Gateway First Bank is headquartered in Jenks and is the 9th largest bank in the state of Oklahoma. It is also the 525th largest bank in the nation. It was established in 1935 and as of December of 2020, it had grown to 1,584 employees at 13 locations. Gateway First Bank's money market rates are 36% higher than the national average, and it boasts an A+ health rating.
Smooth Application Process
I applied for a CD online and everything went well. At the end of the application you provide the routing number and the account number of the bank from which you will be funding the CD. They do the standard two small test deposits and once you confirm those then it drafts the full amount of your CD from that account. I had a few questions during the process and contacted Amanda at the Tonkawa branch. She was very polite and most helpful. After I received an email stating that the account was opened and funded, I was able to set up online banking and view the account right away. I've had a good experience there so far so I'm considering other accounts. Their rate is good on their online savings account but the only thing I don't like is the $1.00 fee for each monthly withdrawal greater than three.
Easy To Open A CD
I just opened a CD at this institution. The online application process is as easy as any bank I have encountered. They do not require any documents be sent. You merely fill in your SSN and DL numbers in the application. At the end of the process they generate a couple of questions to (help) verify your identity, for example, about a previous address. I have run across this routine elsewhere. To fund the CD by ACH, they used the standard test deposits routine. They told me that, at maturity, I could transfer my funds out by ACH.
Everything went smoothly.
After receiving my CD #, I set up an online banking account, which asks a few of the same questions as the CD application. I assume this will facilitate ACH out at maturity. I don't intend to open a transaction account.
Note that Gateway has tiers in order to get the highest rate (this is a rather antiquated practice, so I mention to be alert to this).
They do not accept customers from all of the States, but most, so check their website...Sorry California
Follow up 5/13/20. There is more to consider than the account opening experience. See my additional comments to "Very Low Transfer Limits" by tex999
Very Low Transfer Limits
After doing research, I decided to open an online savings account at Gateway First. I then tried to transfer a fair amount of money into this account, but couldn't. I was told that all electronics transfers, in or out, is limited to $2000 per transfer, no exceptions. This was not noted on Gateway First's website. If it was, I wouldn't have opened up this account. It was a waste of time!
After Rate Dropped, Application Was Not Approved
I applied for a CD, the 1.85 rate on 4/22 for a VERY large amount. They did the trial deposits to my funding account, and those were verified. I never heard anything further after I verified my the trial deposits; so I began calling in. The CSR's are very nice and appear to be helpful, but they are at the constrains of a management team that seems to care less about taking care of the customer. I do have a ID theft flag on my Chex system and want the bank to do 'extra' security before opening account. After 6 days, I was asked to provide copy of both DL and utility bills. I complied that same day, and as was asked to, called in to advise they were emailed as requested. I was led to believe the next day, I would have an answer, and despite the rate had dropped 30 basis points, the rate should be honored. Next day, nothing. I called in this morning to advise that I needed to know by noon, if not, I needed to secure CD's elsewhere, with rates dropping. I was told I should get a call in an hour. Hour and a half, no call. Then was told the 'manager' had to call others on his list first and could not deviate from the 'order' of the list of escalated cases. My gut feeling, is they did not want to honor the 1.85 rate, and continued to string me along, until I would 'give up', which worked. I understand the bank wanted to, and needed to take extra precautions, that's why I have a flag on the Chex system. With me providing them EVERYTHING they asked for and then some, this was handled very poorly. I am more than dissapointed in the unprofessionalism of the management team.
Savings, They Will Charge $1.00 Fee For Any Withdraws Beyond 3
Per the CS rep, from the total of 6 monthly withdraws allowed by the Federal Reserve Reg D, you are allowed only 3 free withdraws. They will charge you $1.00 fee for each of the remaining 3 withdraws.
Regarding statements and interest... they operate on a quarterly cycle not on a monthly cycle.
Consumer Savings Minimum Balance. Minimum balance to open a Savings account is $10 not zero.
After opening however, "Any balance" will still earn the stated APY %
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 15118 |
| Year Established | 1935 |
| Employees | 1584 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 7.14% |
| Return on Equity - YTD | 49.46% |
| Annual Interest Income | $39.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $1.91B$1.50B |
| Loans | Q4 2020vs Q4 2019 | $1.42B$1.04B |
| Deposits | Q4 2020vs Q4 2019 | $931.2MM$630.8MM |
| Equity Capital | Q4 2020vs Q4 2019 | $291.2MM$206.8MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $6.2MM$1.3MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $16.1MM$12.8MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $0$792.00K |