Think Bank is headquartered in Rochester and is the 7th largest bank in the state of Minnesota. It is also the 496th largest bank in the nation. It was established in 2007 and as of June of 2022, it had grown to 253 employees at 9 locations. Think Bank's money market rates are 2X the national average, and it boasts an A+ health rating.
Most Efficient Bank Of All
I have been a customer of Think Bank ( earlier IBM EFCU) for over 10 years. In these years, I also have used Bank of America , Wachovia and few others. But none are even close to the efficiency and customer service of Think. They are easily accessible, efficient and thorough. I quote them as bench mark to other banks when they ask me for feed back.
Great Service, No/Low Fees, Great Rates At THINKBANK
THINKBANK used to be a credit union, THINKCU for Employees/family/friends of IBM. Superbly run by IBM folks. It recently converted to a bank to offer more services to more people. I was very hesitant because I was thrilled by the rates and free services at the Credit Union. So far, it's been great. Not getting charged for 'inactive accounts', checking accounts, etc. Car loan rates were the best I could find.
Big Change From IBM EFCU
In 2011 Think changed from a credit union to a bank. They told IBM FCU members that they could offer better service as a bank.
The opposite is true. A change in the customer support systems caused inadequate account reports and confusion on banking transactions. No longer are deposits annotated by type. Account reports are listed continuous and are hard to separate when reconciling. These problems have been reported to Customer Service and are never acknowledged or corrected.
Now THINK Mutual bank is in the process of adding fees that never existed under the EFCU.
Overdraft fees, even with LOC protection, Deposit fees and no longer providing free mail deposit envelopes. This is only a start in the fee implementations.
It appears THINK’s goal is to compete with big banks on fees.
Apparently this is what Think Mutual Bank meant back in 2011, by offering more services.
I'm very dissatisfied with the current level of service.
Very Poor Bank Won't Work With Customers Anymore.
After 50 plus years doing business with this bank and always paying on time and paying my loans off and having near perfect credit, when I tried to get a $25k loan for a short term it was not even considered. Whatever information you got from the credit bureau to be fair you can also see that ALL my bills and responsibilities are paid ALWAYS ON TIME and I am perfectly (as always) capable of paying what's due. No credit given for net worth like the old days or not accepting collateral (of which I have a lot) makes it almost impossible to use your financial institution any longer. I need a bank that works with me.
Mobile Banking Is Useless
They are forcibly moving customers to high priced checking. Aggressive sales tactics in creating new accounts will make you think this bank is the next Wells Fargo. When they convinced people they would be more efficient as a mutual bank than it was as a credit union, the company was blatantly lying.
Just Another 2 Bit Bank
Nothing special. I am in process of closing my accounts as they raise their fees and eliminate postage paid mail deposits. They recently added a number of new fees- just like any other bank now.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58536 |
| Year Established | 2007 |
| Employees | 253 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.66% |
| Return on Equity - YTD | 5.01% |
| Annual Interest Income | $25.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $2.21B$2.14B |
| Loans | Q2 2022vs Q2 2021 | $1.20B$1.21B |
| Deposits | Q2 2022vs Q2 2021 | $1.92B$1.81B |
| Equity Capital | Q2 2022vs Q2 2021 | $280.5MM$310.1MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $5.6MM$6.8MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $1.1MM$1.4MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |