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Mobile Banking

Huntington Bank Review: What Makes It Your Bank of Choice In The Midwest

In this in-depth Huntington Bank review, you will see how this financial institution fares among other banks particularly located in the Midwest, and what makes it an ideal choice.

Huntington Bank Review: What Makes It Your Bank of Choice In The Midwest

When choosing a financial institution to bank with, you have to consider a lot of different factors. You have to look into where the bank is situated, how awesome its customer service is, how convenient banking with the institution is, and of course, the product offerings.

Many consumers prefer having the best of everything under one roof. While it seems unrealistic, there are some banks that try to provide such needs, which is why full-service banks exit.

There are a lot of full-service bank options out there, but, specifically for people living in the Midwest, there’s one to look out to — and it’s Huntington Bank.

It’s full-service banking that offers lots of banking products not only for consumers but for businesses as well.

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For people not living in the Midwest, you probably have not heard about it yet, but Huntington Bank actually has a large presence in eight states. Needless to say, the bank is one of the largest banks in that area of the United States.

In fact, according to a Bloomberg report, Huntington Bancshares Inc. acquires TCF Financial Corporation in an all-stock deal valued at almost $6 billion. The said tie-up is considered one of the largest regional tie-ups for 2020.

Furthermore, the article states that the merger will help boost the assets of Huntington Bank to about $168 billion, which will definitely help nudge the bank closer to its in-state competitors Fifth Third Bancorp and KeyCorp.

Needless to say, the merger will also help the bank serve its customers better and in a larger state. It will also help a lot in terms of the bank’s stability, which one of the things also that consumers look into when is choosing a bank.

Now, with so much to look forward to, in the following sections, we are going to share with you a couple of key pieces of information about Huntington Bank to hopefully convince you that this is one of the best choices for Midwest residents.

In the next sections of this Huntington Bank review, we are going to particularly tackle the following:

  • What is Huntington Bank?
  • Who is Huntington Bank best for?
  • What does Huntington Bank offer?
  • How to bank with Huntington Bank?
  • Are there fees involved?
  • Is Huntington Bank safe?
  • What to like about Huntington Bank?
  • What not to like about Huntington Bank?

WHAT IS HUNTINGTON BANK?

Based in Columbus, Ohio, Huntington Bancshares (also known as Huntington Bank) was formed in 1866.

To date, Huntington Bank is one of the largest regional banks in the country.

In fact, it is currently ranked 26th in the list of largest banks in the United States based on consolidated assets  — as reported by Federal Financial Institutions Examination Council. The bank’s assets to date are totaled $122,838 billion.

Furthermore, the bank is also listed among the Fortune 500 list — currently ranked 500th.

As mentioned earlier, the bank recently acquires TCF Financial Corporation in an all-stock deal valued at almost $6 billion, which makes it one of the largest regional tie-ups in 2020.

Know more about this all-stock deal in the video report below by CNBC Television:

Huntington Bank is a full-service bank and services customers in the Midwest. The bank has 900 traditional and supermarket branches primarily situated in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin. More so, Huntington currently has over 1,800 ATM locations.

The bank offers a wide variety of product deposit accounts, as well as loan products, investments, and insurance. For the purpose of this Huntington Bank review, though, we are only going to focus on its deposit account offerings, which include savings, checking, certificate of deposit, and money market accounts.

WHO IS HUNTINGTON BANK BEST FOR?

Huntington Bank is a full-service banking institution in the Midwest. Thus, it should appeal to consumers living in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin.

But apart from location, it should also appeal to customers who are looking for a bank that provides almost anything they need as Huntington Bank provides a wide range of products including loan products, investments, insurance, and of course, deposit accounts.

Furthermore, the bank is ideal for those who want a stable and reliable bank that also provides safe and secure mobile banking access as well.

If you are looking for a basic checking account that is fee-free, Huntington Bank is also a good choice.

More so, the bank offers an all-day deposit, robust customer support, as well as a 24-hour grace period on overdrafts.

If you want to avail all these perks, then Huntington Bank is the way to go.

WHAT DOES HUNTINGTON BANK OFFER?

In this section of our Huntington Bank review, we are, obviously, going to talk about the products offered by the banking institution.

As mentioned, Huntington Bank offers a wide selection of banking products and services, including loan products, investments, and insurance. However, for this review, we are going to specifically focus on the available deposit account options only.

Currently, the bank offers the following deposit accounts:

  • Savings Account
  • Checking Account
  • Certificate of Deposit (CD) Account
  • Money Market Account (MMA)

Savings Account

Huntington Bank has two savings account options. These are the Premier Savings and the Relationship Savings.

Huntington Premier Savings

The Huntington Premier Savings is the basic savings account option offered by the bank. It is fee-free for customers who meet any of the following requirements:

  • A linked Asterisk-Free Checking account
  • Maintain a $300 or more average daily balance

Failure to meet any of the above requirements entitles you to a $4 monthly maintenance fee.

To open a Huntington Premier Savings account, the bank requires a minimum deposit of $50.

Huntington Premier Savings account holders could earn a 0.02% annual percentage yield (APY). Unlike other savings accounts offered by other banks, customers only need at least a $0.01 balance to earn an APY.

Moreover, the bank provides deposit-to-deposit overdraft protection for customers who have a linked checking account.

If you’ve overdrawn, however, Huntington will automatically transfer money in increments of $100 covering the overdraft from your Premier Savings account.

While there is no fee for this protection, it is important to know that there are potential transfer limits.

Huntington Relationship Savings

If you want an improved APY that gets better as you link an additional account, Huntington Relationship Savings is best for you.

For this savings account type, the basic APY is 0.02%. However, it could go higher depending on the type of accounts you also have with Huntington Bank.

When linked to a Huntington 5 Checking, the APY is 0.03%; for Huntington 25 Checking, it’s 0.05% APY; as for when linked to a Private Client Account, you get to earn 0.08% APY. Please note that the APY changes, so it’s best to always check with the bank first.

Although it seems a good call, there is a downside to it. The bigger the rate, the higher the costs are as well.

To avoid the $10 monthly maintenance fee, Huntington Relationship Savings account holders must meet any of the following requirements:

  • Maintain an average daily balance of $2,500
  • Link your account to either Huntington 5 or Huntington 25 checking account (both of these accounts also have minimum daily balance requirements and also charge a fee if the required balance is not met).

Similar to Premier Savings, Relationship Savings also offers deposit-to-deposit overdraft protection for as long as you link your account to a Huntington 5 Checking account.

Checking Account

Huntington Bank has three different types of checking accounts to choose from. These are:

  • Asterisk-Free Checking,
  • Huntington 5 Checking, and
  • Huntington 25 Checking

Asterisk-Free Checking

Huntington Bank makes sure that this checking account lives up to its name.

Asterisk-Free Checking account holders will get to enjoy the following perks:

  • No minimum deposit to open an account
  • No monthly maintenance fee
  • No minimum balance requirement
  • Free paper statements

Apart from all these amazing benefits, Asterisk-Free Checking account holders also gets to take advantage of the all-day deposit policy feature. This basically treats all deposits made before midnight on a business day as getting in on the same business day.

