One American Bank

Overview / Commentary
549 Broadway
Centerville, SD 57014

One American Bank is headquartered in Centerville and is the 21st largest bank in the state of South Dakota. It is also the 1,881st largest bank in the nation. It was established in 1883 and as of June of 2022, it had grown to 106 employees at 3 locations. One American Bank has an A+ health rating.

Reviews (8)

Very Satisfied With One American Bank

Posted by: |

I opened an account in December, 2017 and have been very satisfied with One American Bank. I have gotten the high interest rate promised based on meeting their reasonable requirements. I recommend them highly.

So Far, So Good !

Posted by: |

I opened my Kasasa Checking account several months ago. Everything went smoothly, with no delays or issues.

My only complaint is that they currently do not have a "Mobile Deposit" feature. It's difficult to use a non-local bank without the ability to make Mobile Deposits. I was told that a Mobile Deposit feature (an essential Mobile banking requirement for me) is supposed to be available on 5/1/2018, so I am waiting with anticipation.

UPDATE: 7/2/2018. They did activate Mobile Deposits in May as promised. and everything has been running smoothly. The only odd thing is they close their monthly cycles on the 3rd Thursday of the month ?? This results in wide varying number of days in the monthly cycles, so the monthly interest paid can have some wide swings.

New Customer February 2018

Posted by: |

Tammy is great there! The instructions to open are easy to follow and Tammy stays on top of it! Only requirement to have 12 debits at $5 each, eStatements and logging in is a breeze for 3.50%. So far I am pleased. Only drawback was that I cannot transfer funds from American One but I am able to transfer to from my other bank. Not a problem. Very professional!

In Person Only.

I contacted them about the 9 month CD. This was their response. "My name is Cade W. and I am responding to your online inquiry in regards to our Certificate of Deposit. Currently the only way to open these accounts are in Person and one of our South Dakota branches. If you do not live locally we hope to have an online account opening process ready to launch in the somewhat near future. If our rates continue to be awesome I would be happy to e-mail you when that time comes."

Change Of Terms

I got an email the other day announcing the following change of terms:

Effective October 20, 2016 Debit Card transactions will change to the following: Have at least 12 debit card purchase transactions of at least $5.00 each post and settle to your account per Monthly Qualification Cycle.

I haven't used this new rewards checking acct. much and now I have to think even harder whether I ever should...

Why Bother, They Are Not User Friendly

Posted by: |

I don't know why they offer the rewards checking account. They seem to do everything possible to discourage customers. 3.5% isn't worth the hoops and the poor customer service. I had the same experience as Prezelman. I have never had a customer service rep. call me before opening my account to explain about the primary account clause. It seemed like an off the record call and the attitude was condescending. It felt like I was suppose to be greatful that they were even considering me. I was approved but I was optimistically cautious from the beginning. I could not accept the overall experience. I never used the account. I have had great experiences with Destinations Credit Union ($10,000 3%), Lake Michigan Credit Union ($15,000 3%) and Consumers Credit Union ($20,000 4.5% and $10,000 3%, I get both). Because they dropped their interest rates, I am currently not using Heartland and First Financial but I am keeping the accounts active. I just keep their minimum balance and do an ACH transfer $25 in and out every few months. It cost me nothing but about 10 minutes of my time. Consumers CU came back around and these may also. If you have accounts that have changed their rates, do not close them. One of mine stopped accepting national accounts but they grandfathered mine in and kept the account open. I live in Georgia and I am in the process of opening an account with American Pride Bank ($10,000 3%). Things are going well, they are very helpful, apologize for taking more then 15 minutes to return my calls or e-mails and they sound appreciative to have my business. One American Bank took days to respond. The only quick response was the automatic e-mail upon receipt of my online application. The extra 0.5% or $50 per year at One American Bank was not worth the hassle. I am a very experienced Rewards customer and I know how things should go. Best of luck if you attempt to use an account with them. I didn't have a good feeling about them from the beginning and I can't imagine them resolving a problem in a timely satisfactory manner. Read the terms carefully. Giving you any interest for your efforts appears to be based on their whims. It seems so open ended that they can do whatever they want with no recourse for the consumer. I may be wrong. Read it for yourself. Best of wishes to anyone who uses them. Hopefully, you will have better luck than I did. I am disappointed in the results and myself for wasting my time. I hope a newbie doesn't judge all rewards checking accounts by this bank. Other banks operate much better. Don't turn away from other rewards checking accounts because of the reviews or your experience with this bank. Other rewards checking accounts are truly rewarding. The posts from all the customers demonstrate how important the website is and the great service they are providing to the community. It is important that consumers keep posting. Thanks.

Run From This Bank

This review is very similar to the previous one. I (1) emailed and asked them if they accepted out of state users. (2) applied online for the 3.50 APY online kasasa account. (3) called them for a status update. This was the reply: This bank has additional requirements which are not listed on their website. They want this account used as a primary account. If you just do the 12 debits and an ach, they will not give you the high interest rate. Spoke to a manager whom was very snotty and kept on referring to the multi-page disclosure. She said there was no reason for them to have a paragraph or blurb on their website regarding the required "primary usage" requirement. The manager refused to admit the possibility that they should add "primary usage required" on their website. This bank has ignorant management whom are not fully stating their account requirements on their website. Skip this bank.

Didn't Work Out

Posted by: |

Applied 2/2016 online. Approved 3/2016. Misplaced debit cards and they were reordered twice and never received as of 6/2016. Slow to return phone calls and e-mails. I never used the account and cancelled 6/2016. The best service was that they refunded my money quickly. I got the impression that either they were not prepared or did not desire online banking customers. They had very stringent requirements: Purpose and expected use of account - This Kasasa Cash Back with Saver account is linked to a Kasasa Saver account and is intended to be the accountholder’s primary checking account in which day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled. We expect this account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account’s rewards and thus will be deemed inappropriate transactions and will not count toward earning the account’s rewards. We reserve the right to determine if this account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over four (4) consecutive Statement Periods. The linked Kasasa Saver account will also be closed if the Kasasa Cash Back account is converted or closed. We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your existing obligations to us, including any obligation to pay fees or charges incurred prior to closure. No deposits will be accepted and no checks will be paid after the account is closed. If the account is closed, you will forfeit any rewards that have not been credited to your account. Upon closure of your Kasasa Cash Back or Kasasa Saver account, any optional add-on products/services associated with these accounts will also be terminated at the same time.


Health Grade Components

FDIC Certificate #6078
Year Established1883
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.97%
Return on Equity - YTD8.07%
Annual Interest Income$8.0MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$449.1MM$365.8MM
LoansQ2 2022vs Q2 2021$369.7MM$335.1MM
DepositsQ2 2022vs Q2 2021$347.3MM$177.3MM
Equity CapitalQ2 2022vs Q2 2021$47.0MM$53.4MM
Loan Loss AllowanceQ2 2022vs Q2 2021$1.9MM$1.5MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$372.00K$167.00K
Real Estate OwnedQ2 2022vs Q2 2021$0$273.00K

Rates for One American Bank are currently being reviewed.


One American Bank Locations
49th St3310 West 49th StreetSioux Falls, SD 57106
Sioux Falls Branch515 South Minnesota AvenueSioux Falls, SD 57104
One American Bank549 Broadway StCenterville, SD 57014

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