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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.

Categories
Mobile Banking

TIAA Bank Review: A Bank With Wide Selection of Financial Products

If you are looking for an online bank that offers a wide variety of financial products plus access to physical branches (at least for Florida residents), then you have to check this TIAA Bank review out.

TIAA Bank Review: A Bank With Wide Selection of Financial Products

TIAA Bank is one of those rare online banks that offer the convenience of a digital banking platform, at the same time, the traditional way of banking.

According to Statista, in 2018, there are 57 million mobile banking users in the United States.

In another research made during the same time by Statista as well, they’ve found that 69.3 percent of the mobile banking users in the country are Millennials, 47.9 percent belong to Generation X, while 24% are Baby Boomers.

Meanwhile, an article published by CNBC says that based on the Fidelity National Information Services (FIS), a firm that works with 50 of the largest banks in the world, there has been a 200% increase in new mobile banking registrations in early April in 2020 during the peak of the COVID-19 pandemic in the United States. Consequently, mobile banking traffic rose to 85 percent.

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The rise in the number of people using mobile banking since then was non-stop, and of course, obviously, the reason behind it is that most transactions are now done online to avoid unnecessary human contact to help lessen, and ultimately, win the pandemic situation.

Now, while some consumers are okay with banking entirely online, let’s admit it, some are not – especially the older ones as they still prefer traditional banking more. Needless to say, they feel more secure banking with a conventional financial institution rather than all-online.

While there are some financial institutions that offer access to both brick-and-mortar and online, they are very few. One of these few institutions is TIAA Bank, which is formerly known as EverBank.

However, the bank’s physical branch accessibility is only limited to Florida residents. Nonetheless, the online version of it is available for most residents of the United States.

In the next few sections, we are going to tell you more about TIAA Bank. This TIAA Bank review will provide you essential information to help you gauge if this is the right bank for you or not.

To be more specific, we are going to tackle the following:

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

WHAT IS TIAA BANK?

Before we talk about the more technical stuff, let’s discuss what TIAA Bank is all about first. This way, we get to know the institution and build trust and confidence in them. After all, we are letting them keep our hard-earned money, right?

The history of TIAA Bank dates back to 2017 when TIAA, a Fortune 100 company, purchased EverBank, and then re-launched it as what it is known for today back in 2018. The bank is headquartered in Jacksonville, Florida, and has Financial Center Locations scattered throughout the state.

While most residents of the country are able to access their TIAA Bank accounts online, those living in Florida have the luxury to visit a branch.

TIAA Bank offers full-service personal banking, as well as other financial products and services, which is why we mentioned that this is ideal for those who are looking for a variety of financial products and services in one bank.

Along with several personal bank account options, TIAA Bank also offers investment solutions, home loans, as well as business and commercial banking services. Later on, we are going to tell you more about what the bank has to offer.

TIAA Bank is insured by the Federal Deposit Insurance Corporation (FDIC), which means the federal government protects all deposits up to $250,000 per depositor, per account ownership category, in case of a bank failure.

Meanwhile, before moving on, sharing with you an insightful review by Eddie Yoon. In the video below, he provided some of the best banks in the country today, which include TIAA Bank.

Know what he has to say about the bank by clicking the play button below:

WHO IS TIAA BANK BEST FOR?

As we continue with our TIAA Bank review, this time around, we are going to provide you insights on who TIAA Bank suits best.

Based on what the bank offers, in terms of products and services, TIAA Bank will surely appeal most to clients who want access to a variety of financial products and services in just one bank.

It will also be great for those who are okay with accessing their bank accounts online. As with Florida residents, it is best for those who want to have access to both conventional and online banking.

Furthermore more, clients with deep pockets who would want to take advantage of Certificate of Deposit Account Registry Service (CDARS) as well as other banking products for large deposits would also like TIAA Bank.

Additionally, TIAA Bank would fit clients who want to have access to a large ATM network as TIAA Bank account holders have ATM access to all Allpoint and MoneyPass ATMs, which is equivalent to over 80,000 ATMs nationwide. Needless to say, using these ATMs does not come with a fee.

So, if you are any of you see yourself in all of these, then, TIAA Bank is perfect for you.

WHAT ARE THE PRODUCTS OFFERED BY TIAA BANK?

Probably, this is the most important section in this TIAA Bank review. Obviously, we are going to talk about the different products that TIAA Bank offers to the public.

As mentioned, TIAA Bank is full-service banking for both personal and commercial banking.

