History of NewDominion Bank

In this bank review of NewDominion Bank, we cover the history of the bank, the products and services offered on their online bank (along with a brief overview of each of these accounts), the focus of NewDominion Bank, customer views of the bank, and our final recommendations for this bank.

The idea for NewDominion Bank was first conceived by its founders in early 2004. They wanted to start a bank that catered specifically to small and medium-sized businesses and real estate projects in North Carolina. They drew up the blueprints of the bank and began to recruit investors later that year. NewDominion Bank opened for business at the beginning of the next year with $40 million in initial capital (the largest amount raised by a start-up bank in North Carolina’s history). Wanting to keep overhead costs to a minimum, the founders decided to build few branches and offer many of the bank’s products online from the start. These products, as well as more information about the fascinating story behind NewDominion Bank’s beginnings, can be found on their website at www.newdominiondirect.com.

Products and Services offered by NewDominion Bank

Although the initial business focus of NewDominion Bank was on small and medium-sized businesses and real estate projects, only information can be found for on their website for business-related banking products. To open any one of the many business accounts offered (which include business checking, savings, and loans), a potential customer must visit a NewDominion branch. But besides serving as an information source for potential clients, newdominionDirect.com also offers several personal banking products, including a variety of online bank accounts. These accounts, including savings accounts, money market accounts, interest-bearing checking accounts, and several different certificate of deposit accounts, can all be opened and managed online. Other products offered to individuals only at branches are loans and individual retirement accounts.

Here is some basic information on each type of account available online:

Savings

• Requires $1,500 to open.
• Requires a daily minimum balance of $1,000 to avoid a $10/month maintenance fee.
• Incurs charges of $5/withdrawal after three in one month.

Money Market

• Requires $3,000 to open.
• Requires a minimum daily balance of $3,000 or a daily average balance of $5,000 to avoid a $15/month maintenance fee.
• Has a higher interest rate than regular savings and allows for up to six pre-authorized debits per month.

Interest-Bearing Checking

• Requires $1,500 to open.
• Incurs a $15/ month maintenance fee unless undisclosed qualifications are met.
• Allows for unlimited check writing and ATM/Debit card use.
• Provides Direct deposit and overdraft protection options.

Certificate of Deposit Accounts

• Require $3,000 to open
• May penalize early withdrawal.
• Provides terms ranging from 3 months to 5 years.

Opening an Account with NewDominion Bank

For personal accounts available online, potential customer must fill out an online five-step application. Certain information and documentation is required to open an account:

• Social Security Number
• State-issued driver’s license or identification card
• Information about any loans or mortgages to verify identity
• Current bank account and routing numbers (for instant funding)
• Secondary applicant’s name and social security number or tax id number (for joint accounts only)

NewDominion Bank’s Focus

According to their website, NewDominion Bank‘s goal is to “help businesses and individuals achieve their financial goals.” The company’s initial focus on small and medium-sized businesses and real estate projects in North Carolina is still very much a part of who they are and what they do (especially at their branches), but their website focuses more on the individual, especially since only personal accounts may be opened online. In addition, they provide many tools for the individual on their website, including online banking, online bill pay, online statements, and a financial calculator. And as with all banks featured on banktruth.org, all of NewDominion Direct’s accounts are FDIC insured.

Customer Reviews of NewDominion Bank

NewDominion Direct reviews left by their customers are few and far between. However, in those reviews that can be found online, people speak highly of their experiences with this company. NewDominion’s A rating with the Better Business Bureau (zero negative reports in the last three years) also attests to their outstanding customer service.

Summary of NewDominion Bank

Overall, NewDominion Bank is an excellent company with an excellent track record for customer service. They have competitive rates on all of their products as well as a host of services and tools available to their online customers.  For more information, or to open an account with NewDominion Bank, visit their website at www.newdominiondirect.com.