National Cooperative Bank is headquartered in Hillsboro and is the 13th largest bank in the state of Ohio. It is also the 358th largest bank in the nation. It was established in 1988 and as of December of 2020, it had grown to 335 employees at 1 location. National Cooperative Bank's money market rates are 36% higher than 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!
ACH update 2021: According to an email I received from NCB, they now offer ACH transfer capability thru online banking. I immediately proceeded to establish a link to my primary bank. The set up was smooth and quick with the usual test deposit validation routine, although there was a 2 factor authentication process through email in order to get started (seems like a reasonable step for a newly initiated feature). They do not mention in their confirming email that you have to go into "preferences" to find the test deposit reporting screen. Now the bad news: The daily limit is $5000 and a MONTHLY limit of $10,000. I called customer service to learn they DO NOT grant exceptions to these limits. They admitted that this is a new service and they "might" raise the limits after more experience. I told them this new ACH capability is more of an irritant than a service with these limits. Looks like they purchased some pretty good software as there are drop down menus that contain transfer timelines, these limits, etc.
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32612 |
| Year Established | 1988 |
| Employees | 335 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.27% |
| Return on Equity - YTD | 11.61% |
| Annual Interest Income | $108.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $3.03B$2.70B |
| Loans | Q4 2020vs Q4 2019 | $2.14B$2.06B |
| Deposits | Q4 2020vs Q4 2019 | $2.59B$2.29B |
| Equity Capital | Q4 2020vs Q4 2019 | $332.1MM$300.5MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $24.3MM$16.9MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $7.1MM$8.1MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $105.00K$973.00K |