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Mercantile Bank of Michigan Review

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

Overview

Mercantile Bank of Michigan first started operating in 1997 with headquarters in Grand Rapids, Michigan. It owns assets of $3 billion and $3 billion in deposits, which makes it a large bank. Mercantile Bank of Michigan lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Mercantile Bank of Michigan is a good bank that deserves your consideration, with a rating of 4.1 out of 5 stars from our experts. Mercantile Bank of Michigan offers a full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Mercantile Bank of Michigan has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account features a monthly fee of $5.00, although banks sometimes have requirements that allow you to waive the fee. Locating an institution with no-fee checking, in addition to a high savings APY is the best option for gaining the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

With a savings rate of 0.10%, Mercantile Bank of Michigan ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 1.70% and the five-year CD earns at a rate of 2.80%, while its highest-yielding money market account earns at an APY of 0.45%. Given Mercantile Bank of Michigan's below average savings rate, you should think about looking elsewhere to open savings accounts.

How Mercantile Bank of Michigan's Savings Rates Compare

Mercantile Bank of Michigan Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

Mercantile Bank of Michigan has generally above-average fees compared to other U.S. banks. Its checking account has a monthly fee of $5.00, making it fair for anyone looking for a simple account. Also, Mercantile Bank of Michigan has an overdraft fee of $32.00, which is less than the average overdraft fee charged by U.S. banks. Mercantile Bank of Michigan unfortunately does not refund out-of-network ATM fees, which means you will be required to find a Mercantile Bank of Michigan ATM or eat the cost of withdrawal.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $32.00 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

Mercantile Bank of Michigan is a brick-and-mortar bank, with 49 total branches in Michigan. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Mercantile Bank of Michigan receives average reviews from customers for its mobile banking services. The Mercantile Bank of Michigan mobile app rates a 3.6 out of 5 (out of 180 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Mercantile Bank of Michigan's mobile app to control your bank accounts by reviewing current statements, sending and receiving funds as well as accessing customer service. Mercantile Bank of Michigan gets a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government 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

4.9
SmartAsset Average: 4.8

Mercantile Bank of Michigan ranks as a large bank with assets totaling $3 billion as well as $3 billion in deposits. Mercantile Bank of Michigan's Texas Ratio is 2.40%, denoting that the bank is in excellent financial shape and far from failure. Additionally, Mercantile Bank of Michigan is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Mercantile Bank of Michigan to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 1.70% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.20% APY
  • 48 Month: 2.50% APY
  • 60 Month: 2.80% APY
$500 for all terms
Money Market Account 0.35% APY $1

Mercantile Bank of Michigan has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Mercantile Bank of Michigan does not have the best savings rate, which means you should think about looking 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. Mercantile Bank of Michigan's CD rates are fair in comparison to the national average.

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Find a Mercantile Bank of Michigan Near Me

Mercantile Bank of Michigan has 49 physical branches in the U.S.

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