WoodforestNationalBank is one of the biggest “thin” banks you’ll ever meet, with about 788 branches spanning 17 states. It has a broad range of savings accounts, account checks, deposit certificates (CDs), IRAs, and a single MMA account. The Bank follows a common pattern of low minimum requirements for opening deposits and monthly service fees. It is a prominent private bank, and the biggest retail partner, Walmart. Established in 1980, this bank provided the residents with financial services, particularly students. About 5000 workers are currently employed for this financial organization.
Woodforest National Bank Overview:
Woodforest National Bank is a full-service banking institution. It includes checking accounts, savings accounts, CDs, personal loans, auto loans, credit cards and mortgages.
Woodforest National Bank Savings Account:
The basic savings account for Woodforest is extremely easy to apply for, and will allow you to start earning interest in a low-fee setting. However, a very unimpressive 0.03 percent APY is the highest rate you will probably get, and that’s only if you have $10,000 or more in your account. But all you’ll need to get started is a $25 deposit. However, it will be better to get over the $200 mark as soon as possible, as it would eliminate the $3 monthly subscription charge.
Branches, online, mobile & ATMs
FDIC insurance up to the maximum amount allowed by law
$3 monthly service fee; waivable by maintaining a $200 daily balance
Current Terms and Rates
Rates tiered based on account balance:
Under $10,000: 0.03% APY
$10,000 and up: 0.05% APY
The Main Savings account is not a traditional savings option, because it is more of a money market account. MMAs need a high opening balance at most banks, but at Woodforest, you just need to initially spend $25. But what’s odd about it is the $10 monthly charge that’s being charged on all accounts with less than $1,000 in them.
Bank Choice Checking Account:
The next logical step is the Option Checking account. If your balance is over $1,000, this account pays interest at 0.05 percent APY. Account-holders may face $7.50 or $10 fees there. That greatly diminishes the account’s upside. In other words, if $1,000 is too much for you to deposit at this time you should probably avoid that. Via Woodforest, there are five checking account variants available: Woodforest Checking, Second Chance Checking ®, Option Checking, Sterling Advantage and Platinum Plus Review.
The Woodforest Checking account is the most regular account because it offers several ways to escape the monthly service charge of $6.95. In fact, as long as you make one direct deposit per statement period, or at any point do not allow your account balance to fall below $100, the bank will waive it. It provides one of the bank’s highest savings account interest rates at 0.10% APY and includes a free debit card, personalized checks and free cashier checks and money orders. It offers one of the bank’s best deposit account interest rates at 0.10% APY and includes a free debit card, custom checks and free cashier checks and money orders.
Woodforest Second Chance Checking ® is simply a variant of a managed credit card bank account. More precisely, it’s great for someone who has in the past had trouble with overdraft and other penalties while doing banking. This account pays no interest, but $25 is all it takes to open one. Understandably, this checking method is fraught with costs such as a one-time set-up fee of $9 and a recurring service fee of $9.95 or $11.95 depending on whether or not you make a direct monthly deposit. If you are searching for a new checking account and you are over 55, then the Sterling Advantage account will be built for you. It is followed by no monthly payments, and custom inspections, A debit card, money orders, checks at the cashier and notary services. The minimum amount to be opened is $25, and interest is earned daily if your account balance is $1,000 or greater.
Woodforest National Bank CDs:
Woodforest’s CD offerings are plain and have below-average APYs associated with them, unfortunately. The terms available vary from one month to five years, and whatever you pick, you’ll need to make a minimum investment of $500. Your interest rate will go up the longer you’re willing to put away your money. The one- and three-month CD’s APY is somewhat unspectacular, but it makes the five-year CD’s 0.45 percent APY look amazing. In fact, though, when you compare CD rates, other banks beat that rate very handily.
Woodforest Online portal:
For the customers the Woodforest online platform. Like other banks, Woodforest logins also have their own official banking site. Often notice the authentication process and portal benefits.
Online banking has been a staple of the banking industry, and even with this business change, Woodforest National Bank has retained the right. Via this, you can check the bank’s balance in all of your accounts, look at transaction history, and set up one-time and periodic accounts transfers. Customers also have the capacity to deal with a range of other administrative matters, For example, to order checks or a new debit card, to request stop payments and to sign up for automated security and account alerts.
Want a convenient way of keeping track of your money? All statements you can import directly into either Intuit ® Quicken or Quickbooks through your online banking account. This service is designed for both Mac and Windows.
Woodforest’s mobile app between its Apple and Android platforms ranges about 3.5 stars, and it makes it a little further than even the online banking website. You can deposit checks through the app, use the branch / ATM locator, and send and receive money through Woodforest’s integrated Western Union ® Online Money Transfer program.
Logging Process of Woodforest Portal:
To Woodforest login to this portal, you should first have an active username and password. Besides this, you do have to register to use this site in internet banking. If you have recently registered, build your account on Woodforest’s official web page login. You can also download Woodforest‘s official application here.
Once you created an account you can know the following logging process.
If you have information about your internet banking, then you are able to log in to your account. Initially, you must open a secure browser such as google chrome and visit Woodforest’s official website.
Personal banking users can press the online banking option in the section on the left-hand side. You will then be redirected to the login page once you click on this link.
Now you have to enter the required username and password. Know, bank official still advises clients not to save their username and password.
This is the login process of the Woodforest portal.
Woodforest National Bank has all the tools and advantages that make it a perfect mix of a national bank and a local bank. The more than 788 branches in 17 states; a multitude of deals for checks, investments, CD, IRA and MMA account, And new online banking technologies could make it competitive with some of the banking industry’s biggest players. But because Woodforest handles less money, has fewer customers and lower costs, Woodforest has more of a “hometown” banking feel.