BankFive is headquartered in Fall River and is the 41st largest bank in the state of Massachusetts. It is also the 774th largest bank in the nation. It was established in 1855 and as of September of 2020, it had grown to 204 employees at 15 locations. BankFive has an A health rating.
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:
Attn: Customer Contact Center
79 North Main Street
Fall River MA 02720
|FDIC Certificate #||23286|
|Return on Assets - YTD||0.64%|
|Return on Equity - YTD||7.69%|
|Annual Interest Income||$29.5MM|
|Assets and Liabilities|
|Assets||Q3 2020vs Q3 2019||$1.22B$1.07B|
|Loans||Q3 2020vs Q3 2019||$909.6MM$803.0MM|
|Deposits||Q3 2020vs Q3 2019||$1.06B$919.2MM|
|Equity Capital||Q3 2020vs Q3 2019||$99.3MM$91.3MM|
|Loan Loss Allowance||Q3 2020vs Q3 2019||$6.6MM$6.1MM|
|Unbacked Noncurrent Loans||Q3 2020vs Q3 2019||$1.4MM$1.7MM|
|Real Estate Owned||Q3 2020vs Q3 2019||$0$750.00K|
Rates for BankFive are currently being reviewed.