In addition, Asterisk-Free Checking account holders also get a  24-hour grace policy for overdrafts allowing customers to make a deposit or transfer funds to cover the overdraft until midnight the day after. More so, customers also get to enjoy the free deposit-to-deposit overdraft protection with a Premier Savings account.

Huntington 5 Checking

Huntington 5 Checking is the bank’s lower-level interest-bearing checking account.

With Huntington 5 Checking, customers can earn an APY of 0.04% on their account balance.

With this particular checking account, the customer will get to enjoy the following perks:

  • No minimum balance to earn interest
  • No minimum deposit requirement to open an account

Furthermore, as a Huntington 5 Checking account holder, you may also enjoy a free monthly maintenance fee as long as you are able to maintain $5,000 in total relationship balances. Otherwise, you will be charged $5 per month.

Similar to Asterisk-Free checking, Huntington 5 Checking account holders may also enjoy a 24-hour grace period, and overdraft protection. To enjoy the overdraft protection, you will need to link your Huntington 5 Checking to your Relationship savings account.

Additionally, all Huntington 5 Checking account holders are eligible to earn a 1.05% cashback with a linked Voice Credit Card with Rewards. The bank also waives five out-of-network ATM fees per month.

Huntington 25 Checking

Huntington 25 Checking is ideal for customers who want to earn higher rates on their checking account.

With the Huntington 25 Checking account, account holders earn 0.06% APY in all balances.

While there is a $25 monthly maintenance fee, customers may avoid it by maintaining $25,000 in total relationship balances in all your accounts.

Similar to other Huntington Bank accounts, Huntington 25 Checking account holders will also get to enjoy an all-day deposit, a 24-hour grace period, and overdraft protection (with a Relationship Savings account).

Apart from those, Huntington 25 checking account holders will also enjoy other major perks including:

  • Free paper checks
  • Free credit and identity monitoring
  • 1.25% cashback on purchases made using a linked Voice Credit Card with rewards
  • 0.15%–0.50% rate discount on a home equity line of credit (HELOC), plus an annual fee waiver
  • A mortgage relationship discount of up to 0.375%
  • Unlimited out-of-network ATM fee waivers
  • 100 commission-free online equity or exchange-traded fund (ETF) trades per year through Huntington Financial Advisors

Certificate of Deposit (CD) Account

For customers who want to keep their money in the bank for a longer period and earn more, Huntington Bank also offers certificate of deposit (CD) accounts.

The bank offers standard CDs with terms ranging from one month up to 72 months. Meanwhile, CD rates vary from 0.01% to 0.25%.

To open a CD account, Huntington requires a minimum deposit of $1,000.

In addition, Huntington Bank also offers Jumbo CDs, which require a minimum deposit of $100,000. For this particular type of CD account, the term range from seven to 1,825 days (or approximately 60 months).

As with the rates, it varies from 0.01% to 0.25%.

Money Market Account (MMA)

The Huntington Relationship Money Market Account is similar to Huntington Savings, which offers better rates if customers have additional accounts.

To earn an APY that ranges between 0.21% and 0.29%, Huntington Relationship Money Market Account holders must meet the minimum balance requirement of $25,000. Accounts with balances below $25,000 will not earn interest.

Similar to other account types, the Huntington Relationship Money Market Account also comes with a monthly maintenance fee of $25. However, this can be waived if you maintain a $25,000 minimum balance in your account, or you have linked either a Huntington 5 or Huntington 25 checking into your account.

Relationship Money Market account also provides an all-day deposit, a 24-hour grace period, and overdraft protection.

HOW TO BANK WITH HUNTINGTON BANK?

By now, you have probably chosen your preferred account type and are wondering how to actually bank with Huntington.

Unlike other banks, Huntington provides its customers two options to open an account. You may opt to either open online or visit a branch near you.

However, it is important to take note that Huntington is only present in the Midwest if you choose the latter option.

If you live outside the Midwest and still prefer Huntington, you may opt to open an account through its online channel instead.

Huntington Bank also has a mobile app, which allows customers to manage their accounts, as well as handle transactions anytime, anywhere. The Huntington mobile bank app is highly rated on both Apple and Google.

Meanwhile, to open an account, just like other banks, Huntington requires customers to provide personal information including name, address, phone number, as well as your Social Security number. The bank will also require you to present a valid government-issued identification like a passport or driver’s license to prove your identity.

ARE THERE FEES INVOLVED?

Another important thing to know when choosing a bank is the fees involved. So, in this section of our review on Huntington Bank, we are going to tackle just that.

Apart from monthly maintenance fees (which can be waived as long as customers meet the bank’s requirements) and overdraft fee, Huntington also charges the following:

  • Extended Overdraft Fee – $25
  • Non-Huntington ATM Fee – $3 (excluding fee charged by the ATM owner)
  • ATM Extended Statement – $2
  • International Transactions Fee – 3% of the amount posted for each debit card or ATM transaction processed abroad
  • Stopping Payment Fee – $31
  • Return Deposit Item – $37.50
  • Cashier’s Check – $6
  • Checking Reserve Account Fee – $12

IS HUNTINGTON BANK SAFE?

There are two things that we are going to look into in this Huntington Bank review when it comes to safety.

First, how safe is Huntington’s mobile banking platform?

To ensure that all personal data gathered as well as your account are safe, the bank uses bank-level encryptions. Huntington makes sure that all security and safety measures are in place to avoid fraud or identity theft cases.

Second, how safe is your money with Huntington Bank?

Huntington Bank is a member of the FDIC, which means all deposits are insured for up to $250,000 per depositor, per account category, in case the bank fails.

So, overall, is Huntington Bank safe? Definitely, it is.

WHAT TO LIKE ABOUT HUNTINGTON BANK?

Now, in this part of our review, we are going to provide you a list of the things to like about Huntington Bank, which include the following:

  • Fee-Free Basic Checking Account – Asterisk-Free Checking has no minimum balance, no monthly fee, as well as no minimum deposit requirement to open an account. Paper statements are also free.
  • All-Day Deposit Feature – With this feature, the cut-off is extended when getting in a deposit on a business day to midnight. When making a deposit on a business day prior to midnight, the bank will consider that same day to be the day when the deposit was made.
  • Robust Customer Support – Huntington Bank customers may reach a customer service representative by phone daily from 7 a.m. to 7 p.m. (EST). Customers may also send inquiries to them anytime by sending a message via an automated assistant on the website, or through Facebook or Twitter.
  • 24-Hour Grace Period on Overdraft – In case you overdraw, the bank has a 24-hour grace policy that gives customers until midnight on the next day to make a deposit or transfer to cover the overdraft.
  • Lots of Product Options – Apart from deposit accounts, the bank also has loan products, investments, as well as insurance products.
  • Fees Can Be Avoided – While there are fees, the bank also provides a number of ways to avoid them so you end up not paying any fees at all.
  • Strong Branch Network in the Midwest – The bank has branches across the following states: Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin.

WHAT NOT TO LIKE ABOUT HUNTINGTON BANK?

