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Bank of Labor Review

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Bank of Labor Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1924, Bank of Labor has assets totaling $592 million and $492 million in deposits, ranking the institution as a medium-size bank. Bank of Labor, whose headquarters are in Kansas City, Kansas, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Bank of Labor is a solid pick to be your bank, with a rating of 4.4 out of 5 stars from our team. Bank of Labor provides customers with an array banking products, including savings accounts, checking accounts, money market accounts, IRAs and brokerage accounts. Bank of Labor has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly maintenance fee. Finding a checking account with no monthly fee and a savings account with a high APY at the same bank is the best bet for gaining the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.20%, Bank of Labor ranks poorly as compared against the national average. Bank of Labor's one-year and five-year term lengths CDs earn at a rate of 1.50% and 2.00%, respectively, while its highest-yielding money market account has an APY of 0.50%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Bank of Labor's Savings Rates Compare

Bank of Labor Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Bank of Labor charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Bank of Labor is ideal for people who want a basic banking experience. For those who will need cash in a pinch, Bank of Labor is perfect because it has no out-of-network ATM fees. Bank of Labor does not refund out-of-network ATM fees, meaning you will need to search for a Bank of Labor ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Bank of Labor is a brick-and-mortar bank, with seven total bank locations in Kansas. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 4:30 p.m. CT. Bank of Labor gets reasonably high praise from customers for its mobile banking services. With 2 customer reviews across Apple and Android platforms, the Bank of Labor mobile app is scored at 4.0 out of 5 (compared to the national average of 3.8). You can utilize Bank of Labor's app to manage your finances by checking monthly statements, sending and receiving funds and reaching customer service. Bank of Labor gets a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Bank of Labor is currently a medium-size bank with $592 million in assets and $492 million in deposits. Bank of Labor has a strong Texas Ratio of 6.53%, denoting a small chance of failure. Additionally, Bank of Labor is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.53%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Bank of Labor to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $10
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.75% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.90% APY
  • 60 Month: 2.00% APY
$1000 for all terms
Money Market Accounts 0.4% APY 0.5% APY $10000 $15000

Bank of Labor has several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. Bank of Labor does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of Labor's CD rates are fair in comparison to the average U.S. bank.

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Find a Bank of Labor Near Me

Bank of Labor has seven physical locations in the U.S.

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