The bank offerings include savings, checking, credit cards, loans, lines of credit, investing products, as well as retirement.

As much as we want to cover all products and services offered by the bank, in this TIAA Bank review, we are going to focus only on the bank’s deposit products — savings, checking, Certificates of Deposit, and Money Market accounts.

Let’s begin with —

Savings Account

TIAA Bank has only one savings account, and it’s the Basic Savings account. It’s an average-bearing account that earns 0.45% annual percentage yield (APY), this changes though so always make it a point to check the latest.

While the interest rate is lower than several other online savings accounts offered by other banks, it still is higher as compared to what traditional brick-and-mortar banks offer.

What’s nice about TIAA Bank’s Basic Savings account is that in as low as $25, you can already open an account. Of course, there are others that require lower than that, but this one’s definitely not bad at all.

While the bank charges a $5 monthly maintenance fee for this account, it can be avoided for as long as you keep a minimum balance of $25 in your account.

For this account, mobile deposits are available. More so, it can also be linked to the Basic Checking account to avoid overdraft fees.

Checking Account

Unlike the savings account that only comes with one option, TIAA Bank’s checking accounts have two. These are the Basic Checking and the Yield Pledge Checking.

Now, let’s dig deeper into each of these account options:

Basic Checking Account

TIAA Bank’s Basic Checking account is exactly what it sounds like. This account comes with few requirements, as well as few perks.

Just like the Basic Savings account, TIAA Bank requires a minimum initial deposit of $25 and maintains a similar balance to avoid the $5 monthly maintenance fee.

This comes with a bill pay feature, as well as a debit card that has purchase benefits like price protection, return protection, and extended warranty.

For the Basic Checking account, the bank reimburses customers for ATM fees charged by other banks. There are two tiers of reimbursements available, which are based on the account balance.

For those with balances of $5,000 and more, there are unlimited ATM fee reimbursements every month, while balances of $5,000 below receive up to $15 ATM fee reimbursements on a monthly basis.

Yield Pledge Checking Account

The Yield Pledge Checking Account is an interest-bearing checking account that comes with two distinguishing features, which are:

  • an interest rate that is always among the top 5% of competitive accounts, and
  • a higher-earning rate for the first year since the account was opened.

As of November 2020, Yield Pledge Checking account holders earn 0.40% APY for the first year after the account was opened, and then, 0.12% APY in succeeding years on all account balances.

To open a Yield Pledge Checking account, the bank requires a minimum initial deposit of $100.

While there are no monthly maintenance, TIAA ATM, overdraft, and debit card replacement fees, there are some account activities that could trigger a fee like $10 for cashier’s check fee and $25 for the stop payment fee.

Additional perks include balances of $5,000 and above get unlimited ATM fee reimbursements for charges from other banks, while balances with below $5,000 receive up to $15 reimbursements per month.

Certificate of Deposit Account

While TIAA Bank has limited savings and checking account offerings, it does offer multiple Certificate of Deposit account options for its clients.

TIAA Bank offers:

  • Basic CDs
  • Bump Rate CDs
  • CDARS Services

Now, let’s take a look at each of these options:

Basic CDs

This CD account option comes with terms of three months to five years with an APY that ranges from 0.25% to 0.70%.

To open a Basic CD account, the bank requires a minimum deposit of $1,000. The account is set up to automatically roll over with a 20-day maturity alert. Similar to most CD accounts, the bank charges a penalty should an early withdrawal is made.

Bump Rate CDs

The Bump Rate CD account requires a larger minimum deposit requirement, which is $1,500, and a maximum of $250,000.

Unlike the Basic CD account, the Bump Rate CD account has only one term option, and that is 3.5 years. For balances of up to $250,000, the APY is around 0.60%.

As the name states, customers with this account have the opportunity to bump up their interest rates. When the rates are increasing, customers are given a one-time chance to lock in their CD at a higher interest rate.

TIAA Bank’s Bump Rate CDs are eligible for IRA and as mentioned, they automatically rollover. Take note, though, that each customer can only hold one of these CDs at a time.

CDARS Services

CDARS services are available for customers who are seeking FDIC coverage on CDs with values that run into the millions of dollars. A CDARS Service places CD deposits with multiple banks.

To avail of this product, the bank requires at least a $10,000 deposit.

Money Market Account

The last deposit product that is on TIAA Bank’s list is Money Market.

Similar to the Yield Pledge Checking account, TIAA Bank’s Money Market Account (MMA) has a high first-year APY as well. The rate will then depend on your balance after the first year.

