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NewDominion Bank Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
0.01%APY
Savings/MMA

Pros:

  • Low opening required amounts
  • Variety of personal deposit accounts
  • Business accounts available
  • Bump Rate CDs

Cons:

  • Cannot open accounts online
  • Most accounts have a monthly fee
  • Accounts have tiered interest rates
  • Full account information not online

What You Need to Know

NewDominion has low opening required amounts for most of their accounts. Checking, savings, and one money market account do not have a required amount to open the account. All the CD terms require $1,000 to open. The Evolve money market account requires $1,000 to open.

There are a variety of personal deposit accounts offered through NewDominion Bank. They offer two checking accounts, one savings, two money market accounts, and a variety of CD terms. NewDominion offers a savings account specifically for youth and investment options. Mortgage, home equity, auto, and personal loans are also offered.

Along with personal accounts, NewDominion offers business accounts. They offer checking accounts, money market accounts, and CDs for businesses. They offer business and equipment loans, lines of credit, and commercial real estate loans. Business accounts include online banking, mobile check deposit, and ACH services.

NewDominion offers Bump Rate CDs. Most CDs lock in rates from the day you open the account to maturity. However, the Bump Rate CDs allow for a one time increase to a higher interest rate during the term of the CD. The Bump Rate CDs are available in a 23-month and 35-month CDs. They each require $1,000 to open.

NewDominion Bank accounts cannot be opened online. To open an account, you must first schedule an appointment. A bank representative will call, or you can visit a branch location to finish opening the account. NewDominion currently does not offer any online accounts.

Most NewDominion accounts have a monthly fee. The fees range from $15 to $25 depending on the account. Waive the monthly fees by keeping a set balance in the account. Those balance range from $2,500 to $10,000. The average amount kept in the account is an average daily balance.

To earn the most competitive rate, the NewDominion MMA requires a large sum. Any amount in the account earns interest, but to receive the highest rate requires $100,000 in the account. The savings account also has tiered rates. To earn the most competitive rate requires $10,000 in the savings account.

NewDominion website does not have a complete list of fees and account information. For complete details, you must visit a branch location or contact customer service. Open an account in the branch.

Cool Things

Person to Person Payments

With the NewDominion app, you can send money using Person to Person payments. All you need is the other person's email address to make the payments. NewDominion accounts also offer ApplePay.

Debit Card Toggle

This feature allows you to turn your debit card on and off through NewDominion app. You can turn your debit card off and on as many times as you would like. To keep your debit card safe, you can turn it off when you are not using it. Debit cards toggled off for more than six months are permanently deactivated.

History

NewDominion Bank is a community bank with headquarters in Charlotte, North Carolina. They are a division of The Park National Bank. NewDominion offers personal deposit accounts as well as business accounts. In 2017, NewDominion had over $318 million in assets.

Giving Back

NewDominion gives back to the community of Charlotte, North Carolina. They contribute to nonprofits across the area. Some of those include Autism Charlotte and KinderMourn. They support the Philips Academy, which is a school for special needs children. They also support the Isabella Santos Foundation. This foundation helps raise money for childhood cancers.

In 2018, NewDominion donated $25,000 to Classroom Central. This foundation provides school supplies to children in North and South Carolina. Since 2002, this foundation has provided more than $54 million in school supplies. This year alone, 127,000 students were given supplies.

Frequently Asked Questions

Is NewDominion FDIC insured?

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

How do I access my money?

ATM or debit cards, electronic transfers, checks, or by visiting a local branch.

Does NewDominion offer mobile banking?

Yes. With NewDominion mobile app you can view account balances and transfer money. You can turn your debit card on or off and make mobile deposits.

Is NewDominion free?

Some of the accounts have a monthly fee. The fees range from $15 to $25 each month. Waive those fees by keeping an average daily balance in the accounts. That balance ranges from $2,500 to $10,000 depending on the account.

Is NewDominion a good bank?

The interest rates are slightly higher than other brick and mortar banks. You cannot open an account online. The only branch locations are in North Carolina. Some of the accounts have fees. To earn the most competitive rate requires a large sum.

Is NewDominion secure online?

Account information online is encrypted for your security.

Does NewDominion offer competitive interest rates?

The interest rates are higher than most brick and mortar bank rates. Most accounts have tiered interest rates. To earn the most competitive rate requires a large account balance. The money market accounts require $100,000 to earn the most competitive rate. The savings account requires $10,000.

Can I use NewDominion for my business accounts?

Yes. NewDominion offers a variety of business accounts. Checking and money market accounts and CDs are available. Loan options include equipment, commercial real estate, and lines of credit. Accounts come with online and mobile banking. ACH services and mobile and remote check deposits are offered.

How is NewDominion online banking different from the online banking my bank offers?

It is the same. The accounts cannot be opened online. The interest rates are slightly higher than other brick and mortar rates.

Do NewDominion checking accounts pay interest?

One NewDominion checking account earns interest. There is no required amount to open this account. To avoid the monthly fee requires an average daily balance of $5,000. Interest rates for this account are not tiered. Any balance earns the highest interest rate.

How do I reach customer service?

By email, phone, fax, or mail. You can visit one of their branch locations in North Carolina. You can follow NewDominion Bank on Facebook, Twitter, Instagram, or LinkedIn.

Does NewDominion offer bill pay?

Yes. NewDominion account comes with free bill pay. You can schedule payments up to one year in advance. The business accounts offer bill pay options.

Can I deposit cash?

Yes, at a local branch location.

How long do transfers take?

Contact a customer service representative to get specific transfer times.

Can I sign up for direct deposit to NewDominion accounts?

Yes. You can have money directly deposited into NewDominion accounts.

Bank Contact Information

PO Box 37389
Charlotte, NC 28237
(800) 592-6248

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