Bank of the West is headquartered in San Francisco, California, and is one of the 50 largest banks in the United States. It operates through hundreds of retail and commercial locations across the country and offers a range of products and services.
On its Personal Banking side, Bank of the West offers the standard deposit accounts: Checking, Savings, CDs, and Money Markets. Its five different checking accounts vary in terms and requirements and all have a monthly service charge except for the 55 Plus Checking account. The bank offers opportunities to waive or reduce the monthly service charge by performing certain tasks like signing up for paperless statements. Its Choice Interest Checking account offers typically low interest rates. There are two Savings Account offerings – Online Savings and Classic Savings – and both come with a monthly service fee that can be waived by keeping a minimum account balance.
Bank of the West also offers a Money Market account that offers variable interest rates based on account balances. This account must be opened at a branch and comes with a monthly service charge that can be waived. It also offers CDs (Certificates of Deposit) with a variety of term lengths, from 7 days to 5 years. Interest rates on all of its deposit accounts are usually lower than the national average.
Bank of the West is held by BancWest Corporation, which is wholly owned by BNP Paribas. It also offers credit cards, loans, investment management, and retirement management services to its customers. Bank of the West online banking and mobile platforms offer personal account management via smartphone and tablet apps, mobile web, and text banking. These sophisticated platforms allow customers to transfer funds, pay bills, and manage their accounts quickly and easily. On Bank of the West’s commercial and small business sides, it offers banking solutions tailored to specific industries such as Agribusiness, Religious Institution, Healthcare, Real Estate, Title & Escrow, Financial Institutions, and Government Banking.
Bank of the West began in 1874 as Farmers National Gold Bank, nearly two decades after the culmination of the California gold rush. It changed its name once in 1880 to First National Bank of San Jose before finally transitioning to become Bank of the West in 1979.
Very much a traditional bank. Even though it's a major regional chain, the branches have a very friendly feel. Staff is empowered to help you with whatever you need. Deposit accounts are pretty much standard, with relatively low interest rates to match. Probably best for everyday banking and the wide range of services that a bank can offer.
Nice feature: Bank of the West ATMs give both $5 and $20 bills.
I opened a checking account with BOTW 2 years ago. Initially no issues. Low fees for transactions and withdrawals. Nice staff inside locations. However, atms in my area are often out of work. Mobile app has been a pain. Does not work, crashes frequently, not too user friendly. The products are competetive but sometimea I wonder if going with a larger bank rather than a local one would be more convenient.
My experience with Bank of the West has been less than stellar. You are just a number in their system without any personalization to your account. The only thing that is seems they care about is that you have money in your account and are making transactions. Their mobile experience is fine but they seem to be the last of the bigger banks to implement any new technology. They have mobile deposits now but it was a year or 2 after all the other banks have rolled it out. They still are not reimbursing for ATM fees which seems to have become the norm for a lot of other banks. The only reason I have not switched is because it would be such a hassle switching over all my auto payments to a new account and I don't deal in cash too often to the ATM fees is not a big deal. Once I get some free time to take care of everything and tie up loose ends, I will be moving on from Bank of the West.
I have had nothing but problems with this bank since opening my account in November of 2017. I decided to stick it out to see if it would get better but today has proved me wrong. I know I'm only a small fish in their pond but my business means something to me. All business should be equally as important to them but unfortunately that is not the case.My first issue was when my account was fraudulently breached. I had to pay for a mistake (a very costly one) I did not make. Now moving forward to present I have deposited money to cover unexpected or forgotten transactions but BOTW still rejects the transactions and charges me $35.00 every time for every transaction. Even though I've deposited the cash thy say it's not there and tells me to deposit more. It's funny that I can see the deposit on my mobile account and online but they say it's not there. So again I'm charged $35.00. It's ridiculous. It's even more ridiculous getting customer service to treat customers with dignity and respect. Instead they choose to try and make me feel as if I've done something wrong and I have not. I would not recommend this bank to anyone and if you are already banking there I would suggest looking into other options.
|FDIC Certificate #||3514|
|Return on Assets - YTD||0.78%|
|Return on Equity - YTD||5.76%|
|Annual Interest Income||$3.04B|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$87.39B$89.77B|
|Loans||Q4 2018vs Q4 2017||$61.95B$60.49B|
|Deposits||Q4 2018vs Q4 2017||$66.30B$69.66B|
|Equity Capital||Q4 2018vs Q4 2017||$12.19B$12.13B|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$613.0MM$620.8MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$277.5MM$312.0MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$7.6MM$6.3MM|
Rates for Bank of the West are currently being reviewed.