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keybank banking credit cards mortgages and loans

Headquartered in Cleveland, KeyBank is currently the 18th-largest bank in the United States. The bank offers numerous and legit personal and. Payment apps generally allow you to link your credit cards or bank savings and credit card accounts • View mortgage, auto loan and other account. Latino Homes Mortgage Center KEY CONSOLIDATED PAYABLES THE MARK CONSISTS OF Latino Homes Mobile Bank KEYBANK LUXURY YACHT LENDING THE MARK CONSISTS OF.

Keybank banking credit cards mortgages and loans -

KeyBank is a large full-service bank operating in more than a dozen states. In addition to the 900 branches nationwide, it has an extensive range of locations and ATMs internationally. And while you may not get savings accounts with the strongest interest rates, you’ll definitely find a product that fits your needs and budget. The bank offers everything from checking accounts, savings options and certificates of deposit (CDs) to loans, insurance products and IRAs. 

The bank distinguished itself by providing access to an interactive financial wellness program called HelloWallet. As you improve your financial health, you have access to higher interest rates. The bank also allows you ample opportunity to waive fees on accounts if you meet certain balance requirements.

Also of note, the bank has been recognized for excelling at corporate social responsibility excellence and for providing a welcoming environment to LGBT and military employees.

Products Offered

ProductKey Details
Savings Accounts
  • Monthly maintenance fees can be waived
  • Bank offers one to meet different needs as well as one designed for kids
Certificates of Deposit 
  • Multiple CDs including jumbo versions with varying rates and balance requirements
  • Relationship Rewards status can boost your interest if you open a KeyBank checking account
Money Market Account
  • Two Accounts
  • Interest rates generally climb with balance
Interest Earning Checking Accounts
  • Two accounts
  • Each generates higher interest rates the larger your balance is
Retirement Planning Solutions
  • Option to open a traditional or Roth IRA by investing in CDs, money market accounts or brokerage accounts

KeyBank Overview

KeyBank opened in Albany in 1825, but the company is now Cleveland-based. It operates more than 900 full-service branches across 15 states. Its Key Corporate bank component extends its investment and banking services throughout the U.S. and more than 30 countries. On the consumer side, KeyBank offers everything you’d expect at a major bank, including checking, savings, investment, insurance and lending options. 

KeyBank has been repeatedly recognized for its corporate responsibility record. In fact, the Human Rights Campaign (HRC) awarded KeyBank a perfect score nine times on its Corporate Equality Index. In addition, the HRC named the bank among the Best Companies for LGBT Equality. KeyBank has also been recognized as a G.I. Jobs Military Friendly Employer and G.I. Jobs Military Spouse Friendly Employer and has earned eight consecutive Outstanding ratings for lending under the Community Reinvestment Act.

In January 2019, KeyBank acquired the digital lending arm of New York-based Laurel Road Bank. When first created in 2013, Laurel Road dealt solely with student loan refinancing. However, in 2018, it began to offer mortgages, leading the platform to have more than $4 billion in lifetime loan originations at the time of its acquisition. While mortgages and loans are nothing new to KeyBank, Laurel Road’s platform provides customers with a stronger selection of lending options.

KeyBank Account Features

Even though KeyBank doesn’t offer the best interest rates for its checking accounts or savings accounts, the firm does have some additional perks. For starters, the basic savings account comes with free access to an interactive financial wellness program called HelloWallet. Your interest rate also climbs as you increase your financial wellness score. In addition, you can open a joint bank account designed for kids.

The bank also runs a comprehensive Relationship Rewards program. For some accounts, you can even bump the interest rate up by opening a certain checking account. Monthly maintenance fees are often waivable through certain activities such as maintaining a certain balance. On certain accounts like Key Advantage Checking and Key Privilege Checking, the bank will even reimburse you for out-of-network ATM fees.

KeyBank also gives you access to thousands of ATMs worldwide as well as intuitive mobile banking features. In addition to access to the 1,200 branches in the U.S., you'll also have customer service via phone available 24 hours a day, seven days a week.

Compare KeyBank National Association to Other Competitive Offers

Key Active Saver Account

Key FeaturesDetails
Minimum Deposit$10
Access to Your Savings AccountOnline, mobile, over the phone and at physical branches.
SecurityFDIC insurance up to the maximum amount allowed by law.
Fees$4 monthly service fee unless you meet the following requirements
  • Enroll in HelloWallet and maintain a financial wellness score above zero
  • Maintain a daily balance of $300 during month
  • Drop $5 a month into the account either through direct deposit or recurring online banking transfer from another KeyBank deposit account
Current Terms and RatesFinancial Wellness Interest depends on HelloWallet program score and location. Here’s an example based on a New York City zip code 10029:
  • Score 1-10: 0.01% APY
  • Score 11-20: 0.02% APY
  • Score 21-30: 0.03% APY
  • Score 31-40: 0.04% APY
  • Score 41-50: 0.05% APY
  • Score 51-60: 0.06% APY
  • Score 61-70: 0.07% APY
  • Score 71-80: 0.08% APY
  • Score 81-90: 0.09% APY
  • Score 91-100: 0.10% APY
Standard Interest
  • Account balances of $0.01 - $24,999.99: 0.01% APY
  • Account balances of $25,000 and over: 0.01% APY

The Key Active SaverTM Account calculates interest in two ways. If your balance is less than $25,000 and you’re enrolled in the free HelloWallet program through KeyBank’s online banking platform, you’re placed in the financial wellness interest chart. 

HelloWallet is a digital program that aims to gauge your financial wellness while giving you tips on how to improve it. Your financial wellness score is measured on a scale from 0 to 100. The higher your score, the better your variable interest rate and APY. 

For example, a score of 1 to 10 gives you an interest rate and APY of 0.01%. Meanwhile, a score of 91 to 100 gives you an interest rate and APY of 0.10%. 

So how exactly do you boost your score? The trick is to be as descriptive as possible with the HelloWallet program. It covers your account balance from multiple sources, including non-KeyBank accounts, your income, your spending habits and more. So staying on top of your overall budget improves your financial wellness score.  

While the highest interest rate you can get through the financial wellness program is still minimal compared to the interest you’d earn with a competing online bank right from the start, you can’t really put a price on financial wellness. HelloWallet is an interactive tool that can guide you through improving your financial strength. Based on the information you feed it, it can give you tips on everything from developing a budget to saving for retirement. In this sense, it’s a good fit if you're someone who might need a nudge in the right direction when it comes to finances. 

Moreover, maintaining a score of at least 1 alone will waive the $4 monthly service fee. Otherwise, you can waive it by maintaining a daily balance of at least $300 during the month or by pushing at least $5 a month into your account through direct deposit or recurring online banking transfer from another KeyBank deposit account.

You’ll get put in the standard interest program if you have a balance greater than $24,999 or if you don’t sign up for the HelloWallet program. In that case, your interest rate increases with your balance amount. A balance of less than $25,000 in the standard interest program earns you just 0.01%. If your balance is $25,000 or greater, you will get you an interest rate and APY of 0.02%. As far as KeyBank’s current standing goes, that’s as much as you can earn even if your balance exceeds $1 million. 

It’s important to note, however, that your interest rate in either program may vary slightly by location on any given day. By clicking on the “rates” tab on the Key Active Saver Account section of KeyBank’s website, you’ll be prompted to enter a zip code. You’ll then be taken to a page with charts detailing current APYs and interest rates for both programs. 

Also,  KeyBank will put in new accounts to the standard interest program during the first month. If you meet all requirements for the financial wellness program, you’ll be placed there afterward. And if your financial wellness score falls below 1 on any day of the month, your interest will be generated on the standard interest basis for that entire month. 

You also need to be at least 18 years old to be enrolled in the HelloWallet program, and you must provide an email address to view your scores. Otherwise, you can call 1800-539-2968 to learn your scores.  

Overall, the Key Active Saver Account isn’t the best place to park your money if you want it to grow significantly. But if you’re someone with a balance below $25,000 who needs a little help with your finances, the HelloWallet program is an attractive option.

Key Silver Money Market Savings Account

Key DetailsFeatures
Minimum Deposit$50 or $5,000 for promotional rates
Access to Your Savings AccountOnline, mobile and physical branches.
SecurityFDIC insurance up to the maximum amount allowed by law.
Fees$12 monthly fee, waivable with one of the following
  • Having a minimum $5,000 daily balance
  • Recurring monthly direct deposit of at least $25.00
  • Recurring monthly online banking transfer from another KeyBank deposit account of at least $25
  • Having a Relationship Rewards checking account
 Current Terms and Rates
  •  Standard Rates
    • Balances of $0 - $4,999.99: 0.01% APY
    • Balances of $5,000 and over: 0.01% APY
  • Promotional Rates
    • Balances of $0 - $4,999.99: Not Applicable
    • Balances of $5,000 - $1 million: 0.01% APY
    • Balances of $1 million and over: Not Applicable
  • Relationship Rate
    • Balances of $0 - $4,999.99: 0.01% APY
    • Balances of $5,000 and over: 0.02% APY

The Key Silver Money Market Savings Account offers interest rates that increase with your balance. It requires a manageable $50 opening balance. However, you’ll get competing promotional rates if you open an account with at least $5,000. 

With the standard rate, your variable interest rate and APY is 0.01% with balances less than $5,000. Beyond that, you’ll earn a variable 0.01% interest rate and APY. However, you’ll get a better rate if you were to open a new account with that amount by taking advantage of the bank’s promotional rates.

This account carries a $12 monthly fee, but the bank can waive that charge if you maintain a minimum daily ledger balance of at least $5,000. You can also waive that charge if you set up a monthly direct deposit of at least $25 into the account or establish a recurring monthly transfer of at least $25 from another KeyBank account. You can also do away with the fee if you sign up for certain KeyBank relationship package checking products.

You can also use this savings account as protection for any KeyBank checking account. So if your checking account dips into the negative because you made a charge when you didn’t have sufficient funds, the necessary funds (if available) would be automatically transferred from another account to cover the payment. This will keep your account in the positive range and help you avoid the KeyBank overdraft fee of up to $39. 

If you’re already enrolled in the KeyBank Relationship Rewards program, you can earn 5,000 KeyBank Relationship Rewards at opening. 

It’s important to note, however, that you’d need to meet certain requirements to keep your promotional bonus status. You must also maintain a minimum balance of $5,000 throughout the three-month period. If it falls below that level within that period, your rate will be converted to the applicable standard rate until you reach at least $5,000 again. 

You must also open or already be a holder of a Key Privilege Checking or Key Privilege Select Checking Account. If you fail to keep open one of these checking accounts during the first business day of each calendar month within the promotional period, you’re no longer eligible for the bonus. Moreover, KeyBank charges an early closure fee if you shutter any account within 180 days of opening. 

Key Gold Money Market Savings Account

Key FeaturesDetails.
Minimum Deposit$25,000
Access to Your Savings AccountOnline, mobile and physical branches.
SecurityFDIC insurance up to the maximum amount allowed by law.
Fees$18 unless you maintain a minimum balance of $25,000 and open a Relationship Rewards Checking Account
Current Terms and RatesStandard Rates
  • Balances of $0 - $24,999: 0.01% APY
  • Balances of $25,000 and over: 0.01% APY
Promotional Rates
  • Balances of $0 - $24,999: N/A
  • Balances of $25,000 - $1,999,999.99: 0.02% APY
  • Balances of $2 million and over: N/A
Relationship Rates
  • Balances of $0 - $24,999: 0.05% APY
  • Balances of $25,000 - $999,999.99: 0.05% APY
  • Balances of $2 million and over: 0.05% APY

The Key Gold Money Market Savings Account requires a rather large opening balance of $25,000. Its interest rate generally climbs with your balance, but the maximum you can currently get is 0.01% APY. This rate is still far below that of several savings accounts offered by online banks. 

In order to waive the $18 monthly fee, you must maintain the minimum opening balance and have a relationship checkings account open with KeyBank. The same promotional rate rules apply to the Key Gold account as they do for the Key Silver account. 

Overall, the Gold version doesn’t really pack a strong punch for a savings account with such strict rules and a large opening balance requirement. But if you’re a loyal KeyBank customer, this card brings you some substantial perks. For one, you can earn 15,000 Relationship Rewards points if you’re already enrolled in the program.

Key4Kids Savings Account 

Key FeaturesDetails
Minimum Deposit$10
Access to Your Savings AccountOnline, mobile and physical branches.
SecurityFDIC insurance up to the maximum amount allowed by law.
FeesNone
Current Terms and RatesN/A

KeyBank provides a fun way to get kids into saving. The Key4Kids Savings Account is meant for children under 18 when the account's custodian is a KeyBank deposit or credit customer. The interest compounds daily. And to cut your kid some slack, KeyBank slashes any minimum balance or monthly service fee. 

