Everything you need to know about banking with Dime
Wondering about whether a Dime product or service is right for you? Read through our frequently asked questions to understand what to expect from each product and service, plus how they can help you.
In 2018, you can contribute up to $5,500. If you’re age 50 or older, the limit is $6,500. This is the total that can be contributed per year across all IRAs.
For 2019, you can contribute up to $6,000 and $7,000 if you are 50 or older.
For more information please see our IRA informational document here.
For a traditional IRA, early withdrawals (before age 59 ½) are subject to a 10% penalty, in addition to any applicable federal and state taxes. For a Roth IRA, early withdrawals of earnings are subject to the same 10% penalty, but contributions can be withdrawn without penalty.
For both traditional and Roth IRAs, you can make penalty-free withdrawals at age 59 ½.
Certificates of Deposit FAQ
The minimum opening balance for a Dime CD is $500.
If you need to withdraw money early from your CD, you’ll incur one of the following penalties, depending on the term of the CD:
- Accounts with terms of three to six months will lose one month’s simple interest;
- Accounts with terms of more than six months to one year will lose three months’ simple interest;
- Accounts with terms of more than one year to two years will lose nine months’ simple interest;
- Accounts with terms of more than two years to less than three years will lose 18 months’ simple interest; and
- Accounts with terms of three years or more will lose 24 months’ simple interest.
The penalty will be calculated on the amount withdrawn at the interest rate the account is earning at the time the early withdrawal is processed.
Interest begins to accrue on the day you deposit any cash or non-cash (for example, checks) items to your account.
Money Market FAQ
There is no penalty to close a DimeDirect® Money Market Account. You can make up to six withdrawals per monthly statement cycle without any penalties or fees.
Withdrawals from the DimeDirect® Money Market Account are made via the external transfer feature on Dime’s online banking platform. To set up an external transfer to and from another financial institution, please follow the below:
- Log into your Dime online banking
- Click the Pay and Transfer tab
- Under External Transfers click Make An External Transfer
- Click Add External Account
- You will then be asked to confirm your identity by receiving a call at the telephone number we have on file
- The external financial institution can then be added
- Small dollar amount deposits will be sent electronically to that institution
- When the deposits are ready to be confirmed you will receive an email
Once confirmed the external transfer feature can be utilized. Wire transfers are not allowed unless in person at one of our 29 branch locations. We cannot accept wire instructions via telephone, email or fax
The interest on the DimeDirect® Money Market Account is compounded daily and credited monthly. It is a variable rate account and can be changed at any time.
There is no minimum requirement for the DimeDirect® Money Market Account, however, the minimum amount to open is $1,000.
We cannot offer to title the DimeDirect® Money Market Account in the name of a trust, however, the trust can be set up as a beneficiary.
Mobile Banking FAQ
Yes. We use online banking best practices, including HTTPS, 128-bit SSL encryption technology, password access, and automatic application timeout to safeguard your information. In addition, no account data is ever stored on your device and, in the event your device is lost or stolen, you can disable the service immediately through your Dime Online Banking account or by calling DimeDirect at 1-800-321-DIME (3463).
Deposit your checks in just a few steps. First, endorse the back of the check. The app will then instruct you to take a picture of the front and back of your check. You’ll enter the check amount and then pick the deposit account. That’s it!
To pay bills with the Mobile Banking app, simply schedule a one-time payment or select the recurring payment option. You can also cancel bill payments anytime using the app.
Your mobile banking username and password will be the same as your Dime Online Banking account username and password.
Online Banking FAQ
You’ll need a Dime Business Checking, Savings or Money Market account to enroll in Dime Online Banking for Business. Having your account number and last statement balance on hand will help, too.
Paying your business’ bills is secure and convenient with Dime Online Banking for Business. Set up your payee(s), payment amounts and scheduled pay dates — then you’re all set. You can always cancel or edit a scheduled payment in Online Banking before it processes.
You’ll see your balances and other important account information in your Online Banking for Business financial dashboard right when you log in.
Yes. We use online banking best practices, including HTTPS, 128-bit SSL encryption technology, password access and automatic application timeout, to safeguard your information. In addition, no account data is ever stored on your device and, in the event your device is lost or stolen, you can disable the service immediately through your Dime Online Banking account or by calling DimeDirect® at 1-800-321-DIME (3463).
If you forgot your username, contact DimeDirect®, our customer service center at 800-321-DIME and speak to a representative Monday through Friday, 8:00am to 7:00pm, and Saturday, 9:00am to 3:00pm. If you forgot your password, click "forgot password" on the dime.com homepage.