Zions Bank

Overview / Commentary
1 S Main Street
Salt Lake City, UT 84133

From the Bank

Zions First National Bank was founded in Salt Lake City in 1873 and continues its legacy of strength and stability as one of the oldest financial institutions in the Intermountain West. To bring value to individuals, small-to middle-market businesses, nonprofits, corporations and institutions, Zions Bank provides a wide range of traditional banking and innovative technology services. Through its network of 122 full-service financial centers across Utah, Idaho and Wyoming, the bank offers consumers a range of mortgage and home equity loan options, AmaZing Rewards® credit cards, Private and Executive Banking services, and online and mobile banking.

Dedicated to supporting economic development in the communities it serves, Zions Bank is a consistent market leader in US Small Business Administration lending and is known for its local decision making. Companies can find solutions through the bank’s range of commercial loans, international banking services and award-winning Treasury Management solutions.

Zions Bank is a division of Zions Bancorporation, N.A. (NASDAQ: ZION), one of the nation's premier financial services companies, with total assets exceeding $65 billion. Zions Bancorporation, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), and operates under multiple trade names in multiple states. Divisions of Zions Bancorporation, N.A. are not separate FDIC-insured banks. The FDIC coverage extended to deposit clients is that of one insured bank

Been With Zions Since I Was 12 Years Old, And Will Be Staying With Them For Life!

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Zions Bank has the greatest customer service I've ever experienced!

Every time I leave a branch I think to myself, "now that is customer service."  When I lived in Layton, I would be greeted with a "hey Joey, how are you today?"  Something I thought I would miss when I moved to Logan for school.  It didn't even take a month before I was getting the same treatment at any of the many branches here in Cache Valley.  Not just my name, but they remember to ask about my family, a test I had last week, or making sure I got over the sickness I recently had.  

I went on a vacation last year, but forgot to transfer the needed money from my savings to checking before I left!  I was away from the internet for the majority of the trip, but once I could check on things, I noticed that I had racked up quite a lot in NSF charges.  I gave Zions a call and explained my mistake and they waived them all.  Let me repeat that, they waived every NSF charge I had (validly) incurred.  They didn't need to, but were more than happy to help out.  This was very smart of them considering that because of this service, I'll be with them for life.

I once went into a branch inside a Smith's to get a money order.  The teller told me that he'd be more than happy to get me one, but they cost $2.50.  He advised I go to the Smith's customer service desk, as it would only cost $0.50 there.  Instead of looking out for their company's profit margin, they look out for the customer.

The one downside is that they are not nationwide.  If you travel too far, there won't be any ATMs you can use without charges.  Zions' fees are very reasonable though, only one dollar to use a non-friendly ATM where other banks charge three or four.  A friend of mine just complained about a certain mega-bank that charged him $38 for NSF (quite a bit more than the $0 I paid.)  No minimum balance.  No monthly charges.  Just reasonable fees where needed and outstanding customer service.

I wouldn't dream of leaving Zions bank.

As expected

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When it comes to consistency, they just about have it nailed down. The unfortunate customer service that we've (sadly) come to expect, is right about on par.
There are no fireworks. Nothing personable or spectacular to mention regarding service; the employees are cordial and polite and will then happily transfer you to another department. If that is satisfactory for you, that's great! You'll be getting the exact same response from the next representative on the line.
That being said, what they do manage to take care of is prompt and efficient. Just don't expect them to feel your pain when your bank information has been hacked and your account has been drained. For some reason they can't grasp your frustration about your funds not being replaced for at least 3 weeks. Wow, what horrible, demanding customers we are!

Poor Customer Service

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I've been with Zions for almost 10 years and they have quickly become the worst possible banking experience ever. They offer products in which the local branches are unable to handle and need to call the Salt Lake City office for everything, They must provide little or no employee training as they customer service is no service at all. When doing an internal transfer of funds from the savings account to the checking account they hold the funds for a day. These are internal funds from balances that are supposed to be available balances. I have never had a bank put a hold on their their own funds. The branch manager has no interest in customer service and the HQ in SLC really don't care. I've tried to resolve issues in a calm and professional manner and have no results. Closing accounts and would never do business with them again.

Bank Elsewhere

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Zions bank is clearly managed by gray-haired old men who are technologically impaired. These are people who are so out of touch that they still believe “that internet-thingy is just a fad”. They wear Elsha Cologne, drive Cadillacs, make phone calls from landlines, and unanimously still believe that cow’s milk is good for you. They clearly don’t know how to service a home equity credit line. They repeatedly processed my payments incorrectly, resulting in late fees being assessed and calls from collections representatives. They have a broken system and an outdated style of banking. If you choose to have a home equity credit line with Zions, don’t plan on using that expensive smartphone you own for making bank transactions. With Zions bank you can’t make payments or transfers through an app or online, unless you have a Zions bank checking account. Nope! Instead, you’ll get to relive banking in the 1970s, where you visit the local branch and write a paper check every month to make your payment. But no worries because a teller will send you a dum-dum sucker through their high-tech air tube delivery system with each transaction. And you’ll get a receipt that was printed using a black and white dot-matrix printer. We’re talking old-school here. Alternatively, Zions bank will have the pony express deliver a payment coupon booklet to your house so you can produce a handwritten check each month that your local postmaster will deliver directly to Zions’ corporate office in his little white Jeep. You can rest assured that your payment envelope will be hand delivered by a white man in a white shirt. He will place that envelope in a metal tray which has been labeled “in-box” and is resting on the corner of a mahogany desk in a dark office within a tall red-brick building in downtown Salt Lake City. Then another white man in a white shirt and a white tie will use his letter opener, to open that envelope. He will then proceed to enter the payment into a ledger book that he keeps in his top desk drawer and is filled with debits and credits that only a banker who graduated from BYU in 1968 could understand. Honestly, this bank is horrible. Their website stinks and their app completely lacks functionality and looks like it was designed by a junior high student for a class project in computer science. Bank elsewhere, you’ll be glad you did.



Health Grade Components

FDIC Certificate #2270
Year Established1873
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.88%
Return on Equity - YTD11.77%
Annual Interest Income$556.0MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$91.13B$85.12B
LoansQ1 2022vs Q1 2021$50.81B$52.90B
DepositsQ1 2022vs Q1 2021$82.35B$73.85B
Equity CapitalQ1 2022vs Q1 2021$6.29B$7.93B
Loan Loss AllowanceQ1 2022vs Q1 2021$478.4MM$646.0MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$238.3MM$311.5MM
Real Estate OwnedQ1 2022vs Q1 2021$0$3.5MM

Rates for Zions Bank are currently being reviewed.



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