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    Black-Owned Bank in Mobile, AL

    Execs and cons

    Annual Share Yield (APY)

    0.06% APY

  • Execs & Cons
  • Particulars

  • Execs
    Cons
    • $100 minimal opening deposit
    • Low APY
    • Solely 6 transactions per quarter, then $5 charge every time
    • Compounds curiosity month-to-month, not every day
    • Black-owned financial institution in Cellular, Alabama
    • Curiosity compounds month-to-month
    • FDIC insured

    The Commonwealth Nationwide Financial institution Common Financial savings Account is an efficient financial savings account if you wish to keep away from month-to-month charges. It pays a low rate of interest, although.

    Commonwealth additionally has a financial savings account for minors and one particularly for Christmas bills.

    Annual Share Yield (APY)

    None

  • Execs & Cons
  • Particulars

  • Execs
    • Straightforward to waive $10 month-to-month service charge
    • No out-of-network ATM charges
    • Select from an overdraft line of credit score or free switch from financial savings as overdraft safety
    Cons
    • $100 minimal opening deposit
    • $10 month-to-month service charge
    • Would not reimburse any ATM charges charged by out-of-network suppliers
    • $35 overdraft charge, plus $2 charge every day your account is detrimental
    • Black-owned financial institution in Cellular, Alabama
    • Free ATMs at Commonwealth branches, in PNC ATM community, and at Publix shops
    • Waive $10 month-to-month service charge by sustaining a $100 stability
    • FDIC insured

    The Commonwealth Nationwide Financial institution Common Checking Account is a good fundamental checking account. Its overdraft charges can get slightly steep, however you qualify without cost overdraft safety if you happen to hyperlink this account to financial savings.

    Commonwealth additionally has a Recent Begin Checking Account for individuals who could not qualify to open an account elsewhere.

    Annual Share Yield (APY)

    0.07% to 0.50% APY

  • Execs & Cons
  • Particulars

  • Execs
    • Low APY on shorter phrases
    • $500 minimal opening deposit
    Cons
    • Aggressive APY on longer phrases
    • Compounds curiosity month-to-month, not every day
    • Should contact financial institution for early withdrawal penalties
    • Black-owned financial institution in Cellular, Alabama
    • Phrases vary from 30 days to five years
    • Curiosity compounds month-to-month
    • Member FDIC

    The Commonwealth CD might be the financial institution’s greatest product. The $500 minimal deposit is comparatively low, and Commonwealth pays aggressive charges on longer phrases. (You may nonetheless discover higher charges with on-line banks, although.)

    Annual Share Yield (APY)

    0.05% APY

  • Execs & Cons
  • Particulars

  • Execs
    • Features a debit or ATM card
    • Contains paper checks
    • No out-of-network ATM charges
    Cons
    • Low APY
    • $1,500 minimal opening deposit
    • $25 month-to-month service charge
    • Would not reimburse any charges charged by out-of-network ATM suppliers
    • Curiosity compounds month-to-month, not every day
    • Black-owned financial institution in Cellular, Alabama
    • Free ATMs at Commonwealth branches, in PNC ATM community, and at Publix shops
    • Waive $25 month-to-month service charge by sustaining a $1,500 every day stability
    • Curiosity compounded month-to-month
    • FDIC insured

    The Commonwealth Nationwide Financial institution Cash Market Checking Account may very well be a great place to retailer your emergency fund, as a result of it is like a financial savings account however with a debit card and paper checks. Nonetheless, you may want to take care of a $1,500 stability to waive the $25 month-to-month charge.

    Commonwealth Nationwide Financial institution is a Black-owned financial institution with two branches in Cellular, Alabama. Each branches have free ATMs. You can too use ATMs within the PNC Financial institution community and at Publix shops without cost.

    The financial institution does have a cell app, however there are not any on-line critiques.

    Name customer support Monday by means of Friday from 9:00 a.m. to five:00 p.m. CT. It may be troublesome to get ahold of a consultant, although, so you might be despatched to voicemail.

    Your deposits are FDIC insured for as much as $250,000, or for as much as $500,000 for joint accounts.

    Commonwealth Nationwide Financial institution doesn’t have any current public controversies.

    The Higher Enterprise Bureau provides Commonwealth Nationwide Financial institution a B- in trustworthiness. The BBB measures trustworthiness by assessing responses to buyer complaints, honesty in promoting, and transparency about enterprise practices.

    The BBB provides Commonwealth a B- as a result of the financial institution hasn’t responded to the one buyer grievance on the BBB web site.

    On its web site, Commonwealth states that it helps native nonprofits such because the Cellular chapter of the NAACP, Dearborn YMCA, and several other church buildings.

    Commonwealth is the one Black-owned financial institution in Cellular. However we have in contrast it to Black-owned banks which you can entry on-line: OneUnited Financial institution and Liberty Financial institution and Belief.

    Commonwealth Nationwide Financial institution vs. OneUnited Financial institution

    OneUnited Financial institution has some branches across the US, however not in Cellular. Commonwealth is the clear alternative if you happen to favor in-person banking.

    However if you happen to’re open to banking digitally, you might like a few of OneUnited’s distinctive options. For instance, you may obtain your paycheck and different direct deposits as much as two days early.

    Commonwealth Nationwide Financial institution vs. Liberty Financial institution and Belief

    You may like Commonwealth if you need a brick-and-mortar financial institution, however you may favor Liberty Financial institution and Belief if you happen to’re all for online-only banking. Liberty pays increased rates of interest on financial savings and CDs.

    In regards to the writer

    Laura Grace Tarpley is an editor at Private Finance Insider, overlaying financial institution critiques and guides. She can be a Licensed Educator in Private Finance (CEPF). Over her 5 years of overlaying private finance, she has written extensively about methods to avoid wasting.

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