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Overview / Commentary
1245 E. Brickyard Road, Suite 640
Salt Lake City, UT 84106

EnerBank USA is headquartered in Salt Lake City and is the 22nd largest bank in the state of Utah. It is also the 897th largest bank in the nation. It was established in 2002 and as of December of 2013, it had grown to 174 employees at 1 location. EnerBank USA has a A+ health rating.

Do Not Use Them!1 Contractors Beware

This is a ripoff !! the zero interest plans are not true. The contractor is forced to include the rate in the price of the project. The contractor is charged the fee and they pass it on to you. The current rate is about 18%. Do not use them or any contractor with them. If a contractor does not push customers to them for the "no interest " (really 18%) deals they terminate the relationship with the contractor. Do not use this company unless you want to pay more than it is worth. I want everyone to know.

The Don't WANT You To Pay Off The "Loan"

Horrible company. Do not use them. In my opinion, it is their intent to prevent you from paying the balance in full by the payoff date so that they can get interest from you. They never send a statement and when they do send the letter saying the full payment amount is due within 30 days, they don't even include the amount you owe!  It's crazy to me that they are so horrible at keeping you informed. I honestly think that they want you to forget that you owe this money so that they can surprise you at the end and force you to pay the interest. We were foolish enough to not notice the lack of statements or bills, but were lucky enough that we could still pay it off at the end. I have NEVER experience any other credit company that fails to send a single statement to it's customer.  Be Warned!

6Month Free Interest Is Not True

We had CertoPro paint our home and used a 6-month interest free/payment free program. When the work was completed we sent a check in the following two weeks for the full amount of the loan. About 30 days later EnerBank sends a payment book to the home. My wife called them and they stated that 29.30 in interest had accrued on the loan. They then state that we did not sign up for an interest free payment plan; yet I have documentation that says welcome to the EZpay plan which their own documentation says is 6months interest free.

29.30 is not going to break the bank, but it is the principal of the matter. I can only imagine if they pull this scam on 50% of the people who use their services this amounts to thousands upon thousands of dollars in free money for them and most people may not even bother to waste time on the phone or keep their documentation. 

Sadly, they have choosen to rip off someone who does not mind putting hours of work to correct their fraud. I live by the quote, for evil to triumph, good people need do nothing. 

I do hope all of you who have issues with this bank will report their business practices with the FTC, the local BBB, contact the contracting agency that uses them, and also file a small claims court complaint to get back any and all money that is due to you.

Fraud has to stop. 

Bank Error Costs Us $10,000

We owed $19,000 for the solar installation for our house: two payments of $9,500. My husband paid in full yesterday, a full two months before the account is due. However, a keystroke error was made by an EnerBank employee and the bank deducted $19,500 for the first and $9,500 for the second.

Now we are $10,000 in debt, and there is nothing EnerBank can do except take the $10,000 extra out of our account and let all of our other outstanding bills bounce. Our debit cards are frozen, our savings are frozen, and we have no access to any of our resources.

If anyone else took $10,000 from me it would be called theft. What is wrong with this system that there is nothing they can do even though they know this is a bank error?

Once they have the funds, they say they will refund any overage, but in the meantime, our credit is ruined and there is "nothing we can do." This was totally an employee keystroke error. True story. Their mistake is our problem. It seems to me that with transactions of this size there should be some kind of confirmation process that would catch $10,000 errors.

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Health

Data for Q4 2013

Institution Health

A+

Texas Ratio

GRADE:
A+

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 EnerBank USA had $893,000 in non-current loans and owned real-estate with $89.45 million in equity and loan loss allowances on hand to cover it. This gives EnerBank USA a Texas Ratio of 1.00% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for EnerBank USA experienced no significant changes from 1.09% as of December 31, 2012 to 1.00% as of December 31, 2013, resulting in a positive change of 8.63%.This indicates that the balance sheet and financial strength for EnerBank USA has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, EnerBank USA has increased its total deposits by $124.76 million, resulting in 23.67% 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 EnerBank USA has shown is excellent.

Capitalization

GRADE:
A

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. EnerBank USA has $750.88 million in assets with $89.45 million in equity, resulting in a capitalization level of 11.91%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #57293
Year Established2002
Employees174
Primary RegulatorFDIC
Assets and Liabilities
Assets$750.88 million
Loans$686.10 million
Deposits$651.95 million
Equity Capital$84.73 million
Loan Loss Allowance$4.71 million
Unbacked Noncurrent Loans$893,000
Real Estate Owned$0
Historic Data - December 2012
Assets$601.92 million
Equity Capital$66.16 million
Loan Loss Allowance$4.86 million
Unbacked Noncurrent Loans$893,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin9.09%
Return on Assets2.91%
Return on Equity24.62%
Interest Income$61.83 million
Rates

Sorry, we do not have rate data for EnerBank USA

Locations


EnerBank USA Locations
Enerbank Usa1245 E. Brickyard Road, Suite 600Salt Lake City, UT 84106