The minimum deposit is $10. It also comes with all the basic features of other savings accounts including worldwide ATM access and mobile deposit.

KeyBank Short Term CDs, Key Tiered CDs and Key Jumbo CDs (Certificates of Deposit)

Key FeaturesDetails
Minimum Deposit 
  • Key Short Term CDs: $2,500
  • Key Tiered CD Accounts: $2,500
  • Key Jumbo CDs: $100,000
Access to Your CDOnline, through a branch or over the phone.
SecurityFDIC insured up to the maximum allowed by law.
FeesNo maintenance fees, but you will incur an early withdrawal penalty if you take your money out before the term ends.
Current Terms and Rates: Key Short Term CDsStandard Rates Relationship Rates
  • 7 - 119 Day: 0.05% APY
  • 120 - 179 Day: 0.05% APY
Current Standard Terms and Rates: Key Tiered CDs
  • 6 - 9 Month: 0.05% APY
  • 10 - 13 Month: 0.05% APY
  • 14 Month: 0.05% APY
  • 15 - 25 Month: 0.05% APY
  • 26 - 59 Month: 0.05% APY
  • 5 - 10 Year: 0.05% APY
Current Relationship Rewards Terms and Rates: Key Tiered CDs
  • 6 - 9 Month: 0.05% APY
  • 10 - 13 Month: 0.05% APY
  • 14 Month: 0.05% APY
  • 15 - 25 Month: 0.05% APY
  • 26 - 59 Month: 0.05% APY
  • 5 - 10 Year: 0.05% APY

KeyBank offers various CD accounts ranging from a couple of days to more than 10 years. Variable APYs depend on several factors, including the amount you invest, how long your term is and whether you’re involved in a Relationship Rewards program. 

But despite the bulk of the CD offers, they don’t really stand out in terms of savings potential. The best interest rates are generally reserved for jumbo CDs, which require a minimum balance of $100,000. 

To maintain relationship status, you must have a Key Advantage®, Key Privilege® or Key Privilege Select checking account. By opening a CD, you also qualify for 10,000 KeyBank Relationship Rewards if you’re already involved in the program. 

However, remember that you can’t take money out until the term length is over without incurring a hefty early withdrawal penalty. And if you don’t take the money out within a grace period after the term ends, your CD will be renewed. This is like opening the same CD again with the money that was left in the last one.

KeyBank Hassle-Free Account

Key FeaturesDetails
Minimum Deposit$10
Access to Your Checking AccountOnline, mobile and physical branches.
SecurityFDIC insurance up to the maximum amount allowed by law. 
FeesNone

As the name implies, KeyBank’s Hassle-Free Account is a simple and straightforward checking account. You won’t owe a monthly service fee, and there is no minimum balance. The bank also does away with overdraft fees. This is KeyBank’s bare-bones checking account, but you still get to use rewards points. 

You’ll nab six points for every dollar spent on qualifying purchases. You can also earn points by doing regular activities like paying your bills online with money from the account. However, you’ll owe a $40 annual relationship reward fee if you choose to enroll in the program. 

You’ll get free paper or digital statements with this account, but you won’t get paper checks. KeyBank will also charge $2.50 per transaction through an ATM outside its network in the U.S. or $5 for a non-network ATM you use internationally. If you close the account before 180 days after opening it, you’ll incur a $25 early closure fee.

Key Express Checking Account

Key FeaturesDetails
Minimum Deposit$50
Access to Your Checking AccountOnline, mobile and physical branches.
SecurityFDIC insurance up to the maximum amount allowed by law.
Fees$7 unless you have eight transactions of any kind or have deposits and transfers totalling $500 or more

The Key Express Checking Account is another fairly simple offering by KeyBank. You can waive the $7 monthly service fee by depositing at least $500 into your account or by completing at least eight transactions with the account. 

You also get unlimited check writing and unlimited transactions. However, the same early-closure fee and out-of-network ATM fees apply to this account as well. You’ll also face a $3 check image statement and a $3.00 paper statement charge. 

Overall, the Key Express Checking account is a solid, especially if you maintain the minimum balance to waive the monthly service fee.

Key Advantage Checking Account

Key FeaturesDetails
Minimum Deposit$50
Access to Your Checking AccountOnline, mobile and physical branches.
SecurityFDIC insurance up to the maximum amount allowed by law.
Fees$18 unless you meet one of the following requirements:
  • Keep a total balance on all KeyBank accounts of at least $10,000

  • Have a mortgage originated through KeyBank and you have an automatic payment deduction plan via ACH deducting $500.00 or more from your Key Advantage Money Market Checking Account during a statement cycle

  • Be a [email protected] program member and have direct deposits totaling $1,000 or more credited to your Key Advantage Money Market Checking Account® during a statement cycle

Current Terms and Rates
  • Balances less than $2,500: 0.01% APY 
  • Balances greater than $2,500: 0.01% APY

The Key Advantage Checking account collects interest, which is a nice perk as major banks typically don’t offer interest-bearing checking accounts. The bank also reimburses you up to $6 a month on fees other organizations charge you when you use a non-Key Bank ATM. In addition, you get a 50% discount on checks. 

However, the interest is fairly low. You can find better rates with some online banks, but KeyBank does offer the convenience of thousands of ATMs worldwide. And getting reimbursed for annoying ATM fees is a helping hand when you absolutely need to use a non-network ATM. 

Key Privilege Checking Account

Key FeaturesDetails
Minimum Deposit$50
Access to Your Checking AccountOnline, mobile and physical branches.
SecurityFDIC insurance up to the maximum amount allowed by law.
Fees$25 unless you maintain a balance of $25,000 on all your accounts held by KeyBank including outstanding balances on credit cards and personal loans
Current Terms and Rates
  • Balances of $0 to $99,999.99: 0.01% APY
  • Balances of $100,000 and over: 0.01% APY

The Key Privilege Checking Account offers several benefits, including unlimited check writing, free checks and reimbursement of up to $6 a month for fees charged by out-of-network ATMs. You can also waive the $25 monthly service fee if you maintain a minimum balance of at least $25,000 across all your KeyBank accounts. Even outstanding balances on credit cards can help you reach this peak. 

However, it still generates a fairly low interest rate as opposed to several online banks even with large balances. The bank will currently waive the relationship rewards annual fee for being enrolled in the program when you open this account as well. You’ll also get a comprehensive statement detailing all your accounts from checking to investing that are held by KeyBank. A year-end recap statement can help with tax preparation. 

But this account is for you if you’re a loyal KeyBank customer who keeps numerous accounts open with the bank and enjoys having one entity handle all your banking needs. In addition, it’s intended for you if you can maintain the minimum balance of $25,000 in order to enjoy all the benefits of this account. 

Key Privilege Select Checking Account

Key FeaturesDetails
Minimum Deposit$50
Access to Your Checking AccountOnline, mobile and physical branches.
SecurityFDIC insurance up to the maximum amount allowed by law.
Fees$50 monthly fee, waivable with at least $100,000 in combined Key account balances.
Current Terms and Rates
  • Balances of $0 to $24,999.99: 0.01% APY
  • Balances of $25,000 - $99,999.99: 0.01% APY
  • Balances of $100,000 and over: 0.01% APY

This KeyBank account is its topmost tier checking account. It provides customers with a full suite of not only banking features but of financial management tools, as well. You'll have access to premium financial management services to help you manage your money and investments as well as account insights to give you a comprehensive look at your financial assets. The Key Privilege Select Checking Account also includes automatic daily sweeps into another FDIC-insured interest-earning account. So after your daily transactions are settled, KeyBank will automatically transfer the funds left in your checking account into a high-yield deposit account. This is to help you keep your money saving and growing at the same time. 

There is a pretty high monthly fee of $50 for this checking account. You can avoid the fee by maintaining at least $100,000 in all your KeyBank account balances. 

KeyBank IRAs: IRA CDs, IRA Money Market Accounts, IRA Brokerage Accounts

Key featuresDetails
Minimum Deposit
  • IRA CDs: $2,500
  • IRA Brokerage Accounts: $100 per month
Access to Your Savings AccountOnline, mobile and physical branches.
SecurityFDIC Insured up to the maximum amount allowed by law.
FeesNo monthly maintenance fees on IRA CDs and money market accounts, but you could face an early withdrawal penalty.
Current Terms and Rates: IRA CDsYou will need to call KeyBank to find your most accurate rates. 

KeyBank allows you to open a traditional or Roth IRA by depositing money into a CD or money market account. IRA CDs range in terms from six months to 10 years or anywhere in between. Interest rate tiers are based on the balance in your account, and the rates are fixed for the term of the CD.  The interest rates for IRA CDs reflect the bank’s other CD options as well as the term lengths. However, keeping the money in either a 13- or 18-month IRA CD can generate stronger interest rates at the moment, according to a KeyBank financial advisor. 

You won’t face any maintenance fees, but you could be hit with an early withdrawal penalty if you take your money out before the term length ends. The fee depends on your balance, your interest rate and when you make the early withdrawal. According to a KeyBank financial advisor, however, it’ll typically carry a 10% penalty. So you want to make sure you can keep your money for the term length before you open an IRA CD. You have ten calendar days, including weekends, after the term ends to take your money out of your IRA CD. Otherwise, it would renew to a new CD under the same term length with an interest rate based on your current balance. 

If you want easier access to your money without facing an early withdrawal penalty, you can open an IRA money market account with minimum deposits starting at $100 per month. According to a KeyBank financial advisor, the interest rates for these will generally be lower with the best rate scoring around 0.05% APY for any given term length. 

You can also roll over money from previous employer-sponsored retirement plans into any KeyBank IRA option.

In addition, you can open a brokerage account as your IRA. Minimum investments start at $100 per month. This option allows you to invest in various funds with the help of Key Investment Services financial advisors. Keep in mind, however, that brokerage accounts are not FDIC insured, and you’ll be taking applicable market risks depending on the securities you choose to invest in. These funds may also have underlying fees. 

You can open an IRA with Keybank online or by visiting a branch. KeyBank also offers potential IRA customers a complimentary consultation to develop an investment strategy based on your finances, risk tolerance and personal goals.

Where Can I Find KeyBank?

Keybank operates more than 1,200 full-service branches worldwide. You can visit the bank online and find a location by plugging in your zip code. The bank also operates thousands of ATMs worldwide, so it shouldn’t be hard to get access to your money without incurring an out-of-network withdrawal fee. 

What Can You Do Online With KeyBank?

KeyBank offers various tools and resources on its website to make banking simpler. Its HelloWallet program is helpful, especially if you’re not financially savvy. KeyBank also allows you to do anything online that any other major bank might offer. You can even set email and text alerts to remind you of upcoming bills, for example. 

As an added security measure, KeyBank allows you to sign into your account via touch ID through an iPhone. This can make it simpler to bank, especially if you have a long password. You can also pay bills, check your balance, find a nearby branch and more from your desktop or mobile device.

How Do I Access My Money?

You can access your money online, through the app or at a physical branch. You can also reach a customer representative by dialing 1-800-539-2968 any time of the day. KeyBank also claims to respond to any email within 48 to 72 hours. Depending on where you are, you may also reach a customer service representative via live chat online during normal business hours, including weekends. 

If you need direct access to your money, you have access to thousands of ATMs across the U.S. and some outside the country. The mobile app allows you to deposit a check by snapping a photo.

How Can I Save More Money With KeyBank?

KeyBank’s savings accounts don’t offer the most competitive rates. But you can potentially save more by taking advantage of HelloWallet to improve your financial wellness. The website also offers different blogs posts on how to manage your finances. 

It’s fairly simple to avoid monthly fees, which can’t be said about many major brick-and-mortar banks. A Relationship Rewards program may also offer you some savings. 

What’s the Process for Opening an Account With KeyBank?

The easiest way to open an account with KeyBank is by visiting a branch. Unfortunately, you can’t sign up for an account online from every zip code, including ones in states where the bank operates. Either way, you’ll need your Social Security number, government-issued ID and a minimum opening deposit if applying for a checking or savings account.

What’s the Catch? 

While you won’t find the strongest interest rates at KeyBank, most of its accounts are fairly affordable. In addition, KeyBank makes it easy to waive fees. The bank also offers a Relationship Rewards program that lets you earn points for several activities and not just when you buy something. 

Bottom Line

KeyBank is for the customer who wants all of his or her banking done in one place. The bank is huge and you can find full branches across the nation and access to ATMs and banking services worldwide. You should be able to meet all your banking needs with KeyBank, as it offers a variety of products, including checking and savings accounts, as well as CDs and IRAs. You can also access different loans including mortgages and even loans for boats and RVs. In addition, you can invest with KeyBank. 

You have the option of various securities ranging from mutual funds to annuities. 

