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Bank of the James Review

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Bank of the James Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Bank of the James started in 1999 and its headquarters are located in Lynchburg, Virginia. It owns assets of $627 million as well as deposits totaling $569 million, which makes it a medium-size bank. Bank of the James 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 access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at an average 3.7 stars out of 5, Bank of the James proves it is an average bank that leaves room for improvement. Bank of the James offers the full package of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Bank of the James has a fair savings rate compared to the average savings account. The bank's standard checking account features a $3.00 monthly fee, which is acceptable compared to other U.S. banks. Institutions that offer no-fee checking and a high savings APY are your best bet for accruing the highest income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Bank of the James has a savings rate of 0.10%, which is fair in comparison to the national average. Bank of the James's one-year CD has a rate of 0.50% and the five-year CD earns at a rate of 1.26%, while its highest-yielding money market account has an APY of 0.10%. Given Bank of the James's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Bank of the James's Savings Rates Compare

Bank of the James Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.7
SmartAsset Average: 4.4

On average, Bank of the James charges its customers above-average fees compared to other U.S. banks. At $3.00/month, Bank of the James's checking account is less than ideal for people who want a hassle-free checking account. For those who withdraw cash routinely, it is less than great because it has an out-of-network ATM fee of $3.00, which is less than ideal in comparison to the national average. Also, at $35.00, it has a lower overdraft fee compared to the national average overdraft fee. Bank of the James unfortunately does not reimburse out-of-network ATM fees, which means you will have to find a Bank of the James ATM or accept the fee.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee $3.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

Bank of the James is a brick-and-mortar bank, with 16 total bank locations in Virginia. It also offers access to mobile and web apps for simple access and banking on the go. Bank of the James's online and mobile banking services receive fair feedback from users. The Bank of the James mobile app rates a 3.6 out of 5 (out of 43 reviews on iOS and Android) compared to the national average of 3.8. Bank of the James's mobile app lets you manage your funds by looking at monthly statements, sending and receiving funds and accessing customer service. Bank of the James gets a superb consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Bank of the James is a medium-size bank with $627 million in assets as well as deposits totaling $569 million. It has a strong Texas Ratio of 11.52%, signifying a small opportunity of failure. Additionally, Bank of the James is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.52%
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 the James to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $750
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.31% APY
  • 48 Month: 1.06% APY
  • 60 Month: 1.26% APY
$500 for all terms
Money Market Account 0.1% APY $2500

Bank of the James has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bank of the James 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 the James's CD rates are fair in comparison to other U.S. banks.

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Find a Bank of the James Near Me

Bank of the James has 16 physical branches in the U.S.

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