Overview / Commentary
301 Shoppingway Boulevard
West Memphis, AR 72301
Reviews (1)

BIG Step Up From Chime

I had joined Chime last year based on the promise of Micro Savings and early direct deposit.

What they DON'T talk about is how their ATM card network is small and if you don't use it, you are charged 2.50 a pop. If you get cash back from a bank, it is also 2.50 bucks. And they had a limit of 500 / day to get cash back.

I've been with Empower for just over a month and so far it is pretty good.

The good:
1. Early access to direct deposits like Chime
2. 2 percent cash back on debit card swipes like credit cards.
3. 2 percent interest on deposits (as opposed to 0.01 percent by Chime).
4. 1000 daily limit for cash withdrawals and no fees for ANY ATMs
5. Seamless integration with my other banks (including Fidelity, Live Oak Bank, and my local CU)
6. Mobile check deposits.
7. I haven't gotten hit with a single fee yet.
8. They will allow you see all your balances and activity from your other banks in the app so you have a one-app-look for all your money sources.

The not-so-good:
1. Support is not great if you have problems or questions
2. No website to view your activity -- you are limited to the app on your mobile devices
3. The app can be glitchy in terms of transfers
4. The app is very "chatty" and gives you lots of useless alerts which you can't delete.

However, the goods outweigh the bad -- especially compared to Chime. Hopefully they will continue to keep their features. I really like the fact that I get cashback for debit card swipes so I don't feel compelled to run up debt on my credit card.


Health Grade Components

FDIC Certificate #1299
Year Established1925
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.55%
Return on Equity - YTD6.14%
Annual Interest Income$5.9MM
Assets and Liabilities
AssetsQ1 2019vs Q1 2018$478.3MM$460.5MM
LoansQ1 2019vs Q1 2018$387.4MM$396.0MM
DepositsQ1 2019vs Q1 2018$399.5MM$359.7MM
Equity CapitalQ1 2019vs Q1 2018$42.5MM$40.1MM
Loan Loss AllowanceQ1 2019vs Q1 2018$6.0MM$6.7MM
Unbacked Noncurrent LoansQ1 2019vs Q1 2018$2.5MM$3.0MM
Real Estate OwnedQ1 2019vs Q1 2018$3.4MM$1.8MM
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Empower Savings Account Rates

2.15%--Savings Account

Empower is an Internet only bank and does not have branch locations. Its headquarters is located at 301 Shoppingway Boulevard - West Memphis, AR 72301

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