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Bank of the West VS CommunityWide FCU

Which bank is better for you?

  • Financial Rates: 2.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Business accounts are available
  • Direct deposit is not required
  • A variety of different lengths of CDs
  • Transfer money to others with PopMoney

Cons:

  • Low-interest rates on accounts
  • High initial required amounts for CDs
  • High required amounts for accounts
  • Products change based on states
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Accounts offer competitive rates
  • Low opening amounts and no monthly fees
  • Variety of savings accounts offered
  • Funds savings account

Cons:

  • Must join the credit union first
  • No ATM fee reimbursement
  • Only one checking account offered
  • CD early withdrawal penalty can be high
Bank of the West Review

Bank of the West offers checking, savings, CDs, and money market accounts for your business. Credit cards, loans, and lines of credit are also available. Bank of the West offers payroll services and payment processing options. Foreign exchange services for business accounts are also available. Interest rates for their different business accounts are not listed on the website.

Bank of the West does not require you to have direct deposit into their checking account. There is a monthly maintenance fee, but you can waive that fee by depositing money into your account each month. You can deposit any amount by an ATM, in-branch, direct, or mobile deposit to waive the fee.

Bank of the West offers Flexible-Term CDs, Premium Money Market CD, and a Relationship CD. Within these different CD types are a variety of term lengths, except the Relationship CD. That only has a 12-month term option. To apply for a CD and get the specific term lengths and rates you have to visit a branch. You cannot apply online.

With Popmoney you can send or receive money with only an email, text, or account number. You decide where the money is deposited. You will receive an alert when the transaction is complete. There is a fee to send money overnight, and not all customers qualify to use Popmoney.

Personal banking accounts of Bank of the West do not have competitive interest rates. The rates are much less than online-only banks but similar to typical bank interest rates.

To open a CD, you must have an opening balance of $1,000 for the Flexible-Term CDs and Premier Money Market CDs. To open a Relationship CD, you must have $2,500 and a checking account with Bank of the West.

To waive the Premier Checking account fee, you must have $25,000 in qualifying accounts. The Choice Money Market account requires $5,000. CD accounts require $1,000 to $2,500 to open. The Classic Savings account requires $300. There are other options for ways to have monthly fees waived. Know the options if you cannot keep the required amounts of money in the accounts.

Bank of the West accounts are not available in all states. To apply for an account, you must have an address in one of the states listed. Interest rates and products differ between states. The name of the bank may be slightly different as well depending on the area.

Read the full Bank of the West review.

CommunityWide FCU Review

Accounts at CommunityWide FCU offer competitive interest rates. The rates are competitive with other online accounts. CommunityWide rates are much higher than typical bank rates. Their rates are not tiered. Any balance above the required amount earns competitive interest rates.

CommunityWide accounts have low opening required amounts. The savings accounts require $5 to open. The checking account requires $15 to open. The CD terms each require $1,000 to open. The CommunityWide FCU checking and savings accounts do not have a monthly fee. If you only open a savings account and the account does not have any activity, there is a $5 dormant account fee. That fee applies for each month with no activity.

CommunityWide offers a wide variety of savings accounts. The accounts offered include:

  • Personal savings account
  • High-yield savings account
  • Funds savings account
  • CD terms from six months to five years
  • IRA accounts

A Funds savings account is available through CommunityWide FCU. This account acts as a savings account but earns a higher interest rate. Members can only withdraw money deposited in the account at specific times. You can choose whether to withdraw the money monthly or quarterly. Money can be deposited into the Funds savings account anytime.

Before you can open an account with CommunityWide, you must become a member of the credit union. To be eligible to join, you must have worked for a certain company or be a spouse of someone who has. Members of certain organizations are eligible. Immediate family members of CommunityWide members qualify to open an account. Once you qualify, you must show a valid government-issued ID and your Social Security Number.

CommunityWide Federal Credit Union does not offer ATM fee reimbursements. They offer over 30,000 ATMs free for members to use. If you make a transaction with another ATM, not in their network, you may be charged a fee. CommunityWide will not reimburse you for those fees.

CommunityWide FCU offers many accounts, but only one checking account. The checking account earns interest for balances over $1 and requires $15 to open. It is the only checking account available through CommunityWide FCU.

The early withdrawal fee for CommunityWide FCU CDs can be higher than other CD fees. CommunityWide FCU uses a specific formula to determine the penalty. First, they take the withdrawn amount times the remaining days at twice the current APR. They then divide the amount by 365. There is not a set penalty based on term length.

Read the full CommunityWide FCU review.

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