Customers Bank


Overview / Commentary
610-933-7195
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 Ascent MMkt Dropping to .5% - 7/13/2021

Two days' notice, via email: "On July 15, 2021, we will be reducing the Ascent Money Market rate to 0.50% APY*. With this change, we will remain among the market leaders. We will be monitoring rates closely to make a quick pivot as inflation and market competition drive money market rates back up again. It is our goal to remain one of the best values you can find." After that long guaranteed run of 2.25% through June 2019, the air continues to be let out of the tires . . .

Customers "Ascent" Money Market continues its Descent - 3/9/2021

From an email, in the past hour: . . . we are writing to tell you that effective March 16, 2021, we will be reducing the Ascent Money Market Savings rate from 0.75% to 0.60% APY*. *Annual Percentage Yield (APY) as of 3/16/2021. This is a variable rate account and the APY and interest rate may change at any time after account is opened. Minimum balance requirement to earn APY is $25,000. Balances below $25,000 earn no interest. Minimum opening deposit is $25,000. Limited to six (6) transfers per statement cycle to another account at Customers Bank or to third parties by means of a preauthorized transfer or telephonic (including data transmission) agreement. Applicable for consumers only. Fees could reduce earnings on the account. Offer may be withdrawn at any time. Debit card and checks are not available on this account. Available online only. For FDIC insurance information, visit [URL="http://click.welcome.customersbank.com/?qs=a4294f7b96c7437fb135fcb183bdbbaf45805c6824a7

New Fee For Same-Day ACH Transfers In The Works? - 2/22/2021

Up until recently, Customers Bank consistently posted ACH deposits to my Ascent MMkt account at close of business on the same day I submitted them. Their recently upgraded website now offers a choice for when you'd like your ACH transfers to post: "Process by . . . Current Business Day, or Next Business Day." Why anyone in their right mind would want to delay a transfer is beyond me (when you can simply schedule it in advance) so I smell a "fee trap" -- if not now, then soon. I've scoured Customers online schedules and turned up nada, so far. But, to be sure, I will call Customer's Customer Service tomorrow (Monday, when they're open) to confirm with them that same-day transfers are indeed, and will remain, fee free. But again, being offered an "express" choice (formerly their default modus operandum), raises a red flag for me. Anyone out there in Deposit Land know/think differently?

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So Far So Good. Minor Glitches And Complaint....

Posted by: |

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.

Confusing Bank To Deal With

Posted by: |

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!!!!

Amazing Customer Service...

Posted by: |

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).

Process Made Easy!

Posted by: |

I’m very impressed with the assistance provided by customer service at Customers Bank! I was looking to open a new account, but was hesitant to pull the trigger. I had many questions that the customer service representative was able to address & answer with ease & patience to ensure I understood completely in order to make the best decisions. Thank you so much to the customer service team at Customers Bank for making this process easy!

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Health
A

Data as of Q2 2021

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #34444
Year Established1997
Employees605
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.03%
Return on Equity - YTD15.18%
Annual Interest Income$324.0MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$19.63B$17.89B
LoansQ2 2021vs Q2 2020$16.84B$15.13B
DepositsQ2 2021vs Q2 2020$13.96B$11.06B
Equity CapitalQ2 2021vs Q2 2020$1.35B$1.10B
Loan Loss AllowanceQ2 2021vs Q2 2020$125.4MM$159.9MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$47.1MM$87.0MM
Real Estate OwnedQ2 2021vs Q2 2020$35.00K$131.00K
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$25k-High-Yield Savings Account
0.25%$5k-Digital Savings
0.05%--Reserve Savings Account
0.05%$50-Retirement Savings
0.05%--Business Escrow Savings

Customers Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$25k-Ascent Money Market - Online Only
0.25%*$250k*-Money Market Account
OTHER TIERS: 0.05% Up to $50k | 0.10% $50k - $100k | 0.15% $100k - $250k
0.25%--6 Month Introductory Promo Money Market - New Money
0.15%*$25k*-Business Money Market Accounts
OTHER TIERS: 0.05% $1k - $10k | 0.10% $10k - $25k
0.05%--Government Deposit Money Market

Customers Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%-$100kBonus Checking - New Money
0.50%*-$100kCommercial Interest Checking Plus
OTHER TIERS: 0.05% $100k+
0.05%--Non-Profit Interest Checking
0.05%--Commercial Interest Checking
0.05%--Business Escrow Checking
0.05%--Government Deposit Interest Checking

Customers Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%$500-15 Month Promotional CD
0.40%$500-Business 15 Month Promotional CD
0.40%$500-Business 2 Year Promotional CD
0.40%$500-2 Year Promo CD - In Branch Only (New Money)
0.25%$500-48 Month CD
0.25%$500-60 Month CD
0.25%$500-Business 48 Month CD
0.25%$500-Business 60 Month CD
0.24%$25k-15 Month Ascent CD
0.15%$500-13 Month CD
0.15%$500-36 Month CD
0.15%$500-12 Month CD
0.15%$500-18 Month CD
0.15%$500-24 Month CD
0.15%$500-30 Month CD
0.15%$500-Business 12 Month CD
0.15%$500-Business 13 Month CD
0.15%$500-Business 18 Month CD
0.15%$500-Business 24 Month CD
0.15%$500-Business 30 Month CD
0.15%$500-Business 36 Month CD
0.10%$500-6 Month CD
0.10%$500-9 Month CD
0.10%$500-Business 6 Month CD
0.10%$500-Business 9 Month CD
0.05%$500-3 Month CD
0.05%$500-Business 3 Month CD

Customers Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$500-48 Month IRA
0.25%$500-60 Month IRA
0.25%$500-Business 48 Month IRA
0.25%$500-Business 60 Month IRA
0.15%$500-13 Month IRA
0.15%$500-36 Month IRA
0.15%$500-12 Month IRA
0.15%$500-24 Month IRA
0.15%$500-30 Month IRA
0.15%$500-Business 13 Month IRA
0.15%$500-Business 24 Month IRA
0.15%$500-Business 30 Month IRA
0.15%$500-Business 36 Month IRA
0.15%$500-Business 12 Month IRA
0.10%$500-9 Month IRA
0.10%$500-6 Month IRA
0.10%$500-Business 6 Month IRA
0.10%$500-Business 9 Month IRA
0.05%$500-3 Month IRA
Locations

Availability



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