Money Market Accounts does not charge monthly maintenance fees. However, there is a potential $10 fee for ordering a cashier’s check. Also, TIAA Bank’s MMA is IRA eligible.

To open an MMA, the bank requires a minimum deposit of $500.

HOW TO DO BANKING WITH TIAA BANK?

So, in the previous parts of our TIAA Bank review, we have discussed what the bank is all about, who is it best for, and of course, the products and services it offers.

By now, you are probably wondering already how to actually bank with TIAA.

As mentioned earlier, generally, TIAA Bank is accessible online. However, those residing in Florida, have access to physical branches across the state.

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

To open an account online, though, you need to visit the TIAA Bank website. Similar to most banks, on- and offline, during the application process, you will be asked to provide personal information such as your name, address, date of birth, as well as your Social Security number.

Furthermore, the bank may ask you to provide further information to help verify your identity.

Additionally, you may also call 1-888-882-3837 to know more information on how to open an account.

Online Banking Features

Apart from the ability to open an account anytime, anywhere, TIAA Bank also offers the following online banking features:

  • Online Bill Pay
  • Accounts Tracking
  • Online Electronic Transfers
  • Online Payment via Zelle
  • Setting Budgets and Savings Goals

Apart from these, TIAA Bank’s mobile app feature also includes mobile check deposits.

Meanwhile, TIAA payment cards may also be integrated with other mobile payment programs such as Google Pay, Samsung Pay, and Apple Pay.

IS TIAA BANK SAFE?

TIAA is a Fortune 100 company, which means it does things best. So, when it comes to the safety and security of your TIAA Bank account, you are assured that it is being taken care of in the best way possible.

The safety and security of all bank accounts are a top priority of TIAA Bank. Thus, all accounts are protected by the bank’s wide array of safety measures such as fraud detection, encryption technology, malware protection, identity theft protection, and a lot more.

Also, as mentioned earlier, TIAA Bank is FDIC insured, which means all deposits are insured up to $250,000 per depositor, per account category, in the event of a bank failure.

WHAT TO LIKE ABOUT TIAA BANK?

Now that we have already discussed the most important things that you need to know about TIAA Bank, we have gathered and listed down what we particularly like about this online bank, and this includes:

  • Wide Range of Banking Products – TIAA Bank offers a wide selection of banking products and services both for personal and commercial use. Apart from deposit accounts, it also offers investment solutions, home loans, as well as business and commercial banking services.
  • Competitive APY on Yield Pledge Checking Account – Yield Pledge Checking account holders could earn up to 0.45% APY.
  • Large ATM Network – TIAA Bank account holders can get access to cash at all Allpoint and MoneyPass Network ATMs, which totals to over 80,000 nationwide.
  • No ATM Fee, Reimburses Charges Incurred from Other Banks – TIAA Bank does not charge ATM fees. Apart from that, it also reimburses fees incurred from other banks. Depending on your balances, reimbursement could range from $15 a month to unlimited.
  • Waivable Monthly Maintenance Fee – Although TIAA charges a $5 monthly maintenance fee, this can be avoided if you maintain the required minimum balance requirement, which we have already stated earlier for both savings and checking accounts.
  • Mobile Check Deposit – Another plus point for TIAA Bank is that it supports mobile check deposits.

WHAT NOT TO LIKE ABOUT TIAA BANK?

This TIAA Bank review will not be complete without listing down the things that can be improved on. Some of the things that we do not like about TIAA includes:

  • Physical Branches are Limited to Florida – While the online banking platform is available for most states, physical branches of TIAA bank are only available across Florida. So, if you want an online bank with physical branch access, but you are not living in Florida, then. TIAA Bank is not for you.
  • Monthly Maintenance Fee – The bank charges a $5 monthly maintenance fee for both checking and savings accounts unless the minimum balance requirement is hit.
  • Limited Savings Account Option – Unfortunately, TIAA Bank only offers one savings account option.

FINAL THOUGHTS ON TIAA BANK REVIEW

TIAA Bank is an online bank that offers full-service personal banking, as well as commercial and business banking.

The bank, like any other bank, has its share of ups and downs in terms of its product offerings. At the end of the day, it will depend on you, the customer, to decide if this will work better for you or you should look for another bank.

Now, given all the information we’ve shared, do you think TIAA Bank hits off your needs and preferences in a financial institution?

We do hope that through this TIAA Bank review, we are able to provide you with everything you need to know to gauge if it’s the right one for you or not.