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Genesee Regional Bank Review

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Genesee Regional Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1985, Genesee Regional Bank has assets totaling $549 million as well as deposits totaling $477 million, ranking the institution as a medium-size bank. Genesee Regional Bank, whose headquarters are in Rochester, New York, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4 stars out of 5, Genesee Regional Bank is a respectable bank that gets the job done. Genesee Regional Bank offers a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product carries a monthly fee of $3.00, which is not too high compared to the national average. Institutions that offer free checking, in addition to a high interest rate savings account are the best option for gaining the most income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

Genesee Regional Bank has a savings rate of 0.15%, which is poor compared to other U.S. banks. Genesee Regional Bank's one-year CD has a rate of 1.25% and the five-year CD has a rate of 2.25%, while its highest-yielding money market account has a rate of 0.50%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Genesee Regional Bank's Savings Rates Compare

Genesee Regional Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.3
SmartAsset Average: 4.4

Genesee Regional Bank charges its customers low fees compared to other U.S. banks. Its checking account has a monthly fee of $3.00, ranking it slightly worse for anyone looking for a simple account. For those who frequent the ATM, Genesee Regional Bank is perfect because it has no out-of-network ATM fees. Genesee Regional Bank does not refund out-of-network ATM charges, meaning you'll need to find a Genesee Regional Bank ATM or pay the cost of withdrawal.

Monthly Fee $3.00 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

3.9
SmartAsset Average: 3.7

Genesee Regional Bank is a brick-and-mortar bank, with three total branches in New York. With mobile and web apps, Genesee Regional Bank makes mobile banking easy, even on the go. Genesee Regional Bank receives fair reviews from customers for its mobile platform. The Genesee Regional Bank mobile app has an overall rating of 3.8 out of 5 (with 4 reviews on Apple and Android) compared to the national average of 3.8. Genesee Regional Bank's mobile app lets you manage your bank accounts by checking current statements, sending and receiving funds as well as reaching support representatives. Genesee Regional Bank receives an excellent consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.3
SmartAsset Average: 4.8

Genesee Regional Bank is currently a medium-size bank owning assets totaling $549 million as well as $477 million in deposits. Genesee Regional Bank has a strong Texas Ratio of 15.50%, denoting that Genesee Regional Bank is in fine financial condition and far from failure. Additionally, Genesee Regional Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

15.5%
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 Genesee Regional Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $25
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.75% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.25% APY
$500 for all terms
Money Market Account 0.25% APY $10000

Genesee Regional Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Genesee Regional Bank does not have the best savings rate, which means you should consider other options 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. Genesee Regional Bank's CD rates are fair compared to other U.S. banks.

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Find a Genesee Regional Bank Near Me

Genesee Regional Bank has three locations across the U.S.

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