Old National Bank is headquartered in Evansville and is the largest bank in the state of Indiana. It is also the 113st largest bank in the nation. It was established in 1907 and as of December of 2013, it had grown to 2,004 employees at 200 locations. Old National Bank has a B+ health rating.
Out of 4 different accounts I have, ONB is the only bank I have had issue after issue with charging numerous overdraft fees. They fail to inform their customers of certain policies, then they charge huge fees and the customer service at certain locations is terrible. They are also the only institution I have dealt with that holds your check for 48 hrs before the funds are available to you. This is the 3rd time I have had to fight to get over $500 in fees refunded, It will deffinately be the last!! The computer is set up to place transactions in a certain order, so that the maximum amount of fees can be charged. I have numerous friends and aquaintances that have experienced overdraft fees when they have not ever shown a negative balance on their statement, most have received the same reply as myself, "it's just how the computer posts the transactions." Most have changed banks. I would deffinately NOT recommend using ONB.
We had a business account that was used to pay for a truck lease. For the first couple months we deposited our funds one day before the debit was scheduled and for some reason they held our deposit, because it was a check, and we were hit with a $35 overdraft fee and a $8 a day late fee, and they never bothered to give us a courtesy call. They knew that check was good as soon as they ran it through ACH. We didn't find out until the next month. $35 + $8 a day after the third day, no other bank I know of charges that fee.
We started depositing cash, two days in advance to insure that our cash cleared in time. No wonder they are now closing branches across Indiana. After a year we paid the lease off and closed the account just to get away from them.
This bank has a lot of rules. A lot of fees. And not a lot of customer service. Thier online customer service is particularly not particularly helpful. Another bank who has a back office corporate attitude with powerless pretty faces in their branches.
This bank may have the worst customer service I have ever encountered in my life. I have seriously experienced friendlier and more helpful customer service representatives when calling the IRS! Apparently they must have a lot of legacy money in order to be so rude and still remain in business. However treating new customers they way are now will most certainly come back to haunt them in the future. I transferred over to 5/3 and have been quite satisfied with them overall.
I'm ready to close my account, before Charter One was a really a good bank, just now this bank will never treat you like a real costumer. They never care about you.
The things people complain about can usually be easily avoided in my opinion. If you use a good old fashioned check register, know the bank's policies (when your deposit will be available, whether or not you agree with it, the policy is in place regardless), then you should be able to keep track of your balancing, thus not spending money you don't have, thus not getting overdraft fees. You can't solely rely on at ATM receipts or online banking to keep track of your balance...unfortunately these methods don't know which checks your have written that are outstanding or even some payments that you initiated that haven't posted to the account yet. Until checking accounts can obtain psychic powers, the only fool-proof method of not overdrawing is to know the policies, keep a register and don't spend money that isn't in your account. As for overdraft fees, from my understanding they post high to low, which can be to the benefit of the customer if they are negative because the most expensive thing (ex:mortgage) is deemed the most important, therefore, it is least likely to get returned. This is just my opinion, take it or leave it.
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 Old National Bank had $102.77 million in non-current loans and owned real-estate with $1.02 billion in equity and loan loss allowances on hand to cover it. This gives Old National Bank a Texas Ratio of 10.07% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Old National Bank decreased dramatically from 15.33% as of December 31, 2012 to 10.07% as of December 31, 2013, resulting in a positive change of 34.34%.This indicates that the balance sheet and financial strength for Old National Bank has improved dramatically in recent periods.
In the past year, Old National Bank has decreased its total deposits by -$32.34 million, resulting in -0.44% 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 Old National Bank has shown is 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. Old National Bank has $9.43 billion in assets with $1.02 billion in equity, resulting in a capitalization level of 10.83%, which is above average.
|FDIC Certificate #||3832|
|Assets and Liabilities|
|Equity Capital||$973.54 million|
|Loan Loss Allowance||$47.15 million|
|Unbacked Noncurrent Loans||$95.55 million|
|Real Estate Owned||$7.23 million|
|Historic Data - December 2012|
|Equity Capital||$1.06 billion|
|Loan Loss Allowance||$54.76 million|
|Unbacked Noncurrent Loans||$95.55 million|
|Real Estate Owned||$10.73 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.88%|
|Return on Assets||1.08%|
|Return on Equity||9.92%|
|Interest Income||$341.64 million|
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