Nonetheless, you can find savings accounts with better rates with online banks. But what it lacks in savings muscle, the bank makes up in sheer convenience. It offers simple accounts, including one that lets you open a joint account for a child. Its free access to HelloWallet is something useful that you won’t typically find at another major bank. And with thousands of locations, it shouldn’t be hard to step in and talk with a banking representative about all your financial needs.

Источник: https://smartasset.com/checking-account/keybank-banking-review

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Send money to friends and family securely and quickly with Zelle®. Whether you’re settling up IOUs or splitting a bill for takeout, Zelle makes it easy to send and receive money in minutes.

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Black-Owned Banks by State

Ever since the founding of the Bank of North America in 1781, banking has played a critical role in facilitating the American Dream. These institutions provide indispensable monetary services, ranging from accepting deposits to offering loans. Credit is king in the United States, and without high-quality financial institutions, countless Americans would struggle to acquire vehicles, housing, and other essential items.

However, like pretty much all of the nation’s older institutions, banks have also played a significant part in America’s racist past. Racial discrimination in the banking industry and financial system has targeted African Americans, and challenges ending discrimination persist today. Black-owned banks arose as an alternative to larger institutions to provide greater access to banking services as well as an opportunity to support local communities.

According to the Federal Deposit Insurance Corporation, a Minority Depository Institution (MDI) is “...a federal insured depository institution for which (1) 51 percent or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority. Ownership must be by U.S. citizens or permanent legal U.S. residents to be counted in determining minority ownership.” Of the 22 Black-owned banks featured in this article, two fall into the latter category.

For the purposes of this article, Black-owned and managed credit unions that serve the Black community have been included to provide the most complete picture of America’s Black financial institutions. The article uses the term “Black-owned” in this broad sense, recognizing that stockholders own for-profit banks and members own credit unions.

Key Takeaways

  • Today—including credit unions—there are 44 Black-owned financial institutions in the United States. Taken together, they have approximately $6.82 billion in assets in total.
  • Black-owned banks provide customers not just access to the financial resources they need, but the chance to invest in the financial health and well-being of their community.
  • Black-owned banks also play a critical role in fighting modern-day systemic racism in the financial sector.
  • Critics of Black-owned for-profit banks have posited that true financial justice requires institutions, such as not-for-profit credit unions, that are separate from a financial system rooted in racism and exploitation.
  • Of the 44 Black-owned financial institutions in the country, 22 are not-for-profit credit unions.

Background and History of Black-Owned Banks

Black-owned banks didn’t exist until more than a century after the Bank of North America first opened its doors. Prior to the chartering of the first Black-owned bank in 1888, Congress and President Lincoln established the Freedman’s Savings Bank in 1865. As part of the Freedman’s Bureau, this institution was designed to help newly freed African Americans navigate the U.S. financial system.

Despite Congress voting to close the Freedman’s Bureau in 1872, the bank continued to operate. In 1874, Frederick Douglass took over as the bank’s D.C. branch director, and he found the place to be rife with corruption and risky investments. Despite Douglass investing $10,000 of his own money in the bank in an attempt to save it, Freedman’s Savings went bankrupt later that same year. Although the Freedman’s Savings Bank doesn’t fit the modern criteria of a Black-owned bank, it represents a critical first step.

The first officially chartered Black-owned bank, the True Reformers Bank, was founded on March 2, 1888, by the Rev. William Washington Browne. A former slave and Union Army officer, Browne was founder of the Grand Fountain United Order of True Reformers fraternal organization. The True Reformers Bank came about when Browne and his organization faced financial hardships while trying to establish a new branch in Virginia. Unable to manage the order’s money without arousing suspicion from paranoid and prejudiced locals, Browne founded the True Reformers Bank so that the organization’s finances would be free of scrutiny from white people.

The bank opened its doors in 1889 and went from a small operation in Browne’s house to an institution strong enough to survive the financial panic of 1893. Although the True Reformers Bank continued to operate after Browne’s death in 1897, problems were beginning to develop by 1900. Under its new president, the Rev. William Lee Taylor, branches were poorly regulated, unsecured loans were made, and an embezzlement scandal cost most account holders their savings. By 1910, the State Corporation Commission had ordered the bank to be closed.

As the story of the True Reformers Bank was playing out, other Black-owned banks were also getting their start in the U.S. The Capitol Savings Bank of Washington, D.C., opened its doors on Oct. 17, 1888, roughly six months before the True Reformers Bank. Capitol Savings also managed to survive the financial panic of 1893, though it later closed in 1902.

Between 1888 and 1934, more than 134 Black-owned financial institutions were founded, predominantly located in Southern states. Their numbers dwindled during the Great Depression, leaving nine by 1930. It wasn’t until the civil rights movement that a resurgence took place, raising their numbers to 50 by 1976.

By 1988, the savings and loan crisis had wiped out 35 Black-owned banks. The start of the most recent decline came in 2001, during the early 2000s recession, which rapidly accelerated once the Great Recession began. There are 44 Black-owned financial institutions, including credit unions, left today.

“You can’t separate Black history from American history,” says Tyrone Ross, community director of Altruist, a software platform provider for financial advisors. “We’ve always been well adept and versed in financial education and the ability to be entrepreneurs. It’s just been stripped from us. So it’s OK to write these articles—or have panels or whatever—but let’s start with the history first so people go, ‘Oh, crap. It really was stripped from them, and they’re just trying to get it back.’”

Modern-Day Discrimination

In 2016, the net worth of a white family was nearly 10 times higher on average than that of a Black family. This is a result of inequality, discrimination, racism, and differences in power and opportunity compounding throughout America’s history. It also is why the diminishing number of Black-owned banks is especially of concern, given the role these institutions play in fighting modern-day systemic racism in the financial sector.

Consider redlining. This unethical and now illegal practice is used to block off access to important services for residents of certain neighborhoods based on their race or ethnicity. The Civil Rights Act of 1964, which prohibits discrimination on the basis of race, color, religion, sex, and national origin, was a start. And yet, although the Fair Housing Act of 1968 and the Community Reinvestment Act (CRA) of 1977 were both intended to eliminate redlining, this kind of discrimination is still seen today.

For instance, 68.1% of loans made between 2012 and 2018 for housing purchases in Chicago went to predominantly white areas; 8.1% went to predominantly Black areas. Banks also lent more money to predominantly white neighborhoods than they did to every predominantly Black neighborhood combined. This disparity is even starker when looking at individual lenders, with JPMorgan Chase lending 41 times more money in white neighborhoods than Black ones.

Chicago is far from the only place where redlining occurs. In 2018, people of color in 61 cities were more likely to be denied home loans than white residents. And if homeowners aren’t moving into—and investing in—a neighborhood, it means capital isn’t flowing into the community, which leads to poverty and crime having an inescapable presence in the area.

“One in five Black Americans now is unbanked. When you look at our poverty rates, our lack of ownership, lack of home ownership, that all goes back to economic empowerment,” Ross explains. “Economic empowerment starts with banking.”

The Importance of Black-Owned Banks

To understand why Black-owned banks matter, it’s critical to recognize the role banks play in financial life. A common service banks provide is access to a checking account, allowing for the safe storage of an individual’s funds, typically in exchange for a minimal fee. In addition to accepting monetary deposits, banks also furnish loans for both individuals and businesses looking to finance crucial purchases. Banks also offer mortgages for real estate purchases. Many banks issue credit cards, which are valuable tools for building the credit history necessary to receive most loans.

Outside of providing financial services, a number of banks have also launched programs on financial literacy for low- and moderate-income communities. It’s difficult, if not impossible, to imagine thriving in the modern economy without taking advantage of the aid that a bank can provide. And if access to these types of services is constantly denied to certain groups, it’s easy to see how these groups may face more financial difficulties than others.

Black-owned banks offer an alternative for residents who have been consistently discriminated against by other financial institutions. They have typically provided more money to borrowers living in low- and moderate-income (LMI) census tracts in the last 14 years than other banks. Black-owned banks are also more willing to tolerate higher levels of risk than alternative institutions. Our research found that in 2016, 67% of mortgages made by Black-owned banks were either FHA mortgages—which typically serve riskier borrowers—or mortgages held “in portfolio,” meaning they are liable to the risk of the borrower defaulting.

Additionally, Black-owned banks tend to focus their lending on small businesses, nonprofits, and Black homebuyers. As of 2018, all Black-owned banks are community banks; these institutions are dedicated to supporting the economies of the communities in which they serve. Even during difficult times, Black-owned banks have stuck by their customers. During the 2007–2008 financial crisis, despite a 69% drop in all mortgage lending to Black borrowers, the number of mortgages that Black-owned banks provided rose 57%.

“So there’s lack of lending, there’s lack of funding, there’s lack of access to the ability to acquire assets and build wealth,” says Ross. “The Black community has for years been afraid of banking with traditional institutions. A lot of them live in banking deserts where there are no banks, which is also why you have credit unions, check cashing places, and payday loans.”

Without Black-owned banks, countless vulnerable consumers could be forced to rely on high-interest loans from pawn shops and payday lenders for their financing. What’s more, Black-owned banks provide customers not just access to the financial resources they need, but the chance to invest in the financial health and wellbeing of their community and fellow Americans.

“I think we have a responsibility now to realize that—if you really want to be grassroots, and you really want to help Black Americans—get that money in Black banks and then have those Black banks fund the people,” Ross says.

Other Alternatives for Community Funding

Not everyone sees Black-owned, for-profit banks as the solution. Critics argue that true financial justice requires institutions that are entirely separate from a financial system rooted in racism and exploitation.

“I’ve been very critical of for-profit Black banks and the capitalist logic that governs them,” says Prof. Guy Mount, assistant professor of African American history at Auburn University. “In my opinion, member-owned credit unions and nonprofit co-ops are the way forward for Black communities hoping to not only survive within capitalism, but build a viable Black economic alternative to it.” In fact, that choice is currently available to consumers. Of the 44 Black-owned financial institutions in the U.S.—all listed below—21 are credit unions.

Other critics have taken this concept even further. In The Color of Money: Black Banks and the Racial Wealth Gap, Mehrsa Baradaran, professor of law at the University of California Irvine School of Law, posits that those in power have pushed the idea of Black-owned banks as a diversionary tactic whenever the African American community demanded more direct solutions to the racial wealth gap. For instance, although the Freedman’s Bank remains a critical facet of Black history, the Freedman’s Bureau originally proposed providing newly freed slaves with an allotment of land—they received a bank instead.

More recently, when civil rights leaders began calling for a redistribution of wealth, President Richard Nixon co-opted the rhetoric of that same movement to create a civil rights platform centered around “Black capitalism.” He wasn’t the only president to support the idea of banking over financial support. President Bill Clinton introduced legislation with the aim of promoting “community empowerment” via banking. Across party lines, Presidents George W. Bush and Barack Obama supported and upheld Clinton’s infrastructure. Former President Donald Trump had also made similar promises during his time in office.

Baradaran further argues that—as it is nearly impossible for a segregated community to keep its wealth entirely self-contained—Black-owned banks may actually facilitate the flow of money out of African American communities and into the white economy.

Prof. Mount sees it the same way, “By emerging themselves within a white-governed capitalist marketplace, Black banks are facilitating the very extraction of wealth from the communities they purport to serve,” he says.

Black-Owned Banks: State-by-State Breakdown

While the number of Black-owned financial institutions may have declined from their peak, they cumulatively have a not-insignificant presence. According to Bank Black USA, historical Black-owned bank assets have totaled over $7.6 billion. As of Feb. 4, 2021, the 41 Black-owned banks and credit unions in the U.S. have approximately $6.82 billion in assets. And although 28 states have no Black-owned financial institutions within their borders, several organizations have a presence across the U.S. because of their partnerships with major ATM networks. Additionally, of the 41 Black-owned financial institutions in the country, half are not-for-profit credit unions.

The majority of Black-owned institutions offer both traditional brick-and-mortar branches and online/mobile services. Even OneUnited Bank, originally an Internet-only bank, now has multiple physical locations across the U.S. Ensuring online accessibility is a smart move considering that, in 2017, approximately 17.7% of African-American consumers were more likely to use mobile banking as their primary method of accessing their accounts. Currently, Columbia Savings and Loan is the sole institution without any online or mobile banking services.

Below: a list of Black-owned banks and credit unions in the U.S., in alphabetical order.

1st Choice Credit Union

Founded in 1946, the Hospital Authority Credit Union was created to provide financial services to employees of Grady Hospital. In 1991, the organization became known as 1st Choice Credit Union.

