Northpointe Bank is headquartered in GRAND RAPIDS and is the 4th largest bank in the state of Michigan. It is also the 280th largest bank in the nation. It was established in 1999 and as of December of 2024, it had grown to 500 employees at 1 location. Northpointe Bank's money market rates are 7X the national average, and it has a B+ health rating.
I Usually Don’T Give 5 Star Review, But I Had Really Good Experience With This Bank.
I try not to give five or one star bank reviews because I do not want to be bias.
This time it is an exception. I had to break a CD due to emergency. Even though my circumstances were very unusual, the bank had all legal rights to charge me penalty per agreement I had signed.
The bank was kind enough to waive all the penalties, released funds in a timely manner and wire transferred funds the same day!
Previously, I had no problems opening accounts with Northpointe Bank and I had no problems working with the bank while accounts were opened.
I would use this bank again for my financial needs.
Denied For Account
Said I was approved for a money market account and my account details would be emailed to me. 3 days later says my account is denied and support does not answer
Great Bank!
Over the years, I have opened and closed dozens of bank accounts. For the most part, banks range from fair to good. Northpointe is the exception. It's a great bank! It has reasonable ACH limits, easy online account enrollment, good online banking and excellent/well-trained reps (who actually have personalities).
I Disagree.
About 1/3 of banks I've dealt with call their high yield money market fund checking rather than savings. The NorthPointe account was easy to open and they helped me add beneficiaries to my account. I recommend NorthPointe Bank. Chucke
Ult MMA @ 0.9% Not Anymore
Update #2:
I got the 0.9% rate so I got lucky.
I do wish the web account offered notification alerts.
Update #1:
I signed up to this account, and was accepted when it was 0.9%. I just checked the rate at their web site and they have lowered their rate to 0.65%. My money was in transit to my account while the rate lowered. Disappointed. Lets see what rate I will get.
Original comment:
Although the overall Health rating is B, the Bank has an F for Deposit growth. It has been around for a while considering it's an online bank as well.
Does anybody worry that this Heath rating may indicate that it could go bust?
Fishing For Complements
(review comments on the deposit opening process)
I recently applied for, and opened, an Ultimate MMA. In an email acknowledging my application, it ended with the following:
“Leave us a review! Please take 30 seconds to post a positive review for Northpointe Bank on Google. Click here to get started”.
Now I am accustom to online merchants requesting reviews of their products, but never before the product is sent! (or in this case before the account is opened and funded).
I did find the application process to be easy, and clear. However, at the start of the process they indicated what documents and information should be gathered before starting the process. Bonus points for that. One item listed was the Drivers License. However, near the end of the application one finds a requirement to attach an electronic copy of the DL, in addition to all such info that had already been required to be entered in the application. If one doesn’t already have one available this is a pretty inconvenient time to find out one is needed, interrupting the application process to fiddle with this requirement. Minus points for this.
Another odd thing about the application process is that initial funding is limited to the $100 minimum account balance. No other amount is permitted. I find this odd because the minimum to trigger the advertised rate (.90%) for the Ultimate MMA is $25,000. One has to wait for account approval, then set up online banking, link a funding institution and use that to transfer the triggering balance. It took me over a week from starting the application to getting the requisite $ into my account. Notwithstanding these additional steps for the $25,000, the $100 minimum balance was not transferred any faster, both amounts posted on the same day.
Northpointe sent several helpful emails immediately as a result of the application submission. These must come from some sort of automated routine as they were received around 2 AM on a Saturday. I did not receive notification that my application had been approved until Tuesday afternoon, as apparently that review only occurs during normal banking hours.
Every bank seems to have some oddities in their processing, but which are really nothing more than that. Despite being sort of slow with the initial funding, Northpointe was very quick to issue the test deposits needed for account linking. And, they send plenty of emails to advise one of any developments in the process, like when a linked account is ready for use.
No Good Review Goes Unpunished.
Northpointe raised the MMA rate again, to 2.15 but this time there was no email and the new rate did not apparently apply to existing customers as my account continued to show the 1.85 rate. I emailed them and asked that my account be converted to the new rate. I received this email response (in part):
"Yes, I’m happy to assist and good news – the 2.15% APY top rate has been made active on your account and will be effective retroactive back to the new promotion start date of 08/17/22."
So, if you have one of these accounts, you are going top have to ask...and keep a sharp eye on your account in the future!
LOUSY ORGANIZATION
Terrible organization with even worse customer service. In fact Northpointe Bank is a debt collection agency masquerading as a bank. Very poor communication. Very intimidating and threatening agents. Tanked my credit score because they could not be bothered to pick up the phone to contact me. They have all the hallmarks of a debt collection agency in word and deeds. DO NOT DO BUSINESS WITH THESE PEOPLE. YOU WILL REGRET IT I PROMISE!
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34953 |
| Year Established | 1999 |
| Employees | 500 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.12% |
| Return on Equity - YTD | 12.26% |
| Annual Interest Income | $317.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $5.22B$4.76B |
| Loans | Q4 2024vs Q4 2023 | $4.63B$4.12B |
| Deposits | Q4 2024vs Q4 2023 | $3.43B$2.93B |
| Equity Capital | Q4 2024vs Q4 2023 | $485.1MM$448.2MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $11.2MM$12.3MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $46.4MM$24.5MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $3MM$24K |