Industrial banks are only chartered by a few states; the state of Utah provides the majority of charters for industrial banks in the U.S. 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. Visionary companies have built the National Association of Industrial Bankers to champion innovative financial services for Americans by expanding access to credit, guaranteeing consumer choice, and providing unique banking services.

1. This comes in the form of indirect automotive financing, consumer lending products like credit cards, and personal insurance.
2. Nonfinancial companies can charter and operate industrial banks in states that allow them when deposits are insured by the FDIC.
3. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia.
4. In 2005, Walmart Inc. filed an application to form a new industrial bank for the purpose of reducing credit and debit card transaction fees.
5. To join, you or a family member must live, work, study, or worship in select counties in Maryland, select counties in Virginia, or any part of Washington, DC.

The industrial bank has a fully owned subsidiary, Industrial Financial Leasing Co., Ltd., and a controlling stake in Union Trust Co., Ltd. Industrial Bank Checking Accounts help manage your funds securely with low to no fees. You can deposit additional funds any time during the term of the CD.

There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities. You’ll need to maintain at least $500 in your account to waive the $8 monthly service fee. It probably isn’t a good checking account if you’re worried about overdrawing.

But if you want to earn the highest rate, consider opening an account with an online bank. Personal Banking (Retail Online) customers, please enter your username, password and click “Submit”. Appointments are required for additional services such as opening an account, CD/IRA, accessing a safe deposit box and notary services. An account for environmentally conscious customers who prefer paperless banking. Kasasa Protect is Industrial’s newest way to keep our customers safe from data breaches, credit card fraud and Identity theft.

Industrial banks, also known as industrial loan companies (ILCs), are state-chartered financial institutions that offer operational flexibility to non-financial companies. Nonfinancial companies can charter and operate industrial banks in states that allow them when deposits are insured by the FDIC. An industrial bank is a state-chartered, financial institution, usually owned by a commercial firm, that is not regulated by a federal banking agency. Industrial banks accept customer deposits and provide loans for consumers and small businesses. Along with its regular checking and savings accounts, Industrial Bank offers Kasasa accounts.

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. The 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.

Overall institution rating

With my new job, I will be depositing my coins into a Black Owned bank (@BankIndustrial). Industrial has made a big difference in the African American community. A little bit every pay check can make a huge difference https://1investing.in/ when you get ready to retire. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page.

Go Green Checking

Industrial Bank and Democracy Federal Credit Union have many of the same features, including Kasasa accounts. You might like Democracy FCU if you have your eye on Kasasa accounts, because its interest rates and cash-back perks are better. First, you must open one of the Kasasa checking accounts to qualify for Kasasa Saver. Kasasa accounts offer much better perks than the Industrial Bank Personal Checking Account or savings accounts. But there are a couple of things you’ll want to keep in mind before you choose which accounts to open. If you don’t have this much money, you may prefer an Industrial Bank Statement Savings Account or a money market account with a different bank.

The Industrial Bank Statement Savings Account is a decent savings account, as long as you have $100 to get started and qualify to waive the $3 monthly service fee. But if you want to earn a high interest rate, you’re better off looking at high-yield savings accounts at other banks or Industrial’s Kasasa accounts. An industrial bank operates much like other commercial banks; however, many limit the scope of their business to a narrower customer base, such as only offering auto loans or construction loans. Industrial banks are also known as industrial loan companies (ILCs).

To join, you or a family member must live, work, study, or worship in select counties in Maryland, select counties in Virginia, or any part of Washington, DC. You may also join if you work for a Select Employer Group in Philadelphia. If you aren’t eligible to join, Industrial is the clear choice.

Mature Checking

The Industrial Bank Personal Checking Account has several fees to be mindful of such as monthly services fees and overdraft fees. Download our Mobile App TODAY to avoid disruptions in accessing your account information via your mobile phone. With the Industrial Bank Mobile Banking App, you can check balances, make deposits, process transfers and pay bills whenever you want. Community Checking is a collaborative effort between the District Government and Industrial Bank. This program proudly provides access to financial services and products to qualifying households in the DC Metro area. The difference between industrial and commercial banks isn’t just in the structure, it also applies to their offerings.

They are regulated by the state in which they operate, and are supervised and insured by the Federal Deposit Insurance Corp. (FDIC). In March 2012, the Industrial Bank’s total assets reached RMB 2,629,398 million, shareholders’ equity amounted to RMB 123,957 million, net profit for the first quarter was RMB 8,288 million, and NPL ratio was 0.40%. According to the “Top 1000 World Banks” released by the British Magazine The Banker in 2011, the Industrial Bank ranked 75th in total assets and 83rd in tier 1 capital.[3] The Industrial Bank opened 79 branches and 662 sub-branches. Walmart Inc. withdrew its application in 2007 before the FDIC could make any decision regarding the status of their application.

Industrial Bank’s Overdraft Privilege Program (ODP)

This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Get “rewarded” for using your Industrial Bank Visa debit card everywhere you shop. Manage and protect your personal Industrial Bank Visa debit card with Card Control. You can freeze your card if lost or stolen, set up spending alerts, and more.

During the COVID-19 pandemic, Industrial Bank also awarded over $23 million in Paycheck Protection Program loans to 255 businesses. Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. To be considered to start an industrial bank, the corporation must apply for a charter through a state that allows them.