  • Branches: Auburn Avenue Administrative Office (Atlanta, Ga.) and Grady Memorial Hospital (Atlanta, Ga.)
  • ATMs: Crestview Health & Rehabilitation Center (Atlanta, Ga.) and Ponce De Leon Center (Atlanta, Ga.)
  • States: Georgia
  • Services: Personal and business checking and savings, in addition to loans (personal, mortgage, etc.)
  • Assets: $30.77 million
  • Availability: Brick-and-mortar and online

Alamerica Bank

Alamerica Bank was originally organized by a group of prominent Birmingham, Ala., community leaders on Jan. 28, 2000. Alamerica achieved operational profitability after six months of operation.

  • Branches: The Alamerica Bank Building (Birmingham, Ala.)
  • ATMs: N/A
  • States: Alabama
  • Services: Deposit services (business and personal accounts), loan services (commercial and personal loans), Internet banking, image statements, and MasterMoney debit cards
  • Assets: $15.36 million
  • Availability: Brick-and-mortar and online

Broadway Federal Bank

The Broadway Federal Bank is a subsidiary of Broadway Financial Corporation, a bank holding company located in Los Angeles, Calif. Formerly known as the Broadway Federal Savings and Loan Association, founded in 1946, the original building was destroyed by a fire on April 30, 1992. In December 1995, the organization was converted from a federally chartered mutual savings association to a federally chartered stock savings bank, hence the new name.

  • Branches: Mid-Wilshire Branch (Los Angeles, Calif.), Inglewood Branch (Inglewood, Calif.), and Exposition Park Branch (Los Angeles, Calif.)
  • ATMs: Part of the MoneyPass network
  • States: California
  • Services: Personal and business accounts, credit cards, and loan products
  • Assets: $497.03 million
  • Availability: Brick-and-mortar and online

Brookland Federal Credit Union

Founded in 1999, the Brookland Federal Credit Union is a not-for-profit financial cooperative that provides financial services to members of Brookland Baptist Church and their immediate family members. If you join Brookland Federal, you and your family have a lifetime membership.

  • Branches: Brookland Federal Credit Union (West Columbia, S.C.)
  • ATMs: N/A
  • States: South Carolina
  • Services: Savings, checking, loans, and other services (financial literacy, guaranteed auto protection, etc.)
  • Assets: $3.40 million
  • Availability: Brick-and-mortar and online

Carver Federal Savings Bank

The Carver Federal Savings Bank was founded in 1948 to serve African American communities with limited access to mainstream financial services. The majority of its branches and ATMs are located in low- to moderate-income neighborhoods. Carver Federal Savings Bank is one of the two banks that are considered “Black-operated” instead of Black-owned.

  • Branches: Atlantic Terminal Branch (Brooklyn, N.Y.), Bedford-Stuyvesant — Restoration Plaza Branch (Brooklyn, N.Y.), Crown Heights Branch (Brooklyn, N.Y.), Flatbush Branch (Brooklyn, N.Y.), and St Albans Branch (Jamaica, N.Y.), 125th Street Branch (New York City, N.Y.), and Malcolm X Boulevard Branch (New York City, N.Y.)
  • ATMs: Malcolm X Boulevard Branch (Brooklyn, N.Y.) and 125th Street Branch (New York City, N.Y.)
  • States: New York
  • Services: Personal and business banking, loans, and community cash
  • Assets: $673.05 million
  • Availability: Brick-and-mortar and online

Carver State Bank

Established on Feb. 23, 1927, the Georgia Savings and Realty Corporation was a small, private bank as well as a real estate investment and management company. In 1947, the original institution was converted to a state bank and became known as the Carver Savings Bank. By 1962, Carver had become a full-service commercial bank, thus its name was changed once more to the Carver State Bank.

  • Branches: Main Office (Savannah, Ga.) and Skidaway Branch (Savannah, Ga.)
  • ATMs: Main Office (Savannah, Ga.), Skidaway Branch (Savannah, Ga.), and Hilton Head International Airport (Savannah, Ga.)
  • States: Georgia
  • Services: Personal accounts (checking and savings), business accounts, loans, development programs, and other services (cashier’s checks, money orders, etc.)
  • Assets: $48.39 million
  • Availability: Brick-and-mortar and online

Citizens Bank

In 1904, the One Cent Savings Bank became the first minority-owned bank in Tennessee. The institution’s name was changed to the Citizens Savings Bank & Trust Co. in 1920. Citizens Bank is the oldest, continuously operating Black-owned bank in the U.S.

  • Branches: Memphis Winchester Road Branch (Memphis, Tenn.) and Main Office (Nashville, Tenn.)
  • ATMs: Main Office (Nashville, Tenn.)
  • States: Tennessee
  • Services: Personal and business banking (checking and savings), credit cards, and loans (personal, business, etc.)
  • Assets: $100 million
  • Availability: Brick-and-mortar and online

Citizens Trust Bank

In 1921, the Citizens Trust Bank was created to serve the African American citizens of Atlanta. Today, the bank plays an active role in providing sponsorship support for multiple community organizations.

  • Branches: Birmingham (Birmingham, Ala.), Eutaw Branch (Eutaw, Ala.), Cascade Branch (Atlanta, Ga.), Corporate Headquarters (Atlanta, Ga.), Westside Branch (Atlanta, Ga.), East Point Branch (East Point, Ga.), and Rockbridge Branch (Stone Mountain, Ga.)
  • ATMs: Castleberry Inn ATM (Atlanta, Ga.), Westside ATM (Atlanta, Ga.), South Dekalb Mall ATM (Decatur, Ga.), Lithonia ATM (Lithonia, Ga.), Rockbridge Plaza ATM (Stone Mountain, Ga.), Stone Mountain ATM (Stone Mountain, Ga.), and Panola ATM (Stonecrest, Ga.)
  • States: Alabama and Georgia
  • Services: Banking (savings, checking, etc.) and borrowing (loans, credit cards, etc.) services 
  • Assets: $536.65 million
  • Availability: Online and brick-and-mortar

Columbia Savings & Loan

Columbia Savings & Loan has served Milwaukee’s inner city, particularly its minority population, since 1924.

  • Branches: Columbia Savings & Loan Association (Milwaukee, Wis.)
  • ATMs: N/A
  • States: Wisconsin
  • Services: Mortgages, church loans, and CDs/IRAs
  • Assets: $24.41 million
  • Availability: Brick-and-mortar only

Commonwealth National Bank

Founded in 1976, the Commonwealth National Bank is a full-service nationally chartered commercial institution. Commonwealth is the sole bank headquartered in Mobile, out of the 45 banks doing business there. In addition to being the only Minority Depository Institution (MDI) in Mobile, it is one of two in Alabama.

  • Branches: Main Office Branch (Mobile, Ala.) and Crichton Branch (Mobile, Ala.)
  • ATMs: Main Office Branch (Mobile, Ala.), Crichton Branch (Mobile, Ala.), any Publix Super Market ATM, and any PNC Bank ATM
  • States: Alabama
  • Services: Consumer and business services, in addition to loans
  • Assets: $55.06 million
  • Availability: Brick-and-mortar and online

Community Owned Federal Credit Union

In 1966, the Community Owned Federal Credit Union was founded to provide low-income communities in Johns Island and part of Charleston with financial services typically denied to them by mainstream institutions. Membership has since grown to include the entire Charleston area.

  • Branches: Community Owned Federal Credit Union (Charleston, S.C.)
  • ATMs: N/A
  • States: South Carolina
  • Services: Primary savings account, loans, and other services (direct and payroll deposit, in addition to credit workshops)
  • Assets: $6.54 million
  • Availability: Brick-and-mortar and online

Credit Union of Atlanta

Founded in 1928, the Credit Union of Atlanta remained stable and secure throughout the Great Depression. Any profits earned are used to secure better rates for the institution’s members.

  • Branches: Main Office (Atlanta, Ga.) and Pryor Street Lending Center (Atlanta, Ga.)
  • ATMs: Atlanta Detention Center (Atlanta, Ga.), Atlanta Public Safety Annex (Atlanta, Ga.), Credit Union of Atlanta (Atlanta, Ga.), and Pryor Street Lending Center (Atlanta, Ga.), in addition to any ATMs in the MoneyPass and STAR networks
  • States: Georgia
  • Services: Personal savings and checking, business checking, credit builder and personal loans, and payment protection
  • Assets: $77.91 million
  • Availability: Brick-and-mortar and online

Faith Community United Credit Union

Originally chartered in 1952 as Second Mount Sinai Baptist Church Credit Union, Faith Community United Credit Union became a Community Development Credit Union (CDCU) in 1991. Faith is one of the largest minority-owned Credit Unions in Ohio, and it is available to anyone who lives, works, worships, or attend school in Cuyahoga County as well as their family, business, and organization. Membership is also possible through a Select Employee Group (SEG).

  • Branches: Faith Community United Credit Union (Cleveland, Ohio)
  • ATMs: N/A
  • States: Ohio
  • Services: Deposit services, loan services, insurance, and other services
  • Assets: $18.01 million
  • Availability: Brick-and-mortar and online

Faith Cooperative Credit Union

The story of the Faith Cooperative Credit Union is a tale of two different organizations. St. John Federal Credit Union was founded in 1959. It became known as the Faith Cooperative Credit Union after it was integrated with the Friendship-West Baptist Church’s vision of a microloan bank.

  • Branches: Administrative Offices (Dallas, Texas)
  • ATMs: One located “near the Banquet Hall”
  • States: Texas
  • Services: Savings, loans, and gap protection
  • Assets: $1.67 million
  • Availability: Brick-and-mortar and online

FAMU Federal Credit Union

On May 8, 1935, six individuals were convinced to deposit $50 to acquire a federal credit union charter, resulting in the founding of the Florida A&M College Employees Federal Credit Union. By 1953, the organization renamed to Florida A&M University Federal Credit Union due to its location on the FAMU campus.

  • Branches: Office (Tallahassee, Fla.)
  • ATMs: One located in the “first drive-thru lane”as well asany ATMs that are part of the American Express, CULIANCE, The Exchange, Honors, Member Access, Plus, Presto, Publix, Walmart, and “other Credit Unions with the participating listed networks”
  • States: Florida
  • Services: Accounts (checking, savings, IRA), Rattler debit and VISA credit cards, loans, wire transfers, and other services (notary services, bill payments, etc.)
  • Assets: $22.85 million
  • Availability: Brick-and-mortar and online

First Independence Bank

In business since May 11, 1970, the First Independence Bank has served the Detroit Metropolitan area for 50 years. First Independence is the sole African American‐owned bank headquartered in Michigan, in addition to being one of two banks headquartered in Detroit.

  • Branches: Clinton Township Branch (Clinton Township, Mich.), Main Office Branch (Detroit, Mich.), and Seven Mile Branch (Detroit, Mich.)
  • ATMs: Garfield Branch (Clinton Township, Mich.), 1st Floor International Building (Detroit, Mich.), City County Building (Detroit, Mich.), Livernois (Detroit, Mich.), and Main Office Branch (Detroit, Mich.), Seven Mile Branch (Detroit, Mich.), in addition to “any nationwide ... Fifth Third, TCF, or Chemical Bank ATM ... in the Metro Detroit area”
  • States: Michigan
  • Services: Consumer and business services, in addition to loans
  • Assets: $290.57 million
  • Availability: Brick-and-mortar and online

First Legacy Community Credit Union

The School Workers Federal Credit Union was founded by a group of educators in Feb. 14, 1941. On Jan. 1, 2020, First Legacy Community Credit Union merged with the Self-Help Federal Credit Union and now operates as a division of Self-Help.

  • Branches: First Legacy Community Credit Union (Charlotte, N.C.)
  • ATMs: Part of the CO-OP/Covera ATM network
  • States: North Carolina
  • Services: Checking, savings, loans, and other services
  • Assets: $29.33 million
  • Availability: Brick-and-mortar and online

First Security Bank

The Security Trust and Savings Bank first opened for business in 1903. Twenty-six years later, it merged with the First National Bank of Charles City, creating the First Security Bank & Trust.

  • Branches: Aredale (Aredale, Iowa), Charles City Branch (Charles City, Iowa), Dumont Branch (Dumont, Iowa), Hampton Branch (Hampton, Iowa), Ionia Branch (Ionia, Iowa), Manly Branch (Manly, Iowa), Marble Rock Branch (Marble Rock, Iowa), Nora Springs Branch (Nora Springs, Iowa), Riceville Branch (Riceville, Iowa), Rockford Branch (Rockford, Iowa), Rockwell Branch (Rockwell, Iowa), Rudd Branch (Rudd, Iowa), and Thornton Branch (Thornton, Iowa)
  • ATMs: Charles City Branch (Charles City, Iowa), Manly Branch (Manly, Iowa), Marble Rock Branch (Marble Rock, Iowa), Nora Springs Branch (Nora Springs, Iowa), Riceville Branch (Riceville, Iowa), Rockford Branch (Rockford, Iowa), Rockwell Branch (Rockwell, Iowa), and Thornton Branch (Thornton, Iowa)
  • States: Iowa
  • Services: Personal (checking, savings, etc.), business (checking, savings, etc.), and lending (personal and auto loans, mortgage and home equity, etc.)
  • Assets: $564.98 million
  • Availability: Brick-and-mortar and online

GN Bank

In 1934—after working closely with the Federal Home Loan Bank of Chicago—13 African American men founded Illinois Service Federal to provide a savings and loan association for Black Chicagoans. The institution was acquired by Groupe Ndoum in 2016, which led to its name change to GN Bank in 2018.

