Banesco USA is headquartered in Coral Gables and is the 16th largest bank in the state of Florida. It is also the 470th largest bank in the nation. It was established in 2006 and as of September of 2019, it had grown to 298 employees at 6 locations. Banesco USA's CD rates are 2X the national average, and it has an A health rating.
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Nice Bank
have been doing business with this bank over 2 years and they are excellent to do business with
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.
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 Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57815 |
| Year Established | 2006 |
| Employees | 298 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.83% |
| Return on Equity - YTD | 21.22% |
| Annual Interest Income | $46.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $1.84B$1.25B |
| Loans | Q3 2019vs Q3 2018 | $1.30B$935.6MM |
| Deposits | Q3 2019vs Q3 2018 | $1.55B$1.05B |
| Equity Capital | Q3 2019vs Q3 2018 | $138.5MM$97.2MM |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $11.3MM$10.8MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $1.6MM$2.1MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $0$0 |
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Banesco USA CD Rates
| Banesco USA Locations | ||
|---|---|---|
| Banesco Usa | 150 Alhambra Circle, Suite 100 | Coral Gables, FL 33134 |
| Hato Rey Branch | 255 Avenue Ponce De Leon | San Juan, PR 00917 |
| Weston Lakes Branch | 316 Indian Trace Road | Weston, FL 33326 |
| Doral Boulevard Branch | 9500 NW 41 Street | Doral, FL 33178 |
| Westchase Linebaugh Branch | 795 West 49th Street | Hialeah, FL 33012 |
| Aventura Park Square Branch | 2950 N.E. 207th Street | Aventura, FL 33180 |
| Brickell Bank Branch | 1395 Brickell Avenue | Miami, FL 33131 |