Industrial Bank Review: Checking, Savings and CDs
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- Checking
- Savings
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
3.5
Industrial Bank is a Black-owned bank with a strong community focus. Founded in 1934, this certified community financial development institution reinvests over 60% of its assets annually back into its target communities in the Washington, D.C., area and parts of New York and New Jersey. It has fewer than a dozen branches, but provides a nationwide fee-free ATM network and relatively robust mobile apps for digitally inclined customers.
Pros
- No monthly fees on some checking and savings accounts.
- Large, free, nationwide ATM network.
Cons
- Expensive overdraft fee.
- Low rates on savings accounts and CDs.
- Limited branch access.
Full review
Checking
Checking
Member FDIC
4.5
/5 NerdWallet ratingThis checking account has three big draws: no monthly fees, up to $25 in refunds on ATM fees monthly and a 1.47% APY on balances up to $15,000. Balances over that receive a far lower rate. But you only get the refunds and rate if you meet three requirements: Make at least 12 debit card purchases monthly, log into online banking each month and receive electronic statements. Otherwise, the rate is 0.01% and there are no ATM fee refunds. There is no monthly fee for the account, which stands out since the bank’s other checking accounts tend to require a minimum balance to avoid a fee. You must meet these Kasasa Cash requirements to earn the high rate on the Kasasa Saver account.
Industrial Bank also participates in the fee-free, nationwide Allpoint ATM network of more than 50,000 ATMs.
Savings
Savings
Member FDIC
4.0
/5 NerdWallet ratingThe Kasasa-branded savings account has an attractive rate, 0.50% APY on up to $25,000, but a far lower rate on any amount above that and there’s a big catch on being able to have this account: You must have a Kasasa Cash or Kasasa Cash Back checking account as well. And to earn the high rate, you have to fulfill the requirements of the connected checking account (including making 12 debit card transactions per month). Otherwise, the Kasasa Saver only earns 0.01% APY. Despite the drawbacks of the requirements, the account has a few strong points: There is no monthly fee or minimum balance requirement and the minimum deposit to open is fairly low at just $50.
If managing the Kasasa checking account isn’t for you, Industrial Bank offers other savings accounts that require either one monthly deposit or a minimum balance to avoid a monthly fee.
Certificates of deposit
CD
Member FDIC
1.5
/5 NerdWallet ratingThe bank offers a somewhat low opening minimum of $1,000, but its rates aren’t competitive. In addition, the range of terms is from one month to four years, while many banks offer a five-year term as well.
Customer experience
3.5
NerdWallet ratingThe bank’s branch network is limited to only a few locations around Washington, D.C., New York and New Jersey, but it does provide a digital experience via a website and mobile apps. The website is reasonably transparent about account rates and fees. Customer support has some phone hours on Saturday in addition to weekdays, but there is no Twitter or public-facing live chat on its website like some banks have.
Although Industrial Bank has multiple checking and savings options, the ones with no monthly fees are powered by Kasasa. This national marketing company provides rewards checking and savings accounts to community banks in the U.S. To get the most out of these accounts, you have to meet many requirements. The bank’s other accounts have monthly maintenance fees and don’t offer the same perks (though the fees are possible to avoid.)
Overdraft fees
2.5
NerdWallet ratingThere’s an overdraft fee of $35 for transactions, including checks, that would overdraw your account and a $25 fee for balances that stay overdrawn for seven consecutive business days. The bank provides a program for linked transfers from savings to checking accounts in the event of an overdraft, with a fee of $10. And the bank offers an overdraft line of credit, but the rate isn’t competitive. Overall, these overdraft-related fees are on the expensive side.
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
