Founded in 1980 in Houston, Texas, Woodforest National Bank is a privately-owned bank now headquartered in The Woodlands, Texas. It operates well over 700 branch locations in several different states and offers both personal and business depository banking products.
As far as personal banking products go, Woodforest National Bank offers checking accounts, savings accounts, money market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts CDs (IRA CDs). Furthermore, it offers convenient online and mobile banking services to its personal banking customers.
Woodforest’s personal checking accounts offer a variety of interest rates, depending upon the account balance. Additionally, Woodforest offers a “Second Chance” checking account, with higher maintenance fees, for those “who have experienced previous bank account challenges.”
For personal savings options, Woodforest offers money market accounts, savings accounts, CDs with terms ranging from 1 month to 5 years, and IRA CDs with terms ranging from 6 months to 5 years.
On the business side, Woodforest offers both business checking accounts and business loans, in addition to a variety of services. Its business checking accounts offer a range of benefits, depending upon transaction volume and account balance. Much like the “Second Chance” personal checking account, Woodforest offers a “Second Chance” business checking account, for “business customers who have experienced previous bank account challenges.” Finally, there is a business money market checking account option, with competitive variable interest rates. However, like other money market accounts, there is a limit of 6 withdrawals a month. Excessive withdrawals will incur fees.
Second Chance Banking
Woodforest Bank is a bank located within Walmart stores. It is a second chance bank for people who cannot get bank accounts otherwise. I was really excited to find this bank because I really needed a second chance. I have banked with Woodforest for the past two years. There fees for using debit cards and making withdrawals are very reasonable. I have a special feature on my checking account where I am able to overdraw without penalty. That certainly comes in handy when I have unsuccessfully balanced my check book and overdrew. I would recommend this bank to other people needing a second chance. The start up fee is very reasonable and Woodforest meets all of their customers banking needs.
A Bank That ACTUALLY Cares About Their Customers
About a year and a half ago, I was looking to open a checking account because another bank had charged me way too much for simple things like calling in and talking to someone at their office ($10 fee). I went to 2 other banks and they refused to open an account for me because of me refusing to pay the ridiculous fees the other banks charged me.
Then I was in my local Walmart and saw a bank there with a sign "2nd Chance Checking" so I stopped in and asked a few questions about their fees and such and then successfully signed up for an account with absolutely no problem. The branch manager, Andrea, personally opened my account and was very kind and friendly.
As the months passed by the tellers at Woodforest got to know me and always were very kind and always called me by my first name when I dropped by to deposit or withdraw money. By the way almost every deposit is available IMMEDIATELY! At the other bank, even though I'm sure they knew me, it seemed like I was just a number to them, maybe because I kept a lower balance than other customers, maybe because I had no huge loans with them, who knows. Also if I made a deposit that wasn’t cash it would take 1-3 business day(s), or more, to be available to me. Not at Woodforesst! The tellers at WOODFOREST always treated me like I had a million bucks in my account.
After having an account there for a year, in good standing, they upgraded my account to a free account with FREE $500 in overdraft protection that they called "privilege pay." At the other banks they made you apply for a line of credit to get overdraft protection, which, of course, they never approved for the average person! Not at Woodforest! They upgraded my account one day I was in there, making a deposit, surprising me! Wow, again making me feel like a treasured client.
At one point in time I had an overdraft, it got paid (thank goodness) and I got charged a $34 fee. Now its worth mentioning that while Woodforest only charged me ONE overdraft fee, the other bank would have charged me about 11 FEES because at my other bank they charged overdraft fees on” pending items” too. Again, NOT AT WOODFOREST. I went in that day and corrected my account making the balance positive and making sure my “pending transactions” didn't get any overdraft fees when they cleared. I talked to the manager that day and she told me that they limit the amount of overdraft fees that someone can incure in one day. Then she told me she would REFUND the overdraft fee if I completed an online banking education class (which took about 10 minutes to do) which was well worth the $34.00 I was refunded.
