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 48th largest bank in the state of Michigan. It is also the 2,341st largest bank in the nation. It was established in 2005 and as of December of 2019, it had grown to 95 employees at 2 locations. Main Street Bank (MI) has an A health rating.

Related Posts

Main Street Bank Rate Change - 3/29/2020

Received this email from MSB today: As of 3/19/2020, the rate on our Kasasa Cash account changed from 3% APY on balances up to $30,000.00 to 2% APY on balances up to $15000.00.

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Wish They Were Easier

Posted by: |

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: |

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.

Opening A CD Online Went Fast!

Posted by: |

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!

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Health

Health Grade Components

Overall
FDIC Certificate #57878
Year Established2005
Employees95
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.76%
Return on Equity - YTD8.67%
Annual Interest Income$14.4MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$276.6MM$255.2MM
LoansQ4 2019vs Q4 2018$259.1MM$236.7MM
DepositsQ4 2019vs Q4 2018$235.1MM$221.1MM
Equity CapitalQ4 2019vs Q4 2018$25.6MM$23.2MM
Loan Loss AllowanceQ4 2019vs Q4 2018$1.7MM$1.3MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$110.00K$620.00K
Real Estate OwnedQ4 2019vs Q4 2018$0$0
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Main Street Bank Rate Change

  |  
Received this email from MSB today:
As of 3/19/2020, the rate on our Kasasa Cash account changed from 3% APY on balances up to $30,000.00 to 2% APY on balances up to $15000.00.

Rates

Rates for Main Street Bank (MI) are currently being reviewed.

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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