GE Capital Retail Bank is the personal depository banking component of GE Financial Services. The bank is registered as an independent federal savings bank with the FDIC and also provides bankcard credit programs to individuals and retail customers.
As far as deposit accounts go, GE Capital Retail Bank offers savings, Money Market, CD, and IRA CD accounts. The bank’s savings account typically offers one of the highest savings account interest rates in the country when a particular account balance threshold is met. The savings account also requires a minimum balance to be kept in order to avoid a monthly service charge. A Money Market account is also available with very similar features and interest rates, though with a higher initial deposit requirement. Certificates of Deposit (CDs) and IRA CDs are offered with term lengths ranging from 3 to 60 months.
GE Capital Retail Bank online banking provides a secure platform for customers to access and manage their accounts. The web-based system allows account holders to view transaction history, transfer funds, pay bills, and open up new accounts.
GE Capital Retail Bank was originally established in 1988 as the Monogram Bank, USA. Its headquarters remained in the Cincinnati, Ohio area for over fifteen years before moving to Salt Lake City, Utah. The bank is now headquartered in Draper, Utah, a city just south of Salt Lake City. The bank’s name is readily identified with GE Capital, the financial services company from which it was born. GE Capital provides growth financing to middle market companies all over the world.
As I walked into the Kawasaki dealer, I was excited. This was to be my new transportation and a fun one at that. We went through the paperwork and all was going well until I was hit with a crazy high interest rate from the bank. My credit is very good and the rate should have been much lower. But, I was stuck. GE was the only one the dealer would use. After eating my discontent I got my motorcycle. Since then I realized the appalling mistake I made. GE is the only bank I know of to not allow any online services for loans. I mean none what so ever. To setup auto pay you have to go to your bank and try to get them to put all your information on paper with their letterhead or GE will not take it. You can call in your payments, but they hit you with a large fee. If you send a payment but it gets delayed in the mailing they hit you instantly with a fee almost a quarter of your payment then they call you early in the morning to say well that's on you. I checked with another bank to buy the loan out and switch to them, my interest will be a quarter of what GE is using to rip me off. Never, ever use this company. They are money hungry and create the worst possible customer experience.
Transferred Regular IRA and Roth last year. The transition went very well. The people were very helpful. Excellent rates at the time.
Found an unadvertised special (not listed on their website) https://www.myoptimizerplus.com/banking/promotions/promo0214_13monthcd?gemid1=xp1
I opened this account last Wednesday. It's now Monday, 5 days later, and I'm closing it. I have had many online accounts over the years, but this experience has been the worst.
** Time-wasting phone call: At the end of the online application, I was told that there was a problem, and I needed to call Customer Service. After speaking with a tech, the CSR said the tech could find nothing wrong and issued an account number immediately.
** Time-wasting activity: When I created my application, the site had me choose an ID and password. However, when logging on for the first time, the site made me change my password. The next day, the site made me change my password AGAIN.
** Least helpful CSR response: I sent a message via secured mail about the password problem. I was told 1) not to confuse my passwords with each other, and 2) I had to call in order to get help.
** The final straw: When I called, the CSR asked if I had certain special characters in my password. I said yes, since the instructions require at least one special character. She said some characters had been allowed, then disallowed, then allowed, etc. She said the problem was being fixed, "as we speak." There were no instructions on the site explaining any of this, and my password was always accepted as valid. This password issue spanned several days. I don't know what their definition of "fixed" is, but I don't agree with it.
** Just to increase the irritation factor: You need TWO logins for 1) the main site and 2) secure mail. What??!!??
Given all of this, I must conclude that this online bank is not ready for prime time. If they can't get the application and login processes correct, then what else are they getting wrong? I am a programmer by trade, and this whole experience convinced me that they have an immature product. I am not trusting my money to them, and I would advise you to think carefully about trusting yours.
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 GE Capital Retail Bank had $621.13 million in non-current loans and owned real-estate with $7.72 billion in equity and loan loss allowances on hand to cover it. This gives GE Capital Retail Bank a Texas Ratio of 8.05% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for GE Capital Retail Bank experienced no significant changes from 7.98% as of December 31, 2012 to 8.05% as of December 31, 2013, resulting in a negative change of 0.86%. This indicates that the balance sheet and financial strength for GE Capital Retail Bank has had no significant changes in recent periods.
In the past year, GE Capital Retail Bank has increased its total deposits by $7.42 billion, resulting in 39.18% 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 GE Capital Retail Bank has shown is excellent.
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. GE Capital Retail Bank has $37.81 billion in assets with $7.72 billion in equity, resulting in a capitalization level of 20.42%, which is excellent.
|FDIC Certificate #||27314|
|Assets and Liabilities|
|Equity Capital||$5.99 billion|
|Loan Loss Allowance||$1.73 billion|
|Unbacked Noncurrent Loans||$621.13 million|
|Real Estate Owned||$0|
|Historic Data - December 2012|
|Equity Capital||$5.58 billion|
|Loan Loss Allowance||$1.11 billion|
|Unbacked Noncurrent Loans||$621.13 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||15.17%|
|Return on Assets||4.52%|
|Return on Equity||25.99%|
|Interest Income||$5.23 billion|
Always verify rates and promotions with the bank or credit union. We are not GE Capital Retail Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.95%||-||-||High Yield Savings|
|Start SavingSponsored Note: Optimize Your Savings Plan. No Fees.|
|0.85%||$10k||-||Money Market Account|
|0.85%||$10k||-||IRA Money Market Account|
|0.85%||$10k||-||Roth IRA Money Market Account|
|2.25%||$25k||-||60 Month CD|
|1.75%||$25k||-||48 Month CD|
|1.35%||$50k||-||36 Month CD|
|1.20%||$50k||-||24 Month CD|
|1.15%||$2k||-||15 Month CD Special - OnlineOffer|
|1.15%||$2k||-||15 Month CD Special - BON12|
|1.10%||$2k||-||13 Month CD Special|
|1.05%||$25k||-||12 Month CD|
|Start SavingSponsored Note: Award-winning rates. Member FDIC.|
|1.05%||$25k||-||18 Month CD|
|0.70%||$25k||-||9 Month CD|
|0.65%||$25k||-||6 Month CD|
|0.35%||$15k||-||3 Month CD|
|2.25%||$25k||-||60 Month IRA CD (Traditional,Roth)|
|1.75%||$25k||-||48 Month IRA CD (Traditional,Roth)|
|1.35%||$50k||-||36 Month IRA CD (Traditional,Roth)|
|1.20%||$50k||-||24 Month IRA CD (Traditional,Roth)|
|1.15%||$2k||-||15 Month IRA CD Special (Traditional,Roth)|
|1.05%||$25k||-||12 Month IRA CD (Traditional,Roth)|
|1.05%||$25k||-||18 Month IRA CD (Traditional,Roth)|
|0.70%||$25k||-||9 Month IRA CD (Traditional,Roth)|
|0.65%||$25k||-||6 Month IRA CD (Traditional,Roth)|
|0.35%||$15k||-||3 Month IRA CD (Traditional,Roth)|
GE Capital Retail Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 170 West Election Road, Suite 125 - Draper, UT 84020