Pivdencom Bank
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Advantages and disadvantages
Annual percentage return (APY)
0.01% APY
Benefits
- Easy to waive monthly service fee of $ 6
The inconvenients
- Low APY
- Minimum opening deposit of $ 100
- No interest earned on balances less than $ 100
- $ 6 monthly service charge
- Only 3 free transactions per month, then $ 2 per transaction
- Black-owned bank in North Carolina (Charlotte, Durham, Greensboro, Raleigh, Winston-Salem)
- Forgo the $ 6 monthly service charge by maintaining a daily balance of $ 200
- Interest compounded daily
- FDIC insured
You may like the Mechanics & Farmers Bank Statement Savings Account if you can maintain a balance of $ 200 as then you will be eligible to waive the monthly service fee. However, you will earn a significantly higher rate with a high yield online savings account.
Annual percentage return (APY)
0.01% to 1.05% APY
Benefits
- Minimum opening deposit of $ 50
- No monthly service charge
- Pay interest
- Reimbursement of up to $ 15 per month in off-network ATM fees (if you qualify)
- Available overdraft line of credit
The inconvenients
- Low interest rate and no refund of ATM fees if you don’t meet monthly criteria
- $ 2 off-network ATM fee
- $ 35 overdraft fee
- No free overdraft protection
- Black-owned bank in North Carolina (Charlotte, Durham, Greensboro, Raleigh, Winston-Salem)
- Get a higher rate and ATM fee refunds every month, you complete 15 debit card transactions totaling at least $ 350, log into mobile / online banking at least once, receive an electronic statement AND receive $ 500 in direct deposits; otherwise, earn 0.01% APY on the total balance
- If you meet the criteria, earn 1.05% APY on balances less than $ 10,000 and 0.25% APY on the remaining balance
- Interest compounded daily
- FDIC member
It’s a good checking account if you can meet all of the following criteria each month:
- Perform at least 15 debit card transactions totaling $ 350
- Log into mobile or online banking at least once
- Get an electronic statement
- Receive at least $ 500 in direct deposits
When you meet all of these conditions, you will earn a high interest rate and get up to $ 15 in refunds from off-grid ATMs.
Annual percentage return (APY)
0.02% to 0.30% APY
Benefits
- Higher APY on higher balances
The inconvenients
- Minimum deposit of $ 1,000
- Low APY on most sales
- Must contact the bank to request early withdrawal penalties
- Black-owned bank in North Carolina (Charlotte, Durham, Greensboro, Raleigh, Winston-Salem)
- The durations range from 3 months to 5 years
- Tiered Interest Rate System: Earn higher APY with $ 10,000, $ 50,000 or $ 100,000 deposit
- Interest compounded daily
- FDIC insured
Mechanics & Farmers Bank has CD terms of three to five years, but it pays low interest rates. You can find much better rates with an online bank.
Annual percentage return (APY)
0.01% to 0.30% APY
Benefits
The inconvenients
- Low APY
- Minimum opening deposit of $ 1,000
- Monthly service charge of $ 12 ($ 14 if you want paper statements)
- No interest if your daily balance is less than $ 2,500
- Only 3 free transactions per month, then a $ 5 fee per transaction
- No debit card
- Black-owned bank in North Carolina (Charlotte, Durham, Greensboro, Raleigh, Winston-Salem)
- Eliminate monthly service charges by maintaining a minimum daily balance of $ 5,000
- Only earn interest if your daily balance is $ 2,500 or more
- Tiered Interest Rate System: Get a higher rate when your balance reaches $ 10,000 or $ 25,000
- FDIC insured
The Mechanics & Farmers Bank Money Market Account is probably the weakest product in the bank. You need $ 1,000 to get started, and you’ll pay a monthly fee of $ 12, unless you can maintain a balance of $ 5,000. On the plus side, you can order paper checks to access your savings more easily than with the regular savings account.
Mechanics & Farmers Bank is a black-owned bank in North Carolina, with eight branches in Charlotte, Durham, Greensboro, Raleigh, and Winston-Salem. There is a free ATM at every branch, and you can use any ATM in the Wells Fargo network for free.
The bank’s mobile app has 4.7 out of 5 stars in the Apple Store and 4.5 out of 5 stars in the Google Play Store.
To contact customer service, call a branch Monday through Thursday 9 a.m. to 5 p.m. ET, or Friday 9 a.m. to 6 p.m. ET. You can also message online and wait for a response.
Your deposits are FDIC insured up to $ 250,000, or up to $ 500,000 for joint accounts.
Mechanics & Farmers Bank has no public controversy.
Better Business Bureau gives Mechanics & Farmers Bank a A + in reliability. The BBB measures reliability by examining a company’s responses to customer complaints, honesty in advertising, and transparency in business practices.
The bank holds financial literacy workshops in each city with a branch, and employees and management attend about 80 community events each year.
Mechanics & Farmers Bank is the only black-owned bank in North Carolina, so we compared it to two other black-owned banks that you can access online: OneUnited Bank and Liberty Bank and Trust.
Mechanics & Farmers Bank v OneUnited Bank
You will prefer Mechanics & Farmers Bank if you want to do in-person banking, but you might like OneUnited Bank for digital banking.
Both banks pay relatively low rates on savings and CDs, but Mechanics & Farmers has a high yield checking account. You might like OneUnited for its early direct deposit feature, which processes your direct deposits up to two days in advance.
Mechanics & Farmers Bank v Liberty Bank and Trust
Liberty Bank and Trust is a good option for online banking, but it doesn’t have physical branches in North Carolina like Mechanics & Farmers does.
Your choice between the two may depend on which accounts you favor. Mechanics & Farmers pays high rates on checks, while Liberty pays higher rates on savings and CDs.
About the Author
Laura Grace Tarpley is a writer at Personal Finance Insider, covering banking journals and guides. She is also a Certified Personal Finance Educator (CEPF). In her five years of personal finance coverage, she has written extensively on ways to save.
