WEX Bank is headquartered in SANDY and is the 13th largest bank in the state of Utah. It is also the 224th largest bank in the nation. It was established in 1998 and as of March of 2023, it had grown to 83 employees at 1 location. WEX Bank has an A health rating.
WEX IS THE BEST OF THE BEST
This review intends to deliver our personal experience with WEX bank as a whole including all of their departments, we understand that every experience is different and we respect everyone's opinion. When we were on the verge of going under due to COVID-19, we were desperately in need of a lifeline, I have invested our life savings along with taking a home equity loan to fund our business, and as soon as we opened Covid came around to destroy everything we built with sweat and tears and working literally around the clock 24/7, as a last resort I turned to WEX without any established relationship between us, I have put everything on the table and I explained to them our situation and the fact that if we don't receive the help that is very much needed we will not be able to survive, WEX gave us the lifeline and spared no effort to rescue us and for that, I'm forever in debt, to this Organization with special thanks to CHEVRON and everyone works in that department, and if I could I will invest every single penny with this Bank and I will have No Worries whatsoever, I, my family, and everyone works with us owe this Bank our life. Thank You from the bottom of my heart.
Bad For Business( TOOK MY MONEY)
I was terminated from my job and the same day my FSA card was terminated, with a balance left on my card. I was told the IRS retrieved my balance but IRS say they have no records. One MEX representative said I had until Dec. 31, to use my card, then another representative told me my card was terminated the day I was terminated from my job, back in September. I was sent no notice of inactivity pertaining to my card being inactive. Now, I see there's still a balance on my card, but they said the IRS has retrieved my balance. The representative I spoke with at the IRS was in disbelief especially knowing these FSA,HSA cards have a yearly turnover and my card was deactivated back in September and they had the nerve to take a last payment from my paycheck before deactivating my card. Do not deal with this bank and their cards.
WEX NEVER AGAIN !!!
Wex bank handles the credit for the Marathon gas station that our company uses. They are without question the worst bank I have ever dealt with. If your payment arrives one day late (due to postal delays) you are charged exhorbitant late fees that defy any sense of fairness or logic. Customer service ???? Wex customer service representatives are the worst people I have ever experienced in twenty four years of operating a small business. This banking /credit institution represents everything that is wrong with this country today. I urge anyone who applies for credit for small fleet petroleum services to run away from ANY company that uses Wex for their credit.
Overall Service
This is the worst bank I have ever dealt with. They run the subsidiary my university uses for refunds. They charge for virtually every little thing, the rates are not low at all, some procedures are archaic and there is a lot of red tape, and the customer service representatives I have spoken to are rude normally. I cannot wait to graduate so I do not have to deal with this bank ever again.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34697 |
| Year Established | 1998 |
| Employees | 83 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 5.06% |
| Return on Equity - YTD | 65.83% |
| Annual Interest Income | $238.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $6.48B$5.01B |
| Loans | Q1 2023vs Q1 2022 | $2.92B$3.37B |
| Deposits | Q1 2023vs Q1 2022 | $5.59B$4.32B |
| Equity Capital | Q1 2023vs Q1 2022 | $501.6MM$411.0MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $77.0MM$39.8MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $33.5MM$34.2MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |