Malvern Bank (PA) is headquartered in Paoli and is the 33rd largest bank in the state of Pennsylvania. It is also the 675th largest bank in the nation. It was established in 1887 and as of March of 2020, it had grown to 89 employees at 9 locations. Malvern Bank (PA)'s money market rates are 3X the national average, and it has an A health rating.
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Horrible, Horrible Bank
By chance I came across these other reviews of the Malvern Bank, and I was not at all surprised. I have not done business with any bank as horrendous as this one. Forget about contacting Bank President by letter, etc. - all correspondence ignored. Staff in local branches not knowledgeable; wait times, horrendous, customer service non-existent. If you are foolish enough not to believe everything that has been written here, go and find out for yourself. I have a feeling you might just want to add another negative review to the growing list here.
IRA Staff Are Horrible- Don't Know What They Are Doing
Tried to take my minimum distribution from an inherited IRA. Took 2 trips to bank, 2 phone calls and they still got it wrong. Issued an incorrect 2099R. Very frustrating. Woman I dealt with knew less than me and I don't work for a bank. They are going to lose me as a customer as I am withdrawing my money.
Customer Service Is The Worst. Just Closed My Accounts.
This is the worst bank by far. I called for a payoff on my 2nd mortgage i had to jump through hoops to get it. They refused to give it to me. I had to wait to receive it in the mail. Than after i received it my wife went to pay it and they would not accept payment from her because she wasn't on the account, REALLY. UNBELIEVABLE. The tellers at the Paoli branch should all be fired. Be warned, Stay far away from this bank
If You Like Red Tape, Hassles, And The Run Around, This Is The Bank For You.
I have a sister with Downs Syndrome. I became her legal guardian when my mother died in 2010. They converted her burial passbook savings account in to a a burial on line savings account and started charging her account a $10 per month inactivity fee. I had to make several calls to get the fees taken off. They were paying a lousy .05% interest. I had to call several times again to get it converted into a burial CD. I had to call a VP at the bank to get the transaction processed and a copy of the CD. They had all the legal documents at that time. When I called for a statement a year later, they told me that I had to come in. I told them that I lived in Florida. They said I needed to send a letter requesting a copy of the CD balance statement. I convinced them to let me fax a letter. I faxed the letter. When I called in to confirm they had the letter, they said a supervisor had to OK them to fax me the statement. I then got a call saying I need to send some more documents. I am confused as to why I could open an account but now all of a sudden they couldn't send me a statement without an act of congress.
Definately A Bait And Switch Rate Bank; Website Is Horrid; Service Sucks; Holding
My wife and I thought we'd give a local bank a chance when looking for HELOC. For years, we haven't had any brick-and-mortar / paper checking; we're both very happy ING Direct Electric Orange customers. Needless to say, we haven't missed the nonsense of having to pay a bank to hold our money or the nickel and dime fees associated. But we wanted a HELOC for home improvements, and Malvern Federal Savings seemed to have the best rates.
We opened the HELOC in April 2012, only after being promised that the 6 month teaser rate of prime -1% wouldn't start until our first withdrawal on the line. Complete LIE and breech of contract. We just withdrew for the first time 3 weeks ago in September, and surprise, surpise, the rate will go up 1% next month. On top of that, the rate will go up another 1% if we don't use their checking account to make the payments; necessitating the rediculous "double hop" transfer: ING -> Malvern Checking -> Malvern HELOC. Yeah, all that so that Malvern can enjoy having $315 extra in their reserves for 2 days out of the month, brillant.
Stay far, far away. We'll be closing the whole mess, both accounts, shortly, and seeking a lender who doesn't belong on the top of the list of deceptive, swindling banks...
Avoid Malvern Federal Bank In PA
Be aware of this bank. I deposited $200 in 2009 at this bank. And I never touched the account. Today I found out I only have $60 in the account. It turns out that they changed my account type without my consent and then start charging $10 a month "maintenance fee" for doing nothing on the account since 2011 and now they stole $140 from me just like that.
If you want to lose money while you put money in a bank, this is the bank can make this happen.
Awful bank, sneaking practice, and bad customer service all in one bank "Malvern Federal".
So Outdated Bank, Good For 1900'S, Not Nowdays.
Very old bank, you can't get hold of anyone after hours. They charge you for everything, even getting a copy of your statement. You better off with any REAL bank, not this mickey mouse bank.
POOR Customer Service And Classic Bait & Switch Rates!
This bank is trying to expand...at the expense of customer service.
They offered a 2.%Money Market Account up until October 9, 2010--their Grand Opening!
When I went into their new bank on October 7th, I was informed that they no longer offer the 2.0%--we are coming out with a new rate...tomarrow. When I asked to see the manager--she was no help. I wrote a letter to the Bank President to get an explanation---no reply....NIce Customer Service.
I have a relative who did get the 2.0% Money Market Rate--he tells me the monthly statements do not include the earned interest in his balance--sloppy book work on the banks part.
I would STAY FAR AWAY FROM THIS BANK!!!
Data as of Q1 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27861 |
| Year Established | 1887 |
| Employees | 89 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.73% |
| Return on Equity - YTD | 5.86% |
| Annual Interest Income | $11.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $1.23B$1.21B |
| Loans | Q1 2020vs Q1 2019 | $1.00B$997.1MM |
| Deposits | Q1 2020vs Q1 2019 | $928.4MM$958.0MM |
| Equity Capital | Q1 2020vs Q1 2019 | $155.6MM$146.5MM |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $10.6MM$10.0MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $8.8MM$2.4MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $5.8MM$5.8MM |