Guaranty Bank (WI) is headquartered in Milwaukee and is the 11st largest bank in the state of Wisconsin. It is also the 608th largest bank in the nation. It was established in 1923 and as of December of 2013, it had grown to 1,117 employees at 161 locations. Guaranty Bank (WI) has a C- health rating.
IF YOU’RE FINANCIALLY STRUGGLING IT COULD BE BECAUSE YOU BANK HERE
Please read this and save yourself thousands of dollar sof dollars in fees; Guaranty Bank is NOT a free bank, it is designed to cost you money….and lots of it.
Are you financially struggling? If so, it is not a coincidence you bank here. Guaranty Bank chases after economically struggling individuals, because, well, these are the folks they can make the most money from. In fact, Guaranty Bank doesn’t even care about acquiring the richer customers; they don’t make money off these people: Guaranty Bank makes money from fees and fees come from low balances which lead to overdrawn accounts, meaning BIG 37.00 fees that continue to grow as more checks bounce off of the rapidly growing negative balances.
It’s not your fault. The rich are all targeting us, the economically struggling. Credit card companies give us more credit than we can repay, our jobs pay us as little as possible so the president can go to Hawaii, and meanwhile we think we’re the problem. We need to open our eyes and act. Banks make it difficult to leave the banking system by keeping us dependent on things like direct deposit, debit cards (who can live without these?), automatic payment plans, automatic bill pay, etc. Although it will be hard, please switch to a credit union, of which most are almost always FREE, have much lower overdraft charges (plus are nicer in negotiating reversals), and, most importantly do not work to make profits, so are therefore less inclined to be dishonest and try to cost you money. Guaranty Bank’s employees make commission off of getting you the wrong account and the wrong products which will increase the chances you will overdraft, frequently. Read examples below. Besides this, the workers at credit unions are generally kinder and more able to help. I do not work for a credit union, I used to work for “a” bank, and the differences are obvious. Besides, credit unions didn’t contribute to America’s financial crisis, banks did. That’s enough reason for me to say good-bye to their dishonest business model.
Here are some examples of products that Guaranty Bank hopes will make you overdraft/ aka Keep you poor:
Debit Cards- Guaranty Bank encourages you to “opt-in” which basically means you can swipe for a purchase above your account balance limit and you will likely not be declined, but you will overdraft. Guaranty Bank’s employees are told to encourage you that this is a “benefit”, that you can use this feature in case of an “emergency”. The truth is, if there was an emergency, you could simply call to change your “opt-out” status to “opt-in”. Opt-out (ask to be opted out) means no money, no purchase, no HUGE fees that only keep adding up. If you’re down to your last $10, and you accidentally swipe the card for $11.98, Guaranty Bank wants to let this purchase go through to then slap you with a 37.00 charge. Is the sandwich really worth 48.00? Probably not. And when you come begging for a reversal, they’ll suggest you take an Easy Advance next time (read “Easy Advance” section below), while their filthy rich president continues to run, laughing, all the way to the..that’s right….the bank.
(CLEAR coverage) “Overdraft Protection” - Clear coverage pulls money from your account each month so that you may conveniently forget that the $10 Clear coverage fee was coming out and, that’s right, overdraft. Don’t be fooled, Guaranty Bank DOES NOT WANT TO SAVE YOU MONEY. In fact, if you look at their business model, you’ll see that they make almost all of their profit off of fees, not from their rich customer’s investments. In fact, Guaranty Bank purposefully advertises in places like Wal-Mart (nothing wrong with Wal-Mart, but rich people do not shop there; those trying to get by do), at Libery Tax locations in what some people call the “hood”, and if you look at their Chicago market, they are only located in the more impoverished, inner-city areas.
Easy Advance- Easy advance is a great cash-advance service, especially compared to check cashing stores, right? In a sense, yes. You pay $30 dollars and can qualify for a 200-400 dollar loan. However, this product is further proof that Guaranty Bank is preying on the poorest, on those living paycheck to paycheck. So, when it comes time to pay back that loan, you are now doubly behind because the bills haven’t stopped rolling in. Not only this, but people who write checks, forgetting that they extracted this loan, can go negative if they accidentally write a check that clears the same day the payment for the loan pulls (which is 31 days later). Now the customer is negative $400+check amount(s)+37.00 for each check+8.00/day for up to 10 days or until the account is brought positive. The bank has now made 30 fee+37 overdraft+80 consecutive day fees= 127.00 or more than 25% from the $400 loan they gave.
7 days a week banking: Do you know why Guaranty Bank is open late and on Sundays? Because their most profitable customers work like dogs trying to make ends meet; their average customer is barely getting by and needs that overtime, or works a lousy third-shift job (though, not all third-shift jobs are lousy). Most branches do not even open until 10:00 am, which outrages the old folks. Nope, Guaranty Bank wants to prey on the struggling younger generation who is more likely to be in need of extra cash to care for their young children, to try and make their mortgage payment, to be in deep credit card debt.
November 2011 I went to the Evanston Illinois branch and opened a FREE checking account with Guaranty Bank Assistant Branch Manager Rhoda Frost. She was very informative and helpful.
