Georgia Banking Company is headquartered in Atlanta and is the 24th largest bank in the state of Georgia. It is also the 1,318th largest bank in the nation. It was established in 2001 and as of December of 2020, it had grown to 93 employees at 2 locations. Georgia Banking Company has a B+ health rating.
Appreciation For Honor In Dating CD For Higher Rate
Aug 12, despite what robot displays.
This is a note of appreciation for the ethical integrity of the bankers at GBC. I had 100K cash that I was planning to put into a 2-year CD sometime in mid-August. But as everyone will recall, the stock market was crashing on Monday/Tuesday Aug 5-6, and the flight to safety caused bond rates and CD rates to drop like a rock. GBC had the best rate for 2-year CD, at 2.80% APY on Monday. I already had a CD there from 3 months ago, and a money market account. See my comment from May 23. So on Monday 8/05 I phoned them. CSR said yes, I could send them the 100K by ACH to the MM acct and they would set up the CD; that way there would be no delay for online application, verification, etc. I immediately sent the 100K, and saw that it had arrived in the MM acct on Tuesday. The CD rate was still 2.80% APY. But on Wed my new CD still had not shown up on their website, and their rate on the CD had now dropped to 2.60% APY. Yikes! And on Thursday still no CD showing up on the website. I was worried they might be delaying issuing the CD in order to give me the new lower rate. But no, they are simply slow in doing paperwork and updating their website -- maybe too much work for too small crew. In the end I got the 2.80% APY, dated for Tuesday 8/06 as promised. This is a bank whose officers still maintain the good old-fashioned Southern honor and ethics. I'll not be sending them any more money, maybe for 2 years, because it's already deployed elsewhere. But I just wanted to give praise where praise is definitely due. And by the way, they now have a toll-free phone number after I complained 3 months ago on this blog; so they do listen and make improvements.
Kasasa Checking Requirements
I called before opening a reward checking account to get as much info as possible. Reps were very pleasant, however, the opening process requires the use of separate email / DocuSign system. You will likely be required to scan & upload ID and utility statements, etc. They did not inform me that an Equifax credit pull would be required until I was most of the way through the process (second day). Very disappointing as I keep my credit reports frozen and had to jump through a bunch of hoops.and wait an even longer period of time. For those who want simplicity or don't want a credit pull, you'll want to avoid. Thanks.
Restrictions On ACH Transfer And Beneficiary Designation
Wanted to open an online CD and called the customer service. The staff was great, but they informed me that they have $25000 limit on ACH transfer for funding the account. Anything more, you have to MAIL a check. Also, no beneficiary designation available during online application. Once the account is funded, you have to call them to add a beneficiary. A bit of hoops to go through...
DATA SECURITY BREACH - Comprised Personal Data And Inaccurate Credit Reporting
DATA SECURITY BREACH: NO DATA SECURITY AND INACCURATE CREDIT REPORTING
Georgia Banking Company’s poorly managed data security resulted in my credit information being compromised by a phishing attack.
Additionally, I have been a victim of their inaccurate credit reporting. They inaccurately reported me 30 days late despite recognizing that I submitted my payment prior to the 30 day mark.
I recommend that you take your business to a better equipped financial institution that will take your personal information and credit history seriously.
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57071 |
| Year Established | 2001 |
| Employees | 93 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.81% |
| Return on Equity - YTD | 11.54% |
| Annual Interest Income | $25.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $652.9MM$474.8MM |
| Loans | Q4 2020vs Q4 2019 | $598.9MM$422.7MM |
| Deposits | Q4 2020vs Q4 2019 | $570.8MM$412.3MM |
| Equity Capital | Q4 2020vs Q4 2019 | $49.4MM$42.0MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $1.5MM$1.5MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $4.5MM$5.1MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $483.00K$1.9MM |