BankFirst Financial Services is headquartered in Macon and is the 13st largest bank in the state of Mississippi. It is also the 946th largest bank in the nation. It was established in 1888 and as of December of 2013, it had grown to 156 employees at 12 locations. BankFirst Financial Services has a B health rating.
I have been a customer of Bankfirst for several years. I finally abandoned my old bank completely, closing a business account of 30 years, giving the entirety of my business to Bankfirst. I am regretful at losing a long relationship but they just could not, or would not, get with the program for online banking. Bankfirst has done so, and with great rates in their Reward Checking product. Steve A.
I opened a Kasasa checking acct here just after they dropped their rate from 2.5 to 2.0%. (Lucky me) My former bank, Peoples United in Massachusetts, had dropped their rate from 3.01 to less than 1% with notice whatsoever. Since I check this blog every month, I found BankFirst had the highest rate for non-locals-only banks at the time.
It took about 3 weeks to establish the account, needing to mail the application they sent to me after completing it online and then also needing to send them copies of my SSN & drivers license. But they're very friendly and helpful on the phone and in their written correspondence (they're in Mississippi if that matters).
They have one of the best home pages I have seen with very easy links to all your other banks showing balances in all your accounts (if desired and set up.) Transfers are easy too but there is a $2000 ACH limit per 3 days (they say $2000 per day but another transfer is not possible until the "daily" transfer is fully completed.) Should you need more than that faster, Walmart or Costco checks are the way to go. Their system also allows you to pull money out of another linked bank by ACH without fee, bypassing the high fees some banks charge to send money out of your account.
ACH transfers in from any other linked bank account in any amount satisfies the direct deposit requirement and there is no minimum transaction amount for the 10 required for the higher interest rate.
I'm not happy about the recent drop to 1.5% but at least they sent a notice (2 weeks after the fact) but at the moment it's the highest rate for up to $50,000.
Just got an email from them: The next Kasasa Cash Checking statement will be available on January 2, 2014. The qualification cycle for the December statement is November 29th to December 30th. As of November 1, 2013, the Kasasa Cash Checking rate is 1.25% APY on balances up to $25,000.99, and 0.15% APY on balances of $25,001.00 and up (if the qualifications are met).
Mine was reduced to $25,000 a month ago. They said they sent a message but I did not receive it. This month it paid on $25,000. The other day their webpage still said $50,000. Haven't had time to check it lately.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 BankFirst Financial Services had $10.38 million in non-current loans and owned real-estate with $75.95 million in equity and loan loss allowances on hand to cover it. This gives BankFirst Financial Services a Texas Ratio of 13.66% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for BankFirst Financial Services experienced no significant changes from 11.29% as of December 31, 2012 to 13.66% as of December 31, 2013, resulting in a negative change of 20.98%. This indicates that the balance sheet and financial strength for BankFirst Financial Services has had no significant changes in recent periods.
In the past year, BankFirst Financial Services has decreased its total deposits by -$14.38 million, resulting in -2.26% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth BankFirst Financial Services has shown is average.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. BankFirst Financial Services has $713.76 million in assets with $75.95 million in equity, resulting in a capitalization level of 10.64%, which is above average.
|FDIC Certificate #||8870|
|Assets and Liabilities|
|Equity Capital||$67.58 million|
|Loan Loss Allowance||$8.36 million|
|Unbacked Noncurrent Loans||$7.86 million|
|Real Estate Owned||$2.52 million|
|Historic Data - December 2012|
|Equity Capital||$70.80 million|
|Loan Loss Allowance||$9.68 million|
|Unbacked Noncurrent Loans||$7.86 million|
|Real Estate Owned||$1.44 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.84%|
|Return on Assets||0.83%|
|Return on Equity||8.86%|
|Interest Income||$30.11 million|
Always verify rates and promotions with the bank or credit union. We are not BankFirst Financial Services, we are a rate comparison website and can not provide official rates or promotions.
|1.25%||$1k||-||60 Month CD|
|1.15%||$1k||-||48 Month CD|
|1.05%||$2,500||-||48 Month One Time Step Up CD|
|0.75%||$1k||-||36 Month CD|
|0.70%||$1k||-||30 Month CD|
|0.50%||$1k||-||24 Month CD|
|0.40%||$1k||-||18 Month CD|
|0.30%||$2,500||-||12 Month CD|
|0.30%||$2,500||-||15 Month CD|
|0.20%||$2,500||-||6 Month CD|
|0.20%||$2,500||-||6 Month Online Special CD|
|0.15%||$2,500||-||9 Month CD|
|0.10%||$2,500||-||1 Month CD|
|0.10%||$2,500||-||3 Month CD|