To complete this Huntington Bank review, here are some of its downsides:

  • Limited Availability – Unfortunately, Huntington’s physical branches are only available in the Midwest. Outsiders may still bank with them, though, by opening an account online.
  • Low APY – Compared to other full-service banks out there, Huntington does not have a very appealing APY on its products.
  • High Overdraft Fee – Although it can be avoided, should you miss it, you will be charged $37.50 per overdraft.
  • High Minimum Balances – Particularly on the bank’s interest-bearing checking accounts, the minimum balance requirements are quite high as compared to other banks. Interest-bearing accounts require either at least $5,000 or $25,000 minimum balance requirement to avoid fees.

FINAL THOUGHTS ON HUNTINGTON BANK REVIEW

Huntington Bank is a full-service bank in the Midwest that provides a wide selection of products and services.

Although the bank has limited physical branches (only across the Midwest), outsiders may still bank with them through its online channels. The bank comes with a highly-rated mobile banking app that allows customers to transact and manage their accounts anytime, anywhere.

Very convenient, right?

With this Huntington Bank review, hopefully, we get to convince you that this financial institution is definitely one of the best choices out there especially if you are from the Midwest.

Categories
Mobile Banking

BMO Harris Bank Review: Full-Service Banking And Accessibility In One

If you are looking for a full-service bank that comes with mobile access and a wide selection of banking products and services, then, this BMO Harris Bank review is perfect for you.

BMO Harris Bank Review: Full-Service Banking And Accessibility In One

In an article entitled, The Mobile Banking and Payment Revolution, which was written by Sunil Gupta, the Edward W. Carter Professor of Business Administration and co-chair of the executive program on Driving Digital Strategy at Harvard Business School, it says that mobile technology has revolutionized the global banking and payment industry.

He further states that it offers new opportunities to banking institutions to provide added convenience to their customers. In the said article, it says that mobile penetration in the United States as well as in France is 105%.

Meanwhile, data by Statista says that as of 2018, the total number of mobile banking users in the United States is 57 million, and the number is expected to increase further as years go by.

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In fact, according to Fidelity National Information Services (FIS) as reported in a CNBC article, there was a 200% jump in mobile banking registrations in early April of 2020, which was the peak of the pandemic in the country.

Furthermore, mobile banking traffic increased to 85%, definitely higher as compared to previous years. This was not surprising at all, though, since a lot of bank branches had to close, and tellers were not available for health and safety reasons.

While 2020 was a challenging year for almost all industries, it was in a way a game-changer for the banking industry per se.

It was then that banks had to step up and ensure they are able to cater to the needs of their customers – whether it be in-person or online.

It was also during that time that a lot of people realized the value of having a bank that does not only provide a traditional banking experience but a great online banking experience as well.

One of the banks that actually offers both ways before the pandemic hit the world is BMO Harris Bank.

In this BMO Harris Bank review, we are going to tell you more about what to expect in this full-service bank, and what makes it a good banking option.

In the next few sections, we are going to particularly tackle the following:

  • What is BMO Harris Bank?
  • Who is BMO Harris Bank best for?
  • What are the products offered by BMO Harris Bank?
  • How to bank with BMO Harris Bank?
  • Is BMO Harris Bank safe?
  • What to like about BMO Harris Bank?
  • What not to like about BMO Harris Bank?

WHAT IS BMO HARRIS BANK?

First of all, we are going to share with you key facts you need to know about BMO Harries Bank. This provides you a picture of what the bank is all about and where it stands out as compared to other banks of the same kind.

So, with that said, here’s what you should know about the BMO Harris bank —

BMO Harris Bank is a full-service financial entity that runs over 500 brick-and-mortar locations across eight states. It is a subsidiary of Canada’s Bank of Montreal, with U.S. headquarters located in Chicago.

Founded over 130 years ago, BMO Harris Bank is currently in the eighth spot among the largest banks by assets in North America. The bank boasts having over 12 million customers to date.

If you want to know more about BMO Harris Bank, check the video below by nctv17:

BMO Harris Bank offers a wide selection of banking products and services including checking and savings accounts, certificates of deposit (CD), IRAs, as well as other investing and loan options. Needless to say, providing customers with a large ATM network of over 40,000 nationwide.

Moreover, the bank offers a high-yield money market account, while its checking accounts are generally affordable and provides several options to waive fees.

Adapting to the needs of its customers, and providing better banking services, BMO Harris Bank comes with a mobile banking application that provides some distinct features such as a service that links all your accounts, including non-BMO ones, to give you a full picture of your current financial situation.

Furthermore, the mobile app also allows its users to withdraw money from some BMO Harris ATMs even without their physical debit cards. 

WHO IS BMO HARRIS BANK BEST FOR?

Obviously, in this section of our BMO Harris review, we are going to talk about who is the bank best for.

Generally, BMO Harris Bank should appeal to customers who want a Midwest-based bank that offers a wide variety of banking products and services.

As mentioned in the previous section, BMO Harris is a full-service banking institution making it an ideal choice for those who want to manage all their finances in just one bank.

Furthermore, BMO Harris Bank is a good choice for clients who are looking for competitive money market account, as well as multiple checking account options.

Since the bank offers over 40,000 ATM networks, this should also appeal to those who want easy access to cash.

BMO Harris Bank has brick-and-mortar locations, and it is also accessible through its mobile banking app. Thus, making it appealing to those who want to have access to both.

WHAT ARE THE PRODUCTS OFFERED BY BMO HARRIS BANK?

Similar to other full-service banks, BMO Harries had everything you need financially. Apart from traditional checking and savings accounts, the bank offers personal loans, wealth management services, mortgages, retirement and investment accounts, as well as business and commercial banking.

BMO Harris has over 500 physical branches located in Arizona, Florida, Illinois, Indiana, Missouri, Minnesota, Kansas, and Wisconsin. Needless to say, the bank has over 40,000 ATMs, allowing customers to withdraw their money anytime.

Now, for the purpose of this BMO Harris review, we are going to focus only on its deposit product offerings such as checking and savings accounts, as well as money market and certificate of deposit accounts.

Checking Accounts

BMO Harris Bank offers three different types of checking accounts. These are:

Smart Advantage Checking

This checking account type is the most popular among all of the bank’s checking account offerings.

The Smart Advantage checking account requires no monthly maintenance fees as well as ATM fees. While electronic statements are free, if you prefer receiving a paper statement, you may do so for a fee of $2 per month.

Smart Advantage checking account comes with a debit MasterCard, which enables the account holder to withdraw money from the bank’s large ATM network.

To open a Smart Advantage checking account, BMO Harris only requires a minimum of $25 opening deposit, which is definitely lower as compared to other banks.

The only downside of this account type is that it does not earn any interest.

Smart Money Checking

Unlike Smart Advantage, the Smart Money checking account comes with a monthly maintenance fee of $5. This fee is waived only if the account holder is 25 years old and below.

Additionally, Smart Money checking account is free from overdraft fees or non-sufficient fund fees. Basically, this is because customers can only spend the funds available in the account.

Similarly, Smart Money checking account electronic statements are free. However, if you opt for a paper statement, this costs a $2 fee.

Also, this checking account type comes with a debit MasterCard and can be used in over 40,000 ATMs.

To open a Smart Money checking account, the bank requires a minimum of $25 initial deposit. This account type does not earn interest, as well.

Premier Checking

Of all the three checking account types offered by BMO Harris Bank, Premier checking is the only one that bears interest.

