J. D. Powers launched their annual testimonial of the country’s finest banks, the J.D. Power 2014 Retail Banking Ratings. As opposed to republishing their findings, we are going to summarize them right here by limiting the list to the top rated 6 local banks in the US.
These 6 banks were the only ones among dozens of banks– the best of the best in the United States– that were ranked “among the very best” (the highest rating) for all of the criteria in the survey, that includes:
- Overall Satisfaction
- Product Offerings
- Account Information
- Account Activities
Virtually none of the banks are household names on a national basis. But possibilities are that you reside in a region of the country that’s served by at least one of them.
Here is our summary of the leading six finest rated banks of 2014 in the US:
1. Arvest Bank
Arvest Bank is owned virtually totally by the Walton family, of Walmart popularity. The bank began in 1961 when Sam and Helen Walton bought The Bank of Bentonville, in Bentonville, Arkansas, which is likewise the headquarters of Walmart. A number of other little banks were purchased in the years that followed, and each of the obtained banks were allowed to be run separately and handled in your area, however operate collectively under the Arvest name.
Today, Arvest continues to run making use of the exact same concepts. The bank now includes 16 autonomous community-oriented banks, each having its own president, board of directors, and management personnel. Arvest operates in more than 260 branches in over 100 communities. With assets in excess of $14 billion, Arvest is the biggest bank in Arkansas (by deposits), and the biggest bank in Oklahoma by number of areas. The bank also has branches in Kansas and Missouri.
It’s Free Blu checking account provides real free checking– increasingly rare these days– with unrestricted check-writing, and also provides a totally free debit card and up to $400 in overdraft coverage. Arvest also provides an HSA checking account that makes interest and provides a debit card.
2. Umpqua Bank
Umpqua Bank began in 1953 as South Umpqua State Bank out of Canyonville, Oregon. It was started by people who worked in the timber-logging business who mainly desired a location to cash their payroll checks. Today, the bank has grown to 394 branches and possessions of $22 billion. It’s headquartered in Portland, Oregon, and it runs in Oregon, Washington, California and Northern Nevada.
Umpqua Bank operates as a non-traditional bank. As opposed to operating a network of bank branches with administrators and back workplace operations, this bank calls its branches “shops,” and there’s more to that name than meets the eye. The principle concentrates directly on retail operations. Each has just one establishment manager, and everyone else is referred to as a universal associate. The bank believes that this system gets the dreaded “that’s not my department” mindset that workers typically have, and equips them to work in all locations of the bank’s operations.
Umpqua Bank offers complimentary checking through its Everyday Checking account, which needs no minimum balance and offers a complimentary debit card.
3. United Community Bank
United Community Bank was started in Georgia in 1950, and though it now has $7.3 billion in properties, and operates 109 branches in Georgia, North Caroline and Tennessee, it continues to be headquartered in rural Blairsville, Georgia. The bank has earned a 95 % customer satisfaction rating from Customer Service Profiles, which is the very best ranking in the US banking market.
United Community Bank offers complimentary checking for students and for individuals over age 55, but they likewise offer their Relationship Checking account where the service charge is waived with deposit/loan relationship or one qualified direct deposit (of $200 or more during per statement cycle), but it does need a minimum balance of $500.
4. First Midwest Bank
First Midwest Bank started in Joliet, Illinois, but it’s actually slowly grown to 100 branches covering the Chicago area, as well as throughout Illinois, Northwestern Indiana and Eastern Iowa (The Quad Cities area). The bank now has $8.4 billion in assets, and is headquartered in Itasca, Illinois, simply west of O’Hare Airport.
The bank provides totally free checking through its Simply Free checking account. Also, First Midwest Bank offers 2 charge card– Maximum Rewards and Platinum Edition — that provide 0 % initial APR for the first 12 billing cycles. That puts on both purchases and balance transfers.
Rabobank’s United States origins began in 1981 as Valley Independent Bank, however was acquired by Rabobank Department in 2002, and runs as Rabobank, N.A. with over 120 branches in California. Rabobank Group is a Dutch company headquartered in The Netherlands. The moms and dad company is a $900 billion financial giant with over 10 million consumers in The Netherlands, Ireland, New Zealand, Australia, Germany, Poland and the US.
Rabobank offers their Rewards Banking Checking account that’s a regular monthly cost of $5 ($3 if you decide to get e-statements only), however they’ll waive the charge if you get a direct deposit into your account or if you preserve an average collected balance of a minimum of $500.
6. Frost Bank
Frost Bank was established in 1868, is based in San Antonio, and runs only within the state of Texas. With 115 branches and $22.5 billion in assets, Frost Bank is one of the biggest Texas-based banks.
Their Frost Personal Account checking has a $5 month-to-month fee, however they’ll certainly waive it if you (1) direct deposit at least $100 per month, or (2) preserve a minimum balance of a minimum of $1,000 in the account, or (3) maintain an integrated balance of a minimum of $2,500 in your checking, cost savings, money market, CD or IRA.
There are a great deal of solid banks in the J.D. Powers study, however these six represent the best of the very best– the banks that made top honors in all classifications used to evaluate all banks.