NexBank is headquartered in Dallas and is the 10th largest bank in the state of Texas. It is also the 133rd largest bank in the nation. It was established in 1934 and as of June of 2022, it had grown to 96 employees at 3 locations. NexBank's money market rates are 7X the national average, and it has an A health rating.
Related Posts
8/27/12 - Top 2-Year CD Rate at NexBank
10/3/11 - Bump-Up & Add-On CD at NexBank in Dallas - Texas Only
5/2/10 - Bump-Up & Add-On CD at NexBank in Dallas Texas - Local Only
3/14/10 - 2.00% 24-Month Add-On CD at NexBank in Dallas - Local Only
2/10/10 - NexBank Increases the Rate of its 24-Month CD Special - Texas Only
1/5/10 - 2.25% 24-Month Add-On CD at NexBank in Texas - Local Only
8/30/09 - 2.45% 24-Month Add-On CD & 2.15% 12-Month CD at NexBank in Texas
5/5/09 - 2.85% 24-Month Add-On CD at NexBank in Texas
7/8/08 - 4.28% 12-Month CD at a Dallas Bank (NexBank)
5/6/08 - 3.50% 12-Month Liquid CD Promotion at NexBank
Rough Start
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.
Bad Customer Experience
(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!
WARNING: NO ACH Out Upon CD Maturity
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.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 29209 |
| Year Established | 1934 |
| Employees | 96 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.43% |
| Return on Equity - YTD | 18.33% |
| Annual Interest Income | $203.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $13.31B$9.27B |
| Loans | Q2 2022vs Q2 2021 | $8.61B$5.99B |
| Deposits | Q2 2022vs Q2 2021 | $10.13B$7.27B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.07B$696.8MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $52.0MM$41.1MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $29.5MM$57.9MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |