Georgia Banking Company is headquartered in Atlanta and is the 31st largest bank in the state of Georgia. It is also the 1,627th largest bank in the nation. It was established in 2001 and as of March of 2019, it had grown to 106 employees at 2 locations. Georgia Banking Company's money market rates are 4X the national average, and it has a B health rating.
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Great Service From Small Bank; Friendly Helpful Reps
Very favorable review here. Apologies for length; but this is a good bank and I want to explain exactly why, and a few things to improve.
In mid-May 2019 I opened a 2-year CD for 100K, having never dealt with this bank before. I chose it because APY was nearly the best, with good reviews.
Downside: They have no toll-free phone number; but I sent email through their website asking for a call and providing 2-hour window for them to phone me.
Great: Rep called as requested, and was very patient and thorough answering all my questions. Rep said online application would request photo of driver license, and a utility bill to verify address; so I was ready to comply and online application went smoothly. Needed a day or two to await human approval.
Great: Rep said there would be no test deposits to verify outside bank for them to grab the 100K; they would simply use the routing and account number I supplied and grab the money; it was fine with me; that's exactly how it was done; and CD was funded and started earning interest the same day they got the money, which was the day after it vanished from other bank.
Downside: Rep also said they cannot send back the principal at maturity by ACH, but when I asked whether I could open a savings or checking account at their bank and have them deposit principal into it at maturity, and then pull it out by ACH from a different bank, rep said that would be OK. Personally, I hope that by 2 years from now they will have changed this policy and allow ACH closeout. Meantime I suggest they mention this technique I suggested, because few holders of large CDs want paper checks in the mail and the associated delays.
Great: Rep also said I could have monthly interest paid by ACH to an outside bank which could be different from the one they took the principal from, and she said yes. A few days later, I sent secured email from my account inside their website to once again ask about monthly interest by ACH; rep requested routing and acct #, I provided them, rep replied it had been set up and date of payout each month would be same as opening/maturity date.
Small downside: "Welcome packet" arrived in U.S. mail a few days after application got approved, which included several pages of repetitive legalese along with needed info on APY, maturity date, and principal. Required my signature in 2 places to return in postage paid reply envelope. Many other banks do not feel a need for paperwork and manual signatures; and in any case the paperwork seemed cobbled together with identical info partially repeated on more than one page.
Small downside: An additional "account modification form" will come in U.S. mail which I must sign to confirm monthly interest payout. Seems this should have been part of the routine process all along, since most CD holders will want interest payout and would prefer ACH.
A Slower Process
You can ACH your funds in, but you can't ACH them out...this has been noted in reviews on this site of other minor institutions.
Please note that these comments relate to my experience in opening an online CD with no other relationship with this bank. Many comments on this site mention very helpful customer service, so I called ahead to get answers to some common questions before starting an application. I learned two interesting things:
1) Fund from a maturing CD will not be returned by ACH. They will be sent by check (read delay in access to funds). I decided to put up with this, since market interest rates are falling and I wanted to get funds on deposit...I have exceeded the FDIC limits at the other higher rate-paying, sophisticated, banks.
2) There is no application impediment arising from having a freeze on one's credit reports, as I do, unless one is applying for a debit card.
Other than that, my phone call did not prepare me for the unconventional application process that GBC uses (compared with the several online CDs I have opened at other internet oriented banks). I will attempt to describe the process in case that is useful for other (out-of-state) internet CD customers.
First, I was impressed by the initial online application experience, as the software was sophisticated and operated smoothly. It included some authentication type questions, apparently drawn from my credit (or similar) records immediately available to them online during the application process. That ended with a message that I would be contacted in one or two days (it was 2) if further information was required. In fact they called me on the telephone (luckily I was home as I gave them my land line #). I was informed that I would be soon receiving an email requiring application information to be signed by some sort of electronic signature software they apparently have licensed and included additional questions apparently designed for a more generic banking application process, like asking what range of funds I anticipated wiring on a a weekly basis?? (where as the initial application seem properly designed for a CD customer). I got the impression that this step was routinely required, not an "additional" step arising from review of my application.
