KS StateBank is headquartered in Manhattan and is the 7th largest bank in the state of Kansas. It is also the 413th largest bank in the nation. It was established in 1969 and as of March of 2020, it had grown to 290 employees at 7 locations. KS StateBank has an A health rating.
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Easy Online Experience
Opened a 2-year CD today and was easy to do. Had no problem with electronic pull from my funding bank account. There was place on form to add POD also, which a lot of online forms don't offer. Only hitch was where it asked how the funding bank was styled I put the "&" sign between my name and my husband's. Application said that wasn't right, then I entered both names with no comma or "&" between them and it went through. Called to make sure they got app and within 10 minutes of turning it in it was approved. Courtney at bank was very knowledgeable .
Interest Payment
I was pleased with the CD account opening process. Pretty straight forward and Cortney was a great help.
Like a few other banks and credit unions, they only credit interest quarterly.
No external accounts are linked, even the account you funded the CD with. Guess you must have to have a savings account to link external accounts.
Poor Busisness Practices
I have had an account with KS State Bank since roughly 2006. I will be closing it as soon as I get direct deposit established at another bank.
I purchased fuel on 11/12/19, and on 11/14/19 I had to use my bank for another transaction which I knew would cause an overdraft fee. The overdraft fee would have been less then the late fee, and I had a direct deposit coming in on the next day anyway.
When I checked my account the next day, they had reordered my transactions and put the 11/12 fuel purchase AFTER the 11/14 transaction causing me to incur 2 overdraft fees instead of one. I contacted them thinking it was a mistake and they said it was normal, fine, and not an issue. They refused to refund it because they based the transaction off of when the payment cleared, not when it was made, and then prioritized the larger of the 2 transactions which maximized the fees they could charge me. Their refusal to reverse the fee is why I am leaving, as I consider it a poor practice.
They get 2 starts because what they did is not inconsistent with the fine print, nor is it illegal. It is just a bad practice that takes more money from people who are already on a right budget.
Funding Of New Account Is Slow
Money had been withdrawn from my external bank account to fund the KS State new account, but the KS State new account has not been funded. So you lose interest when opening new accounts with them.
Hard Credit Pull For A CD
After applying for KS StateBank's 1 year CD, I received a call from them wanting me to unfreeze my credit report, answer the three questions provided by Experian and then refreeze it.
I decided to park my CD elsewhere for the following reasons:
1) I was allowing them the use of my money. I was not taking out a loan or asking for credit.
2) The hard pull would have dinged my credit score.
3) They were attempting to get me to spend money, while I was looking for an institution to save money. I would have lost the ten dollars that it costs to unfreeze and refreeze the credit report.
4) There was no reason to have the answers to my personal questions affiliated with my credit report. Having had access to my credit report is more than enough for the rest of the banking world to tell them of my credit worthiness. It should have been enough for KS State Bank.
Data as of Q1 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19899 |
| Year Established | 1969 |
| Employees | 290 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.62% |
| Return on Equity - YTD | 6.64% |
| Annual Interest Income | $23.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $2.19B$1.99B |
| Loans | Q1 2020vs Q1 2019 | $1.71B$1.57B |
| Deposits | Q1 2020vs Q1 2019 | $1.88B$1.69B |
| Equity Capital | Q1 2020vs Q1 2019 | $202.5MM$184.3MM |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $24.9MM$22.3MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $7.4MM$6.7MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $80.00K$172.00K |