Summary: Founded in 2009, Customers Bank is a regional bank based in Malvern, Pennsylvania. The bank offers a range of financial services tailored to entrepreneurs, small businesses, and individuals, including checking and savings accounts, commercial and personal loans, cash management solutions, and specialized lending products across multiple industries.
Here’s a quick look at Customers Bank’s products and services for individuals:
This personal checking account requires a $50 opening deposit but has no minimum balance requirements. There are no monthly fees, and the account earns a competitive interest rate. It also offers access to a large network of surcharge-free Allpoint ATMs. However, you can only open a personal checking account in person at a branch.
Read more: What is the Allpoint ATM network?
This is a high-yield savings account with competitive rates. It adjusts its yield with the federal funds rate, setting it 0.15% below the midpoint of that rate. While the rate is competitive and you can open an account online, it has a minimum opening deposit and minimum balance requirement of $25,000.
Read more: The 10 best high-yield savings accounts available today
Several certificates of deposit (CDs) are available with terms that range from three to 60 months. All CDs require a $500 minimum deposit, and there is a fee for early withdrawals.
Customers Bank offers personal loans you can use to consolidate debt or make a large purchase. Loans have fixed rates with amounts ranging from $5,000 to $50,000 and terms of three to five years. You can prequalify online, and funding is available as soon as the same day.
Mortgage loans and refinancing
Several types of mortgages and refinancing loans are available, including conventional, FHA, VA, and jumbo. You can prequalify online and work with one of Customers Bank’s loan officers to make the best choice.
Customers Bank doesn’t charge fees on its checking and online savings products, regardless of your account balance. However, it hasn’t eliminated all fees. Here’s an overview of the bank’s fees you may incur as a customer.
Before opening an account at Customers Bank, consider these pros and cons:
Pros
-
Competitive rates: Several of the bank’s savings products have an APY above 4%. You might be able to find a slightly higher rate elsewhere, but this bank’s rates likely aren’t far off.
-
No minimum balance for checking accounts: The Interest Checking account doesn’t have a minimum balance requirement. Plus, there’s no monthly fee, so you can keep your money stashed away without fees eating into your balance.
-
7-day phone support: Phone support for personal banking is readily accessible, with availability from 8 a.m. to 11 p.m. ET, seven days a week.
-
Access to surcharge-free Allpoint ATMs: Although this is a small, regional bank, you can still get cash easily. With a checking account, you get access to 55,000 Allpoint ATMs.
Cons
-
Minimum balance requirements: Several accounts have minimum balance requirements, including the Yield Shield savings account, which has a $25,000 minimum. Its CDs also have a $500 opening deposit.
-
Limited branch availability: While the bank has several branches, you can only find them in 10 states. If in-person access is a priority, this bank may not be the best choice.
-
No online account opening for Interest Checking: You can open several Customers Bank accounts online, but you must visit a branch to open an Interest Checking account.
Customers Bank makes it relatively easy to get in touch with any concerns. There’s a contact form on the website and phone support, though there’s no live chat. Phone support is available from 8 a.m. to 11 p.m. ET, seven days a week.
The bank’s mobile app has some useful features, such as an account dashboard, mobile check deposit, and person-to-person transfers. However, the app isn’t highly rated, with a 3.5 on Google Play and a 2.5 on the Apple App Store. While some customers have had a positive experience with the app, many reviews cite various technical glitches.
Customers Bank is a Pennsylvania-based bank. Its general contact address is:
40 General Warren Blvd
Suite 200
Malvern, PA 19355
If you have questions or concerns about personal banking, you can reach customer service at 866-476-2265. For business banking, the number is 833-595-0618. Both lines are open from 8 a.m. to 11 p.m. ET, but the business banking support line isn’t available on weekends. For personal banking, support is available seven days a week.
Yes, Customers Bank is FDIC-insured. Its FDIC number is 34444. FDIC insurance generally provides up to $250,000 of insurance per depositor, per institution, per ownership category.
Customers Bank’s routing number is 031302971.
Customers Bank was founded in 2009 and describes itself as a “super-community bank.” The bank currently has $22.3 billion in assets with services in several states.
Customers Bank has physical locations in 10 states: Colorado, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, and Texas.
Customers Bank is generally considered stable, managing over $22 billion in assets. It also has over $14 billion in loans and over $10 billion in liquidity.
