbank.com

• Mailing Address (Deposits / General):
   Abacus Federal Savings Bank
   6-8 Bowery, 3rd Floor
   New York, NY 10013 abacusbank.com

• Press / Media Inquiries:
   Contact: Vermonie Ngu, vermoniengu@abacusbank.com abacusbank.com

• Email / Online: Customers should log into online banking to send a secure email. abacusbank.com

• Web & Branch Locator: https://www.abacusbank.com / Locations page abacusbank.com

8. Digital Banking & Account Management Tools

Abacus offers multiple digital and online features for convenience and account control.

Online & Mobile Banking

• Account summary & transaction history, fund transfers (internal / external), online bill pay, e-statements. abacusbank.com+1

• Loan payment scheduling and viewing check images. abacusbank.com

• Email notifications and alerts on account activity. abacusbank.com

• Export transaction data for personal accounting. abacusbank.com

• 24/7 online access means customers can manage accounts at any time. abacusbank.com+1

Business Online Banking

For business clients, Abacus supports:

• Viewing business account balances, statements, and history abacusbank.com

• Payment and wire transfer submission (subject to approval) abacusbank.com

• Stopping check payments, ordering checks, setting up alerts abacusbank.com

• Tools to guard against check fraud (Positive Pay etc.) abacusbank.com

Other Convenience Features

• ATM / Surcharge-free withdrawal network: Abacus and MoneyPass ATMs, as well as reimbursement of non-Abacus ATM fees. abacusbank.com+2abacusbank.com+2

• Automatic debit for mortgage payments: Helps ensure timely payments. abacusbank.com

• Switching and linking accounts: Many savings products are linked to certain checking accounts to qualify for better rates or waive fees. abacusbank.com+1

These tools aim to reduce branch visits and make banking seamless.

9. Fees, Minimums & Conditions

Understanding the fine print helps avoid surprises.

Maintenance Fees & Waivers

• Savings accounts may charge $5, $15, $25 monthly fees depending on tier, but waiver possible by meeting average daily balance or linking checking account. abacusbank.com

• Checking accounts may also have maintenance fees but often have waivers or promotional credits. abacusbank.com+1

• CDs generally have no monthly maintenance fees. abacusbank.com

Minimum Balances & Opening Deposits

• $25 for basic savings accounts. abacusbank.com

• $500 for Gold / Diamond savings. abacusbank.com

• CDs: $1,000 minimum for most terms. abacusbank.com

• Business accounts often require higher minimums (e.g. $1,000). abacusbank.com+1

Transaction Limits & Penalties

• Savings accounts: limited to 6 automatic/pre-authorized transfers per month (exceeding may trigger fees). abacusbank.com+1

• Early withdrawal penalty applies for CDs. abacusbank.com

• Insufficient funds, overdraft, or failed automatic debit attempts may incur fees. abacusbank.com+1

Promotional Credits

• Abacus offers closing credits on new loan applications if you use their services, especially when automatic loan payment is enabled. abacusbank.com+1

• Some fees waived for first two statement cycles for new accounts. abacusbank.com+1

Always check their fee schedule (available on the website) for the most current details.

10. Why Choose Abacus? Strengths & Considerations

Strengths

• Community Focus & Niche Mission: Born to serve immigrant and underserved communities; continues to focus on personal service. abacusbank.com+2Wikipedia+2

• Diverse Product Suite: From savings and checking to mortgages, business loans, and CDs.

• Digital Tools Available: Online and mobile banking, ATM networks, account linking, and loan payment automation.

• Branch Presence: With 6 branches in key areas, clients have in-person access. usbanklocations.com+3abacusbank.com+3LinkedIn+3

• Reputation & Resilience: Survived legal challenges and continues operations. Wikipedia

Considerations & Limitations

• Interest Rates: Savings account rates are modest, especially for lower tiers.

• Geographic Limitation: Primarily serves New York, New Jersey, Pennsylvania. Not nationwide branch coverage.

• Transaction Limits: Federal rules and internal limits constrain savings withdrawals.

• Fees & Requirements: To avoid fees, must maintain balances or link accounts.

• Credit Underwriting: Loan approval subject to strict credit and collateral evaluation.

11. External Links & References

Here are useful external links for readers and verification:

• Abacus Bank official site: https://www.abacusbank.com

• Abacus Locations / Branch Finder page abacusbank.com

• Abacus Savings / Personal Banking page (savings / checking) abacusbank.com+2abacusbank.com+2

• Abacus Certificate of Deposit (CD) products page abacusbank.com

• Abacus Business Banking / Business Online Banking page abacusbank.com

• Wikipedia article on Abacus Federal Savings Bank Wikipedia

• DepositAccounts profile / health ratings Deposit Accounts

• Branch listing via USBankLocations usbanklocations.com

12. Frequently Asked Questions (FAQ)

Q1. Can anyone open a savings account with Abacus Bank?
A. Yes, residents of the states where Abacus operates (NY, NJ, PA) can open accounts, subject to identity verification and documentation requirements.

Q2. What types of savings accounts does Abacus offer?
A. Passbook Savings, Statement Savings, Gold Savings, Diamond Savings, plus money market and CD options. abacusbank.com+2abacusbank.com+2

Q3. How much is the minimum deposit to open a basic savings account?
A. Typically $25 for basic savings accounts. For premium accounts, $500 is required. abacusbank.com

Q4. Does Abacus offer mortgages or real estate loans?
A. Yes, Abacus offers residential and commercial real estate lending. It also supports automatic debit from deposit accounts for mortgage payments. abacusbank.com+2abacusbank.com+2

Q5. How many branch locations does Abacus have?
A. It currently operates 6 branches across New York, New Jersey, and Pennsylvania. abacusbank.com+2Wikipedia+2

Q6. What contact numbers should I use for loans vs deposits?
A.

• General: +1 (212) 285-4770 abacusbank.com

• Telephone banking 24/7: 1-888-818-6613 abacusbank.com

• New Loan Inquiries: Extension 6111 abacusbank.com

• Loan Payment department: Extension 6117 abacusbank.com

Q7. Are Abacus accounts FDIC insured?
A. Yes, as a U.S. savings bank, all deposit accounts are protected under FDIC insurance up to applicable limits. Deposit Accounts+1

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