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.
I opened an Ascent account in September with a guarantee of 2.25% through June 30 of 2020 (minimum 25K deposit required). I had trouble opening the account online which would not allow me to choose the higher paying Ascent account. It took a conversation with an overseas rep to finally switch me to a rep in Pennsylvania who then opened the online account for me on her end. Both reps were courteous. However, though my balance was transferred into the account and I could view it online, I kept receiving automatic alerts on more then one occasion advising me to finalize the Ascent account and deposit cash into the account. I also received a letter from the bank informing me that the account was opened, but the actual opening date stated was wrong and lead me to think that I was not being credited fully for 2 weeks worth of interest. This kind of confusion caused me to keep calling the banks service reps to make sure all was well and my cash was actually earning interest. Well finally now, all seems to have been finalized and I can see that my cash is there and is earning the interest it's supposed to earn.
My only outstanding complaint is that I wish the bank would post the interest rate on my account page for me to see. Posting the current interest rate that I am being paid is a standard kind of confirmation that every other online bank account I have does provide, and Customer's Bank should do this too. EDITED TO ADD 11-7-19; After I don't know how many visits to my online account, I finally stumbled upon where I needed to click and see the current interest rate they posted to my balance.
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!!!!
This bank is very slow. No way to contact them and when they email you, they take 5-7 days to reply and fullfil a simple request. Would never recommend this bank at all. Chase , capital one are much much better and care about their customers. they hold your funds and dont even explain why its pending. Worst customer service as well. Do not go to this bank. Instead go to chase. Much better and straight forward.
I created an account just to say the customer service at this bank has been top notch. Yes, you have to get past the call center to talk to actual bank employees, but then the service is outstanding.
I appreciate the reviews that mentioned the withdrawal limits, so I plan to initiating all transactions from an external account to get around the limits.
I'll update if I run into any issues, but so far... smooth sailing (and a great rate).
|FDIC Certificate #||34444|
|Return on Assets - YTD||0.77%|
|Return on Equity - YTD||7.59%|
|Annual Interest Income||$463.7MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$11.51B$9.83B|
|Loans||Q4 2019vs Q4 2018||$9.99B$8.51B|
|Deposits||Q4 2019vs Q4 2018||$8.71B$7.16B|
|Equity Capital||Q4 2019vs Q4 2018||$1.18B$1.06B|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$56.4MM$40.0MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$23.5MM$29.9MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$173.00K$816.00K|
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Rates for Customers Bank are currently being reviewed.