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Main Street Bank (MI)


Overview / Commentary
248-645-8888
31780 Telegraph Road
Bingham Farms, MI 48025

Main Street Bank (MI) is headquartered in Bingham Farms and is the 50th largest bank in the state of Michigan. It is also the 2,443rd largest bank in the nation. It was established in 2005 and as of March of 2019, it had grown to 100 employees at 2 locations. Main Street Bank (MI) has an A health rating.

Related Posts

Main Street Bank Ups Nationally Available Kasasa Cash To 3.00% APY - 3/4/2019

Main Street Bank has raised the rate on its nationally available Kasasa Cash Checking account to 3.00% APY on qualifying balances to $30k. Min opening deposit is $100.

Main Street Bank (MI) Has SLASHED Their Interest Rates According To Webpage - 9/2/2018

APY MIN MAX ACCOUNT DETAILS 2.53% $500 - 60 Month CD down from 3.25% 2.43% $500 - 48 Month CD down from 3.15% 2.23% $500 - 36 Month CD down from 3.00% 2.22% $500 - 24 Month CD down from 2.75% 2.12% $500 - 18 Month CD down from 2.50% 2.02% $500 - 12 Month CD UP from 2.00% 1.26% $500 - 6 Month CD down from 1.75%

Main Street Bank Ups Nationally Available 36-Month CD - 8/20/2018

Main Street Bank (MI) has raised the rates on its nationally available CDs: 36-month (3.00% APY) and 48-month (3.15% APY). Minimum deposit is $500.

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Opening A CD Online Went Fast!

Posted by: Spring | May 17, 2019

I just opened a CD online and it was very, very fast and smooth. The only problem was you can only put in up to $100,000.00 per CD. I had to open a second cd for the rest of the money. Otherwise so far so good in terms of speed in opening the account Also, the rates are good and I understand (please verify) that they have a 180 day early withdrawal penalty on a 4 year cd which is excellent!

Wish They Were Easier

Posted by: crocpa | Apr 11, 2016

This bank has friendly responsible staff and they pick up the phone when you call. I wish they were easier to transact with though. Their mobile deposit has a $1.5K limit. The atm daily limit is $300. I recently called to place a claim for a double charge and was told to go back to the merchant. After requesting the account disclosure and 5 emails later was I referred to the branch supervisor to place a claim. I recommend the bank, just wish they would make it easier.

18 Monthe CD Rate Shown Is Not Correct

The 3% APY for an 18 month CD as shown from your search tool is incorrect and not available. If one clicks the on more detailed listing of rates, or if one goes to the bank's website, the APY available is (only) 2.5% for an 18 month CD

Petty Bank...25 Cents Is Worth More To Them, Then Their Customers.

Posted by: sooo | Aug 5, 2018

Small error and I earned only $2.17 interest on a $25,000 deposit
I wish I could get a loan from them for $25,000 and pay them $2.17!
So much for 2.32% interest advertised.
They also evaluate your spending habits...This bank must be your primary bank or the ONLY bank you do business with or they will NOT pay interest.
Overall they are very petty bank and value a few dollars over their customers. Customer acquisition rate doesn't seem to matter?
I opened an account and closed it shortly thereafter.
No thanks, there are too many other banks and credit unions out there to choose from.

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Health

Health Grade Components

Overall
FDIC Certificate #57878
Year Established2005
Employees100
Primary RegulatorFED
Profit Margin
Return on Assets - YTD-0.05%
Return on Equity - YTD-0.57%
Annual Interest Income$3.5MM
Assets and Liabilities
AssetsQ1 2019vs Q1 2018$260.7MM$236.5MM
LoansQ1 2019vs Q1 2018$242.7MM$214.8MM
DepositsQ1 2019vs Q1 2018$232.6MM$208.1MM
Equity CapitalQ1 2019vs Q1 2018$23.2MM$21.8MM
Loan Loss AllowanceQ1 2019vs Q1 2018$1.3MM$1.3MM
Unbacked Noncurrent LoansQ1 2019vs Q1 2018$444.00K$370.00K
Real Estate OwnedQ1 2019vs Q1 2018$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Main Street Bank (MI); 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.

Main Street Bank (MI) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%*-$100kFree Kasasa Saver for Kasasa Cash
OTHER TIERS: 0.50% $100k+
1.00%*-$50kFree Kasasa Saver for Kasasa Cash Back
OTHER TIERS: 0.50% $50k+

Main Street Bank (MI) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%*-$30kFree Kasasa Cash Checking
OTHER TIERS: 0.25% $30k+
Locations


Main Street Bank (MI) Locations
Main Street Bank31780 Telegraph RoadBingham Farms, MI 48025
Troy Branch363 West Big Beaver Road Suite 150Troy, MI 48084

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