History of Goldwater Bank
Goldwater Bank is relatively new on the banking scene as they opened for business just three years ago in 2007. Goldwater Bank is based in upscale
Front Desk
Scottsdale, Arizona where they have one branch location. Their slogan is, “get off the stage coach and into the jet set” which highlights their focus on luxury as well as technology. If you visit their website at www.goldwaterbank.com you can view a virtual tour and see the luxury for yourself. Please note that a personal account with a balance of $25,000 is required to access the courier service, in house concierge service, as well as to receive full access to the lounge facility inside the Scottsdale branch.
What is different about Goldwater Bank
Goldwater Bank focuses on what they call relationship banking. This is part of their customized approach that is based on the needs of the customer. The branch in Scottsdale also does not have any tellers. Instead they have private sit down transaction pods.
Products and Services
Goldwater Bank offers personal banking as well as business banking services. In both these areas the application process is done online with secure on line forms for loan applications as well as account applications including cds.
In the area of personal banking Goldwater Bank offers personal checking and savings accounts. The checking account requires an initial deposit of $5,000 and a maintenance of that balance to avoid a monthly $25 under limit fee. The high interest savings accounts only require a $1,500 initial deposit and maintenance to avoid a quarterly fee of $15.
Goldwater bank offers personal loans that have an online application. In addition, Goldwater Bank’s website offers unique diagnostic tests for its customers. They have a personal loan test as well as a credit card potential test. Goldwater Bank also has a kids corner that features Dollar the Dragon to teach money facts to children and a Money Matters for Students site to help students as well.
Goldwater Bank also offers its customers high yield cd rates on cds with 90 day to 5 year maturation time lines. If the 90 day cds are not flexible enough to meet your needs Goldwater Bank also offers high rate money market accounts.
The business checking account offered by Goldwater bank has the same initial requirements as the personal checking accounts. The business banking services include online banking, credit cards, instant transaction origination, mobile banking, fraud control, account to account transfers, ACH origination, remote deposit capture, and even courier services if you are in the Phoenix area.
Other important considerations
All saving accounts and checking accounts are FDIC insured to $250,000 just as you would expect to find at any bank. If you do not live in the greater Phoenix area you can still take advantage of Goldwater Bank’s high interest
Office Area
accounts through their online banking accounts. You will; however, miss out on the valet parking and the plasma screens at the Scottsdale branch.
Conclusion of Bank Review
If you are looking for upscale customer service and a bank that really works to customize to your particular business needs then that is where Goldwater bank really shines. A word of caution is in order. Before you completely fall in love with Goldwater Bank, please know that the Office of the Comptroller of the Currency did recently issue a cease and desist order for Goldwater Bank as reported in the Arizona Republic on June 25, 2010. According to the OCC site the enforcement action was recorded on May 11, 2010. It is important to note that a cease and desist order does not always result in bank failure and all accounts are FDIC insured it is just good to know the facts when you are selecting a banking institution.
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