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.
Customers Bank Switched To Plaid External Account Verification Or Nothing
Customers Bank has made a major change regarding the linking of external accounts for ACH transfers. It used to be where when you wanted to link your external accounts for transfers, you would do the trial deposits thing.
Well, no more trial deposits. As of this writing, it's Plaid verification linking only. Should you want to link an external financial institution that Plaid doesn't cover, you cannot link that financial institution at your Customers Bank online banking. Plaid says they cover 12,000+ financial institutions, and we can request that Plaid remove our personal information from their system, so I guess that's the positive in this disappointing news for those that do not like Plaid. Link to request Plaid to do this:
https://plaid.com/legal/data-protection-request-form/
So Is The Yield Actually 4.85%?
I see there is a "membership fee" of .16% per annum. So, is the real rate 4.85% then?
STAY FAR AWAY
I had 2 savings accounts. They close one due to "fraud", no reason given. The other account was left open, but now they are restricting access it the money that is in the account and won't give it back. I have never had any problem with any other bank like this before. So be careful when you put money in this bank they may not give it back.
Amazing Bank
I don't use them for savings, but as a checking account they are the best of the best.. has never let me down. Honestly would've been screwed in many situations if I hadn't had an account here.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 802 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.27% |
| Return on Equity - YTD | 3.27% |
| Annual Interest Income | $314.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $22.42B$21.33B |
| Loans | Q1 2025vs Q1 2024 | $14.96B$13.12B |
| Deposits | Q1 2025vs Q1 2024 | $19.13B$18.1B |
| Equity Capital | Q1 2025vs Q1 2024 | $1.83B$1.76B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $141.1MM$133.3MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $34.5MM$26.8MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$35K |