  • Branches: Main Branch (Chicago, Ill.) and Chatham Office (Chicago, Ill.)
  • ATMs: Main Branch (Chicago, Ill.) and Chatham Office (Chicago, Ill.), in addition to any ATMs in the STAR network
  • States: Illinois
  • Services: Personal (checking, savings, and credit cards) and small business services (checking, lending, credit cards)
  • Assets: $133 million
  • Availability: Brick-and-mortar and online

Greater Kinston Credit Union

The Greater Kinston Credit Union was founded in 1952 and provides a variety of loans and deposit accounts. People who live, work, worship, or attend functions in Lenoir, Greene, Jones, Craven, and Pitt counties are eligible for membership.

  • Branches: Branch Office (Kinston, N.C.)
  • ATMs: Part of the CashPoints network
  • States: North Carolina
  • Services: Debit and credit cards; deposit (checking, savings, etc.), nonprofit, and youth accounts; mortgage and personal lending; and other services (automated services, branch services, etc.)
  • Assets: $12.91 million
  • Availability: Brick-and-mortar and online

Hill District Federal Credit Union

The Hill District Federal Credit Union got its start in 1970 and has provided financial services to its members for 50 years. People who live, work, or worship in the Hill District—as well as members of an organization that provides economic assistance in the same area—are eligible to join this institution.

  • Branches: Hill District Federal Credit Union (Pittsburgh, Pa.)
  • ATMs: N/A
  • States: Pennsylvania
  • Services: Debit and gift cards, savings, checking, loans, other services (money orders, financial literacy classes, etc.)
  • Assets: $7.79 million
  • Availability: Brick-and-mortar and online

Hope Credit Union

In 1995, members of the Anderson United Methodist Church organized the Hope Federal Credit Union to help low-income Jackson, Miss., residents with asset development, cooperation, and self-empowerment. Hope has since spread across the Deep South through its sponsors and by merging with other financial organizations, with the most recent being the Tri-Rivers Federal Credit Union in 2007. In June 2020, Netflix invested $10 million into Hope as part of its $100 million initiative to support economic opportunities for Black communities.

  • Branches: ArbaStreet Branch (Montgomery, Ala.), McGehee Road Branch (Montgomery, Ala.), College Station Branch (College Station, Ark.), Little Rock Branch (Little Rock, Ark.), Pine Bluff Branch (Pine Bluff, Ark.), West Memphis Branch (West Memphis, Ark.), Central City Branch (New Orleans, La.), Elysian Fields Branch (New Orleans, La.), Michoud Assembly Facility Branch (New Orleans, La.), Mississippi Coast Branch (Biloxi, Miss.), Drew Branch (Drew, Miss.), Greenville Branch (Greenville, Miss.), Itta Bena Branch (Itta Bena, Miss.), Medical Mall Branch (Jackson, Miss.), University Boulevard Branch (Jackson, Miss.), Louisville Branch (Louisville, Miss.), Macon Branch (Macon, Miss.), Moorhead Branch (Moorhead, Miss.), Robinsonville Branch (Robinsonville, Miss.), Shaw Branch (Shaw, Miss.), Terry MS Branch (Terry, Miss.), Utica Branch (Utica, Miss.), West Point Branch (West Point, Miss.), Jackson Branch (Jackson, Tenn.), Crosstown Branch (Memphis, Tenn.), Harvester Lane Branch (Memphis, Tenn.), Madison Avenue Branch (Memphis, Tenn.), and Ridgeway Branch (Memphis, Tenn.), in addition to any credit unions in the Shared Branching network.
  • ATMs: Pine Bluff Branch (Pine Bluff, Ark.), West Memphis Branch (West Memphis, Ark.), Central City Branch (New Orleans, La.), Elysian Fields Branch (New Orleans, La.), Mississippi Coast Branch (Biloxi, Miss.), Drew Branch (Drew, Miss.), Greenville Branch (Greenville, Miss.), Medical Mall Branch (Jackson, Miss.), University Boulevard Branch (Jackson, Miss.), Robinsonville Branch (Robinsonville, Miss.), Shaw Branch (Shaw, Miss.), Terry MS Branch (Terry, Miss.), Jackson Branch (Jackson, Tenn.), Harvester Lane Branch (Memphis, Tenn.), Madison Avenue Branch (Memphis, Tenn.), and Ridgeway Branch (Memphis, Tenn.)
  • States: Alabama, Arkansas, Louisiana, Mississippi, and Tennessee
  • Services: Personal (checking and wealth-building accounts, personal loans, credit cards, etc.) and business (checking and loans) banking, in addition to transformational deposits
  • Assets: $361.29 million
  • Availability: Brick-and-mortar and online

Howard University Employees Federal Credit Union

Originally chartered on Oct. 11, 1935, the Howard University Employees Federal Credit Union provides financial services to employees of Howard University and their family members. Those who join Howard University Employees FCU have a lifetime membership.

  • Branches: C B Powell Building (Washington, D.C.)
  • ATMs: Part of the CO-OP and CU Here networks
  • Locations: Washington, D.C.
  • Services: Accounts (savings, checking, etc.) and loans
  • Assets: $10 million
  • Availability: Brick-and-mortar and online (home loans only)

Industrial Bank

Industrial Bank first opened on Aug. 20, 1934, and is one of the larger Black-owned banks in the U.S. In addition to a wide variety of financial services, Industrial Bank also offers free financial education programs.

  • Branches: Harlem Banking Center (New York City, N.Y.), Bergen Street Banking Center (Newark, N.J.), Halsey Street Banking Center (Newark, N.J.), Anacostia Gateway Banking Center (Washington, D.C.), F Street Banking Center (Washington, D.C.), Forestville Banking Center (Washington, D.C.), Georgia Avenue Banking Center (Washington, D.C.), J.H. Mitchell Banking Center (Washington, D.C.), Oxon Hill Banking Center (Washington, D.C.), and U Street Banking Center (Washington, D.C.)
  • ATMs: Harlem Office (New York City, N.Y.), Bergen Street Office (Newark, N.J.), Halsey Street Office (Newark, N.J.), Anacostia Gateway Office (Washington, D.C.), Ben’s Chili Bowl (Washington, D.C.), DC Court of Appeals (Washington, D.C.), DC Superior Court (2) (Washington, D.C.), F Street Office (Washington, D.C.), Forestville Office (Washington, D.C.), Georgia Avenue Office (Washington, D.C.), J.H. Mitchell Office (Washington, D.C.), Nationals Park (Washington, D.C.), Oxon Hill Office (Washington, D.C.), and U Street Office (Washington, D.C.), in addition to any ATMs in the Allpoint network
  • States: New Jersey, New York, and Washington, D.C.
  • Services: Personal (loans, checking, etc.) and business (services, loans, etc.) services
  • Assets: $432 million
  • Availability: Brick-and-mortar and online 

Liberty Bank

Liberty Bank was originally chartered in New Orleans in 1972. After acquiring the United Bank and Trust Company in 2009, its service grew across the Greater New Orleans area. Liberty Bank is the second-largest Black-owned bank in physical footprint, with branches in eight states.

  • Branches: Montgomery Liberty Bank (Montgomery, Ala.), Tuskegee Liberty Bank (Tuskegee, Ala.), Liberty Bank Forest Park (Forest Park, Ill.), Kansas City Liberty Bank (Kansas City, Kan.), Louisville Liberty Bank (Louisville, Ky.), Southdowns Liberty Bank (Baton Rouge, La.), Southern Heights Liberty Bank (Baton Rouge, La.), Canal Street Liberty Bank (New Orleans, La.), Crowder Blvd Liberty Bank (New Orleans, La.), Franklin Ave Liberty Bank (New Orleans, La.), General DeGaulle Liberty Bank (New Orleans, La.), Gentilly Blvd Liberty Bank (New Orleans, La.), Woodward Ave Liberty Bank (Detroit, Mich.), Jackson Liberty Bank (Jackson, Miss.), and Kansas City Liberty Bank (Kansas City, Mo.)
  • ATMs: Montgomery Liberty Bank (Montgomery, Ala.), Tuskegee Liberty Bank (Tuskegee, Ala.), Liberty Bank Forest Park (Forest Park, Ill.), 4850 State Street (Kansas City, Kan.), Southdowns Liberty Bank (Baton Rouge, La.), Southern Heights Liberty Bank (Baton Rouge, La.), 910-B Decatur Street (New Orleans, La.), 2800 Gravier Street (New Orleans, La.), American Can (New Orleans, La.), Canal Street Liberty Bank (New Orleans, La.), City Hall (New Orleans, La.), Crowder Blvd Liberty Bank (New Orleans, La.), Dillard — Rosenwald Hall (New Orleans, La.), Franklin Rouses (New Orleans, La.), French Market (New Orleans, La.), General DeGaulle Liberty Bank (New Orleans, La.), Gentilly Blvd Liberty Bank (New Orleans, La.), Lafon Nursing Facility (New Orleans, La.), Lockheed Martin Buildings 102 & 350 (New Orleans, La.), Orleans Sheriff (New Orleans, La.), Xavier University (2) (New Orleans, La.), Jackson Evers International Airport (Jackson, Miss.), Jackson Liberty Bank (Jackson, Miss.), Student Center (Jackson, Miss.), Tougaloo College (Jackson, Miss.), and Union Station (Jackson, Miss.)
  • States: Alabama, Illinois, Kansas, Kentucky, Louisiana, Michigan, Mississippi, and Missouri
  • Services: Personal (checking, savings, etc.), business (checking, savings, etc.), and institutional (cash management, corporate financing, etc.) services
  • Assets: $756.77 million
  • Availability: Brick-and-mortar and online

Mechanics & Farmers Bank

Founded in 1907 by nine businessmen, the Mechanics & Farmers Bank is a state-chartered commercial bank. By 1935, M&F Bank became the first lending institution in North Carolina to receive FHA certification. Mechanics & Farmers merged with Fraternal Bank & Trust in 1921 and acquired Mutual Community Savings Bank in 2008.

  • Branches: Charlotte (Charlotte, N.C.), Corporate Headquarters (Durham, N.C.), Durham Branch — Durham-Chapel Hill Boulevard (Durham, N.C.), Greensboro (Greensboro, N.C.), Raleigh Branch — Rock Quarry Road (Raleigh, N.C.), Winston-Salem (Winston-Salem, N.C.)
  • ATMs: Durham Branch (Durham, N.C.) and Raleigh Branch — East Hargett Street (Raleigh, N.C.)
  • States: North Carolina
  • Services: Personal (checking and savings accounts, loans, etc.) and business (commercial checking and savings, loans, etc.) services, in addition to wealth management
  • Assets: $316.45 million
  • Availability: Brick-and-mortar and online

Mount Olive Baptist Church Federal Credit Union

It received its Federal Charter on Oct. 21, 1997. The Mount Olive Baptist Church Federal Credit Union is a faith-based, not-for-profit financial institution. Mount Olive Baptist Church members and their immediate families are eligible to join this organization.

  • Branches: Mount Olive Baptist Church FCU (Dallas, Texas)
  • ATMs: N/A
  • States: Texas
  • Services: Loans (auto, unsecured, etc.), savings accounts, direct deposits, and wire transfers
  • Assets: $8.36 million
  • Availability: Brick-and-mortar and online

Oak Cliff Christian Federal Credit Union

Officially chartered on Sept. 22, 2008, the Oak Cliff Christian Federal Credit Union is a Christian-based financial institution sponsored by the Oak Cliff Bible Fellowship. Members, employees, students, or family of the Oak Cliff Bible Fellowship (and its subsidiaries) are eligible to join the organization.

  • Branches: Oak Cliff Christian FCU (Dallas, Texas)
  • ATMs: N/A
  • States: Texas
  • Services: Loans, financial products (IRAs, money market, etc.), direct deposit, money orders, and credit reports
  • Assets: $7.34 million
  • Availability: Brick-and-mortar and online

Omega Psi Phi Fraternity Federal Credit Union

Founded in 1986, the Omega Psi Phi Fraternity Federal Credit Union is open to members of the fraternity, including its chapters, districts, and other related organizations, and their families, in addition to employees of both the fraternity and credit union itself.

