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Customers Bank Review

How does your bank stack up?

  • Financial Rates: 2.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 3.0 Star Icon
  • Bank Fees: 4.0 Star Icon

Pros:

  • Free ATM transactions and fee refunds
  • Variety of personal deposit accounts
  • Low opening required amounts
  • Bonus checking account offers good rates

Cons:

  • Accounts have low interest rates
  • Cannot open all accounts online
  • Tiered interest rates on accounts
  • Monthly fees for most accounts

What You Need to Know

Customers Bank accounts offer free ATM transactions at PLUS and NYCE ATMs. The Convenience checking account offers ATM fee refunds. To qualify for the refunds, you must have at least $5,000 in Customers Bank accounts.

There are a variety of personal deposit and business accounts available. Those include:

  • Convenience checking
  • Free checking
  • Bonus checking
  • Money market account
  • Reserve savings
  • CDs from 3-60 months
  • Loans and mortgages
  • Business accounts and lending options

The personal deposit accounts with Customers Bank have low opening required amounts. Each of the checking and savings accounts only require $10 to open. The money market requires $50 to open. The CDs require $500 to open.

The Bonus checking account earns competitive interest rates if you meet the qualifications. That requires you to spend $500 a month using your debit card. Those rates are much higher than the standard rates and are competitive with other online checking accounts. To open the Bonus checking account, you must use new money. You cannot use money already in a Customers Bank account.

Most of the accounts with Customers Bank do not offer competitive interest rates. The accounts offer rates similar to traditional bank rates. Customers Bank used to offer accounts with competitive interest rates. Those accounts are no longer available.

Not all accounts at Customers Bank can be opened online. Some accounts require visiting a branch location to open. They have branch locations in eight states. Not all products are available at every location. Contact customer service to see which accounts are available near you.

Money market accounts at Customers Bank have tiered interest rates. To earn the most competitive rates requires $250,001. Even the most competitive rate is not competitive with other online money market accounts.

Some Customers Bank accounts have monthly fees. The Convenience checking account has a monthly fee of $29 if you do not meet the requirements. You must keep a $5,000 balance in Customers Bank accounts to waive the fee. The money market account has a $5 fee if your balance falls below $1,000. The retirement savings account has a $5 fee if your balance falls below $100.

Digital or Mobile Banking

Customers Bank offers a mobile app and online banking. Through these tools, you can:

  • See account balances
  • Make mobile check deposits
  • Transfer money between accounts
  • Pay bills
  • Send money to others through person-to-person payments
  • Find branch and ATM locations
  • Open some accounts

History

Customers Bank headquarters are in Phoenixville, Pennsylvania. Customers Bank is a subsidiary of Customers Bancorp. In 2018, the bank had over $10 billion in assets. They have branch locations in eight states in the United States.

Customers Bank offers personal and business accounts. Those accounts include checking and savings accounts. CDs are for personal deposit accounts.

Awards and Recognition

  • "Top Performing U.S. Bank" by American Banker Magazine
  • "Outstanding Corporation Award" from the Association of Fundraising Professionals in 2018
  • Ranked 35th on Forbes "2017 Best Bank in America" list

Giving Back

In 2018, Customers Bank agreed to donate $75,000 in scholarships over the next two years. Four students received $5,000 to the school of their choice. Each of the students were members of Zion Baptist Church.

Also in 2018, Customers Bank announced it would support Kutztown University's Small Business Development Center. They will provide $52,500 in cash to support seven graduate students. The students receive the money as stipends; $7,500 per student, per year. The students who receive this award work 600 hours per year for the department.

List of Common Bank Fees

  • ATM Fees in the United States: $0
  • ATM fees international: 0.80-1.0% of transaction amount
  • Bill Pay: $0
  • CD Early Withdrawal Fees: 3 months to 365 days of interest
  • Excessive Withdrawal Fees: Not listed
  • Monthly Service Fees: $0-29
  • Overdraft Service Fees: $20
  • Paper Bank Statements: $5
  • Wire Transfers (Domestic): $10-20
  • Wire Transfers (International): $10-45

Frequently Asked Questions

Are all the accounts FDIC insured?

Yes. Customers Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.

How do I access my money?

Through ATM and debit cards or electronic transfers. You can access money with bill pay or wire transfers. You can also transfer money between Customers Bank accounts or to an external bank.

Can I deposit cash?

Yes, at a local branch location. Some ATMs may accept cash deposits.

How long do transfers take?

Cash, electronic transfers, and wire transfers are typically available on the same business day. Government and cashier checks may take an extra day to fund. ATM deposits made before 7 p.m. should fund the same day as the deposit.

Can I sign up for direct deposit?

Yes. Direct deposit is available for Customers Bank accounts.

Are ATM transactions free?

Transactions made at NYCE or PLUS ATMs should be free.

Are ATM transaction fees reimbursed?

Yes. The Convenience checking account offers ATM refunds. To be eligible, you must have at least $5,000 as an average total balance in Customers Bank accounts.

Is mobile banking or a mobile app available?

Yes. With the mobile app, you can check account balances, make transfers, and pay bills. You can find branch locations and make deposits. You can also make person to person payments.

Is bill pay offered?

Yes. Bill pay is available for Customers Bank checking accounts.

Do the accounts offer competitive interest rates?

No. Most Customers Bank accounts do not offer competitive interest rates. Some accounts have tiered interest rates. To earn the most competitive rates requires high account balances.

Do checking accounts earn interest?

Yes. Customers Bank Bonus checking account earns interest. To earn the most competitive rates, you must meet set requirements.

What are the most popular accounts?

The Bonus checking account offers competitive interest rates. It is a popular Customers Bank account.

What are the monthly maintenance fees?

Some Customers Bank accounts have a monthly fee. Most accounts have a way to waive the monthly fees. The fees range from $5 to $29 per month.

Is this one of the best banks?

Customers Bank offers a good variety of accounts. Some accounts do have monthly fees, but they can be waived. Customers Bank accounts have tiered interest rates. To earn the most competitive rates requires high account balances. Not all accounts can be opened online.

How are my money and information protected?

Customers Bank has security measures that comply with federal laws. Their computers have safeguards and encryption. Their files and buildings are secure. Customers Bank limits the personal information employees can see about customers.

Are any business accounts offered?

Yes. Customers Bank offers specific business accounts. Those accounts include a business savings and checking account. They offer cash management and lending options for businesses.

What makes these accounts different?

Customers Bank is similar to traditional banks. The Bonus checking account offers slightly better interest rates.

How do I reach customer service?

You can visit or call a local branch location. You can follow Customers Bank on Facebook, Instagram, LinkedIn, and Twitter.

Bank Contact Information

Customers Bank
1015 Penn Avenue
Wyomissing, PA 19610
855-398-8159

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