Customers Bank

Overview / Commentary
99 Bridge St
Phoenixville, PA 19460

Customers Bank is a mid-sized, Pennsylvania-based bank that offers personal and business banking depository and loan products and services. The bank has been in recognized in the past by DepositAccounts for its money market specials.

Customers Bank’s checking account offerings feature a free option that has no minimum balance requirement or monthly fees, and another option that has a minimum account balance requirement but also refunds an ATM fee incurred in the United States. The bank’s savings account usually offers a competitive interest rate that, along with its money market account offering, targets consumers looking to maintain liquidity while experiencing some sort of return. Limited Certificate of Deposit (CD) options are available and the bank is currently offering a 12-month term length. Customers Bank’s Visa debit card gives consumers an opportunity to earn cash back on their every day spending. On the business banking side, checking accounts and commercial lending enable the bank to provide solutions for different businesses.

Customers Bank online banking provides a web-based platform for customers to utilize budgeting and financial management tools powered by Intuit. Account holders can also use the online banking system to pay bills, transfer funds, check balances, and deposit checks. The bank’s mobile apps also create a way for these tasks to be completed via a smartphone while on the run. These online platforms also come with an added layer of security provided by the bank.

Customers Bank was originally established in 1997 as New Century Bank. The bank changed its name in 2011 and is headquartered in Phoenixville, Pennsylvania. It serves its customers through multiple branches across several states.

Related Posts

Customers Bank Adds Nationwide High-Yield Savings, 2.50% APY - 3/15/2019

Customers Bank (PA) has a new nationally available High-Yield Savings Account (2.50% APY, $25k+). Minimum opening deposit is $25k. Available only online.

Customers Bank Ups Ascent Money Market Savings Rate - 8/4/2018

Customers Bank has raised the rate on its nationally available Ascent Money Market Savings Account to 2.25% APY, which is guaranteed through 6/30/2019. $25k min deposit.

Customers Bank Offers Ascent MM Savings Nationwide - 7/3/2018

Customers Bank (PA) is offering its Ascent Money Market Savings Account (2.03% APY, $25k+) nationwide. Min opening deposit is $25k of new money. Available online only.

View all posts from:

Great Rate!

Posted by: PSU224 | Oct 23, 2018

I opened the account within a couple minutes, so the online account opening process was painless and easy. The 2.25% APY is guaranteed through June of 2019, so at least I know that I will be getting this rate for the next 8 months and I was assured that it is not an introductory rate, so even after June 2019 the rate should stay competitive.

Confusing Bank To Deal With

Posted by: vman | Aug 28, 2018

The only reason to be with them is their good rate right now (August 2018). Every time I call their customer service with a question, I get an overseas person who I can barely understand. Why does a Pennsylvania bank have an overseas customer service department??
Also, why is the ACH policy so darn ridiculous. Would anyone deal with a local bank that had crazy limits (5k per day) on your deposits and withdrawals? NO!!!!

ACH Transfer Limits

Posted by: redfarm | Mar 15, 2019

Although Customers Bank has low ACH transfer limits and its customer service is confused whether they apply to ACH transfers originating from an external bank, my experience is that its ACH transfer limits do not impact ACH withdrawals and deposits originating from an external bank.

5K ACH Limit Makes This Really Tricky

Posted by: ourback | Sep 26, 2018

Account opening and initial transfer went fine, but then I tried to move more money *in*. No matter what amount I seemed to try to transfer in it told me that it exceeded the "External Transfer Limit".

Called the "Customer Service" phone number and spoke to a hard to understand foreign national who is not an employee of Customer's Bank, who will follow a script and be dismissive and rude. The "external transfer" limit is $5000 per day. This literally makes the Ascent account useless, as you cannot access more than $30k in a month, and that's only if you don't mind knowing you're almost certainly going to be the subject of a SAR.

Update: If you are persistent you can get a supervisor to call you back who has the ability to escalate your call to actual employees of the bank. Options that the foreign help-desk isn't aware of do exist.