  • Branches: Omega Psi Phi Fraternity Federal Credit Union c/o CAMO (Toccoa, Ga.)
  • ATMs: N/A
  • States: Georgia
  • Services: Accounts (single, joint, etc.), share draft checking, loans, and credit cards
  • Assets: $2.35 million
  • Availability: Brick-and-mortar and online

OneUnited Bank

OneUnited Bank was the first online-only Black-owned bank and is the largest Black-owned bank in the U.S. Originally founded in 1968 as Unity Bank and Trust Company, OneUnited has financed more than $100 million in loans thus far, predominantly in low- to moderate-income communities.

“Everyone is talking about OneUnited Bank now, but what they’re not focusing on with OneUnited Bank is they’re heavily engaged in financial education and financial literacy in the cities that need it most,” Tyrone Ross, community director of Altruist, explains. “So I feel like right now, when you support OneUnited, again you get those end roads into their programs they already have instituted to provide access to financial education and financial literacy.”

  • Branches: Compton Branch (Coming Soon) (Compton, Calif.), Corporate Office and Crenshaw Branch (Los Angeles, Calif.), Miami Branch (Miami, Fla.), Corporate Headquarters (Boston, Mass.), and Roxbury Branch (Roxbury, Mass.)
  • ATMs: Part of the MoneyPass network
  • States: California, Florida, and Massachusetts
  • Services: Checking, savings, and secured VISA credit card
  • Assets: $650 million
  • Availability: Brick-and-mortar and online

OPTUS Bank

The story of OPTUS began in 1921, with the founding of the Victory Savings Bank by a group of African American leaders. OPTUS is committed to helping anyone, regardless of background or situation, build their wealth and improve their lives.

  • Branches: Main Branch (Columbia, S.C.)
  • ATMs: Beltline Branch (Columbia, S.C.), Corporate Office (Columbia, S.C.), and Main Branch (Columbia, S.C.)
  • States: South Carolina
  • Services: Personal (IRAs, consumer loans, etc.) and business (transaction accounts, merchant services, etc.) banking
  • Assets: $161.53 million
  • Availability: Brick-and-mortar and online

South Side Community Federal Credit Union

Since 2004, the South Side Community Federal Credit Union has offered access to credit and savings services for its members, in addition to financial education. Individuals are eligible for membership if they live, work, worship, attend school, or belong to an organization that is within Chicago’s South Side.

  • Branches: South Side Community Federal Credit Union (Chicago, Ill.)
  • ATMs: N/A
  • States: Illinois
  • Services: Accounts (savings, checking, etc.), loans (payroll advance, payday alternative, etc.), financial education classes, and other services (transfer sweeps, money orders, etc.)
  • Assets: $5.08 million
  • Availability: Brick-and-mortar and online

Southern Teachers & Parents Federal Credit Union

With more than 80 years of service, Southern Teachers & Parents Federal Credit Union provides personalized financial services to its members. Those eligible for membership include alumni, employees, parents, and students of Southern University; employees in Assumption, East Baton Rouge, Lafourche, and West Feliciana parishes; employees in Thibodaux and the Lafourche Parish Juvenile Justice Facility; and their family members.

  • Branches: Main Office (Baton Rouge, La.) and Lafeda Branch (Thibodaux, La.)
  • ATMs: Part of the CU Alliance network
  • States: Louisiana
  • Services: Accounts (checking, savings, and youth), loans, other services (VISA debit and credit cards, financial counseling, etc.)
  • Assets: $30.34 million
  • Availability: Brick-and-mortar and online

St. Louis Community Credit Union

Originally chartered in 1942 as the Teachers Credit Union, St. Louis Community Credit Union offers both financial services and several programs to support consumers in the local community. Individuals who live or work in St. Louis City, Franklin, and St. Louis county in Missouri—as well as in St. Clair, Madison, Monroe, and Jersey counties in Illinois—are eligible for membership, in addition to their families.

  • Branches: Ferguson Branch (Ferguson, Mo.), Florissant Branch (Florissant, Mo.), Flower Valley Branch (Florissant, Mo.), Pagedale Branch (Pagedale, Mo.), Richmond Heights (Richmond Heights, Mo.), St. John Branch (St. John), Benton Park Branch (St. Louis, Mo.), Gateway Branch (St. Louis, Mo.), Grace Hill (St. Louis, Mo.), Jennings Branch (St. Louis, Mo.), LifeWise STL (St. Louis, Mo.), Midtown Branch (St. Louis, Mo.), South City (St. Louis, Mo.), Southtown Branch (St. Louis, Mo.), Sullivan Branch (St. Louis, Mo.), University City (University City, Mo.), MET Center (Wellston, Mo.)
  • ATMs: Part of the CO-OP network
  • States: Missouri
  • Services: Loans (auto, personal, etc.), accounts (savings and checking), business development, advocacy, and insurance (life, AD&D, etc.)
  • Assets: $285 million
  • Availability: Brick-and-mortar and online

The Harbor Bank of Maryland

Originally opening its doors in September 1982, The Harbor Bank of Maryland offers banking and other financial services, primarily in the Baltimore metropolitan area. Harbor Bank was also the first community bank in the U.S. to have an investment subsidiary and the first to receive funding from Fannie Mae via the Community Development Financial Institution (CDFI) program. Harbor Bank is one of the two banks that are considered “Black-operated” instead of Black-owned.

  • Branches: Inner Harbor East Office (Baltimore, Md.), Main Office (Baltimore, Md.), Pimlico Office (Baltimore, Md.), Research Park Office (Baltimore, Md.), The Harbor Science & Technology Park East Branch (Baltimore, Md.),Randallstown Office (Randallstown, Md.), and Silver Spring (Silver Spring, Md.)
  • ATMs: Inner Harbor East Office (Baltimore, Md.), Main Office (Baltimore, Md.), Pimlico Office (Baltimore, Md.), Research Park Office (Baltimore, Md.), The Harbor Science & Technology Park East Branch (Baltimore, Md.),Randallstown Office (Randallstown, Md.), and Silver Spring (Silver Spring, Md.), in addition to any ATMS in the AllPoint network
  • States: Maryland
  • Services: Personal (checking, mortgages, etc.) and business (checking, savings, etc.) banking, in addition to loans (personal, mortgage, and business)
  • Assets: $327.45 million
  • Availability: Brick-and-mortar and online

Toledo Urban Federal Credit Union

Toledo Urban Federal Credit Union originally opened its doors on July 21, 1996, to help its members achieve economic empowerment. Membership in Toledo’s first community development credit union is available to individuals who live, work, worship, perform volunteer services, or participate in associations headquartered in the central city community, in addition to their families.

  • Branches: Nexus Building (Toledo, Ohio) and Toledo Urban Federal Credit Union (Toledo, Ohio)
  • ATMs: N/A
  • States: Ohio
  • Services: Checking and share accounts, loans (personal, tuition, etc.), credit and ATM/debit cards, credit counseling, and other services (notary service, overdraft protection, etc.)
  • Assets: $10 million
  • Availability: Brick-and-mortar and online

Tri-State Bank

In the first 10 years after its founding in 1946, Tri-State Bank of Memphis made more than $10 million in first mortgage loans on homes, representing home ownership for more than 2,000 African American families. Tri-State has also played a critical part in the civil rights movement, including hosting local sit-ins in the bank’s boardroom, providing bail money for protesters, and providing $60,000 in loans to help save the Lorraine Motel, the site of Dr. Martin Luther King’s assassination, from foreclosure in 1982.

  • Branches: Whitehaven (Memphis, Tenn.)
  • ATMs: Whitehaven (Memphis, Tenn.) and any ATMs in the Money Tower network
  • States: Tennessee
  • Services: Personal (checking, savings, etc.), business (checking, savings, etc.), loans (auto, mortgage, etc.), and other services (financial education, Fraud Center, etc.)
  • Assets: $111 million
  • Availability: Brick-and-mortar and online

United Bank of Philadelphia

Originally founded in 1992, United Bank of Philadelphia offers personalized banking services in the Greater Philadelphia area to both individuals and businesses. By providing financing to small businesses in urban areas, United Bank supports their growth and allows them to create jobs with livable wages, thus improving the economic condition of those working in the local community.

  • Branches: Center City (Philadelphia, Pa.) and Progress Plaza (Philadelphia, Pa.)
  • ATMs: C-Town Supermarket (Philadelphia, Pa.), City Hall (Philadelphia, Pa.), Criminal Justice Center (Philadelphia, Pa.), Masjidullah Inc. (Philadelphia, Pa.), Philadelphia Traffic Court (Philadelphia, Pa.), Police Districts (Philadelphia, Pa.), Revolutions at Penn Treaty (Philadelphia, Pa.), The Fillmore-Philadelphia (Philadelphia, Pa.), and West Philadelphia (Philadelphia, Pa.)
  • States: Pennsylvania
  • Services: Personal and business banking (checking, savings, etc.), in addition to loans (SBA and commercial loans)
  • Assets: $54.64 million
  • Availability: Brick-and-mortar and online

Unity National Bank

The bank was founded in 1963 and chartered in 1985. “In February 1989, through a series of transactions and diligent efforts, it was acquired from Bay Bancshares by local minority leaders,” the bank’s history reports. Unity focuses on helping to rebuild the community with an emphasis on commercial loans and mortgages. It also works closely with civic organizations and agencies, such as the NAACP and the Third Ward Redevelopment Council.

  • Branches: Atlanta (Atlanta, Ga.) Blodgett (Houston, Texas), and Fort Bend (Missouri City, Texas)
  • ATMs: Atlanta (Atlanta, Ga.) Blodgett (Houston, Texas), and Fort Bend (Missouri City, Texas), in addition to any ATMs in the Select network
  • States: Georgia and Texas
  • Services: Business and personal services (loans, checking and savings accounts, etc.)
  • Assets: $133.61 million
  • Availability: Brick-and-mortar and online

Urban Upbound Federal Credit Union

Urban Upbound was founded in 2004, to provide five integrated programs to individuals living in public housing and and other low- and moderate-income neighborhoods. The Urban Upbound Federal Credit Union offers affordable financial services to its members.

  • Branches: Urban Upbound Federal Credit Union (Long Island City, N.Y.)
  • ATMs: N/A
  • States: New York
  • Services: Savings, share certificates, as well as personal and small business loans
  • Assets: $1.35 million
  • Availability: Brick-and-mortar and online

Virginia State University Federal Credit Union

Authority to establish the Virginia State College Federal Credit Union was granted on Oct. 19, 1938. On May 22, 1979, the organization’s board of directors voted to change the name to the Virginia State University Federal Credit Union.

  • Branches: Virginia State University Federal Credit Union (South Chesterfield, Va.)
  • ATMs: Virginia State University Federal Credit Union (South Chesterfield, Va.)
  • States: Virginia
  • Services: Loans, accounts (checking, savings, etc.), insurance, and other services (wire transfer, direct deposit, etc.)
  • Assets: $10.17 million
  • Availability: Brick-and-mortar and online
Источник: https://www.investopedia.com/black-owned-banks-by-state-5024944

Credit Unions vs. Banks: How to Decide

You have a lot of options when it comes to finding the best place to stash your everyday cash. If you’re weighing the choice between a large national bank and credit union, here’s what to consider about the two types of financial institutions.

The differences between them may affect which home you choose for your checking account, savings account or certificate of deposit.

Why choose a credit union?

  • Typically has slightly higher interest rates on deposits than brick-and-mortar banks.

  • Emphasis on customer service.

» Learn more:What is a credit union?

Why choose a bank?

  • More branches in the region or across the country.

  • Typically quicker to roll out new apps and other tech.

» Learn more:What is a bank?

What to consider when choosing between a bank and credit union

Choosing between the two involves some trade-offs. On average, credit unions tend to offer higher interest rates on deposits and lower rates on loans. Banks often adopt new technology and tools more quickly, especially online banks, which are typically able to offer higher-than-average interest rates. Broad ATM and branch networks are the norm for national banks; credit unions might belong to large, cooperative networks of ATMs, such as Allpoint, and offer shared branches.

Banks are for-profit enterprises, while credit unions are not-for-profit. Credit unions in principle exist to serve a community of people tied by a “bond of association,” which may be based on location, employer, faith, membership in another organization or other factors. To serve its community, a credit union provides financial products on the most favorable terms it can afford to offer. However, credit unions sometimes carry membership fees and/or limit their membership to specific communities, so if you're considering one, check whether you qualify and whether there's a fee.

What fees does the bank or credit union charge, and how much are they? Ask about monthly maintenance and overdraft fees. Many banks and credit unions offer ways for customers to waive a monthly fee, such as having at least one monthly direct deposit or maintaining a minimum balance, but overdraft fees can get quite expensive, often in the range of $30 to $35, and can sometimes be charged multiple times per day.