This phase ended with another indication that the information would be reviewed and I would be contacted. Again 2 business days later I received a phone call that my CD was approved and I could view it online in about an hour. I shortly received an email confirming this information.
I mention the phone calls because they seem like an unnecessary step, as I am use to going through the entire process (at other banks) using email.
Apparently, GBC does NOT use the test deposit routine that most institutions use, so that was not a delay from application to funding, but the two step application process, with delays in response at each step, resulted in what felt like a slow and unnecessarily slow process. I noticed that my bank (funding) account showed the amount of the CD was deducted on the morning of the day that I received the phone call that my CD application had been approved, so luckily I had already moved the necessary funds. The test deposit routine has the advantage of being able to control the funding timing. If the funds are not yet available in the designated funding account, you just delay reporting the test deposit amounts until the funds are available.
Limited Access For Support
Late one Friday afternoon I attempted to access my account. I was locked out because evidently I'm supposed to login at least once per month. I only have a CD! I called for support at 2:30 my time, but as I am on the west coast, GBC was already closed FOR THE WEEKEND! I went to the GBC website - no tech support number! At this point i really started questioning why I opened a CD at this bank. I was actually a little worried. I deal with at least 12 banks at any given time (it's a hobby) and I've never run into this lack of online customer service. What if I'd had a checking or savings account and absolutely needed to do a transfer?
After calling at opening time Monday morning, their message stating they were closed was running until 10 minutes past their opening time. Finally got through to Brenda D. The only bright spot in the whole experience. She was empathetic and really understood the problem. I emphasized that if I was local and had a checking or savings account with GBC, I'd be gone that afternoon.
I understand they're a small, relatively young bank, but they need to get into the 21st century. I buy CDs all over the country, but will not consider them again unless these problems are worked out.
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 as of Q1 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57071 |
| Year Established | 2001 |
| Employees | 106 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.13% |
| Return on Equity - YTD | 1.28% |
| Annual Interest Income | $4.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2019vs Q1 2018 | $435.0MM$444.5MM |
| Loans | Q1 2019vs Q1 2018 | $372.8MM$391.3MM |
| Deposits | Q1 2019vs Q1 2018 | $335.7MM$367.4MM |
| Equity Capital | Q1 2019vs Q1 2018 | $39.5MM$39.5MM |
| Loan Loss Allowance | Q1 2019vs Q1 2018 | $1.6MM$2.0MM |
| Unbacked Noncurrent Loans | Q1 2019vs Q1 2018 | $6.0MM$4.9MM |
| Real Estate Owned | Q1 2019vs Q1 2018 | $2.2MM$2.6MM |
Always verify rates and promotions with the bank or credit union. We are not Georgia Banking Company; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Georgia Banking Company Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.25%* | - | $50k | Kasasa Saver | ||
| OTHER TIERS: 1.00% → $50k+ | |||||
| 0.75% | - | - | GBC IRA Savings | ||
Georgia Banking Company Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.75% | - | - | GBC Platinum Money Market Account | ||
| 1.00%* | $25k* | - | GBC Commercial Money Market | ||
| OTHER TIERS: 0.50% → $1k - $25k | |||||
Georgia Banking Company Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 2.95%* | - | $25k | Kasasa Cash | ||
| OTHER TIERS: 1.00% → $25k+ | |||||
| 0.75% | - | - | GBC Gold Checking | ||
Georgia Banking Company CD Rates
Georgia Banking Company IRA Rates
| Georgia Banking Company Locations | ||
|---|---|---|
| Griffin Branch | 1624 North Expressway | Griffin, GA 30223 |
| Georgia Banking Company | 6190 Powers Ferry Road | Atlanta, GA 30339 |