With Premier checking, all account balances earn interest. However, you need to have a minimum of $25,000 in your account to earn the highest interest rate, which currently is 0.10% APY.

The Premier checking account comes with a monthly maintenance fee of $25. However, this can be waived only if you meet any of the following requirements:

  • Maintain a $10,000 minimum daily balance
  • Has $25,000 in combined BMO Harris accounts
  • Has a BMO Harries investment account

Similar to other checking account types, this also comes with a debit MasterCard. More so, it also offers up to a $25 rebate monthly on out-of-network ATM fees. Fees are also waived on cashier’s checks and money orders.

Overdraft fee can be waived if you set it up by linking your savings account, MMA, or other checking accounts. The fee is $36 for every overdraft over $5 with a maximum of four overdrafts per day. Additionally, a $10 fee is charged for transferring funds to cover the overdraft.

To open a Premier checking account, the minimum initial requirement is also $25.

Savings Accounts

BMO Harris Bank only has one savings account option. This is the one they call the Statement Savings.

Similar to the bank’s checking account options, BMO Harris only requires at least a $25 initial deposit.

Unlike other savings account offerings from other banks, the Statement Savings only offers a 0.05% interest rate, which is below the national savings account average rate.

The savings account also comes with a monthly maintenance fee of $5, which can be waived for account owners who are 25 years old and below, or those who are keeping a minimum daily ledger balance of $100 for the month.

Money Market Accounts

If you want to earn a competitive interest rate, one of the ways to achieve that is by opening BMO Harris’s Platinum Money Market account.

Currently, account balances between $5,000 and $999,999.99 earns 0.95% annual percentage yield (APY), while balances that range $1,000 or more earn 0.75% APY.

While it requires a minimum opening deposit of $5,000, the account does not have an ongoing balance requirement.

Unlike the previous account types, the Platinum Money Market account does not charge a monthly maintenance fee. Furthermore, it comes with check-writing privileges.

Generally, the Platinum money market account is ideal for people who want to keep an emergency fund.

Certificate of Deposit (CD) Accounts

BMO Harris Bank offers two kinds of certificate of deposit (CD) accounts. These are Standard CD and Add-On CD accounts.

When it comes to interest earned, it is handled similarly with the two account types. For CD terms below 12 months, the interest is compounded daily and credited at maturity. Meanwhile, for CDs 12 months or greater, the interest is compounded on a daily basis and is credited to the CD account quarterly.

Now, to understand the difference between the two-CD account types here’s a brief explanation of each:

Standard CDs

This CD account type features terms from three to 60 months. It has an option for one-month and two-month CDs for balances of at least $100,000.

Standard CDs have tiered fixed rates depending on the term as well as the account balance. Rates vary from 0.05% for 1 month CD term up to 0.70% for 60 months CD term. Occasionally, the bank offers special rates for certain term lengths.

The minimum balance requirement for this CD type is $1,000.

Add-On CDs

As the name of the product suggests, this allows account holders to add more funds to their CD account after opening.

Unlike the other CD type, Add-On only has a one-year CD term, which at the moment earns 0.30% APY.

Similarly, the bank requires a minimum deposit of $1,000 to open an Add-On CD account.

For both CD types, the bank charges an early withdrawal fee of up to 545 days interest if you opt to withdraw your money prior to its maturity date.

HOW TO BANK WITH BMO HARRIS BANK?

This part of our BMO Harris review will focus on how to actually bank with BMO Harris.

What’s nice about BMO Harris is that the bank pairs some of the best in-person banking features with its digital banking functionality.

To open an account with BMO Harries, customers have the option to either visit any of the banks’ over 500 branches located in Arizona, Florida, Illinois, Indiana, Missouri, Minnesota, Kansas, and Wisconsin or do it online via its website.

Similar to any other financial institution out there, BMO Harris Bank requires all new customers to provide some personal information including their name, address, phone number, and Social Security number. Additionally, government-issued identification such as a passport and driver’s license is also required.

ATM Access

As already mentioned, BMO Harris has over 40,000 fee-free ATMs where customers can access cash.

Mobile Banking

For those who prefer mobile or online banking, BMO Harris Bank provides digital banking services so you can access your account anytime and anywhere.

The bank’s mobile app is highly-rated in both App Store and Google Play.

Using the mobile app, customers are able to enjoy the following features:

  • Mobile cash withdrawals in most of the bank’s ATMs
  • Mobile check deposit
  • Bill Pay
  • Total Look account management
  • Apple Pay and Zelle integration

Customer Service

If you have any concerns, you may contact someone at BMO Harris’s call center, which is available 24 hours a day, seven days a week.

IS BMO HARRIS BANK SAFE?

Of course, we made sure to also look into the bank’s digital platforms’ safety and security features.

As mentioned, you can access your BMO Harris Bank account either through the website or the mobile app.

Having been in the banking industry for more than 130 years, BMO Harris surely knows how to keep its customers’ personal data and accounts safe and secured.

The bank uses bank-grade encryption to ensure all accounts and personal data are free from possible fraud or identity theft.

Additionally, BMO Harris Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means all deposits are insured for up to $250,000 per depositor, per account category in case the bank fails.

WHAT TO LIKE ABOUT BMO HARRIS BANK?

In this section, we are going to give you a list of the things that really stand out about BMO Harris Bank, and the list includes the following:

  • Several Product Offerings – BMO Harris is a full-service bank. Thus expect to find a wide variety of banking products and services. Not only does it offer traditional checking and savings accounts, but that it also offers personal loans, wealth management services, mortgages, retirement and investment accounts, as well as business and commercial banking.
  • Inexpensive Checking Accounts – For only $25, you can easily open a checking account of your type.
  • Waivable Monthly Maintenance Fee – For most of its products, the bank charges a monthly maintenance fee. However, the fee is waived if you meet certain requirements.
  • Competitive Rates for Money Market Accounts – Of all the deposit products offered by BMO Harris Bank, the best in terms of rates would be Money Market. It definitely offers one of the best rates out there.
  • Large Fee-Free ATM Network – The bank has over 40,000 ATMs free of charge.
  • Physical Branches – Apart from providing a highly-rated mobile application, as well as online access, the bank has over 500 physical branches in select states.

WHAT NOT TO LIKE ABOUT BMO HARRIS BANK?

While there are a lot of things to like about BMO Harris Bank, it sure does have its share of downsides as well, and this includes the following:

  • Low-Interest Savings Account – Unlike other banks of the same type, BMO Harris Bank’s savings account is not that appealing. It offers a low-interest rate. In fact, below the national average for savings accounts even.
  • Limited Branches – Although we like the fact that BMO Harris Bank does have physical branch locations, it is limited to eight states only. It would be nice, though, if they could have more and eventually be present across all 50 states.

FINAL THOUGHTS ON BMO HARRIS BANK REVIEW

BMO Harris is a full-service bank that offers a wide selection of banking products and services. It comes with over 500 physical branches across eight states and provides access to over 40,000 ATMs.

While it does have a few downsides, the good things that it provides overshadow them.

Setting the not-so-good things about the bank, would you consider opening an account with BMO Harris?