How many branches and ATMs do they have? If in-person service matters to you, look at banks and credit unions that have local branches. A community bank might be a good choice if that's a priority of yours. If you just need to withdraw or deposit cash on a regular basis, then make sure you have enough ATMs nearby.

What interest rates does the bank or credit union offer? Check out the interest rates on whatever accounts you're considering from different banks and credit unions.

» Ready to decide right now? Here are our picks for the best national banks, best online banks and best credit unions

Summary

Usually lower interest rates, especially at large national banks.

Usually higher interest rates.

FDIC insures up to $250,000 per account.

NCUA insures up to $250,000 per account.

Personal interactions less of a priority. (Community banks may be an exception.)

Local and personal engagement emphasized.

National banks have many more branches; regional ones, not quite as many.

Fewer branches than banks, but may share branches via a network.

Often quicker to roll out new apps and other tech.

Generally lag in new technology.

Making your choice

  • Identify what matters to you most. Figure out which account and customer service features work best for your situation and make a prioritized list.

  • Find your top contenders. Research which national, local or online banks and credit unions offer the best account features for what you need. You may want to look at NerdWallet’s recommended credit unions and national banks.

  • Narrow the list based on your top criteria. Other aspects to consider: Do some of the banks and credit unions on your list perform better in ways you might value in the future (such as having a great digital experience or extensive ATM access)? Do any negatives (higher fees, too few branches) change your mind about which to choose? Once you’ve found a bank or credit union that suits your needs, apply for an account.

Источник: https://www.nerdwallet.com/article/banking/credit-unions-vs-banks
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Why Laurel Road for Doctors?

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Student Loan Refinancing + Laurel Road CheckingSM

You can access lower student loan refinancing rates when you open a new checking account during refinancing.1

Plus, get a $500 cash bonus with $2,500 in direct deposits.8

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Laurel Road Student Loan CashbackSM Credit Card

Redeem 2% cashback towards any eligible medical school loan.2

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Laurel Road Perks!3

Laurel Road for Doctors member benefits are designed to help you be your best at home and at work.

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Get tailored advice and insights based on your career stage, specialty, and location as you plan for your financial future.

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NEW! Checking + Med School Refinancing

Switch your checking to save even more.

When you open a Laurel Road CheckingSM account during refinancing, you can access student loan refi rates as low as 1.37% variable APR when you set up qualifying monthly direct deposits.1

Plus, get a $500 cash bonus with $2,500 in direct deposits.8

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NEW! Laurel Road Student Loan Cashback℠ Card

Redeem 2% cashback towards any eligible student loan.2

Now every dollar you spend can help you pay down your student loans when you redeem 2% cashback towards your loans with 95% of U.S. loan servicers.7

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EXCLUSIVE SAVINGS ON THE THINGS THAT MAKE LIFE EASIER.

We understand that your time is limited (and precious), so our Perks! offers are curated for convenience, ease, and the savings you need most.

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Financial Insights for Doctors

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Introducing peer-comparison data tools, customized plans for your financial goals, and personal finance content based on your career stage, specialty, and location.

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Laurel Road for Doctors in the News

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In AMA’s Making the Rounds, Laurel Road’s Head of Mortgage Talks About the Real Estate Market and Financial Strategies for Residents

Physician mortgages first and foremost, really take into consideration the income potential and credit quality that residents and...

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In Dentistry Today, Laurel Road Discusses How Dentists Can Pay Off Their Student Debt

According to the ADA, 64% of dental school graduates report having more than $200,000 in debt....

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Dermatology Times Highlights Survey Findings From Survey by Laurel Road and The White Coat Investor

The survey was conducted among 750 U.S. physicians and dentists. It looked to understand what impact the pandemic...

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Laurel Road’s Christina Klenotic Talks to CNBC About How the Pandemic Is Shifting Women’s Approach to Finances

After the last year, women are more eager to learn about their personal finances, especially women of color....

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Disclaimers

All credit products are subject to credit approval

If you are refinancing any federal student loans with Laurel Road, you will no longer be able to take advantage of any federal benefits, including but not limited to: COVID-19 payment relief, Income Based Repayment (IBR), Pay As You Earn (PAYE), or Revised Pay As You Earn (REPAYE), and Public Service Loan Forgiveness (PSLF). For more information about the benefits of these federal programs and other federal student loan programs, please visit https://studentaid.gov.

  1. Annual Percentage Rates (APRs) shown are as of September 23, 2021 and subject to increase without notice. Based on applications between July 2019 to June 2021, approximately 11% of applicants qualified for our lowest advertised rate. Lowest rate quoted above assumes excellent credit and low debt, housing, and alimony expenses relative to income. Otherwise, a higher rate will apply. Rate shown above includes a 0.55% discount for having a qualifying direct deposit of at least $7,500 credited to a Laurel Road Checking account for every statement period of the term of the loan, a 0.25% discount for AutoPay, and a loan with a term of 60 months. Variable APRs are subject to increase after consummation.

    The Laurel Road CheckingSM discount is available to borrowers who open a Laurel Road CheckingSM account simultaneously while refinancing their student loans with Laurel Road. You may also be able to utilize a checking account opened simultaneously with a prior Laurel Road student loan refinance to obtain a discount on your new Laurel Road student loan refinance. Borrowers will receive a 0.25% interest rate discount for their first three monthly billing cycles. Starting with the 4th billing cycle and continuing with each billing cycle thereafter, the interest rate discount applied each billing cycle will be based on the amount deposited via qualifying Automated Clearing House (ACH) transactions into the Laurel Road CheckingSM account during the preceding calendar month--0.25% for deposits between $2,500 and $7,499 per month and 0.55% for deposits $7,500 or greater per month. To continue to receive the discount for the 4th billing cycle, you must begin making qualifying ACH deposits to your Laurel Road Checking account during the second month after your loan funds. Note that the discount is only available to the primary checking account owner and is not available to a joint checking account owner. If the primary account owner is no longer an owner on the checking account or the account is closed, the discount on their student loan will cease. Discounts subject to change without notice and cannot be combined with the Linked SavingsSM discount. Click here for more information on the Laurel Road CheckingSM account and student loan rate discounts.

  2. You will earn 2.0% in Cashback Rewards for each $1 spent on eligible Purchases if you redeem your Cashback Rewards towards your Student Loan with an eligible servicer. This equates to $0.02 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $2.00 in Student Loan Credit. You will earn 1.0% in Cashback Rewards for each $1 spent on eligible Purchases if redeemed for a statement credit. This equates to $0.01 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $1.00 in Cashback Rewards.

    Cashback is awarded based on eligible credit card purchases excluding transactions such as cash advances of any type, balance transfers, convenience check transactions, overdraft protection transfers and quasi-cash transactions. See Terms & Conditions, which are subject to change.

    The creditor and issuer of this credit card is KeyBank N.A., pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

  3. Eligibility: Laurel Road Perks! for Doctors and Financial Insights are available to current Laurel Road Members with an existing checking or savings account, credit card, student loan, personal loan, or mortgage who are physicians and dentists, including interns, residents, fellows, clinical professors, researchers, and managing physicians or dentists with one of the following qualifying medical or dental degrees: Doctor of Medicine, Doctor of Osteopathic Medicine, Doctor of Dental Surgery, Doctor of Medicine in Dentistry/Doctor of Dental Medicine, Doctor of Audiology, Doctor of Chiropractic, Doctor of Naturopathic Medicine, Doctor of Optometry, Doctor of Podiatry, or Doctor of Veterinary Medicine.

  4. In order to open a Laurel Road High Yield SavingsSM account you must be either an existing Laurel Road customer or a new customer with the following degrees: Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Medicine in Dentistry or Doctor of Dental Medicine (DMD), Doctor of Dental Surgery (DDS), Doctor of Optometry (OD), Doctor of Audiology (AuD), Doctor of Naturopathic Medicine (ND), Doctor of Podiatric Medicine (DPM), Doctor of Veterinary Medicine (DVM), or Doctor of Chiropractic (DC).

  5. Fees may reduce earnings on the account. National average Annual Percentage Yield (APY) reported by the FDIC as of 3/8/2021 (fdic.gov/regulations/resources/rates).

  6. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.

  7. For more information on eligible servicers please visit our FAQ.

  8. Effective October 20, 2021, you must open a Laurel Road CheckingSM account simultaneously while refinancing your student loan with Laurel Road by 12/31/2021 at 11:59 p.m. (ET) and make one or more qualifying direct deposits via an Automated Clearing House (ACH) transaction into the Laurel Road CheckingSM account totaling at least $2,500 within the first 60 days after account opening to receive the $500, which will be deposited into your account within 60 days of meeting requirements. Normal account service charges apply to the Laurel Road CheckingSM. Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits. Limit one gift per qualifying account. Limit one gift per individual. The value of the gift will be reported to the IRS on Form 1099-INT. If you close your account within the first 180 days of account opening, you will be charged a $25 account early closure fee. Other miscellaneous charges may apply. Accounts overdrawn or closed at the time of gift payment are not eligible. Offer is subject to cancellation without notice and cannot be combined with any other offer. Laurel Road is not responsible for, and will not honor, promotional offers that appear on third-party websites that are not authorized by Laurel Road.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of September 23, 2021. Information and rates are subject to change without notice.

Источник: https://www.laurelroad.com/healthcare-banking/

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Having the ability to pay for goods and services online without cash or checks makes it easier than ever to complete purchases and conduct bank business. But all that online convenience makes it easier for scammers and hackers to access bank funds online, too.

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Meet the demand for secure, modernized banking.

Today’s customers are looking for modern solutions for handling their financial service needs. You need to deliver on their ever-increasing expectations, while remaining vigilant on security concerns, managing risk, and cost to serve. Whether that’s digital access, mobile enablement, effortless experiences, or more, we’ve got you covered. We help banks, fintechs, and payment service providers enhance and transform all aspects of the customer lifecycle with innovative operational and technology solutions.

And, we do it all securely with an in-house compliance team and integrated fraud prevention processes and tools to ensure compliance with applicable laws and regulations.

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Deliver exceptional CX across the customer lifecycle to acquire, manage, and retain your most valuable customers. From opening accounts and onboarding to transaction processing and account maintenance, we deliver effortless support and digital experiences, including back office functions. We can help you better orchestrate your customers’ journeys, so you can keep them coming back for more.

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Enable customers to make the right credit choices for their lifestyles or business needs. We integrate analytics and technology to personalize credit product offers to help your customers select the best options for their unique needs. Through card administration, product and technical support, and payment processing, we provide experiences that increase long-term loyalty.

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Deliver a better, easier loan experience. With a plethora of options in a highly competitive marketplace, applying for a loan can keybank banking credit cards mortgages and loans one of the most zions bank check routing number and stressful financial decisions your customers face. We can help ease the entire end-to-end journey for mortgage and other lending with support for application processing, credit decision-making and underwriting, loan origination, and loan servicing.

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Better support your customers by optimizing your wealth management operations. We can help you administer wealth management platforms for managed funds, keybank banking credit cards mortgages and loans, and investments.

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From early to late stage, collect more and reduce cost by focusing on CX to improve collections and build brand loyalty. We can help you reset your collections strategy at the segment level, use advanced analytics to understand customer intent and motivation to pay, and apply technology to hyper-personalize omnichannel contact strategies to achieve the best results.

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Make it easy for customers to report suspected fraud—and let them know you’re protecting them every step of the way. Supported by our automated fraud detection and prevention technology and analytics, we help keybank banking credit cards mortgages and loans minimize risk by handling know your customer (KYC), anti-money laundering (AML) and sanctions screening, as well as complaints, dispute and identity resolution, and credit risk warning.

Источник: https://www.concentrix.com/industries/banking-and-financial-services/

23 Banks Helping Customers Affected by Coronavirus

Staying healthy and slowing the spread of COVID-19 is still the top priority in most people's minds -- and rightfully so. But as businesses continue to close due to social distancing restrictions, concerns over financial security continue to grow. 

In these unprecedented times, we're seeing some unprecedented levels of assistance coming from neighbors, the federal government, and now from banks. The following 23 institutions have all pledged their support to customers who have been financially impacted by COVID-19 closures. Some banks are deferring fees or offering good rates on personal loans. All are ready to work with each person and family to come up with fair solutions. 

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1. Ally Bank

Ally Bank is enabling its home and auto loan borrowers to keybank banking credit cards mortgages and loans payments for up to 120 days. Your balance will continue to accrue interest during this time, but Ally will not charge late fees or report your payments as late to the credit bureaus. You must first call Ally if you intend to take advantage of this option. Ally is also suspending fees for excessive transactions, overdrafts, and expedited checks and debit cards on savings and money market accounts until July 31, 2020. In addition, the bank has pledged $3 million to address emergency needs in its communities.

