Clear Sky Accounts is headquartered in Kilmarnock and is the 34th largest bank in the state of Virginia. It is also the 1,022nd largest bank in the nation. It was established in 1900 and as of December of 2013, it had grown to 183 employees at 14 locations. Clear Sky Accounts' savings rates are 35% higher than the national average, and it has a B health rating.
I opened a CD, Savings account, and Checking account with Clear Sky Accounts in early 2009, although sadly too late to take advantage of the special high interest rates they offered as a limited-time promotion. Nevertheless, the rates available when I opened my accounts were very good, and I have had no problems with this bank in the roughly 14 months that I have been banking with them. No problems, and only three very minor criticisms, which I will describe next.
First, I was unhappy that they repeatedly lowered their rates over the past year -- but that same complaint also applies to just about every other bank.
Second, the process for opening accounts as a new customer was awkward and convoluted: I had to create a login and a password at the Clear Sky Accounts website in order to provide all the information needed to open my accounts, but then create a different login and password at the separate ChesBank.com website for all subsequent tasks.
My final criticism is about the on-line interface: The Clear Sky Accounts website is not quite as "elegant" or well-designed as those of Ally Bank or ING Direct, although I must emphasize that I have had no problems in accessing account information or performing transactions.
On the plus side, the ACH system for making bank-to-bank transfers seems to work very well, and there seems to be less of a delay than I've experienced with other banks when pulling money from linked external accounts. For example, when I make a deposit into either of my Clear Sky accounts by transferring funds from my linked account at Wells Fargo Bank, the deposits seem to be credited to my Clear Sky account later that same day or on the next business day, depending on how late in the day I initiate the transfer. By contrast, Wells Fargo routinely takes two or three days to post the debit.
One last thing: When I have contacted Clear Sky/Chesapeake Bank by telephone, I have always found their Customer Service representatives to be friendly, helpful, knowledgeable, and easy to understand. I would recommend banking with Clear Sky Accounts.
They closed my account because I did too many ACH transfers and "alway left one dollar behind."
I am not a rate chaser. Their rate is not the highest and I have had a savings account with them for more than two years. Over periods of time, I have kept most of my liquid money with them. When they lowered the rate to below 1.6%, I moved to a reward checking at another bank. Since that bank does not allow initiating ACH transfers, I have been using the clearsky account for the transfers. The frequency is about once per week. This is below the 6 outgoing transfer per month limit. I was just two weeks away from maxing out the reward checking account limit. My plan was to start filling the clearsky account after that even if they dont have the best rate.
One week ago, they told me that I could no longer do transfers and leave one dollar behind. As far as I know, this is not written anywhere. The only reference I can find is the 6/month limit and the $1 minimium balance requirement. When questioned about this, the CSR admited that this was not a written rule. I decided to go by their rule anyways and build up the balance by depositing $100 every Friday (pay day). This would only last for two weeks as my reward checking is approaching max.
Incidentally, I had a CD maturing on Tuesday. So I moved it to the other bank on Thursday and the $100 deposit arrived on Friday. They told me the next Monday that they would close my account because I had a $1 balance on Thursday! My average balance during that entire week is more than $10k.
I bet if I had both accounts with them and always kept the account with the lower rate at $1, they wouldn't mind it at all. It would have given them a chance to charge overdraft fees.
So in two weeks, I would be parking my liquid money elsewhere with a better rate. There are plenty of choices elsewhere.
Thank you for telling me why you closed my account!!
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 Clear Sky Accounts had $19.15 million in non-current loans and owned real-estate with $79.15 million in equity and loan loss allowances on hand to cover it. This gives Clear Sky Accounts a Texas Ratio of 24.19% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Clear Sky Accounts increased slightly from 14.02% as of December 31, 2012 to 24.19% as of December 31, 2013, resulting in a negative change of 72.52%. This indicates that the balance sheet and financial strength for Clear Sky Accounts has declined slightly in recent periods.
In the past year, Clear Sky Accounts has increased its total deposits by $8.44 million, resulting in 1.5% 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 Clear Sky Accounts has shown is above 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. Clear Sky Accounts has $657.81 million in assets with $79.15 million in equity, resulting in a capitalization level of 12.03%, which is excellent.
|FDIC Certificate #||6862|
|Assets and Liabilities|
|Equity Capital||$72.14 million|
|Loan Loss Allowance||$7.01 million|
|Unbacked Noncurrent Loans||$15.13 million|
|Real Estate Owned||$4.02 million|
|Historic Data - December 2012|
|Equity Capital||$72.44 million|
|Loan Loss Allowance||$7.49 million|
|Unbacked Noncurrent Loans||$15.13 million|
|Real Estate Owned||$4.39 million|
|Profit Margin - Quarterly|
|Net Interest Margin||4.55%|
|Return on Assets||1.09%|
|Return on Equity||9.85%|
|Interest Income||$31.05 million|
Always verify rates and promotions with the bank or credit union. We are not Clear Sky Accounts, we are a rate comparison website and can not provide official rates or promotions.
|0.70%||-||$250k||Clear Sky Savings|
|0.65%||$25k||$250k||Clear Sky Checking|
|0.80%||$1k||-||30 Month Clear Sky CD|
|0.50%||$5k||-||13 Month Clear Sky CD|
Clear Sky Accounts is an Internet only bank and does not have branch locations. Its headquarters is located at 97 North Main Street - Kilmarnock, VA 22482