National Cooperative Bank is headquartered in Hillsboro and is the 13th largest bank in the state of Ohio. It is also the 360th largest bank in the nation. It was established in 1988 and as of June of 2020, it had grown to 332 employees at 1 location. National Cooperative Bank's money market rates are 2X the national average, and it boasts an A+ health rating.
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My local bank
I used to use this bank, before switching to an online one. I very much enjoyed it while I did have it. They were always very helpful, and the website was easy to use without issues. They did have some fees, but they were much lower than other bigger banks you might use. I moved further away, so I stopped using them, since they aren't in too many locations. If you lost a card, they would also replace it very quickly, but if you wanted checks, you had to pay a good big of money.
Is This Really A Bank?
Based on MMA interest rates, I opened an online "Impact" MMA, which was funded by ACH as part of the application process.
Thereafter, I opened an online banking account and was stunned to find no facility for making transactions/transfers with other financial institutions. I called today and customer service confirmed that they do not offer ACH !!!
I asked how I could make additional deposits and the answer was:
1. send a check
2. wire funds (their fee disclosure schedule indicates this would cost $25 per
3. push (or pull) from another financial institution.
The latter is always an alternative to consider, but I could not find NBC's routing number on their website and had to ask.
Everything considered, this is really not a customer friendly place for one's savings. Their limited banking features are not disclosed. No wonder they have to offer a higher rate.
I must add that the online application process worked smoothly. Before starting the application, they indicate information one should have ready (e.g., SS#, DL#) However, they do not mention that at the end of the application one needs to attach copies of the Drivers License and one utility bill. If one does not already have copies of these in electronically transferable form, this is a bad time to find that you have go scan or download this information!
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32612 |
| Year Established | 1988 |
| Employees | 332 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.72% |
| Return on Equity - YTD | 6.66% |
| Annual Interest Income | $54.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $2.85B$2.64B |
| Loans | Q2 2020vs Q2 2019 | $2.21B$1.98B |
| Deposits | Q2 2020vs Q2 2019 | $2.45B$2.24B |
| Equity Capital | Q2 2020vs Q2 2019 | $306.4MM$289.4MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $23.0MM$16.4MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $8.8MM$10.8MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $272.00K$6.3MM |