To sum up, with this BMO Harris review, we found that the bank, while imperfect, is definitely one of the best options out there especially if you want a full-service financial institution that provides an access to both a physical branch (if you are from the Mid-west) and excellent digital platforms.

Categories
Mobile Banking

TD Bank Review: A Full-Service Bank With Mobile Access

People living on the East Coast and are looking for a full-service bank with mobile app access, this one’s for you. This TD Bank review provides you key information on how this financial institution may just be the right one for you.

TD Bank Review: A Full-Service Bank With Mobile Access

The increasing number of smartphones as well as the presence of the Internet has brought rapid changes in a lot of things — including financial services.

With technology, consumers, as well as banking institutions, now have access to new tools — digital ones — for managing finances. Needless to say, technology in the banking industry has changed the customer-bank relationship to a different level.

According to a report by the Federal Reserve, which is the central bank of the United States, it has found that the use of smartphone technology has grown rapidly in the country. Mobile banking use has expanded, including for banking.

In the said report, it says that based on the Federal Reserve Board’s Survey of Household Economics and Decisionmaking (SHED), in 2017, “about half of U.S. adults with bank accounts had used a mobile phone to access a bank account.”

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Meanwhile, according to Statista, based on a 2018 survey, it was found that the use of mobile banking differs among demographic groups — 69.3% of Millennials used mobile banking, while only 24% among respondents who belong to Baby Boomers are into it.

This study shows that while a lot of young people are into mobile banking, the older generations are not as receptive to it because they are more confident and trusting with traditional banking. They find mobile banking too risky.

However, things changed when the pandemic struck the world in 2020.

In fact, an article by CNBC says that according to Fidelity National Information Services (FIS), there was a 200% jump in new mobile banking registrations, while mobile banking traffic rose to 85%.

With health protocols in place, it is no doubt people relied so much on mobile banking instead.

While the pandemic is still around, the number of mobile banking users will surely continue to surge.

Now, while this is good news to mobile banks, this somehow poses a challenge to traditional banks. This means they need to keep up with the game by providing better mobile banking services.

TD Bank is one of those traditional banks that managed to keep up with the changing needs of their customers.

Unlike other banks of the same type, TD Bank offers customers the ability to open an account either through its online channels or by visiting one of its 1,250 physical locations.

Sounds interesting?

Well, as mentioned earlier, in this TD Bank review, you will surely find out more about this financial institution and what makes it an ideal choice.

In particular, we are going to tackle the following in the next few sections:

  • What is TD Bank?
  • Who is TD Bank best for?
  • What are the products offered by TD Bank?
  • How to bank with TD Bank?
  • Is TD Bank safe?
  • What to like about TD Bank?
  • What not to like about TD Bank?

WHAT IS TD BANK?

Before we proceed with the more serious information like the products offered by the bank, let us first and foremost get to know TD Bank.

As a customer, it is important to know the history of the bank. This tells you a lot in terms of how credible and how strong its foundation is.

TD Bank, for instance, has been around for 150 years now. The longevity of its presence in the banking industry only means they are doing what is right — including insuring they get to adapt to changes, and of course, provide excellent customer service.

TD Bank is actually a subsidiary of the Canadian Toronto Dominion Bank. Currently, the bank’s headquarter in the United States is located in Chapel Hill, North Carolina.

The bank boasts more than 9 million customers as of this writing, and 1,250 brick-and-mortar locations along the East Coast. Thus, making it an ideal bank for people living in that area.

Also, TD Bank currently has more than $300,000,000 in assets, making it ranked 9th based on the mx.com 2019 rankings.

TD Bank is a full-service bank, which means, if you want to have access to a variety of bank products and services (including checking, savings, and CD accounts), this one’s got to be among your top choices.

Additionally, it is also known for providing an exemplary customer experience.

The video below by Talend provides you information on how the bank delivers a legendary customer experience.

TD Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means every depositor could receive up to $250,000 per account category in case of a bank failure.

WHO IS TD BANK BEST FOR?

How do you know if TD Bank is indeed right for you?

Well, on this part of our TD Bank review, we are going to talk about who’s going to benefit from it the most.

First, as mentioned in the previous section, TD Bank is a full-service bank, which means it offers a variety of products and services. Thus, it is ideal for those who want a wide range of bank product selections.

Second, TD Bank should appeal to consumers who want to bank in a traditional banking institution, at the same time, enjoy the benefits of having mobile access.

Third, since there are a few TD Bank branches that are open outside the usual banking days, this financial institution would also be great for people who want access to a brick-and-mortar location on weekends.

Fourth, TD Bank is a good choice for those who want to park their money into their accounts to be able to waive the monthly fees.

Fifth, if you are someone who wants a bank that reimburses out-of-network ATM fees reimbursed, TD Bank is also a good option. However, you need to meet the minimum balance required to be able to enjoy this feature.

Sixth, this bank is also a great choice for people who use their debit cards for international travel.

Lastly, TD Bank is a great bank for those who want a financial institution that caters to different types of customers — from students to those aged 60 and above.

WHAT ARE THE PRODUCTS OFFERED BY TD BANK?

Similar to any other large financial institution out there, TD Bank offers a wide range of banking products and services.

For this TD Bank review, however, we are going to particularly focus on the following:

  • Savings Account
  • Checking Account
  • Certificate of Deposit (CD) Account

Savings Account

TD Bank offers two different savings accounts for customers to choose from. These accounts are the TD Simple Savings and the TD Beyond Savings.

Now, let’s look into what these accounts are all about —

TD Simple Savings

With TD Simple Savings, all balances earn a 0.05% annual percentage yield (APY). This basically means that regardless of you only have a $1 balance in your account, you are still going to earn the said APY.

The bank charges TD Simple Savings account holders a monthly fee of $5. However, this can be waived as long as you do any of the following conditions:

  • Keep at least a $300 daily balance
  • Connect your savings account to an existing TD checking account
  • Make a $25 or more recurring transfer from your linked account (Please note that this is only good for the first 12 months since you open your TD Simple Savings account.)

Furthermore, the bank also waives the monthly fee if the account holder falls below 18 or above 62 years old.

One of the best things about the TD Simple Savings account is that it does not have a minimum deposit to be able to open an account, which makes it a great choice for anyone.

TD Beyond Savings

The TD Beyond Savings account is ideal for those who keep high balances of $20,000 and above on their savings accounts.

Having a balance below $20,000 entitles you to a monthly maintenance fee of $15. Also, you only get to earn 0.10% APY.

Meanwhile, for those whose balances are $20,000 and above, apart from the waived monthly fee, they get to earn 0.50% APY, which is quite competitive given that TD Bank is a traditional bank.

In addition, account holders who are able to keep at least $2,500 on balances also get to reimburse out-of-network ATM fees.

Checking Account

TD Bank offers five checking account options — pretty much covering almost all types of bank customers, including students and seniors.

These accounts are namely: TD Convenience Checking, TD Simple Checking, TD Beyond Checking, TD Student Checking, and TD 60 Plus Checking.

Unlike most banks of similar type, TD Bank does not require a minimum opening deposit for any of its checking account options.

However, it does charge monthly fees if the account holder is not able to meet a certain minimum balance requirement.

Now, let’s take a look at what each of these accounts has to offer —

TD Convenience Checking

This checking account type is suitable for customers who want to earn interest but does not keep a high balance in their account.

