Think Bank is headquartered in Rochester and is the 8th largest bank in the state of Minnesota. It is also the 518th largest bank in the nation. It was established in 2007 and as of December of 2019, it had grown to 276 employees at 11 locations. Think Bank's money market rates are 70% higher than the national average, and it has 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.
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 Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58536 |
| Year Established | 2007 |
| Employees | 276 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.82% |
| Return on Equity - YTD | 4.98% |
| Annual Interest Income | $54.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $1.67B$1.65B |
| Loans | Q4 2019vs Q4 2018 | $1.08B$1.04B |
| Deposits | Q4 2019vs Q4 2018 | $1.37B$1.37B |
| Equity Capital | Q4 2019vs Q4 2018 | $281.8MM$261.5MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $4.5MM$4.2MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $913.00K$1.3MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $176.00K$0 |
