WSFS Bank is headquartered in WILMINGTON and is the 7th largest bank in the state of Delaware. It is also the 95th largest bank in the nation. It was established in 1832 and as of March of 2023, it had grown to 2,109 employees at 100 locations. WSFS Bank's money market rates are 9X the national average, and it has a B+ health rating.
A very reliable bank in Delaware
WSFS is a pretty reliable bank to use regularly. They have friendly customer service, overall. Their employees treat you like valued customers.
On the downside, they do not have as many online features as, say, Capital One 360. I cannot yet deposit checks online. Their site interface is also not quite as advanced as some others.
Also on the negative, it is also more difficult to do transfers from other banks; They tend to charge you fees. Furthermore, there are overdraft fees and potential fees for withdrawing from a credit line automatically. This is inconvenient and can make transactions more of a hassle. Perhaps some other banking experiences have spoiled. For the record, I have a WSFS checking account.
On the plus side, you can get a debit card for them fairly easily. And if you live in Delaware, you can get serviced at a lot of different locations. There are also WSFS atms around the area. So more personal service and locations makes up somewhat for lack of online features. And that means that there are more people getting jobs instead of all the banking done remotely. I appreciate that.
Overall, a very good bank.
WSFS Is Truly A Service Oriented Bank
I have been a customer of this bank for over 15 years, and it is a bank that really focuses on the customer and goes the extra mile to provide great service. Although I had a couple negative experiences (with an excessive overdraft fee and fees for reordering checks),most of my contact with this bank has been problem free. At one branch, all of the representatives remember names and help each other out with cases when the others are busy.
NOT Service Oriented Anymore
I have been with WSFS for over 10 years. I have noticed a decline in customer service, especially the past 3 years. As they focus more on growth and profit, they focus less on helping the customer. They eliminated the "REALLY! Free" banking, reduced the number of ATM's, don't keep the ATM's filled with money, and have made it more difficult and expensive to qualify for loans. Two of my family members have already switched, and I am too. They are now just another profit-focused business,
Shadow Of The Past
we banked at WSFS and it's predecessors for as long as we can remember. Now they have closed our branch in Riverton. The people there were great. So we have closed all of our accounts. Service is no longer important to WSFS.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 17838 |
| Year Established | 1832 |
| Employees | 2109 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.31% |
| Return on Equity - YTD | 11.54% |
| Annual Interest Income | $226.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $20.22B$20.87B |
| Loans | Q1 2023vs Q1 2022 | $12.02B$11.27B |
| Deposits | Q1 2023vs Q1 2022 | $16.38B$17.79B |
| Equity Capital | Q1 2023vs Q1 2022 | $2.34B$2.61B |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $169.2MM$136.3MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $35.6MM$23.2MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $1.1MM$1.8MM |