Although there is a monthly maintenance fee, it can be waived if you are able to keep a minimum of $100 balance in your account. Account-holders aged 17 to 23 are also exempted from paying the monthly fee.

Additionally, a $1 monthly fee is charged if you prefer receiving a paper statement. The bank also charges $3 for a non-network ATM fee.

Speaking of which, this account has a daily ATM limit of $750.

TD Simple Checking

The TD Simple Checking account is ideal for those who want a no-frills checking account.

Unlike the other checking accounts, though, TD Simple Checking comes with a monthly maintenance fee of $5.99 no matter how much you have in the bank.

True to its name, it comes with just the basics like free online statements and free access to TD Bank’s mobile app.

TD Beyond Checking

With TD Beyond Checking, monthly maintenance fees of $25 are waived if you do any of the following requirements:

  • Get monthly deposits of $5,000 or more
  • Have an average daily balance of $2,500
  • Have a combined total of $25,000 across eligible TD Bank accounts

In addition to waived monthly maintenance fee, account holders may also enjoy other perks such as:

  • Free basic checks
  • Reimbursement of up to two overdraft fees per year
  • Fees incurred with a rush bill payment will be covered
  • Reimbursement of fees tacked onto one outgoing wire—domestic or international—per statement cycle

While everything seems great, the downside of this account is that the APY is not as competitive. For minimum daily balance of $0.01 to $9,999.99, the APY is only 0.01%; for balances between $10,000 and $49,999.99, it’s 0.03% APY, while for balances of $50,000 and up, the APY is 0.05%.

TD Student Checking

What’s nice about TD Bank is that they take into consideration the different needs of their target market.

TD Student Checking is specifically designed for young people aged 17 to 23. This account features no minimum balance requirements, as well as no monthly maintenance fees.

More so, the no-account fee bleeds over to a linked Simple Savings account if you are 24 years old or below.

Similarly, the TD Student Checking charges $3 for the non-network ATM fee, as well as $1 for the paper statement fee.

The daily ATM limit is also $750.

TD 60 Plus Checking

The TD Plus 60 Checking account is obviously for customers aged 60 and up. This account features free checks, money orders, as well as statements.

While it does have a $10 monthly maintenances fee, it can easily be waived by keeping an average daily balance of $250.

Additionally, account holders get to earn 0.05% APY on all balances.

Certificate of Deposit (CD) Account

TD Bank offers tiered interest rates on its CD account depending on the deposit amount.

What’s nice about it though is that account holders get a rate bump if their CD accounts are linked to an eligible TD Bank checking account. Otherwise, the rate is only 0.10% APY.

TD Bank offers CD terms from three months to 12 months.

To open a TD Bank CD account, the minimum deposit requirement is $250.

Similar to other banks, TD also penalizes early withdrawals depending on how early you get your money. For withdrawals made during the first seven to 89 days after opening an account, you will lose all interest earned.

Meanwhile, for withdrawals made anywhere between 90 days and a year since opening the account, you will lose three months’ worth of interest.

Other Products

Just to give you an idea, other products that TD Bank offers are:

  • Money Market
  • Home Equity Loans and Lines
  • Mortgages
  • Personal Loans
  • IRAs
  • Prepaid Cards

HOW TO BANK WITH TD BANK?

In this section of our TD Bank review, we are going to talk about how to actually bank with TD Bank.

As mentioned earlier, you have the option to sign up for an account either online through the TD Bank website or by visiting one of the bank’s 1,250 branch locations.

Similar to other banks, you will be asked to provide personal information including your address, phone number, as well as your Social Security number. Presentation of a valid government ID such as a passport or driver’s license will also be required.

Mobile App

The TD Bank mobile app is available for both iOS and Android users.

The app lets you access most of the bank’s products. Additionally, it also allows users to deposit checks, transfer money between accounts, view statements, as well as find the nearest branch location or ATM.

IS TD BANK SAFE?

Your account’s safety and security are an utmost concern of TD Bank. Thus, the bank made sure to put all bank-grade security and safety measured to avoid fraud or identity theft threats.

The bank uses high-grade encryption not only on its website but on its mobile app as well.

As mentioned, TD Bank is insured by the FDIC, which means all depositors can receive up to $250,000 per account category in the event that the bank fails.

WHAT TO LIKE ABOUT TD BANK?

This TD Bank review is not complete without a list of things to like and not to like about this financial institution.

First, let’s talk about the things that really stand out —

  • Wide Selection of Banking Products – TD Bank is a full-service bank, thus, it offers a wide selection of banking products and services.
  • Solid Checking Account Options – The bank offers five different checking account options, which cater to the varying needs of customers. Needless to say, depending on what stage in life they’re in. Whether you are a student, a professional, or someone who’s over 60 years old, TD Bank has a specific checking account for you.
  • Mobile App – Apart from the fact that the TD Bank mobile app is secured, it also allows users to access most of the bank’s products and services, as well as provide essential features to have a better mobile banking experience.
  • FDIC-Insured – TD Bank is a member of the FDIC, which provides insurance to all accounts should the bank fails.
  • Sign-Up for an Account Online – Although you can open an account in any of TD Bank’s branches, it also allows you to sign up online through its website, which makes it very convenient for customers especially these days.

WHAT NOT TO LIKE ABOUT TD BANK?

Now, in this section, let’s talk about some of the things that did not stand out. This includes:

  • Low APY on Savings Accounts – Compared to other banks, TD Bank savings accounts do not provide competitive rates.
  • Monthly Maintenance Fee – The bank charges monthly maintenance fees. Although it can be waived if you meet certain requirements.

FINAL THOUGHTS ON TD BANK REVIEW

TD Bank is a full-service bank that offers both traditional and mobile banking experiences particularly for people living on the East Coast. It offers a wide selection of products including checking, savings, and CD accounts.

While it may not be the best in terms of rates on its deposit accounts, TD Bank is still worth a try especially if you want to get the best of both worlds – access to a physical branch and online, do you agree?

With this TD Bank review, we hope you are able to find all the information you need, and hopefully, this convinces you that this financial institution is the right one for you especially if you are from the East Coast.

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Mobile Banking

Provident Bank Review: Offering Both Traditional And Mobile Banking

If you are living in New Jersey, Pennsylvania, or a portion of New York and is looking for a full-service bank with mobile access, then, this in-depth Provident Bank review is for you.

Provident Bank Review: Traditional And Mobile Banking In One

A lot of people today are into mobile- or online-only banking. But, there are still some who prefer having the best of both worlds — conventional or traditional banking with mobile or online access.

With so much happening around and being in a fast-paced era, consumers these days prefer having the ability to make banking transactions anytime and anywhere.

According to a study conducted by the Federal Reserve Board of Governors, 43 percent of mobile phone users with a bank account in the United States prefer using mobile banking services. Furthermore, the study found that 53 percent of smartphone owners with bank accounts used mobile banking in the past 12 months prior to the survey.

Also based on the study, the number of consumers who use mobile banking services increased year after year – and there seem to have no signs of slowing down.

According to data reported by Statista, as of 2018, there are 57 million mobile banking users in the United States. The number, for sure, has increased in the last two years especially with the pandemic that happened in 2020, most consumers relied on mobile banking services.