This bank gives many free services with their FREE checking which other banks do not. Guaranty Bank even pays interest on their FREE checking accounts for anyone 50 years or older. My only complaint is I wish they had more free ATMs in my area, which is near Lincolnwood Illinois. Other than that, I must say that the free mobile banking features and the free online banking combined with the FREE checking makes Guaranty Bank a tough bank to beat!!
I recently decided to close my bank account with guaranty bank and be added to my husbands account. I went to cash my pay check and was told not to put it in my account since i was going to close that account later in the day they did not want the check floating . I was told to deposit it in my husbands account when my name was added. I went to my local branch with my husband so i could close my account and be added to his that night. The teller saw i had a check to be deposited in the bank cause he even filled out the deposit slip since he was going to transfer the money in the account i was closing to my husbands account. He closed my account and when i went to deposit my check he said he could not do it till Monday when the account was officially updated with my name on. I said i had deposited checks in the account before and was told yes when i was a customer i could put money in any account but since i no longer had an account i would have to wait until it was updated since they do not accept second party checks. I called the customer service center and was told by a CSR that the local branch manager could override the decision she then went to contact the local branch manager and a manager at the customer service center came on the line and said there was nothing they could do accept wait until Monday when the account was updated. I was furious and said i had been a customer for years but now all the sudden my business is not accepted. I had previously deposited the same paycheck in my husbands account weeks before and never had a problem but now i would have to wait. The customer service manager even said to me i am not apologizing it is what it is. I told them they can take the bank accounts and shove them where the sun dont shine cause we will now be closing all of our bank accounts. As soon as they update my name on the account i will be making a final withdrawl and going to a bank that appreciates their customers. Guaranty bank does not care about hard working people who are trying to make a living. Another complaint i had witht he bank is the beginning of the month when welfare checks come out there is never enough money in the ATM. I asked a teller why i had to stand in line in order to withdraw $20 from my account cause the ATM was out of money. The teller said well go in the Rainbow store and buy something and use my ATM card and get cash back. I asked him why i should have to buy something in the store just to get $20 cash when i didnt need to buy any grtoceries. They said it was a way to get cash back when the ATM was empty. For 4 months straight the ATM would be out of service or out of cash the first weekend of the money after welfare checks were out. The next time i go to the grocery store and walk past the bank and they want to give me handouts to try and get me to open an account i will loudly say for everyone in line at the bank that GUARANTY bank is the worst bank to deal with and they dont care about the customers When you go to different branches tellers will do things totally different and you ask a question and you will get 3 different answers. They will also charge you outragious overdraft fees. They are definitely not t free checking bank I would never refer anyone to use this bank or have an account until all employees are on the same page. I would rather drive 10 miles out of my way and use a bank that appreciates me as a customer then go to Guaranty. One thing is right about the name " they GUARANTY to screw their customers and rob them blind"
The 1st lien approved my short sale, but GB is holding me over a barrel. GB would not approve of my short sale unless I signed a note stating I would pay them a huge amount of money. Now I have to go to foreclosure.
This bank preys on the poor. I feel sorry for the staff; they sell "overdraft protection" designed to make you bounce checks. Also, from what one member told me, they are very underpaid. This may be the reason they are so impossible to talk to. Also, they make sure to sell you some needless product each time I come in, and they have lied on multiple occasions about the product's "benefits."
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 Guaranty Bank (WI) had $70.55 million in non-current loans and owned real-estate with $56.95 million in equity and loan loss allowances on hand to cover it. This gives Guaranty Bank (WI) a Texas Ratio of 123.89% which is poor. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Guaranty Bank (WI) decreased slightly from 155.42% as of December 31, 2012 to 123.89% as of December 31, 2013, resulting in a positive change of 20.29%.This indicates that the balance sheet and financial strength for Guaranty Bank (WI) has improved slightly in recent periods.
In the past year, Guaranty Bank (WI) has decreased its total deposits by -$48.55 million, resulting in -4.42% 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 Guaranty Bank (WI) has shown is below 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. Guaranty Bank (WI) has $1.09 billion in assets with $56.95 million in equity, resulting in a capitalization level of 5.20%, which is below average.
|FDIC Certificate #||30003|
|Assets and Liabilities|
|Equity Capital||$25.66 million|
|Loan Loss Allowance||$31.29 million|
|Unbacked Noncurrent Loans||$68.36 million|
|Real Estate Owned||$2.20 million|
|Historic Data - December 2012|
|Equity Capital||$10.10 million|
|Loan Loss Allowance||$41.55 million|
|Unbacked Noncurrent Loans||$68.36 million|
|Real Estate Owned||$1.48 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.9%|
|Return on Assets||1.5%|
|Return on Equity||63.89%|
|Interest Income||$28.12 million|
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|0.10%||-||-||Free & Easy Kids Club Savings|
|0.05%||$100||-||Regular Business Savings|
|0.01%||$100||-||Health Savings Account|
|0.10%||$10k||-||Ultimate Money Market|
|0.10%||$10k||-||Business Ultimate Money Market|
|0.80%||$1k||-||5 Year CD|
|0.40%||$1k||-||3 Year CD|
|0.25%||$1k||-||2 Year CD|
|0.15%||$1k||-||1 Year CD|
|0.15%||$25||-||1 Year Saving Future CD|
|0.10%||$1k||-||6 Month CD|