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A great local bank for Nevadans
Nevada State Bank is a very good option for you banking needs in Nevada. It has a good number of branch locations and ATMs throughout the state. Their checking and savings account products are also easy to set up and have low fees. One exception to the rule is that for a free checking account, you either need to have money regularly direct deposited into the account, or keep a $1500 average limit in the account each month. Their website has all of the regular functionality that you would expect from a much larger bank. For example, they have online bill pay features, transfer features, and allow viewing of all of your past statements. Whenever I go into a physical branch, the staff is always very courteous and helpful.
Nevada State Bank review
I decided to make a checking account for this bank a couple years ago. Their service is pretty good and fast and all their employees are friendly. There were a few issues with this bank though which unfortunately made me close my account with them. First, their open times are very short. They close something at 3pm on weekdays and don't even open on weekends. This was a huge problem for me as I work on the weekdays until 5 and I'm free on weekends. Second, their ATM seems to be broken for most of the time. I wanted to deposit cash using their ATM, however, their ATM malfunctioned in the middle and ate my cash. This involved me filing a report and eventually getting my money back. Their fees are pretty good in my opinion. I once overdrew money from my card and I was hit with fees, however, they waived the fee. Overall, it's a nice bank but only for people that are free during their short open times.
As Recently As 2014/2015, NSB Still Holding Onto "New Account, Large Deposits" Overlong
I have read some of the complaints, herein, and I, too, experienced an overlong hold on a $ 10,000 deposit (cashier's check from former out-of-state bank) when I was attempting to open a new account at NSB.
Their representative took the check and said the entire $ 10,000 would not be available for 9 days. Even though I acquiesced in this policy, I later checked federal regulations on NSB's policy and have cut-&-pasted them below.
In my case, the "New Accounts" rep should have clearly and openly stated that $ 5,000 of my
$ 10,000 would be available the next business day (see I.a.1., below) and the remainder in 7 days (if, in furtherance of good customer service, they followed regulation II.B.1., below). Otherwise, regulations allowed a hold on the remaining $ 5,000 for 9 business days (see I.A.1.a., below) which is the route NSB chose to follow (of course).
The most important rule is to note that, generally, it is the type of the deposit that dictates the hold time. So as not to post an overlong review, I have limited the cited regulations to "New Accounts" and "Large Deposits: $ 5,000 or More".
I. New Account.
A. Deposit into an account that has been open for fewer than 30 days (unless you've had another account with the same institution for at least 30 days).
1. Cash, Electronic Payments & First $5,000 of Checks.
a. Next Day; Remainder 9th Business Day
II. Large Deposit.
B. Deposit other than cash or electronic payment totaling more than $5,000 in a single day.
1. First $5,000 2nd Business Day; Remainder 7th Business Day or Later.
With regard to the only other matters of concern to me, though I find in-person employee attitude to be professional and considerate, customer service at the drive-up is slow and they still want identifying documents every time I cash a check even though I've been a customer for 1-1/2 years. It seems to me that they exhibit an overall sense of distrust of the customer.
Horrible Bank
If you own a business you do not want to go here. Horrible company, horrible app, horrible online services. I'll be fighting this company for years to come due to their own incompetence. Much more to write that I do not have time for. Hours, and hours.
Data as of Q3 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 2270 |
| Year Established | 1873 |
| Employees | 10255 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.21% |
| Return on Equity - YTD | 11.14% |
| Annual Interest Income | $2.04B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $70.36B$66.73B |
| Loans | Q3 2019vs Q3 2018 | $48.47B$45.39B |
| Deposits | Q3 2019vs Q3 2018 | $56.14B$53.78B |
| Equity Capital | Q3 2019vs Q3 2018 | $7.51B$7.55B |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $509.8MM$479.7MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $221.5MM$275.6MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $3.6MM$4.0MM |
Rates for Nevada State Bank are currently being reviewed.
