NexBank is headquartered in Dallas and is the 12th largest bank in the state of Texas. It is also the 166th largest bank in the nation. It was established in 1934 and as of September of 2021, it had grown to 90 employees at 3 locations. NexBank has an A health rating.
This bank will not assign an account number to you until your initial deposit is fully received. This is problematic as there is no way to check the progress of the account opening. Days are spent waiting for the bank to communicate with you. And nothing occurs.
In my case, two days after my account opened, I finally learned about it after initiating an e-mail.
Poor policy. And poor customer service.
(1) Online presence is awkward to use. (2) Opted to establish a "link" to my personal checking account in order to transfer in and out. Applied online and received approval in just a day or two. But, when I tried to transfer out funds upon CD maturity I was told that out-of-state accounts could not be used. (3) In order to withdraw funds I had to send a notarized letter, a ridiculous requirement that only added to the "float" time they benefit from. (4) Trying to speak with anyone at the bank was difficult and you have to leave a message and wait for a return call. Played 'telephone tag.'
Certainly will not patronize this bank again!
This bank does NOT send your maturity funds via ACH out. I spoke with a CSR at the bank, and he informed me that you have to send them a letter (probably a notarized letter) requesting closure of the CD account upon maturity and they will MAIL YOU A PHYSICAL CHECK. This is an antiquated and dangerous practice in this day and age. Think about delays in mail delivery or if your check gets misplaced in the mail. Then you have a lot of hoops to go through to get your money back (which you could have invested elsewhere had they sent you via ACH). For a little extra APY, I would NOT go through this hassle. Peace of mind comes first.
|FDIC Certificate #||29209|
|Return on Assets - YTD||1.34%|
|Return on Equity - YTD||18.25%|
|Annual Interest Income||$203.8MM|
|Assets and Liabilities|
|Assets||Q3 2021vs Q3 2020||$9.75B$9.04B|
|Loans||Q3 2021vs Q3 2020||$5.60B$6.32B|
|Deposits||Q3 2021vs Q3 2020||$7.82B$7.36B|
|Equity Capital||Q3 2021vs Q3 2020||$759.9MM$555.4MM|
|Loan Loss Allowance||Q3 2021vs Q3 2020||$39.7MM$74.7MM|
|Unbacked Noncurrent Loans||Q3 2021vs Q3 2020||$35.8MM$97.0MM|
|Real Estate Owned||Q3 2021vs Q3 2020||$0$164.00K|
Rates for NexBank are currently being reviewed.
|Nexbank, SSB||2515 Mckinney Ave, Suite 1100||Dallas, TX 75201|
|Preston Center Branch||6121 Luther Lane||Dallas, TX 75225|
|Mckinney Branch||2515 Mckinney Avenue, Suite 1700||Dallas, TX 75201|