Banesco USA is headquartered in MIAMI and is the 13th largest bank in the state of Florida. It is also the 346th largest bank in the nation. It was established in 2006 and as of March of 2023, it had grown to 312 employees at 5 locations. Banesco USA's CD rates are 6X the national average, and it boasts an A+ health rating.
Related Posts
7/26 - Banesco USA 12-Month BaneSmart CD Is New Rate Leader
3/10 - 2.15% 12 Month CD
3/4 - Banesco USA Adds 5 bps To 12-Month CD Rate
5/25/18 - Banesco USA Now Has The Highest 12-Month CD Rate 2.35% APY
5/11/18 - Banesco USA Ups 12- And 24-Month CD Rates
4/12/18 - Banesco USA Introduces 36-Month CD
3/1/18 - Banesco USA's 24-Month CD Rate Bumped Up
3/18/17 - CD Rate Increases: 12M 1.45%
8/25/08 - 4.10% Money Market Account for 6 Months at a Florida Bank (BBU)
Great Promotions, Excellent Service
I have been with the bank for over 2 years now and I've received nothing but excellent service so far. Even though my current account is purely online they are always available to help and the officers are always responsive.
Nice Bank
have been doing business with this bank over 2 years and they are excellent to do business with
Compounding And Posting
I needed to put some cash to work for me exactly one year ago so I got an 18 month CD from Banesco. They were paying about the best interest I could find at 3.5%. I discovered an undisclosed way they pay interest. They don't compound interest and payment of interest earned is at the end of the CDs term.
I realise I was in a tight market back then and I would most likely settled on the odd interest scheme they have over there. I recently phoned Banesco to talk about redeeming early and learned they dock you three months interest which will be my next move.
Fees For Moving Money
My only hesitation here are the fees. Incoming wire transfers - $15. Incoming ACH - 20 cents per occurence. Charging a fee for money coming into the bank is silly. They are nickel and diming, erasing any benefit of higher interest rate.
CD Application Refusal
Banesco Bank refused a CD application for my 19-yr old daughter, no reason given, after we submitted all requested info and verified the $4K we wanted to open the CD fir was ready to transfer from her che king account. I’ve opened MANY CDs with online banks in the last 10 years and never had an application refused. Banesco didn’t have the common courtesy to even tell us why we were denied.
Banesco lost this customer; will never bank with them and will advise anyone I know looking at online banks to avoid them. Utterly ridiculous!
Worst Service Ever
I opened a savings account online. Bank then lowered rates. Attempted to transfer money using ACH. There is a $2000/transaction limit on outgoing transfers and can only do one transaction per 5 day period. Still attempted the ACH; failed. Called to get money sent to me by check. Spent one hour on the phone. Clueless customer service person kept putting me on hold; suggested that she could try to remove limits on ACH (she could not after more time wasted on hold) or have wire transfer ($80 which I refused). Was finally told that a "account manager" would call me to arrange for a check to be sent; "hopefully today; if not, tomorrow." Yep, could not even get a check sent to me after ONE HOUR on the phone.
I've done online banking for decades; this bank is the absolute worst.
Interest Not Credited On CD
I opened a 2 year CD at a rate of 2.50% 10 months ago. It was an excellent rate at the time. It is now 10 months later and no interest has been credited to the account. I made a long distance move around that time and don’t have access to the disclosures, so I suspect this is one of those situations where the interest will not be paid until maturity. Also, setting up the account was not straightfoward, and my funds were taken from my funding account before it had been verified.
Pretty sketchy practices. I plan to close out this account and take the early deposit hit. Competitor rates are currently over 2.80% so I expectto make up for this hit.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57815 |
| Year Established | 2006 |
| Employees | 312 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.56% |
| Return on Equity - YTD | 4.54% |
| Annual Interest Income | $37.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $3.54B$2.42B |
| Loans | Q1 2023vs Q1 2022 | $2.48B$1.71B |
| Deposits | Q1 2023vs Q1 2022 | $2.74B$1.77B |
| Equity Capital | Q1 2023vs Q1 2022 | $408.2MM$163.2MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $30.2MM$21.9MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $7.5MM$11.1MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $506.00K$0 |