Androscoggin Savings Bank is headquartered in Lewiston and is the 11th largest bank in the state of Maine. It is also the 750th largest bank in the nation. It was established in 1870 and as of December of 2018, it had grown to 170 employees at 12 locations. Androscoggin Savings Bank has an A+ health rating.
Bank had a "computer glitch" changed the address on my account so ALL of my statements started going to the wrong address; not only WAS MY CONFIDENTIAL BANK INFO TOTALLY BREACHED!!! BUT I NEVER RECEIVED NOTIFICATION OF A $34 dollar increase in my escrow payment!! THEY OF COURSE DO NOT OFFER ME THE OPTION OF ON LINE BANKING (without using them as my primary deposit bank) SO THE SNAIL MAIL GOING TO THE WRONG ADDRESS WAS IT...I NEVER RECIEVED NOTIFICATION...SINCE THE FIRST MONTH OF THE INCREASE did NOT include that $34 that I didn't know about...THEY REPORTED ME TO THE CREDIT BUREAU AS LATE...PAYMENT WAS ON TIME!! JUST NOT AWARE OF $34 extra until the following month when I physically went into the bank...BECAUSE ALL MY STATEMENTS GOING TO THE WRONG ADDRESS AND THEY REFUSED TO REVERSE THE REPORT OR TAKE ANY RESPONSIBILITY!!! AVOID THIS BANK AT ALL COSTS!!! HEED ALL OF THE ONE STAR REVIEWS!! IT IS NOT JUST ME!!!
Their overdraft fee is $30 where a lot of other banks charge a lot less. Even if you go over what you have with pennies you will be charged the $30. You always have to have $100 in savings or you will be charged every month. The bank now charges $5 a month if you do not meet certain standards. Pretty much if you do not want a bank to charge money for everything, steer clear of Androscoggin Bank.
I would not recommend this bank to ANYONE. While their staff is very nice, I've had an account with them for many years and unfortunately, my identity and security has been breached more times than I can count on one hand. I understand the breaches on large organizations such as Hannaford and TJMaxx, where they were out of the banks control. But most recently, my account information and all my money has been stolen by someone outside of the country. The last time, someone is Florida was running around with my information.
The first few times this happened they reassured me that this couldn't happen again, but now I am at wits end. Once I receive my money back, which could take up to 2 months, making it so all my bills bounce, charging ME fees and other things because their systems are NOT secure, I will be taking my money to a credit union. They will not be reimbursing me for the fees I have to pay because of their insecure systems. One of their representatives had remarked that this might be safer. This is very sad.
On top of this, I learned about this in a LETTER via regular USPS mail. Don't you think this requires a emergency phone call? Every penny I own was stolen and I physically cannot use my debit card, and they thought a letter was sufficient? This seems like poor business practices.
Unfortunately, because I have a personal loan through Androscoggin, I have to keep a account with them, but it will be limited.
In a time where NO bank seems good, it's almost worth paying BOA the $5 to ensure my money is in fact THERE.
I cannot express my discontent with this bank, and while the bank representatives are sympathetic. They are not able to do anything for during the holiday season. Merry Christmas to me, as they admit that this has become an increasing problem for them.
Very sad. My recommendation if you are looking for a bank in Maine -- go for a credit union!
|FDIC Certificate #||17751|
|Return on Assets - YTD||0.67%|
|Return on Equity - YTD||6.31%|
|Annual Interest Income||$39.6MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$1.05B$955.2MM|
|Loans||Q4 2018vs Q4 2017||$890.2MM$802.7MM|
|Deposits||Q4 2018vs Q4 2017||$863.9MM$785.4MM|
|Equity Capital||Q4 2018vs Q4 2017||$110.1MM$104.3MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$8.6MM$9.0MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$4.0MM$7.4MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$0$0|
Rates for Androscoggin Savings Bank are currently being reviewed.