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BankPlus Overall Rating
Insider rating (out of 5):
BankPlus is a certified community development financial institution that serves disadvantaged communities, with branches in Alabama, Mississippi, and Louisiana. BankPlus’s pros include a free checking account if you sign up for online statements, and the ability to waive monthly service fees on most accounts.
The cons of BankPlus include that customers might have to deal with ATM fees if they’re traveling outside of the Southeast US, high minimum opening deposits for accounts, monthly service fees on most accounts, and and the inability to earn interest on savings accounts without meeting minimum balance requirements.
BankPlus has about 80 ATMs in Mississippi, Alabama, and Louisiana. If you frequently travel out of the Southeast US region, you might want to look at banks with a larger ATM network or no out-of-network ATM fees.
Over 79 branches in Mississippi, Alabama, and Louisiana
Over 80 ATMs and ITMs
Terms range from 7 days to 5 years
Early withdrawal penalties: For CD terms under 180 days, all interest earned; For terms between 180 days and 1 year, 90 days of interest; For terms longer than 1 year, 180 days of interest
Interest compounded daily and deposited either at maturity or quarterly
BankPlus pays low interest rates on CDs compared to other brick-and-mortar banks. Terms range from seven days to five years, so you have a variety of choices.
How BankPlus Works
BankPlus is a regional bank and community development financial institution (CDFI) with 94 branches in Florida, Mississippi, Alabama, and Louisiana.
Customers have access to over 80 ATMs and interactive teller machines (ITMs). ITMs work similarly to ATMs, but you’ll be able to get help from a BankPlus banker through a video feature during branch hours.
Customer service is available over the phone or through web chat from 7 a.m. to 7 p.m. CT Monday through Friday and 8 a.m. to 4 p.m. on Saturday.
The bank’s mobile app has 4.8 out of 5 stars in the Apple Store and 4.4 out of 5 stars in the Google Play Store.
BankPlus is FDIC insured. You may deposit up to $250,000 in a bank account, and it will be secure even if a bank shut down.
BankPlus has an affordable housing program and small business program for low-to-moderate-income community members. It also has Credit Plus Loans, which serve as a more affordable alternative to payday loans. You can apply for a Credit Plus Loan even if you have a credit score under 500, or no credit score.
The regional bank also is involved with local nonprofit organizations and programs, including Teach Children to Save and Get Smart About Credit.
How BankPlus Compares
We compared BankPlus to two other brick-and-mortar banks available in the same states: Regions Bank and Woodforest National Bank.
If you prefer a traditional bank with a large branch and ATM network, it’ll be a toss-up between Regions Bank and Woodforest Bank. Regions Bank offers the largest branch and ATM network out of all three banks. You’ll have access to over 1,300 branches and 2,000 ATMs. Woodforest Bank has over 760 branches and 300 ATMs.
BankPlus might stand out if you value a bank that closely serves its communities. BankPlus is a designated community development financial institution, or CDFI. In addition to working with local nonprofit organizations, the bank also offers more flexible lending options to small business owners, homebuyers, or people with low or no credit scores.
Your decision could also depend on which bank account you want to open.
BankPlus offers the best interest rates on CDs out of all three banks. Meanwhile, Regions Bank is the only institution to offer a fee-free savings account.
Woodforest National Bank might be ideal if you don’t have a lot of money for an initial deposit. Savings, checking, and money market accounts have a minimum opening deposit of $25, while CDs can have a minimum of $500.
BankPlus Frequently Asked Questions (FAQ)
What kind of bank is BankPlus?
BankPlus is a regional brick-and-mortar bank. Regional banks dominate a particular US region and have decent-sized branch and ATM networks.
BankPlus is also a mission-driven bank that’s CDFI-certified. Mission-driven banks must provide financial services to disadvantaged communities to receive the designation.
How many BankPlus locations are there?
BankPlus has over 94 branches in 4 states in the Southeast region of the US.
Is BankPlus trustworthy?
The Better Business Bureau rates banks by how they deal with customer issues.
BankPlus has an A+ rating from the BBB. A good BBB rating doesn’t necessarily ensure your relationship with a bank will be perfect. Talk to current customers or read online customer reviews to see if BankPlus is a good choice for you.
BankPlus hasn’t been involved in any recent public controversies.
Sophia Acevedo, CEPF
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email email@example.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Below are links to some of her most popular stories:
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Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.