Banesco USA

Overview / Commentary
150 Alhambra Circle, Suite 100
Coral Gables, FL 33134

Banesco USA is headquartered in MIAMI and is the 14th largest bank in the state of Florida. It is also the 337th largest bank in the nation. It was established in 2006 and as of December of 2023, it had grown to 341 employees at 5 locations. Banesco USA has an A+ health rating.

Reviews (8)

Great Promotions, Excellent Service

Posted by: |

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.

Repeat Customer

Posted by: |

I got a CD from this bank during the pandemic when Banesco had a leading rate CD. This bank won’t deny you an account for some stupid thing they get alarmed about.
This bank gives simple interest posted at the end of your CD term which makes their 3 month CD best for me.
Taking out a CD with Banesco is simple and easy.

Compounding And Posting

Posted by: |

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. Ive done my math, dollars and cents wise it’s time for me to move on

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.

Nice Bank

Posted by: |

have been doing business with this bank over 2 years and they are excellent to do business with

CD Application Refusal

Posted by: |

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

Posted by: |

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

Posted by: |

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.


Health Grade Components

FDIC Certificate #57815
Year Established2006
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.72%
Return on Equity - YTD5.98%
Annual Interest Income$180.2MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$3.81B$2.99B
LoansQ4 2023vs Q4 2022$2.85B$2.31B
DepositsQ4 2023vs Q4 2022$2.97B$2.41B
Equity CapitalQ4 2023vs Q4 2022$450MM$404.2MM
Loan Loss AllowanceQ4 2023vs Q4 2022$35.6MM$26.5MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$7.3MM$8.1MM
Real Estate OwnedQ4 2023vs Q4 2022$0$506K

Rates for Banesco USA are currently being reviewed.


Banesco USA Locations
Banesco Usa150 Alhambra CirCoral Gables, FL 33134
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