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So, you see, every year there is an increasing demand for mobile banking services, needless to say, the competition between banks now has also something to do with their mobile banking offerings.

With more and more people preferring mobile banking, banks need to really step up their game. True enough, these days, finding the right financial institution to bank with is quite a challenge given the fact that banks are really trying to win as many consumers as they can.

Now, in today’s review, though, we are going to focus on a bank that specifically services residents of New Jersey and Pennsylvania. Yes, we are talking about the Provident Bank.

In the next few sections, we are going to share with you some of the most important details you need to know about this full-service bank.

In particular, we are going to provide answers to the following questions:

  • What is Provident Bank?
  • Who is Provident Bank best for?
  • What are the products offered by Provident Bank?
  • How to bank with Provident Bank?
  • Is Provident Bank safe?
  • What to like about Provident Bank?
  • What not to like about Provident Bank?

WHAT IS PROVIDENT BANK?

First of all, we are going to talk about what Provident is all about.

We always say this, when selecting a bank – whether it be an online bank or a traditional/conventional bank – it is every consumer’s responsibility to do a little background check. This helps you see how credible, reliable, and stable the financial institution is.

Having said that, here are some of the key information you need to know about Provident Bank –

As mentioned earlier, Provident Bank is a full-service bank that specifically services residents of New Jersey and Pennsylvania, as well as a portion of New York. Currently, the bank has more than 95 local branches to serve its customers’ banking needs.

By the way, before we proceed, if you are wondering what the different banking services available are out there, check out the video below by Corporate Finance Institute:

Established in 1839, Provident Bank is considered one of the oldest banks in the United States. It is a wholly-owned subsidiary of Provident Financial Services, Inc. Currently, the bank’s assets total at $10 billion as well as deposits totaling $7 billion, which is also what makes it a considerably large bank.

Provident Bank offers a full suite of checking, savings, as well as a certificate of deposit products

So, if you live in either New Jersey or Pennsylvania or some parts of New York, and you are looking for a bank that offers convenience because of local branch access, at the same time, mobile app access, then Provident Bank is for you.

By the way, it may sound confusing for some, but please take note that Provident Bank is totally not affiliated with The Provident Bank as well as its online-only bank arm, Bank Provident Online.

WHO IS PROVIDENT BANK BEST FOR?

Before we move on to the more technical stuff, let’s talk about who Provident Bank is most suitable for first. This helps you assess if you are eyeing the right bank.

As mentioned earlier, Provident Bank is only available for residents of New Jersey, Pennsylvania, and a few parts of New York.

Although it has mobile app access, it only offers very limited features that make it only available for those who already have an existing Provident Bank account.

Having said that, technically speaking, Provident Bank should appeal to consumers from New Jersey, Pennsylvania, and some parts of New York who want to have access to a physical branch, at the same time, have mobile phone access to their bank accounts.

This also is a good choice for customers who are not that particular with earning good interest from their deposit accounts, because to be honest, while the bank offers a full suite of deposit accounts, it does not have very attractive interest rates as well as fee structures like what online banks these days offer.

The bank, however, does not charge monthly fees (on certain products), and also refunds ATM fees, which makes it an ideal choice for those who want to enjoy such features.

Provident Bank should appeal the most as well to those who are looking for a wide variety of account choices, because, certainly, they have so much to offer in that aspect.

WHAT ARE THE PRODUCTS OFFERED BY PROVIDENT BANK?

In the previous sections of our Provident Bank review, we provided you important information on what the bank is all about, as well as who should it appeal to the most.

This time, we are going to talk about the products that the bank offers.

Provident Bank is a full-service bank that offers different account types including checking, savings, certificates of deposit, business accounts, as well as IRA, wealth management, and mortgages.

In this review, however, we are only going to focus on the three major bank offerings — checking, savings, and CD accounts.

Now, let’s dig deeper into what each account has to offer —

Checking Account

Provident Bank offers a bunch of checking products that cater to different needs. In fact, it has seven different checking accounts to choose from. All of which requires an initial deposit of $50, which is quite a good amount as compared to what other banks of similar type require.

Provident Bank checking account options include:

Provident Basic Checking

This checking account type offers the following features:

  • First six (6) paid checks FREE each month
  • FREE direct deposit
  • FREE Provident Debit Mastercard®
  • FREE ProvidentConnect Online Banking with Bill Payment
  • FREE eStatements1
  • FREE Mobile Banking with Check Deposit
  • Unlimited ATM transactions
  • No minimum balance requirements
  • Funding from a linked account to help avoid overdraft fees
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Meanwhile, for this account type, a $0.50 fee per check is charged after the sixth paid check. Also, a $2 monthly fee is charged if the account holder opts to receive a paper statement.

Provident Cash Back Checking

Provident Cash Back Checking account holders will get to enjoy the following features:

  • Cashback on the total amount of eligible signature-based point-of-sale (POS) transactions, credited monthly when qualification requirements are met2
  • No limits on the amount of cash back2
  • FREE ProvidentConnect Online Banking with FREE Online Bill Payment
  • FREE Provident Debit Mastercard®
  • FREE eStatement
  • FREE Mobile Banking with Mobile Check Deposit3
  • ATM fee refunds nationwide when qualification requirements are met
  • No monthly minimum balance requirements4
  • No monthly service fees
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Please note that to be able to earn 1.50% cashback and domestic ATM fee/surcharge refunds for every statement period, the account holder must:

  • Conduct ten (10) signature-based point-of-sale transactions with your Provident Debit Mastercard
  • Have one (1) direct deposit or one (1) automatic ACH debit
  • Establish and maintain a FREE ProvidentConnect Online Banking relationship
  • Elect to receive your periodic account statement electronically via ProvidentConnect Online Banking

If in case you do not meet the above requirements, you still will get to enjoy a free checking account and be eligible for cashback and ATM fee/surcharge refunds in the very next statement period.

NJ Consumer and NY Basic Checking

For these checking account types, account holders will get to enjoy these features:

NJ Consumer Checking

  • $50 deposit to open the account
  • Minimum of $1 to maintain the account
  • Maximum $3 monthly service fee
  • Eight (8) free withdrawals per month by check
  • Free unlimited deposits and in-person withdrawals

NY Basic Checking

  • $25 deposit to open the account
  • Minimum of $.01 to maintain the account
  • Maximum $3 monthly service fee
  • Eight (8) free withdrawals per month by check
  • Free unlimited deposits and in-person withdrawals

Provident Debit Mastercard

For this type of account, customers will get to enjoy the ability to purchase items at millions of locations and ATMs where MasterCard is accepted worldwide.

Additionally, account holders will enjoy the following benefits:

  • Extended Warranty
  • Satisfaction Guarantee
  • Zero Liability Protection against Unauthorized Purchases

Provident Platinum Checking

All Provident Platinum Checking account holder will enjoy the following benefits:

  • Higher yields for higher balances
  • FREE Provident Debit Mastercard® (Daily cash withdrawal limit: $500. Daily purchase limit: $1,500)
  • FREE ProvidentConnect Online Banking with Bill Payment
  • FREE direct deposit
  • FREE basic checks
  • Unlimited check writing
  • No ATM fees (fees will be refunded at end of cycle)
  • Bonus .25% APY on Certificates of Deposit
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Please note that as stated on the bank’s website, account holders are required to “maintain a combined $10,000 daily account balance in conjunction with eligible linked deposit accounts, mortgage loans, or select consumer loans and credit lines to avoid fees.”

