Mechanics & Farmers Bank Review – Black-Owned Bank and High-Yielding Checking

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Overall rating

Pros and cons

The may be a favorite Mechanics & Farmers Bank Statement Savings AccountIf you have a $200 balance you will be eligible to waive the monthly service fees. You will earn a significantly higher rate when you have an an online high-yield savings account, though.

This is a great idea. checking accountIf you are able to meet the following criteria each month:

• At least 15 debit card transactions totaling $350 are required
• Log in to mobile or online banking at minimum once
• Get an e-statement
• Direct deposits of at least $500 are eligible

You will be eligible for a high interest rate and up to $15 in ATM reimbursements if you meet all these requirements.

Mechanics & Farmers Bank has CD terms from three to five years, but it pays low interest rates. You can get much better rates with an online bank.

The Mechanics & Farmers Bank Money Market AccountThis product is probably the weakest at the bank. To get started, you need $1,000. You’ll also have to pay a $12 per month fee unless your balance is $5,000. You can order paper checks to access savings faster than with regular savings accounts.

How Mechanics & Farmers Bank works

Mechanics & Farmers Bank is a Black-owned bankThere are eight branches in North Carolina: there are locations in Charlotte, Durham Greensboro, Raleigh and Winston-Salem. There is a free ATM at every branch. You can also use any ATM in Wells Fargo’s network for free.

The bank’s app for mobile has 4.7 stars in Apple’s store and 4.4 stars in Google Play.

Contact customer service by calling a branch Monday through Friday, 9 a.m.-5 p.m. ET, Friday 9 a.m. – 6 p.m. ET. You can also send an online message and wait for a response.

Your deposits are FDIC insuredFor joint accounts, up to $250,000 or $500,000

The role of community development financial institution

CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.

Mechanics & Farmers Bank has given over 171 PPP loans to small business owners during the COVID-19 pandemic, and 75% of the loans were given to minority-owned businesses.

The bank also hosts financial literacy classes in every city that has a branch. Management and employees attend approximately 80 community events each year.

Mechanics & Farmers Bank trustworthiness and BBB rating

Mechanics & Farmers Bank doesn’t have any public controversies.

The Better Business Bureau gives Mechanics & Farmers Bank an A+ rating. The BBB assesses trustworthiness by looking at how a company responds to customer complaints, honesty and transparency about business practices.

Mechanics & Farmers Bank vs. OneUnited Bank

You’ll prefer Mechanics & Farmers Bank if you want to bank in person, but you may like OneUnited BankBanking digitally

Both banks pay relatively low rates on savings and CDs, but Mechanics & Farmers has a high-yield checking account. OneUnited might be a good choice for its high-yield checking account. early direct deposit featureDirect deposits are processed by, up to two business days before they are due.

Mechanics & Farmers Bank vs. Liberty Bank and Trust

Liberty Bank and Trust is a good option for online banking, but it doesn’t have brick-and-mortar branches in North Carolina like Mechanics & Farmers does.

It could be that you choose which accounts to prioritize. Mechanics & Farmers pays high rates on checking, while Liberty pays higher rates on savings and CDs.

Frequently Asked Questions