Gateway First Bank

Overview / Commentary
244 South Gateway Place
Jenks, OK 74037

Gateway First Bank is headquartered in JENKS and is the 10th largest bank in the state of Oklahoma. It is also the 546th largest bank in the nation. It was established in 1935 and as of March of 2024, it had grown to 790 employees at 17 locations. Gateway First Bank's savings rates are 7X the national average, and it has an A health rating.

Reviews (7)

Good Experiences

Posted by: |

I had a series of 12 month CDs in 2020-21 with Gateway. Opened all them online. Had no problems with opening them up. Hit a snag on one when trying to set up my online access. I was able to contact CS by phone and they were able to correct the problem. I was impressed with their friendliness and attitude. At renewal time in early 2022 their rates had dropped so I started closing out the CDs. I contacted them by phone and they promptly overnighted me a check. I liked that. I have recently noticed that they have started back raising their rates. If they get their rates back up I will without a doubt use them again. I had a good experience.

Smooth Application Process

Posted by: |

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

Run, Don't Walk From Gateway First Bank

We recently requested that our CD be closed since we were in the maturity period. We would have kept our money in Gateway First Bank but their interest rate was below what we could find elsewhere. We asked how our money would be sent. They would not do an ACH even on the bank we sent them an ACH from. So they said they would overnight a check to us. We still after 5 days have not received a check and the bank says they sent it. FedEx has no record of it other than a label being made. So FedEx says they haven't received it and the bank says they have sent it. On multiple occasions we have tried to speak to management and they seem to always be busy or out of the office on lunch. We have 2 other CDs that will mature in the next week with Gateway First and we will definitely close our account. How soon will we get our money? We have no idea - and neither does Gateway First. I am not convinced they care... As an old line from a movie says if you're thinking about doing business with them "Run, Forrest, Run!"

Very Low Transfer Limits

Posted by: |

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

Posted by: |

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

Posted by: |

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 %


Health Grade Components

FDIC Certificate #15118
Year Established1935
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.8%
Return on Equity - YTD6.21%
Annual Interest Income$24.8MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$2.15B$2.07B
LoansQ1 2024vs Q1 2023$1.51B$1.46B
DepositsQ1 2024vs Q1 2023$1.18B$1.02B
Equity CapitalQ1 2024vs Q1 2023$276.2MM$284.1MM
Loan Loss AllowanceQ1 2024vs Q1 2023$16.6MM$13.5MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$18.6MM$10.4MM
Real Estate OwnedQ1 2024vs Q1 2023$1.8MM$527K
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Gateway First Bank Savings Account Rates

3.50%$0$250kHigh Yield Savings
2.50%$0-Savings Account

Gateway First Bank Checking Account Rates

0.50%$0-Gateway Checking

Gateway First Bank CD Rates

5.15%$500-7 Month CD Special
5.00%$500-13 Month CD Special
3.45%$500-6 Month CD
3.35%$500-24 Month CD
3.25%$500-12 Month CD
3.10%$500-36 Month CD
3.00%$500-48 Month CD
2.90%$500-60 Month CD

Gateway First Bank IRA Rates

5.00%$500-13 Month IRA Special
3.35%$500-2 Year IRA
3.25%$500-1 Year IRA
3.10%$500-3 Year IRA

Gateway First Bank Locations
Tonkawa Branch111 East Grand StreetTonkawa, OK 74653
Helena Branch220 N. MainHelena, OK 73741
Wakita Branch1716 Main StreetWakita, OK 73771
Nash Branch107 South Main StreetNash, OK 73761
Gateway First Bank244 S Gateway PlJenks, OK 74037
Cherokee Branch419 S Grand AveCherokee, OK 73728
Gateway First Bank Branch6303 Waterford BlvdOklahoma City, OK 73118
Jenks Branch100 South Gateway PlaceJenks, OK 74037

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