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750 Volvo Parkway
Chesapeake, VA 23320

Monarch Bank is no longer doing business under that name because it has been merged or acquired. See the successor institution TowneBank.

Reviews (1)

Truly A "Little" Bank

Posted by: musigal | Dec 8, 2012

This bank would be a good bank to deal with except that they do not offer online banking unless you have one of their premium checking accounts.  In order to have one of those checking accounts, you must keep a $500 daily balance in order to avoid a monthly fee.  Only then do you have access to onine banking.  I have a Home Equity Line of Credit with them and opened a basic checking account with them to have an amount direct deposited into it each payday in order for my payment to automatically come out of that account.  In the beginning, I had access to online banking and could easily make extra payments to the loan, however, three years ago, Monarch decided to change their practices and unless I "upgraded" my checking account to another one that cost me each month, I would lose my online access.  Because I only opened this account to save 1/4% and to easily make payments on the loan, I knew I would never keep a $500 daily balance in that account, so I lost online access.  When I complained to the managemet about it, I was told to just wait, that all the "big banks" were going that way.  Well, I'm here to tell you that it is three years later and I have accounts at four other banks, two of the largest nationwide, a large local one and a credit union and NONE of them keep me from online banking...in fact, they encourage online banking.  One of them only holds my mortgage, I have no checking account with them at all, yet I still have access to their online banking.  With the others, all I have to have is an account with direct deposit and it costs me nothing.  Now to make things worse, I received a letter from Monarch tellling me they were pleased to announce that they were changing their personal checking account benefits and that they are consolidating their accounts to offer three solutions.  They are thrilled to announce that each of these come with the upgraded advantages of online banking with bill pay and other perks.  What does this mean to me?  "You do not have to do anything.  Your checking account upgrade will occur automatically.  After careful analysis of your current banking relationship, we are pleased to introduce you to our" name the account solution.  I will now enjoy all the online banking services they have to offer.  The catch?  You guessed it.  I have to maintain a daily balance of $500 in order to avoid a monthly service fee to keep the account. Seriously?  I didn't ask for this account, I'm being told I have to have this account and I'm going to be charged to do it or worse yet, have to move $500 from another institution's account to this one just so that it remains free? Why should I have to pay anything just for the privilege of paying on my loan?  It doesn't seem like good business practices. As a result I will be finding a way to sever my business ties with this bank as soon as possible...unfortunatley, until that happens, I will be forced to play it their way.



Health

We do not have health information for Monarch Bank, because it is no longer an operational bank.

Rates

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Locations

Sorry, but we do not have location data for Monarch Bank. Its headquarters is located at 750 Volvo Parkway - Chesapeake, VA 23320