Malvern Bank (PA)

Overview / Commentary
42 East Lancaster Avenue
Paoli, PA 19301

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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Reviews (8)

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

Posted by: |

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.

Posted by: |

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!

Posted by: |

This bank is trying to 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.



Health Grade Components

FDIC Certificate #27861
Year Established1887
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.73%
Return on Equity - YTD5.86%
Annual Interest Income$11.6MM
Assets and Liabilities
AssetsQ1 2020vs Q1 2019$1.23B$1.21B
LoansQ1 2020vs Q1 2019$1.00B$997.1MM
DepositsQ1 2020vs Q1 2019$928.4MM$958.0MM
Equity CapitalQ1 2020vs Q1 2019$155.6MM$146.5MM
Loan Loss AllowanceQ1 2020vs Q1 2019$10.6MM$10.0MM
Unbacked Noncurrent LoansQ1 2020vs Q1 2019$8.8MM$2.4MM
Real Estate OwnedQ1 2020vs Q1 2019$5.8MM$5.8MM
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Always verify rates and promotions with the bank or credit union. We are not Malvern Bank (PA); 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.

Malvern Bank (PA) Savings Account Rates

1.36%--Retirement Statement Savings
1.00%*-$100kKasasa Saver
OTHER TIERS: 0.50% $100k+
0.05%$10-Malvern Youth Savings
0.05%$200-Statement Savings
0.05%$200-Business Statement Savings

Malvern Bank (PA) Money Market Rates

1.25%$2.5k-OnLine Money Market
1.17%*$100k*-Premier Rewards Business Money Market Account
OTHER TIERS: 0.35% $2.5k - $10k | 0.50% $10k - $25k | 1.00% $25k - $100k
1.05%*$100k*-Premier Rewards Money Market
OTHER TIERS: 0.25% $2.5k - $10k | 0.35% $10k - $25k | 0.50% $25k - $50k | 0.75% $50k - $100k
1.00%*$125k*-Premium Money Market
OTHER TIERS: 0.50% $75k - $125k
0.50%*$100k*-Business Money Market
OTHER TIERS: 0.10% $2.5k - $25k | 0.35% $25k - $100k
0.30%*$100k*-Star Money Market
OTHER TIERS: 0.10% $2.5k - $25k | 0.20% $25k - $50k | 0.25% $50k - $100k

Malvern Bank (PA) Checking Account Rates

2.00%*-$25kKasasa Cash Checking
OTHER TIERS: 0.50% $25k+
0.80%*$100k*-Premier Rewards Checking
OTHER TIERS: 0.15% $2.5k - $10k | 0.25% $10k - $25k | 0.50% $25k - $50k | 0.65% $50k - $100k
0.75%$5k-Senior Checking
OTHER TIERS: 0.05% Up to $25k | 0.20% $25k - $50k | 0.35% $50k - $100k
0.50%*$100k*-Premiere Rewards Business Checking
OTHER TIERS: 0.05% $2.5k - $25k | 0.20% $25k - $50k | 0.35% $50k - $100k
0.05%$1k-Free Checking with Interest
0.05%-$25kFree Business Checking with Interest
0.05%-$25kNon-Profit Business Checking

Malvern Bank (PA) CD Rates

1.05%$500-60 Month CD
1.05%$500-Business 60 Month CD
1.05%$500-60 Month Online CD
1.05%$500-Business 60 Month Online CD
0.80%$500-48 Month CD
0.80%$500-Business 48 Month CD
0.80%$500-48 Month Online CD
0.80%$500-Business 48 Month Online CD
0.55%$500-36 Month CD
0.55%$500-Business 36 Month CD
0.55%$500-36 Month Online CD
0.55%$500-Business 36 Month Online CD
0.45%$500-24 Month CD
0.45%$500-Business 24 Month CD
0.45%$500-24 Month Online CD
0.45%$500-Business 24 Month Online CD
0.35%$500-18 Month CD
0.35%$500-Business 18 Month CD
0.30%$500-12 Month CD
0.30%$500-Business 12 Month CD
0.30%$500-12 Month Online CD
0.30%$500-Business 12 Month Online CD
0.20%$1k-3 Month CD
0.20%$1k-6 Month CD
0.20%$1k-Business 3 Month CD
0.20%$1k-Business 6 Month CD

Malvern Bank (PA) IRA Rates

1.15%$500-60 Month IRA
1.10%$500-48 Month IRA
1.05%$500-36 Month IRA
1.00%$500-24 Month IRA
0.85%$500-18 Month IRA
0.80%$500-12 Month IRA

Malvern Bank (PA) Locations
100 West King Street Branch100 West King StreetMalvern, PA 19355
Rt 23 & 100 Branch1000 Ridge RoadPottstown, PA 19465
Malvern Federal Savings Bank42 East Lancaster AvenuePaoli, PA 19301
West Uwchlan Avenue Branch537 West Uwchlan AvenueDowningtown, PA 19335
Lancaster Ave Branch650 Lancaster AveBerwyn, PA 19312
Concordville Branch940 Baltimore PikeGlen Mills, PA 19342
Villanova Branch801 E Lancaster AveVillanova, PA 19085
Morristown Financial Center Branch163 Madison AvenueMorristown, NJ 07960
Palm Beach Branch205 Worth AvePalm Beach, FL 33480

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