Sabadell United Bank, National Association is headquartered in Miami and is the 7th largest bank in the state of Florida. It is also the 208th largest bank in the nation. It was established in 1974 and as of September of 2013, it had grown to 516 employees at 26 locations. Sabadell United Bank, National Association has a B+ health rating.
I actually have the experience of knowing what it was like to switch from another bank to Sabadell 'midstream' which gives me a unique 'before' and 'after' experience which allows for good comparison. I was a virtualbank customer for 13 years, and then Sabadell bought virtualbank in mid 2012. When I opened my Virtualbank accounts in 1999. I simply loved them. And I continued to love them for 13 years. I even got a family member to sign up with them and she loved them too. When Sabadell acquired them, it went steeply downhill:
1) During the switchover, all of my transaction history was entirely deleted. Online access to my transactions IS THE WHOLE REASON I HAVE A ONLINE BANK!
2) During the switchover, all of my automatic payments stopped being, well, automatic. Again, why do I have a online bank account if I have to remember to send checks? Through sheer luck, I caught this error in time to prevent serious tardiness with my automatic payments.
3) I began receiving a PAPER statement for my overdraft line of credit despite the fact that my preferences state that I should be receiving electronic statements for everything. Again, the whole point of an online bank is to avoid paper statements!
4) Said line of credit account is a complete phantom. I have no access to this account online. Seemingly, the only evidence that it exists is.....a paper statement. Did I mention that the whole point of an online bank is that I have online access to everything?
5) Even the electronic statements that I WAS receiving were not complete. They only reflected my checking account, not my money market account. I had to email them to request regeneration of correct statements. One more time, WHAT IS THE POINT OF AN ONLINE BANK ACCOUNT IF I DON'T HAVE ONLINE ACCESS TO EVERYTHING?
I did incur one $5 late fee when my bill payments stopped being automatic. I contacted them about this (and mentioned the above issues as well). Their response: "Please send a copy of the statement showing the late charge." 12 loyal years, then 6 months of hell only to bust my balls over 5 bucks. The appropriate response here would have been "Sorry for the $5 fee and the inconvenience. Here's $50 for your time and loyalty."
....and the hits just kept on coming. I had a tenant who wanted to pay rent via wire. I told him to wait until I could check to make sure no fees would be incurred. I reviewed the fee schedule which I found on THEIR website. The fee schedule said that for every account type, incoming wire fees were $0.00. So, I told the tenant to go ahead and wire the rent to my account, which he did, twice.
I then logged in to find that I'd been charged $15.00 for each incoming wire (total of $30). I figured this was an error of some sort, and sent a message to the bank, asking for a refund of the wire charges. We went back and forth on this, several times, but, their response amounted to the following:
1) Wire fees are only refunded if it's a bank error.
2) The fee schedule that I found on their website is out of date and not the right fee schedule.
3) When sabadell took over virtualbank, I was required to agree to all new terms and conditions, including the new fee schedule
4) Since I'm having trouble finding the fee schedule for my account, they are sending me a paper copy.
My points were the following:
1) It IS a bank error because virtualbank listed the wrong fee schedule on THEIR website.
2) This is an online only bank, I shouldn't need paper copies of the fee schedule.
As you can imagine, I did not get a refund of the $30 incoming wire fee. And, believe it or not, even as I right this, that 'out of date' fee schedule is STILL on their website. Unbelievable.
I'm waiting for a few payments to clear and then changing banks (checkout Schwab investor checking. Been simply delighted with them so far). I, simply, can not wait to close my sabadell account. The difference in customer service and technical issues was night and day after virtualbank was acquired by sabadell.
I'm a small business owner myself, and I am always patient with other businesses, as I know that sometimes things go wrong. However, customer service and a companies ability to handle those things that go wrong is what defines a company for me. Sabadell has no sense of customer service. This company is a nightmare to deal with.
I hope that this review can help somebody avoid the same experiences I've had with sabadell.
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 Sabadell United Bank, National Association had $152.38 million in non-current loans and owned real-estate with $545.03 million in equity and loan loss allowances on hand to cover it. This gives Sabadell United Bank, National Association a Texas Ratio of 27.96% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Sabadell United Bank, National Association held steady from 26.48% as of September 30, 2012 to 27.96% as of September 30, 2013, resulting in a negative change of 5.57%. This indicates that the balance sheet and financial strength for Sabadell United Bank, National Association has held steady in recent periods.
In the past year, Sabadell United Bank, National Association has increased its total deposits by $97.75 million, resulting in 3.34% 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 Sabadell United Bank, National Association 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. Sabadell United Bank, National Association has $3.77 billion in assets with $545.03 million in equity, resulting in a capitalization level of 14.46%, which is excellent.
|FDIC Certificate #||21837|
|Assets and Liabilities|
|Equity Capital||$511.55 million|
|Loan Loss Allowance||$33.49 million|
|Unbacked Noncurrent Loans||$142.81 million|
|Real Estate Owned||$9.56 million|
|Historic Data - September 2012|
|Equity Capital||$472.08 million|
|Loan Loss Allowance||$28.50 million|
|Unbacked Noncurrent Loans||$142.81 million|
|Real Estate Owned||$6.62 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.97%|
|Return on Assets||1.43%|
|Return on Equity||10.75%|
|Interest Income||$107.61 million|
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