Health Grade Components

FDIC Certificate #34444
Year Established1997
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.77%
Return on Equity - YTD7.74%
Annual Interest Income$418.0MM
Assets and Liabilities
AssetsQ4 2018vs Q4 2017$9.83B$9.83B
LoansQ4 2018vs Q4 2017$8.51B$8.67B
DepositsQ4 2018vs Q4 2017$7.16B$6.87B
Equity CapitalQ4 2018vs Q4 2017$1.06B$1.04B
Loan Loss AllowanceQ4 2018vs Q4 2017$40.0MM$38.0MM
Unbacked Noncurrent LoansQ4 2018vs Q4 2017$29.9MM$31.1MM
Real Estate OwnedQ4 2018vs Q4 2017$816.00K$1.7MM
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Always verify rates and promotions with the bank or credit union. We are not Customers Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Customers Bank Savings Account Rates

2.50%$25k-High-Yield Savings Account
2.25%$25k-Ascent Money Market - Online Only
0.40%$50-Retirement Savings
0.15%--Reserve Savings Account

Customers Bank Money Market Rates

2.00%$250k-Promo Money Market - Hamilton, Yardley, Doylestown, Langhorne Branches Only
1.50%$250k-Promo Money Market - In Branch Only
1.25%*$250k*-Money Market Account
OTHER TIERS: 0.50% Up to $50k | 0.75% $50k - $100k | 1.00% $100k - $250k
0.40%*$25k*-Business Money Market Accounts
OTHER TIERS: 0.20% $1k - $10k | 0.35% $10k - $25k
0.25%--Government Deposit Money Market

Customers Bank Checking Account Rates

2.00%--Bonus Checking with POS - Qualifying
1.50%--Commercial Interest Checking
0.25%--Bonus Checking
0.15%--Non-Profit Interest Checking
0.15%--Business Escrow Checking
0.10%--Government Deposit Interest Checking

Customers Bank CD Rates

3.00%$100k-60 Month DST CD (School and Government Agencies)
2.95%$100k-48 Month DST CD (School and Government Agencies)
2.90%$100k-36 Month DST CD (School and Government Agencies)
2.80%$100k-24 Month DST CD (School and Government Agencies)
2.70%$100k-18 Month DST CD (School and Government Agencies)
2.70%$25k-15 Month Ascent CD
2.60%$100k-12 Month DST CD (School and Government Agencies)
2.55%$100k-10 Month DST CD (School and Government Agencies)
2.55%$100k-11 Month DST CD (School and Government Agencies)
2.50%$500-2 Year CD Special (New Money Only)
2.50%$100k-9 Month DST CD (School and Government Agencies)
2.50%$500-15 Month Promotional CD
2.50%$500-Business 15 Month Promotional CD
2.50%$500-Business 2 Year Promotional CD
2.45%$100k-7 Month DST CD (School and Government Agencies)
2.45%$100k-8 Month DST CD (School and Government Agencies)
2.40%$100k-6 Month DST CD (School and Government Agencies)
2.35%$100k-5 Month DST CD (School and Government Agencies)
2.25%$500-13 Month Promotional CD
2.25%$500-Business 13 Month Promotional CD
1.60%$500-60 Month CD
1.60%$500-Business 60 Month CD
1.35%$500-48 Month CD
1.35%$500-Business 48 Month CD
1.25%$500-36 Month CD
1.25%$500-Business 36 Month CD
1.05%$500-30 Month CD
1.05%$500-Business 30 Month CD
0.85%$500-24 Month CD
0.85%$500-Business 24 Month CD
0.70%$500-18 Month CD
0.70%$500-Business 18 Month CD
0.65%$500-13 Month CD
0.65%$500-Business 13 Month CD
0.60%$500-12 Month CD
0.60%$500-Business 12 Month CD
0.50%$500-9 Month CD
0.50%$500-Business 9 Month CD
0.35%$500-6 Month CD
0.35%$500-Business 6 Month CD
0.25%$500-3 Month CD
0.25%$500-Business 3 Month CD

Customers Bank IRA Rates

1.60%$500-60 Month IRA
1.35%$500-48 Month IRA
1.25%$500-36 Month IRA
1.05%$500-30 Month IRA
0.85%$500-24 Month IRA
0.65%$500-13 Month IRA
0.60%$500-12 Month IRA
0.50%$500-9 Month IRA
0.35%$500-6 Month IRA
0.25%$500-3 Month IRA


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