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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

Established in 1985, Genesee Regional Bank has $549 million in assets and deposits totaling $477 million, ranking it 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 traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated the bank 4 stars out of 5, suggesting Genesee Regional Bank is a good bank that you should consider. Genesee Regional Bank provides customers with a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. The bank's standard checking account has a monthly fee of $3.00, which is not too high in comparison to the national average. Institutions that offer no-fee checking and a high savings APY are the best option for getting the highest income from your deposits while maintaining convenient access to your money.

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

With a savings rate of 0.15%, Genesee Regional Bank ranks poorly in comparison to other U.S. banks. Genesee Regional Bank's one-year and five-year term lengths CDs earn at a rate of 1.50% and 2.25%, respectively, while its highest-yielding money market account earns at a rate of 0.50%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

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 customers low fees in comparison to the national average. At $3.00 per month, Genesee Regional Bank's checking account is less than great for people who want a hassle-free checking account. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Genesee Regional Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will have to locate a Genesee Regional Bank ATM or eat the fee.

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 bank locations in New York. With mobile and web apps, Genesee Regional Bank makes mobile banking easy, even on the go. Genesee Regional Bank gets moderate reviews from customers for its mobile app. With 4 ratings on both Apple and Android platforms, the Genesee Regional Bank mobile app rates a 3.8 out of 5 (compared to the national average of 3.8). Genesee Regional Bank's mobile app lets you manage your finances by reviewing current statements, transferring money and reaching customer service. Genesee Regional Bank receives an exceptional consumer satisfaction rating based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 ranks as a medium-size bank and owns assets totaling $549 million as well as $477 million in deposits. Genesee Regional Bank's Texas Ratio is 15.50%, denoting a tiny opportunity of 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: 1.50% APY
  • 24 Month: 1.75% APY
  • 36 Month: 1.75% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.25% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.5% APY $10000 $15000

Genesee Regional Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with 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 the average U.S. bank.

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Find a Genesee Regional Bank Near Me

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

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