The Federal Savings Bank Reviews | Glassdoor

The Federal Savings Bank Reviews

Updated July 18, 2017
69 reviews

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3.0
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Stephen M. Calk
41 Ratings

69 Employee Reviews

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Pros
  • One of my favorite things about working at The Federal Savings Bank is the culture (in 4 reviews)

  • The people are great and very helpful (in 4 reviews)

Cons
  • Only real con is the benefits package; insurance is pretty high and they don't match 401k (in 8 reviews)

  • While the benefit package overall is good the health insurance is very expensive (in 3 reviews)

More Pros and Cons

  1. "Typical Bank Employer"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    I have been working at The Federal Savings Bank full-time

    Pros

    Little oversight and they leave you alone

    Cons

    No guaranteed pay for sales staff, 100% commission. Not a lot of support for lead generation.

    Advice to Management

    Try to find the happy median of a salary based comp plan for your sales people.


  2. Helpful (1)

    "Operations"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Loan Processor in Naperville, IL
    Former Employee - Loan Processor in Naperville, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at The Federal Savings Bank full-time (More than 3 years)

    Pros

    Great training through the corporate office! Great stepping stone to other opportunities in a different company?

    Cons

    Out of the Naperville office, the environment is toxic. Vacations are not approved until the a couple days before, QC reviews are posted for public viewing in the hallways. The branch VP could careless about the bankers and operations. Staff is given lunch so that they work at their desk and often spoken to if they take lunches. Good reviews and promotions are minimal, often told there is no budget for a significant increase in salary, no matter what they "rate" you. Only one level of processor and underwriter. Processing unrealistic, they expect you to have a perfect file 100% of time or doc you on your bonus. Management is not there to answer any of your questions or support you. They refer you to their internal "website" rather then get involved in a file because they don't have time for you. The Calk brothers are pretty much removed from anything and the culture of the company.

    Advice to Management

    Learn to appreciate the good employees, including operations and LOs. It doesn't have to be a battle of ops versus sales.

    The Federal Savings Bank Response

    Jul 19, 2017 – Director of Marketing

    We regret to hear that you did not feel supported as an employee at The Federal Savings Bank. We do our best to make sure our employees feel supported at all times by their colleagues, direct... More

  3. Helpful (1)

    "Senior Mortgage Banker"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at The Federal Savings Bank full-time (More than a year)

    Pros

    Learn new things about the industry

    Cons

    Worst processors and Underwriters ever which results in cancellations.


  4. "The worst place ever to work....."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Loan Officer in Brooklyn, NY
    Former Employee - Mortgage Loan Officer in Brooklyn, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at The Federal Savings Bank full-time (Less than a year)

    Pros

    You can lend in every state........

    Cons

    The worst underwriters and processors EVER !!! Management is arrogant and hostile. They still think they are fighting a war... they still have not paid me for loans I closed BEFORE I left.....

    I would never recommend this as a place to work for anyone EVER !!!!

    Advice to Management

    Get into the real world .....you are arrogant and uncaring.....you are hostile and mean ...


  5. "Mortgage Banker (Outside Sales)"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Banker (Outside Sales)
    Current Employee - Mortgage Banker (Outside Sales)

    I have been working at The Federal Savings Bank full-time

    Pros

    Great leadership and sales training. Independent position. You are able to make your on schedule and build your book of business.

    Cons

    You have got to be a SALES person to enjoy this role. Don't think about it if you are on the fence. Working commissions can be rough.


  6. "operations staff"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    Current Employee - Anonymous Employee in Chicago, IL
    Current Employee - Anonymous Employee in Chicago, IL
    Doesn't Recommend
    No opinion of CEO

    I have been working at The Federal Savings Bank full-time

    Pros

    not sure yet since i cant find any.

    Cons

    Health care is so outrageously expensive. Process takes long.

    Advice to Management

    You might want to hire more processors and re-examine your health benefits and how much you burden your employees.


  7. "Compliance Review Specialist"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at The Federal Savings Bank full-time

    Pros

    Entry level have a great training program .

    Cons

    Let go without warning or specific reason.

  8. Helpful (1)

    "Good Position Post College"

    StarStarStarStarStar
    Former Employee - Secondary Market Analyst in Chicago, IL
    Former Employee - Secondary Market Analyst in Chicago, IL

    I worked at The Federal Savings Bank full-time (Less than a year)

    Pros

    The Federal Savings Bank gave me a fantastic position out of school to begin my career, with benefits and support professionally.

    Cons

    Position just wasn't for me - professionally/career wise.


  9. Helpful (2)

    "Not for me"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    Former Employee - Mortgage Banker in Chicago, IL
    Former Employee - Mortgage Banker in Chicago, IL
    Doesn't Recommend
    Disapproves of CEO

    I worked at The Federal Savings Bank full-time (More than a year)

    Pros

    "The mortgage banker owns the process"

    Cons

    Any mistakes by operations are deducted from the mortgage bankers salary


  10. Helpful (3)

    "Analyst - processing - operations"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Analyst in Chicago, IL
    Former Employee - Mortgage Analyst in Chicago, IL
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

    I worked at The Federal Savings Bank full-time (More than a year)

    Pros

    Operations - This is a really good job for someone without a college degree. There are definitely opportunities for high earnings and advancement you probably wouldn't receive at other companies. You have to work hard, but it can pay off.

    Sales - totally different from operations. You are able to earn incredibly high salaries and there are no real consequences for negative and unprofessional behavior.

    Cons

    Operations - This is not a good place for a college graduate. The pay is low, and you can end up trapped in the industry. The MOD program takes advantage of the fact that recent college graduates are inexperienced in the work force and are unable to notice red flags. Sales is allowed to treat operations employees poorly causing an unpleasant working environment. You do not get very much paid time off, almost no holidays off, bad health benefits, and no 401k matching. The west loop location is difficult to get to with public transportation, and there are not enough parking spots for every employee.

    Salaries are low, and management claims to offset this with monthly bonuses. Bonuses are hard to obtain, and when they are, there are many deductions for quality control issues, even things the analyst may have had no control over.

    Advice to Management

    Actually show appreciation to operations. Stop letting sales treat them so poorly, and stop nickel and diming bonuses. Higher base salaries are necessary for loyal employees. Pay is a big reason turnover is so high.


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