A Detailed Review of Customers Bank

Jan 18, 2024 By Triston Martin

Customers Bank: What is it?

Customers Bank has been in business since 1997 and has its administrative offices in Phoenixville, which is located in the state of Pennsylvania. Customers Bank is considered a significant bank due to its asset management of $10 billion and its deposit management of $7 billion. Customers Bank does not provide its clients with privileged access to customer support in the form of live chat 24/7.

Additionally, its online services are available by mobile device; this financial institution also maintains a conventional brick-and-mortar presence and provides customer support in person. Based on the average rating of our reviewers, Customers Bank falls somewhat in the center of the pack when comparing banks.

Customers Bank provides its customers with access to a wide range of financial products, such as bank deposits, current accounts, brokerage accounts, certificates of deposit, individual retirement accounts, and loan products. The interest rate on savings accounts at Customers Bank is average; however, you may find better rates at some other financial institutions.

The bank's most fundamental checking account is free of deductions monthly, making it ideal for regular use. When deciding on a bank for your checking and savings accounts, why use the same one? Since you can easily move money between your checking and savings accounts, you may earn more interest on your savings while still using your checking account for everyday purchases.

Pros and Cons of Customers Bank

In the following section, we are going to discuss the pros and cons of Customers Bank thoroughly:

Advantages of Customer Bank

  • Different Types of Accounts: Customers Bank provides four types of checking accounts and four types of savings accounts, each of which does not charge a monthly maintenance fee and is, therefore, free to use.
  • Competitive Interest rates: The rate of return on a Mutual Fund Savings Account is 1.50 percent. This account does not charge any fees but the minimum balance that must be maintained in order to earn the indicated APY.
  • Low deposit requirements: Customers Bank only requires $50 to open. It's possible to open many accounts for less than $10 each.

Disadvantages of Customer Bank

  • Difficult to obtain Rates Information Online: According to Customers Bank Reviews, their site makes it difficult to locate details regarding rates and fees. Because of this, prospective consumers lack sufficient information to decide if they want to create an account or not.
  • Interest rates on savings accounts and certificates of deposit at Customers Bank are below the market average: Customers who want access to a competitive interest rate must create a Savings Account, which is only available online.

Who Would Benefit Most from Using Customers Bank?

Customers Bank would probably attract clients who reside near any of its locations here on the Eastern Shoreline. Nonetheless, the bank's online checking account is another suitable alternative for customers located elsewhere in the United States. If any of the following describe your financial situation:

  • Inhabit the cities of Chicago or those along the I-95 route between Philadelphia and Boston.
  • Look for banks that don't demand a lot of money to start an account.
  • If you'd want to avoid paying any fees on a regular basis.
  • If you need high-yielding savings to account online.
  • I'm looking for a savings account that can reimburse my ATM costs from other banks.
  • A variety of deposit options are available at Customers Bank.

Use of Checking Accounts

Customers Bank facilitates their clients with three different checking account options, each of which may be created with a payment of no more than ten dollars. There is no charge for the general upkeep of either the Free Checking or the Reward Bank account. In contrast, the Efficiency Checking account needs a combined average amount of $5,000 across all of your bank deposits, loans, and personal loans. This requirement is in place to protect the bank from potential fraud. If you spend more than $500 using your debit card each month, your bonus checking account's interest rate will grow to 1.20% from the current 0.25%.

When you use the automated teller machine of another bank while you have this account, you will not be billed a fee. If you keep a cumulative average amount of $5 thousand in your savings and loan accounts, we will repay any fees that were imposed on you by other financial institutions.

Money Market Saving Accounts

The restriction of six recurring billing transfers per month that was previously in place for savings accounts and money markets has been lifted till the next notice.

Customer Bank also has an elevated bank account that can only be accessed online. This account has a minimum beginning deposit of $25,000 and gives an annual percentage rate of 0.75%.

Term Deposit Savings Accounts of Customers Bank provides two different kinds of financial market savings accounts:

  • In-branch
  • Online

It has a minimum deposit requirement of $50 and provides a variable interest rate structure. You are required to keep a standard minimum amount of $1,000; else, there will be a monthly charge of $5 added to your account.

Customer Service Department of Customers Bank

Customers who have questions or concerns about their accounts can get in touch with their neighborhood branch. Because the webpage of Customer Bank does not provide a listing of its branch's operating hours, you are advised to contact ahead before going there. Additionally, prior to visiting some locations, customers are required to schedule appointments.

How to Do Business With Your Clients in a Bank?

There are several accounts offered by Customers Bank that may be created either in a store or online. On the other hand, certain accounts can only be accessed using one of these two methods. There is no "Create Account" button on the major website of Customers Bank; thus, even if some branch accounts may be created digitally, it appears that you will only be able to do so after you have an existing connection with customer bank.

Conclusion

Clients Bank provides alternatives for low-cost checking and savings accounts, as well as the ability to begin with a low initial payment, for customers who wish to minimize monthly service costs. Its rates of interest in its physical branches are not reasonable.

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