Northstar Bank of Texas is headquartered in Denton and is the 49th largest bank in the state of Texas. It is also the 601st largest bank in the nation. It was established in 1919 and as of September of 2013, it had grown to 271 employees at 16 locations. Northstar Bank of Texas has a A+ health rating.
Several weeks ago my wife & I visited Northstar's Colleyville,TX branch and inquired re opening Velocity checking accounts for ourselves and for our respective elderly mothers for whom we have legal Powers of Attorney. Both my wife and I manage the financial affairs for our Moms who are in senior citizens centers and rely on us for financial and other assistance. We were told that could open accounts with the POA's (which we didn't have with us at the time) and left our information to open the joint account for ourselves and told them we would return with the POA's for the Mom's accounts.We returned a few days later to complete the paperwork for all three accounts only to be told that Northstar would not honor the Powers of Attorney and that our Mothers would have to come in in person, citing the Patriot Act protections to guard against terrorism.
WOW!! As mentioned both Mothers are in senior citizen centers, making personal appearances next to impossible and clearly highly impractical. Next their elderly status is the very reason we had Powers of Attorneys executed in the first place. We have used the POA's at other banks and business for several years without issue and find Northstar's position absurd, without logic or common sense and perhaps even illegal and/or discriminatory. Maybe they just don't like to do business with senior citizens, including ourselves.
This was one of the worst customer service experiences I have been a part of and heve shared our experience with everyone we know. TRY ANOTHER BANK - THERE'S PLENTY OF GOOD ONES OUT THERE.
Grant Whitt, Southlake,Texas
I've banked with them for 6 months - great rates and service. Received a notice yesterday announcing the following changes effective Mar 17, 2011:
- Rate will be increased from 3.51% APY to 4.01% APY
- High interest rate balance cap will be lowered from 50k to 30k and rate above the cap will decrease from 1.01% APY TO 0.5% APY
- Velocity Saver a new Savings Product that will earn 1.5% APY upto 20K when the Checking qualifications are met.
Overall still a better rate and service with the above changes.
Just got a letter in the mail saying that starting March 22, 2011 the max deposit for interest in velocity checking will be lowered from $30k to $20k, and the rate will be lowered from 3.01% APY to 2.25% APY.
Given the general uncertainty in the banking sector right now due to the debt crisis in Europe, it is understandable that they might change their rate. However I got hit with a rate change a few days after I opened my account, so I am considering other banks that offer a better deal on rewards checking.
Other than this flux, the customer service has been great.
I like doing business with this bank. The people are friendly, helpful and professional. I also like that, as one might expect from a small-town bank, they are actively involved in the communities in which they are located. For example, the bank has for the last 7 years been a generous supporter of a local group which holds an annual event open to the county.
The online system is old technology and has the look and feel of something out of the late 1980's but it works reliably and consistently. Your login ID is your account number but it can be changed through a call to the Customer Service number. There is a separate signon for Estatements, which is cumbersome and that can likely be changed as well. I believe the odd-cycle issue that the previous reviewer mentioned is common to many Reward Checking accounts although some institutions offering them do have more "conventional" qualification periods coinciding with month end.
However, the Velocity Checking rate is terrific, the $50K cap is outstanding, and the required number of debit transactions is very manageable. The Bill Pay interface works well (I requested a transfer at 0700 on a Monday and it was available in the target account Wednesday at 0700).
To me, all those pluses more than offset a less-than-stellar interface and odd cycle closes and I would definitely recommend them.
Wonderful people. Beautiful bank. Hated to leave them but did not like the cycle date beginning 3rd Wednesday of month. When found a little better deal with cycle date 1st day of month, went to it. Northstar was very cooperative in getting my money (over $100k) back and I apprediate that. If they chenge the cycle date, I'll be back.
I had a month long motorcycle trip planned and the day before I was to leave I noticed the expiration date on my debit card was due to expire in less than 2 weeks . I had ordered a replacement card 2 weeks before because the magnetic strip was worn and I was worried that it might not work in an after hours gas situation . That cards expiration date was not due to expire until 2015 . Went to the bank and informed them of my dilema . Although the ladies at the branch were as helpfull as they could possibly be , their policy would not allow an imediate resolution to the problem and were unable to get me a new card with the correct expiration date for a few days or at least make the current card available after the expiration date . Now normally I would just accept this as a freak mistake but the lady at the bank told me that this had happened several times recently . My question is why was the issue not addressed so it could never happen again ? About a year ago I recieved a replacement debit card and tried to pay a bill with it and it was denied . After examining the card I noticed that it had my name on the card and my son's account number !! I've been banking with Northstar since they began operating (they took over Lake cities bank years ago , my previous bank ) These issues are scarry and shocking to me and I will be moving my account elsewhere asap . Can't reccomend Northstar with such dangerous mistakes happening with customers accounts .
Got a letter form Northstar Bank today stating the following changes effective Oct 18, 2012:
Highest interest rate will drop to 2.02% (down from 2.25%)
Balance cap to earn the highest rate will drop to $10,000 (down from $20,000)
Hope this helps!
Worst service around. After waiting 15 min. to get the check I was depositing verifired... And the check was verified by the other bank. I was told they would go into my acct immediately. I left happy but then was called on the phone 30 min later after making a few payments telling me I would "now" have to wait 2 days without an explanation!! Really?!
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 September 30, 2013 Northstar Bank of Texas had $10.47 million in non-current loans and owned real-estate with $163.54 million in equity and loan loss allowances on hand to cover it. This gives Northstar Bank of Texas a Texas Ratio of 6.40% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Northstar Bank of Texas held steady from 2.07% as of September 30, 2012 to 6.40% as of September 30, 2013, resulting in a negative change of 209.77%. This indicates that the balance sheet and financial strength for Northstar Bank of Texas has held steady in recent periods.
In the past year, Northstar Bank of Texas has increased its total deposits by $815.06 million, resulting in 815.11% 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 Northstar Bank of Texas 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. Northstar Bank of Texas has $1.1 billion in assets with $163.54 million in equity, resulting in a capitalization level of 14.93%, which is excellent.
|FDIC Certificate #||11561|
|Assets and Liabilities|
|Equity Capital||$157.91 million|
|Loan Loss Allowance||$5.63 million|
|Unbacked Noncurrent Loans||$5.49 million|
|Real Estate Owned||$4.98 million|
|Historic Data - September 2012|
|Equity Capital||$15.77 million|
|Loan Loss Allowance||$735,000|
|Unbacked Noncurrent Loans||$5.49 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||4.39%|
|Return on Assets||1.07%|
|Return on Equity||7.85%|
|Interest Income||$36.47 million|
Always verify rates and promotions with the bank or credit union. We are not Northstar Bank of Texas, we are a rate comparison website and can not provide official rates or promotions.
|0.40%||$5k||-||Health Savings Account|
|0.35%||$100k||-||Star Money Market|
|0.12%||$25k||-||Premium Plus Checking|
|1.50%||$1k||-||5 Year CD|
|1.20%||$1k||-||4 Year CD|
|1.00%||$1k||-||3 Year CD|
|0.70%||$1k||-||2 Year CD|
|0.55%||$1k||-||18 Month CD|
|0.45%||$1k||-||1 Year CD|
|0.40%||$5k||-||11 Month Liquid CD|
|0.25%||$1k||-||6 Month CD|
|0.20%||$1k||-||3 Month CD|
|0.70%||$500||-||24 Month IRA|
|0.45%||$500||-||12 Month IRA|