Additionally, a minimum of $50 must be kept to be able to receive interest payments.

Provident Prestige Suite

The Provident Prestige Suite is a bundle of Provident Bank’s Checking & Money Market that yields big benefits, including:

Provident Prestige Checking

  • FREE eStatements
  • FREE Identity Theft Protection through ULTIMATE ID2
  • FREE Mobile Banking with Mobile Check Deposit3
  • FREE Debit Mastercard®
  • No minimum balance
  • FREE Basic-Style checks
  • Unlimited check writing
  • Unlimited domestic ATM fee refunds
  • Bonus 0.25% APY on Certificates of Deposit

Provident Prestige Money Market

  • Total money management with a linked Provident Prestige Checking account
  • Competitive APY on balances from $15,000 up to $500,000
  • FREE unlimited balance transfers
  • FREE eStatements
  • FREE direct deposit
  • FREE ProvidentConnect Online Banking
  • No withdrawal penalties

To be able to maintain this type of account, customers must:

  • Open and maintain a Provident Prestige Checking account – receive at least one direct deposit and process at least one automatic debit1
  • Open and maintain a Provident Prestige Money Market account

Provident Smart Checking

With Provident Smart Checking, you get to earn 1.51% APY for balances up to $15,000, at the same time, enjoy domestic ATM fee/surcharge refunds, per statement period as long as the following requirements are met:

  • Conduct ten (10) signature-based, point-of-sale purchases with your Provident Debit Mastercard that post and clear your account.
  • Receive one (1) direct deposit or process one (1) automatic ACH debit.4
  • Establish and maintain a ProvidentConnect Online Banking relationship.
  • Elect to receive your periodic account statements via ProvidentConnect Online Banking

Additionally, all account holders will get to enjoy the following benefits:

  • FREE ProvidentConnect Online Banking with Bill Payment
  • FREE Provident Debit Mastercard®
  • FREE eStatements
  • FREE Mobile Banking with Check Deposit
  • ATM fee refunds3 nationwide when monthly requirements are met
  • No minimum balance requirements
  • No monthly service fees
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Savings Account

Provident Bank also offers a selection of savings accounts that suits almost every customer type. These options include:

Provident Power Savings

For this savings account type, customers will get to enjoy the following benefits:

  • 0.35% APY1 on the portion of your daily balance over $10,000
  • 0.05% APY1 on the portion of your daily balance $50 – $9,999.99
  • FREE online account with no fees or service charges
  • FREE ProvidentConnect Online Banking with FREE Online Bill Payment
  • FREE Mobile Banking with Mobile Check Deposit2
  • FREE Provident Basic Debit Card
  • FREE eStatement
  • No funding fees on transfers to another Provident deposit account

Please note that account holders be able to maintain a $50 minimum daily balance to earn interest.

Additionally, the account holder must be able to establish and keep a free ProvidentConnect Online Banking relationship and elect to receive periodic account statements electronically via ProvidentConnect Online Banking.

Platinum Money Manager

All Platinum Money Manager account holders will get the following benefits:

  • Total money management with a linked Provident Platinum Checking account
  • FREE monthly combined statement
  • Higher yields for higher balances
  • FREE direct deposit
  • FREE ProvidentConnect Online Banking
  • FREE 24-hour telephone banking access
  • No ATM fees
  • FREE unlimited balance transfers
  • No withdrawal penalties
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

To qualify for this account you must have or open a Provident Platinum Checking account first. To open an account, the bank requires a $50 minimum deposit, while to earn interest, you must be able to keep a $5,000 combined daily balance.

Young Saver

The Young Saver savings account is designed for kids aged below 18 years old. To open an account, the bank only requires a minimum of $1 deposit. Meanwhile, to be able to receive interest, you must at least have a minimum balance of $0.01.

This does not charge monthly service fees, and just the same as the other account types, your kids can easily access 95 bank locations in New Jersey, New York & Pennsylvania

Certificate of Deposit Account

Provident Bank’s certificate of deposit account is ideal for those who have money but won’t be accessing it anytime soon.

The bank offers competitive rates for its CD accounts with terms ranging from 91 days up to 60 months.

HOW TO BANK WITH PROVIDENT BANK?

Now that you already know the different deposit accounts that Provident Bank offers, this time, let’s talk about how to actually bank with them.

Although Provident Bank has a mobile app, unfortunately opening an account online is not yet accessible. You will need to visit a local branch near you if you want to become a customer of Provident Bank.

Once you’ve opened the account, though, you can easily access and manage your account through its mobile app that is available for both iOS and Android devices.

More so, the mobile app allows you to transfer money, pay bills, as well as find an ATM or a branch near you.

At the moment, the mobile app does not cater to mobile check deposits yet.

In case you need assistance but cannot go to the branch, you may call Provident Bank customer service or you may email them through the website.

IS PROVIDENT BANK SAFE?

This section of our Provident Bank review will focus on how safe your money is with Provident Bank.

Provident Bank is insured by the FDIC, which means every depositor will get up to $250,000 per account in case of a bank failure.

Meanwhile, its mobile app as well as website use encryption to ensure all data submitted through these channels are safe and secured.

WHAT TO LIKE ABOUT PROVIDENT BANK?

This Provident Bank review will not be complete without a list of things to like about this financial institution, which includes:

  • Mobile App Access – Although there still is so much to improve on its mobile app, we like the fact that the bank is keeping up with the needs of its customers. The mobile app access is definitely a great help especially for people who are always on the go.
  • No Monthly Fees – For the majority of its account selections, Provident Bank does not charge monthly fees.
  • Wide Account Selection – The bank offers a wide selection of financial products, which actually is a very common feature of a full-service bank.
  • 95+ Local Branches – Provident has more than 95 local branch locations across New Jersey, Pennsylvania, and parts of New York.

WHAT NOT TO LIKE ABOUT PROVIDENT BANK?

While it does have its share of highs, Provident Bank does have a few downsides as well, and this includes the following:

  • Limited Mobile App Features – The bank has still a lot of things to work on with regards to its mobile app. One downside of it is that it does now allow opening an account online yet.
  • Less Competitive Rates – Compared to other banks of similar type, Provident Bank has less competitive rates.
  • Limited Access to Customer Service – Customer service is only accessible through phone or email.

FINAL THOUGHTS ON PROVIDENT BANK

Overall, Provident Bank is a good full-service bank that caters to residents of New Jersey, Pennsylvania, and parts of New York.

While it does offer mobile and online bank access, it is limited only to fund transfer, bill payment, and other basic mobile banking services. Definitely better if the bank also allows opening an account through the website or the mobile app.

Nevertheless, it is a good choice for those who want to have access to both a branch location and mobile app, right?

With this in-depth Provident Bank review, we hope you are able to see the potential there is in this bank, especially because it tries to cater to the needs of consumers these days by providing access to both a branch location and a mobile application.