BankFive is headquartered in FALL RIVER and is the 30th largest bank in the state of Massachusetts. It is also the 629th largest bank in the nation. It was established in 1855 and as of June of 2023, it had grown to 211 employees at 16 locations. BankFive's money market rates are 11X the national average, and it has a B+ health rating.
An Ok Bank
This bank is mostly located in Southern MA. I only use it basically because of its convience. The bank is just like all the other banks in the area like Webster, Bank of America and so on. The only down side is I dont consider them a big enough bank.
ACH Services
My company provides a consulting service that we charge a monthly fee for, these fee's are deducted once a month. We signed up with Bank 5 for this service we have over 600 people we help and that pay us every month. Our business depends on our bank drafting service. Bank Five on December 31st writes us a letter telling us they are revoking our ACH account. That the termination is effective Jan 17th.
They couldn't even give us 30 days.
I am so upset right now this could ruin our business.
Dear Mr. Pepi,
BankFive conducts annual reviews of all companies who initiate ACH and/or Wire transactions using our Cash Management/Business Banking online system. After completing the most recent review of Strategic Transitions, a decision has been made by BankFive to revoke the ACH services for Strategic Transitions effective January 17, 2014. After this date, Strategic Transitions will no longer have the ability to initiate ACH transactions via BankFive’s Cash Management/Business Banking online system. In order to avoid a $50.00 fee, please return the security tokens used for approving ACH transactions to BankFive either in person by bringing them to any BankFive office, or mailing them to:
BankFive
Attn: Customer Contact Center
79 North Main Street
Fall River MA 02720
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23286 |
| Year Established | 1855 |
| Employees | 211 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.38% |
| Return on Equity - YTD | 5.9% |
| Annual Interest Income | $33.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $1.78B$1.62B |
| Loans | Q2 2023vs Q2 2022 | $1.38B$1.25B |
| Deposits | Q2 2023vs Q2 2022 | $1.29B$1.27B |
| Equity Capital | Q2 2023vs Q2 2022 | $113.8MM$105.9MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $8.7MM$9.6MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $801.00K$1.9MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
