Merrick Bank

Overview / Commentary
10705 South Jordan Gateway, Suite 200
South Jordan, UT 84095

Merrick Bank is headquartered in South Jordan and is the 13th largest bank in the state of Utah. It is also the 283rd largest bank in the nation. It was established in 1997 and as of March of 2022, it had grown to 456 employees at 1 location. Merrick Bank has an A health rating.

Reviews (7)

As Good As It Gets

Posted by: |

I've been moving money around to a lot of different banks the past several years, chasing rates because of the low rate environment we have been in. This bank is the best one I have found out of about a dozen I have used. Their process to open a CD is simple and 100% online, the website is very easy to use and navigate. When I do have a question, their online support via secure messaging has been perfect. Their representatives have all been very professional and super helpful. Outstanding experience !

Great Customer Service

Posted by: |

Overall great experience with this bank - opened 3 CDs online

They Do Fine

Posted by: |

This is my second time with Merrick. First was with a Brokerage CD so I did not deal directly with the bank. Next was a Bank CD and I found them very good to deal with. ACH, microdeposits, et al went very well. Their rates are always at or near the top.

Good CD Rate But Difficult To Open An CD Account

Posted by: |

The good part is their 12month CD rate and their grade A safety rating. The bad part is the "online" application process which is really part online and part on the phone and will take a lot of your patience to get through the process and about 8 business days to get your account open and funded. Their headquarters is in Utah but you are not allowed to talk to anyone there. They have a call center in Missouri and the claim to be open till 6PM but they can't access any information from Utah after 5PM. You will need to unfreeze one of the credit bureau reports but they won't tell you this upfront--they will contact you later after the online application doesn't go through. After they get your credit report, they will contact you and ask you to call them so they can ask you "extra questions". After you jump through that hoop, they will then send the two microdeposits to the account you want to link to the Merrick CD account in order to fund the account. And on it goes for days and days on end, but if you want a good CD rate in a bank with a good safety rating, then this is the price you are going to pay. Good luck, John

EWP Is A Little Stiff

Term Early Withdrawal Penalty
364 days or less 90 days’ interest*
365 days and 1,459 days 180 days’ interest*
1,460 days or longer 270 days’ interest*

* Or seven days’ interest, whichever is greater

Plus I can not easily find their fee schedule.

Do NOT Get A Merrick Bank Card

Merrick bank is a joke! DO NOT OPEN A ACCOUNT WITH THEM!!! They filed a delinquency with the credit bureas for a $3 bill. At 31 days past due, and admittedly did not make any effort to contact me.

I had a merrick bank card for 16mo. (Closed it after this incident). The first year they charge you a service fee upfront. Your second year they apparently charge $3 a month. I never made a charge on my card. So I never set it up for autopay like the other literal 23 cards I have. Then was after the first year charged $3. Never received a bill, nor did they make any attempt to contact me. So they report my account as delinquent. Thats how I found out about the bill. When I got a alert from credit sesame and credit Karma. I watch my credit close and pride myself on paying all my bills on time!!! I have a mortgage, 2 car payments, 23 credit cards with a balance on 8 of them. I make atleast a dozen payments a month.

This ONE measly $3 delinquency dropped my credit score 20pts. I had no delinquencies, no charge offs, no bankruptcies, nothing... when I contacted Merrick for a good faith delinquency removal which I discovered can be done when I researched the issue, they exclaimed they don't do good faith removals?!

If you dont do good faith removals then don't report people without making them aware of a debt!

By charging you upfront your first year, then changing that practice the second year, they are trying to set you up for failure. None of my other cards do that! The very few that I have that charge a fee do it annually. They are preying on you, and the fact you will miss that first payment due to the fact your not used to seeing it.

That's a predatory buisness practice as far as I am concerned. I closed my account immediately. I advise you not to open one. Go with another institute that is more fair and honest.

Impossible To Open A CD Online

On 4/18/20, I tried to open a 24 month CD. Submitted all info and asked to fund from my checking acct at another bank. Merrick deposited and debited $0.69 test deposits but never withdrew my opening deposit.
On 3/20/21, I tried again. Resubmitted info. Was asked to read and must agree to three documents. Links to documents were dead, so I couldn't agree.
Cancelled my application, won't be back.


Health Grade Components

FDIC Certificate #34519
Year Established1997
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD5.69%
Return on Equity - YTD22.2%
Annual Interest Income$243.6MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$4.60B$4.51B
LoansQ1 2022vs Q1 2021$3.68B$3.06B
DepositsQ1 2022vs Q1 2021$3.29B$3.27B
Equity CapitalQ1 2022vs Q1 2021$1.21B$1.16B
Loan Loss AllowanceQ1 2022vs Q1 2021$520.6MM$437.4MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$141.6MM$103.7MM
Real Estate OwnedQ1 2022vs Q1 2021$0$0

Rates for Merrick Bank are currently being reviewed.


Merrick Bank Locations
Merrick Bank10705 South Jordan Gateway, Suite 200South Jordan, UT 84095

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