Limestone Bank is headquartered in Louisville and is the 13th largest bank in the state of Kentucky. It is also the 733rd largest bank in the nation. It was established in 1902 and as of June of 2022, it had grown to 225 employees at 21 locations. Limestone Bank's money market rates are 2X the national average, and it has an A health rating.
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Great Bank And Customer Service
I’ve used Limestone free online checking and bill pay for many years and couldn’t be happier. They were called PBI when I first opened my account. Customer service is quick to reach and there located here in the U.S.
They even saved me from getting scammed out of 14k when UDF/Axos bank locked my new account as soon as the ACH transfer left Limestone.
It Used To Be Better...
I am writing this to update people on what happened after Ascencia Bank became a part of PBI. When it was Ascencia, it was a paper-driven bank (forms would need to be emailed/fax/mailed, had competitive rates and were relatively friendly folks.
The accounts were easy to setup (the checking account had 50 starter checks) and had very competitive rates. Billpay was a little clunky, but functional. The rates were listed on the website for customers, current or prospective, to view.
ACH setup was straight forward and officially had no limit on the number of banks linked to an account (min transfer amount was $25 in either direction) (The bank understandably did question, but officially no limit) I don't think there was a maximum number of transfers in either direction or an amount per transaction or "total" It was a decent bank. (Its one of the few banks that I opened without thought of any "promotional offers") Good rate, pretty convenient (it allowed bank by mail with preprinted deposit slips and prepaid envelopes) and a respectable hub.
After the update to online banking and perhaps final conversion to PBI, former Ascencia customers were notified that the billpay info would convert, but the ACH info would not. "Improvement" was in the form of being able to setup ACH online with trial deposits. (Previously, one had to email/fax/mail a form that had a voided check/deposit slip image with the routing number and account number) However, there were quite a few bugs that needed to be ironed out in the first few days (after 11/25...almost a week)
"To add a new Bank-to-Bank transfer, complete the fields below and select Submit. You may submit up to five (5) inbound transfers and five (5) outbound transfers per day. The total dollar amount of inbound transfers cannot exceed $3,000. Any incoming bank-to-bank transfers will have a two-day hold placed on the funds before they are available for use. The total dollar amount of outbound transfers cannot exceed $3,000. You may set up recurring or future dated transfers. These transfers will count towards your totals on the day that the transfer is scheduled to occur."
is what is shown now. What is also not mentioned is lowered minimum transaction amount of $1 (previously $25) and the "hold" mentioned in the quote is where "pulled" amount is debited with the heading "memo debit memo." instead of just showing a current balance compared to a available balance.
Also, unfortunately, if a person tries to setup a transfer and there's an error, the system does not tell the customer the error message/reason. (no reds, nothing) As a result, this bank is not recommended as a hub account.
In terms of convenience, I think it's okay if a person knows to ask the customer service for the deposit slips and envelopes (no deposit slip results in at least a $5 fee; probably higher now) The mobile app does not have mobile deposit yet.
I hope this review might help other readers. Thank you for reading.
Deactivated Debit Card
How are you going to deactivate a person's debit card on a Saturday, when you don't have 24/7 customer service to fix it? This is now the 5th time you've done this to me. It's not fraudulent purchases when they've been verified 2 times already and it's the SAME purchases your still deactivating for. I can't make my credit card 0ayment on time now, guess what, that's an added 30+ but KS a day late fees, which YOU WILL be refunding. On top of that I have to work between now and Tuesday, how do you propose I pay for gas and food??? You have list an account just as soon as I can get another open somewhere else..hope you guys have a very u inconvenienced holiday weekend, cause you sure screwed mine!!
Poor Customer Service
So I have been with this bank since I was in high school and I have always loved it until today. So I been off work due to the covid and my children not being able to go to school and now they are back in school I started a new job and of course not to mention im so broke I cant see straight and limestone bank tells me my electronic check that was issued by my employer is at the warehouse!!! Excuse me? It was electronic so no wharehouse should have my check. So what happened is I was over drafted because I have been so broke and they closed my account and I now have to pay the over draft fee of 80.00 before I get mny paycheck. Im boiling mad. I would never recommend this bank for anybody.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 9314 |
| Year Established | 1902 |
| Employees | 225 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.27% |
| Return on Equity - YTD | 10.9% |
| Annual Interest Income | $25.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $1.41B$1.33B |
| Loans | Q2 2022vs Q2 2021 | $1.06B$934.8MM |
| Deposits | Q2 2022vs Q2 2021 | $1.17B$1.14B |
| Equity Capital | Q2 2022vs Q2 2021 | $161.9MM$159.5MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $12.6MM$12.6MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $3.0MM$1.5MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |