Legacy Bank is headquartered in Hinton and is the 26th largest bank in the state of Oklahoma. It is also the 1,197th largest bank in the nation. It was established in 1902 and as of March of 2022, it had grown to 148 employees at 10 locations. Legacy Bank has a B+ health rating.
The Worst Bank I Have Ever Dealt With.
I am usually very forgiving, being a long-time business owner, I hardly ever write a bad review. But I felt it was my obligation to warn others about Legacy Bank. I have lived in many cities, and have banked with many institutions, but none with as unfair “policies” as this one. The people I have encountered over the last four years have all been very, very nice. Clueless, but nice.
My main issue has to do with how they handle their on-line banking. They withdraw your money as soon as they send the check (or electronic withdrawal) as opposed to once the receiving back request their payment. This means the money is deducted from your account 3-6 days prior to the money actually going to the recipient. The problem is if you have a big bill, say your mortgage or rent due on the first, and you get paid on the first, you can use the incoming money to pay your rent. You have to have enough money on the 26 or 27th to cover. Meanwhile they will run the withdrawal every day (26, 27, 28, 29, and 30) and charge a NSF fee for each. This is ridiculous as the check has not even got to the receiving bank, nor has the money be requested.
When I have called about it, the response is always “bank policy”, that Legacy needs to make sure I have enough money in my account to cover the check. But there is no other way, If I wait till the first to send my check it will not arrive till the 5 or 6 and be late. If I wrote a physical check, I could “float” it, but I like the convivence of e-banking.
I am a very loyal person, and love the location of Legacy bank, being close to my house. I took me a long time and a lot of frustration before I actually had enough and moved. As I said before, I have never had this issue with other banks in other states, not with the new bank I transferred to in OKC.
Data as of Q1 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4042 |
| Year Established | 1902 |
| Employees | 148 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.33% |
| Return on Equity - YTD | 20.3% |
| Annual Interest Income | $8.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $797.5MM$1.27B |
| Loans | Q1 2022vs Q1 2021 | $546.4MM$976.4MM |
| Deposits | Q1 2022vs Q1 2021 | $554.4MM$527.4MM |
| Equity Capital | Q1 2022vs Q1 2021 | $53.9MM$44.2MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $4.8MM$5.7MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $6.2MM$11.6MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$25.00K |