2. Bank of America

Bank of America has created a Client Assistance Program for credit card and loan customers struggling to keep up with their payments. They can request payment deferral through their online account or by phone as well as refunds for overdraft fees, non-sufficient funds fees, and monthly maintenance fees. It has also announced that it's donating $100 million to local communities in need and another $250 million to community development financial institutions during the COVID-19 outbreak.

3. BBVA USA

BBVA USA is offering deferred payments to credit card and loan customers who fill out its Payment Assistance Request form online. It's also waiving its fees for using a non-BBVA ATM, and it's waiving all early withdrawal penalties on certificate of deposits (CDs) opened before March 1. If you were recently charged an overdraft fee on your BBVA account, you can request a refund by contacting BBVA.

4. BMO Harris

BMO Harris is also enabling its affected customers to defer payments on loans and credit cards without late fees. You must fill out its online form or contact the bank by phone in order to take advantage of this assistance. The online form is the fastest method because BMO Harris, like most banks, is experiencing unusually high call volumes at this time.

5. Capital One

Capital One is another bank that is encouraging affected customers to reach out by phone if they are unable to keep up with their payments. Options include minimum payment assistance, deferred payments on loans, and waived fees. Capital One, like many of its competitors, is handling things on a case-by-case basis, so you won't know what kind of assistance you may qualify for until you call.

6. Chase

Chase is enabling customers with car leases to request a six-month lease extension or do a lease-end vehicle return when their lease ends. Credit card holders and other loan borrowers are also eligible for loan deferment. You can enroll in these assistance programs online or by calling Chase. In addition to offering its customers assistance, Chase has hotels near university at buffalo pledged $50 million to nonprofit organizations to support Americans' short- and long-term needs during the COVID-19 pandemic.

7. CIT Bank

Online-only CIT Bank encourages customers with deposit accounts and mortgages to reach out if they have been impacted by COVID-19. The bank's new keybank banking credit cards mortgages and loans hours are between 9 a.m. and 9 p.m. Eastern Time Monday through Friday and 10 a.m. to 6 p.m. Eastern Time Saturday, so you must contact it within these hours to receive support.

8. Citibank

Citibank is waiving fees on safe deposit boxes and fees for non-Citi ATM usage, and if you need to withdraw money from a Citibank CD early, you can now do so penalty-free. Those who have credit cards and personal loans through the soccer america vs leon can request payment deferral for up to two statement cycles. Mortgage customers are also eligible for a range of hardship programs through Citibank's service provider, Cenlar FSB. Contact Citibank for more details.

9. Citizens Bank

Citizens Bank is offering payment assistance to its customers who reach out, which enables them to defer payments for up to 90 days with no impact on their credit score. It's also waiving late fees on credit cards and loans as well as overdraft and CD early withdrawal fees. If your account carries a monthly service charge, Citizens Bank will give these back to you as a rebate during the COVID-19 pandemic. Mortgage and auto loan customers who fall behind on their payments won't have to worry about their homes or vehicles being repossessed, as Citizens Bank has suspended all auto repossessions and home repossessions for 60 days.

10. Discover Bank

Discover doesn't go into detail on its website, but it does say it's offering support to its banking, credit card, and loan customers who have keybank banking credit cards mortgages and loans affected, either medically or financially, by COVID-19. You can reach out to Discover over the phone or message the company through your online Account Center or through the Discover Mobile App.

11. Fifth Third Bank

Fifth Third Bank mortgage customers may defer payments for up to 180 days. This can be extended for another 180 days at the borrower’s request. The bank is also suspending all foreclosures through Aug. 31, 2020. If you're concerned about your ability to pay any of your other Fifth Third bills, contact the bank to see what types of assistance programs it can offer you.

12. HSBC Bank

HSBC Bank has waived all monthly maintenance fees on deposit accounts, along with early withdrawal penalties on CDs and ATM and overdraft fees. Loan customers who are unable to keep up with their payments may defer them for up to 180 days without penalty from the day they enroll in its hardship program, bank of eastman magnolia state bank mortgage customers may be able to get this extended up to 360 days. HSBC Bank won't charge you late fees or report your payments as late to the credit bureaus if you enroll in one of these programs.

13. Huntington Bank

Huntington Bank is suspending late fees on all consumer loan products and enabling those who are unable to keep up with their loan payments to request up to 90 days of payment deferral. You can enroll in this program by calling Huntington Bank. The bank has also pledged to leave customers' stimulus checks in their accounts untouched for 30 days before seizing any of those funds to cover outstanding overdraft fees.

14. Key Bank

KeyBank has pledged $1 million to assist COVID-19-impacted communities in the bank's service area. It's also offering payment extensions, waived fees, and waived penalties on mortgages, credit cards, and other loan products in addition to temporarily suspending repossessions and evictions. Clients wishing to defer their loan payments may do so for up to 90 days if they contact KeyBank to request hardship assistance.

15. Marcus by Goldman Sachs

Marcus by Goldman Sachs is enabling its loan customers to postpone loan payments for one month with no interest. The bank will extend your loan term by one month if you choose to participate. If you'd like to enroll in this customer assistance program, you must contact Marcus by Goldman Sachs to notify the bank and agree to the program terms. It's also waiving early withdrawal penalties on high-yield CDs if you need to access your funds before the maturity date.

16. PNC Bank

PNC Bank is enabling its credit card and loan customers to request payment deferral through a form cnbtexas the bank website or by calling its customer support line. If you choose to postpone your payments, PNC Bank won't charge you any late fees, though your balance will continue to accrue interest.

17. Regions Bank

Regions Bank has waived early withdrawal fees on CDs and fees for excessive withdrawals from savings and money market accounts. It's also offering other deposit account waivers depending on customer needs. Loan and credit card customers struggling to keep up with their payments should reach out to Regions Bank to discuss deferment and other hardship assistance options.

18. Santander Bank

Santander Bank is allowing its retail banking customers to request payment deferral through their online accounts. You won't need to pay any late payment fees if you enroll in this program, though your balance will still accrue interest. It's also offering lease extensions for lessees unable to return their vehicles, refunding late fees and overdraft fees on bank accounts, and waiving CD early withdrawal penalties and outgoing wire transfer fees. Customers may also request a credit limit increase or take advantage of Santander Bank's increased ATM withdrawal limits during this time.

19. TD Bank

TD Bank, part of TD Ameritrade, is enabling customers affected by COVID-19 to defer payments without incurring late fees. Contact TD Bank by phone to learn more about your options and to enroll in its hardship assistance program.

20. TIAA Bank

TIAA Bank is waiving fees for wire transfers, insufficient funds, ATM transactions, and late credit card payments during the COVID-19 pandemic. It's also increasing the limit on debit and cash withdrawals. Credit card customers who meet certain eligibility requirements can skip one payment without penalty. If you have a mortgage through TIAA Bank, you may qualify for temporary forbearance, which enables you to skip payments without penalties, though interest will continue to accrue. Contact TIAA Bank to enroll in one of these programs.

21. Truist

Truist, the product of a recent merger between BB&T and SunTrust banks, is offering payment deferral for up to 90 days to its credit card and loan customers, and it's also temporarily waiving ATM surcharge fees. Fill out its online form or call to apply for hardship assistance. Truist has pledged $50 million in philanthropic support to several organizations, including the Centers for Disease Control and Prevention, John Hopkins Medicine, and United Way. It's also promised to support the cash flow needs of its retail and business clients through a number of lending programs.

22. U.S. Bank

U.S. Bank has temporarily reduced the rates on its Simple loans. This product lets you borrow between $100 and $1,000 with no hidden fees and repay the loan in three equal parts. The current fee is $6 per $100 borrowed, down from the normal $12 to $15 per $100 borrowed. U.S. Bank is also enabling its mortgage customers to defer payments for up to 180 days with no late fees, though your balance will continue to accrue interest during that time. Auto, boat, and RV loan and lease customers may be eligible for a loan extension if they're not able to keep up with their payments. The bank also encourages credit card customers who can't keep up with their payments to reach out to discuss their options.

23. Wells Fargo

Wells Fargo is another bank that's encouraging customers experiencing financial hardship due to the COVID-19 pandemic to reach out to the bank via phone during its customer support hours to discuss their options. It's handling things on a case-by-case basis, so calling is the only way to know what support is available to you. Depending on your situation, it is suspending evictions, foreclosures on residential property and auto repossessions as well as offering fee waivers and payment deferrals. The Wells Fargo Foundation is also donating up to $175 million to support global and domestic response to COVID-19.

If your bank isn't listed here, you can always try contacting it to see if it is offering any support to customers impacted by COVID-19. Expect longer-than-average wait times wherever you call, as thousands of other Americans are also trying to get assistance. Keep an eye on correspondence from your bank, too, as some of them may extend or expand their available support as the pandemic continues.

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Источник: https://www.fool.com/the-ascent/banks/articles/banks-helping-coronavirus/
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Источник: https://www.53.com/content/fifth-third/en.html

Credit Unions vs. Banks: How to Decide

You have a lot of options when it comes to finding the best place to stash your everyday cash. If you’re weighing the choice between a large national bank and credit union, here’s what to consider about the two types of financial institutions.

The differences between them may affect which home you choose for your checking account, savings account or certificate of deposit.

Why choose a credit union?

  • Typically has slightly higher interest rates on deposits than brick-and-mortar banks.

  • Emphasis on customer service.

» Learn more:What is a credit union?

Why choose a bank?

» Learn more:What is a bank?

What to consider discover online banking bonus choosing between a bank and credit union

Choosing between the two involves some trade-offs. On average, credit unions tend to offer higher interest rates on deposits and lower rates on loans. Banks often adopt new technology and tools more quickly, especially online banks, which are typically able to offer higher-than-average interest rates. Broad ATM and branch networks are the norm for national banks; credit unions might belong to large, cooperative networks of ATMs, such as Allpoint, and offer shared branches.

Banks are for-profit enterprises, while credit unions are not-for-profit. Credit unions in principle exist to serve a community of people tied by a “bond of association,” which may be based on location, employer, faith, membership in another organization or other factors. To serve its community, a credit union provides financial products on the most favorable terms it can afford to offer. However, credit unions sometimes carry membership fees and/or limit their membership to specific communities, so if you're considering one, check whether you qualify and whether there's a fee.

What fees does the bank or credit union charge, and how much are they? Ask about monthly ameren bill pay and overdraft fees. Many banks and credit unions offer ways for customers to waive a monthly fee, such as having at least one monthly direct deposit or maintaining a minimum balance, but overdraft fees can get quite expensive, often in the range of $30 to $35, and can sometimes be charged multiple times per day.

How many branches and ATMs do they have? If in-person service matters to you, look at banks and credit unions that have local branches. A community bank might be a good choice if that's a priority of yours. If you just need to withdraw or deposit cash on a regular basis, then make sure you have enough ATMs nearby.

What interest rates does the bank or credit union offer? Check out the interest rates on keybank banking credit cards mortgages and loans accounts you're considering from different banks and credit unions.

» Ready to decide right now? Here are our picks for the best national banks, best online banks and best credit unions

Summary

Usually lower interest rates, especially at large national banks.

Usually higher interest rates.

FDIC insures up to $250,000 per account.

NCUA insures up to $250,000 per account.

Personal interactions less of a priority. (Community banks may be an exception.)

Local and personal engagement emphasized.

National banks have many more branches; regional ones, not quite as many.

Fewer branches than banks, but may share branches via a network.

Often quicker to roll out new apps and other tech.

Generally lag in new technology.

Making your choice

  • Identify what matters to you most. Figure out which account and customer service features work best for your situation and make a prioritized list.

  • Find your top contenders. Research which national, local or online banks and credit unions offer the best account features for what you need. You may want to look at NerdWallet’s recommended credit unions and national banks.

  • Narrow the list based on your top criteria. Other aspects to consider: Do some of the banks and credit unions on your list perform better in ways you might value in the future (such as having a great digital experience or extensive ATM access)? Do any negatives (higher fees, too few branches) change your mind about which to choose? Once you’ve found a bank or credit union that suits your needs, apply for an account.

Источник: https://www.nerdwallet.com/article/banking/credit-unions-vs-banks

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Keybank banking credit cards mortgages and loans
Keybank banking credit cards mortgages and loans
Keybank banking credit cards mortgages and loans
Keybank banking credit cards mortgages and loans
Keybank banking credit cards mortgages and loans

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Comments

  1. How bout this...? I opened a Chase Preferred in May 2019. At the time I had 4 cards. 2 days ago I opened 7 new cards. I only have the 1 chase tho. I am over the 5/24 so are they going to shut me down? I really don't care since I have some huge limits at NFCU.

  2. Saniya is loan letter comes in black and white paper with stamps on it or in colour...please do reply

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