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
8/24 - Ascent Halved? Say It Ain't So!
7/12 - Customers Bank Ascent Money Market Savings Account Reaches 1.50% APY
7/12 - Customers Ascent MM Increased To 1.50%
6/14 - Customer Bank's Ascent Money Market Savings Account Rises To 1.00%
7/13 - Customers Ascent MMkt Dropping to .5%
3/9 - Customers "Ascent" Money Market continues its Descent
2/22 - New Fee For Same-Day ACH Transfers In The Works?
1/14 - Customers Ascent Mmkt Descends .05%
9/9 - New Checking Acct 1% Interest On Balance Over $100K
8/11 - Ascent MM Savings Rate Drops To 1.10% On Aug. 18, 2020
8/11 - Ascent Money Market Drop To 1.1% Effective 8/18/20
7/31 - Customers 1.25% Ascent Rate EXTENDED
7/30 - Ascent Savings Interest Rate
7/20 - Update On Money Market & Savings Rates 0.05%
6/24 - Customers Ascent Rate 1.25% Effective 7/1/20
6/10 - Customers 2.25% Rate To Drop Soon. But How Far?
2/3 - Customers Closes 2.25% Ascent MMkt To New Customers
3/15/19 - Customers Bank Adds Nationwide High-Yield Savings, 2.50% APY
8/4/18 - Customers Bank Ups Ascent Money Market Savings Rate
7/3/18 - Customers Bank Offers Ascent MM Savings Nationwide
1/8/18 - Customers Bank Announces Bonus Checking Earning 2.00% APY Following Passage Of Tax Reform Bill
3/19/14 - Trendwatch: Mobile-Centric Bank Among First In The U.S.
5/24/11 - Customers Bank's New-Branch Money Market Special At Hamilton NJ
2/27/11 - CD Rate Drop At Customers Bank
1/23/11 - USA Bank, Re-Established Branch Of Customers Bank?
1/17/11 - CD and Money Market Specials Continue at Customers Bank in PA, NJ & NY - Local Only
12/20/10 - CD and Money Market Specials Continue at Customers Bank for PA & NJ Residents
11/4/10 - 2.00% Money Market Special Continues At Customer Bank In PA & NJ
11/4/10 - 2.00% 11-Month CD Special Continues At Customer Bank In PA & NJ
10/15/10 - Local 2% APY 11 Month CD And 2% APY Money Market @ Customers Bank (2755)
10/15/10 - Local 2% APY 11 Month CD And 2% APY Money Market @ Customers Bank
9/19/10 - Short-Term CD and Money Market Specials at Customers Bank for PA & NJ Residents
11/25/09 - 2.00% Money Market Account with Rate Guaranteed for 6 Months at New Century Bank in PA - Local Only
11/20/08 - 4.39% 12-Month CD at ISN Bank - Nationally Available
10/30/08 - 4.18% 6-Month CD at ISN Bank - Nationally Available
7/16/08 - 4.10% 6-Month CD at ISN Bank - Nationally Available
6/16/08 - 3.82% 6-Month / 3.77% 3-Month CD at ISN Bank - Nationally Available
Confusing Bank To Deal With
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!!!!
5K ACH Limit Makes This Really Tricky
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.
Would Not Recommend To Bank
I just transferred money into the bank for their Money Market Ascent, however will be transferring out right away. Just got off the phone with their customer service, they have no idea how another person's phone number's shows up on my "Security" test screen for logging in. I end up having to put down one device and log in with another, now I am having to completely close and move my money in chunks in order to avoid receiving a "check" in the mail in 7 - 10 business days! .
Amazing Customer Service...
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).
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 692 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.44% |
| Return on Equity - YTD | 19.3% |
| Annual Interest Income | $379.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $20.24B$19.66B |
| Loans | Q2 2022vs Q2 2021 | $15.51B$16.84B |
| Deposits | Q2 2022vs Q2 2021 | $17.03B$13.96B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.47B$1.35B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $156.5MM$125.4MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $28.7MM$47.1MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $35.00K$35.00K |