Another great thing about Woodforest is their online banking. You can log in anytime and see EVERYTHING going on with your account. For example, if I just went to the store and spent $50, there it was right on the screen. If I just got gas, instead of showing $1 it showed the actual amount. This is very helpful, in case you make a mistake. If you overspent, as long as you can make it to the bank before the "pending items" change to "posted items" (about 1-3 days) you can save yourself on fees if you make a deposit and bring your account to a positive balance. My other bank hid the "pending transactions" and just told you a total of them. Like I said earlier in this review, if you make a mistake and over spend, you will be charged fees on EVERY “pending item” that could be as much as $300+. NOT WOODFORREST!
Fast forward about 6 months. I woke up and checked my account online as I always do and there was an ACH for $200 that I did not recognize. It turned out to be fraud. Now this is what impresses me the most about Woodforest National Bank, the Vice President of the entire company (not just my local bank manager or a regional manager) this was the real deal Vice President of the bank (on a NATIONAL executive level) calling me from HIS CELL PHONE! A few questions and he fixed the problem RIGHT AWAY and told me to call him ON HIS CELL PHONE if I ever needed his help again. Now you tell me of a bank where the VICE PRESIDENT personally helped you out when your account only had a balance of $112.00 and gave you his cell phone number for future help if needed! Again, ONE MORE REASON I felt like I had a million dollars in my account.
To summarize, I would highly recommend this bank to anyone who wants a bank that not only says “We care about our customers….” but they ABSOLUTLEY really 100% do care about their customers. Thank you Woodforest for your AMAZING service. It’s the little things your bank does that counts. I’ve had bank accounts with around 25-30 banks in my lifetime and NEVER got the great service from anyone like I have from you. I’m just your ordinary guy who keeps an average of $300-600 in my account with “not so good” credit. Keep up the good work and everyone will have accounts with your bank! Thank You, from your customer for life!
Woodforest Worst Bank Ever! Do Not Give The You Business
I had to file a dispute with NTTA for unauthorized charges taken out of my account & had to file one with Woodforest. When I called for an update I was told my dispute was declined because NTTA declined the dispute. So I asked the bank, so that's it! You all accept the first thing the merchant gives you without any real investigation! No verifying the information that was given to you by the merchant!? No push back at all, no fight what so ever for your customers! As a customer I requested certain documentation be sent to NTTA in an attempt to get my money back to repay the temporary credit given by the bank I was told , no I had to do that even though they had sent bank statements back forth to NTTA! THIS IS THE LOUSEST, SORRIEST PIECE OF SHIT OF A BANKING INSTITUTION!! DO NOT GIVE THEM YOUR BUSINESS OR YOUR MONEY TO HANDLE!!
Idiots Running The Bank
I made a deposit online, so my money would be available tomorrow. I tried to access my online banking to check the status of my deposit. They told me my online access was blocked and my check was denied. It's almost historical they would reject a check from the company I opened the account with. It's also a company that has enough money to buy out Woodforest.
I called the phone number they instructed me to call, in order to straighten the situation out. Their representative was completely useless. So, he transferred me to an equally useless supervisor. They claim there was suspicious activity, even though that was just from me. They froze my access to my account, but allowed a third party app to withdraw funds, after they froze my access. Obviously they are complete idiots.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23220 |
| Year Established | 1980 |
| Employees | 4574 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.38% |
| Return on Equity - YTD | 29.47% |
| Annual Interest Income | $115.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $9.34B$9.39B |
| Loans | Q1 2023vs Q1 2022 | $6.37B$5.51B |
| Deposits | Q1 2023vs Q1 2022 | $8.38B$8.65B |
| Equity Capital | Q1 2023vs Q1 2022 | $763.7MM$705.3MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $85.9MM$77.2MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $73.6MM$67.0MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $559.00K$720.00K |
