Heritage Bank is headquartered in Spicer and is the 44th largest bank in the state of Minnesota. It is also the 1,836th largest bank in the nation. It was established in 1964 and as of December of 2021, it had grown to 110 employees at 7 locations. Heritage Bank has an A health rating.
Related Posts
4/19/18 - Heritage Bank's Nationally Available eCentive Account Rate Soars
6/27/12 - Updated Review of Heritage Bank's Reward Checking Account
7/18/09 - 2.14% Reward Checking Account With No Balance Cap at Heritage Bank in MN - Nationally Available
5/22/09 - Heritage Bank's New Online Savings Account - 4.60%
9/9/06 - Heritage Direct Online Savings Account Now 5.20%
7/6/06 - Heritage Direct Savings Account Now 5.06%
4/15/06 - Heritage Direct Savings Account Now 4.72%
One Of My Favorite Banks
I've been using this bank as my primary checking out of many bank reward checking accounts I have. Its one of the easiest banks to remotely allowing good mobile deposit amounts up to 10K if you ask them too.
I've contacted their bank a few times off and on to raise my debit limits to use Google Pay to send bigger amounts to friends/family at times. I've always had an friendly experience with the bank being a remote customer.
I agree the 1.53% was a big drop, because of current market conditions. Hopefully the rate will rise back up.
I have transferred to a few other of my banks that are still offering higher APR, but even they have moved their rates down.
I hope they can raise the rate back up once market conditions are better. It is nice they allow up to 25k versus many banks only allowing 10k or 15k cap.
Best to all in reward chasing.
Great Service
Heritage Bank NA is very accommodating. Each RCA account pays up to $25K. Best of all they allow as many accounts as you want. Requirements are any 10 POS and 1 ACH deposit per month.
Wire Transfers
Recently did a wire transfer and ended up having to try it twice and incur 2 fees.
The customer care rep specifically asked me for my 'loan number' which I provided and confirmed. I get a call back saying the transfer did not go through due to incorrect information.
I provided them the wire instructions I had, and the second transfer went through. I feel that I would not be responsible for the first fee due to being asked to provide the 'incorrect' information.
I have called several times, and get answers simply telling me that I was wrong!
edit: 11.27.19 after reaching out to the specific rep I was corresponding with, this person was able to understand and help me out. I truly hope that what I was asking for was not out of reason, and that they could understand why I did not feel responsible for the fee.
A Lot Of Banks Could Take A Lesson From This Bank!
Opening the account was seamless, any questions were answered promptly via landline contact by knowledgeable reps. Furthermore, the reps sounded and acted like they actually care!! Bravo!
Two Months In
No problems opening account. Customer service was great when I had a password problem (my fault). I do have a small concern about security. When I was passed to a second person, she did not verify my identity. Great rate, easy requirements to get the rate. I hope that all the deposits they're getting helps with the health rating of the bank.
Working Well.
Heritage bank is new to this style of account. Opening was a bit rough.
They needed a picture of my driver's license, which I sent, and they lost.
They also lost my opening deposit check so I requested a trial deposit from my ally bank account but they would not let me look at my Heritage account to check the deposit amounts until a deposit was completed! Catch 22.
Have them initiate a deposit from your existing checking account..
Customer service was friendly and it was all straightened out. So far, everything is good.
Declining Rates, Transaction Limits
The rate on their rewards checking dropped to only 1.53%, even with qualifying transactions. The 10k ingoing/outgoing daily transaction limit is cumbersome. After (maybe?) fraud on my debit card, they locked the card and it seems the only way to unlock it is to call them.
Too Many Term And Interest Changes For The Worse
Initially I loved this bank when I opened my account in 2020. They offered a high rate of interest on checking balances up to $25K with 10 POS and 1 ACH per month. However effective 1-1-22 they added the requirement of a minimum of $500 in POS per month. This change, on top of an interest rate that over time has become less attractive, caused me to switched my primary checking to another institution.
Data as of Q4 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19254 |
| Year Established | 1964 |
| Employees | 110 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.93% |
| Return on Equity - YTD | 19.14% |
| Annual Interest Income | $22.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $467.8MM$459.5MM |
| Loans | Q4 2021vs Q4 2020 | $341.3MM$348.0MM |
| Deposits | Q4 2021vs Q4 2020 | $398.4MM$374.8MM |
| Equity Capital | Q4 2021vs Q4 2020 | $45.5MM$45.7MM |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $3.9MM$4.1MM |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $2.2MM$4.6MM |
| Real Estate Owned | Q4 2021vs Q4 2020 | $0$0 |