The Bank of Delmarva Review

Overview

Founded in 1896, The Bank of Delmarva has assets totaling $562 million along with deposits totaling $465 million, ranking it as a medium-size bank. The Bank of Delmarva, whose headquarters are in Seaford, Delaware, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a commendable 4.1 stars out of 5, The Bank of Delmarva is a good bank that gets the job done. The Bank of Delmarva has a complete selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. The Bank of Delmarva has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, The Bank of Delmarva's standard checking account does not carry a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best option for gaining the most income on your deposits alongside convenient access to your money.

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

The Bank of Delmarva features a savings rate of 0.15%, which is fair compared to the national average. Its one-year CD earns at a rate of 0.55% and the five-year CD has a rate of 1.51%, while its highest-yielding money market account has a rate of 0.18%. Given The Bank of Delmarva's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How The Bank of Delmarva's Savings Rates Compare

The Bank of Delmarva charges customers low fees in comparison to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who will need cash in a pinch, The Bank of Delmarva is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable compared to the average U.S. bank. Also, The Bank of Delmarva has an overdraft fee of $35.00, which is on par with that of other U.S. banks. The Bank of Delmarva doesn't reimburse out-of-network ATM charges, which means you'll have to locate a The Bank of Delmarva ATM or eat the withdrawal fee.

The Bank of Delmarva is a brick-and-mortar bank, with 17 total branches in Delaware and New Jersey. With mobile and web apps, The Bank of Delmarva makes mobile banking straightforward, even on the go. Additionally, The Bank of Delmarva offers a live chat feature, which may provide helpful service without getting on the phone. The Bank of Delmarva receives high marks from users for its mobile platform. The The Bank of Delmarva mobile app has an overall rating of 4.7 out of 5 (out of 340 reviews on iOS and Android) compared to the national average of 3.8. You can use The Bank of Delmarva's mobile app to manage your finances by monitoring current statements, transferring funds as well as accessing support representatives. The Bank of Delmarva receives a superb consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

The Bank of Delmarva ranks as a medium-size bank with $562 million in assets and $465 million in deposits. The Bank of Delmarva has a strong Texas Ratio of 16.51%, signifying that The Bank of Delmarva is in good financial well-being and unlikely to fail. Additionally, The Bank of Delmarva 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.

Products Offered

The Bank of Delmarva has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Bank of Delmarva does not have the best savings rate, which means you should think about 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. The Bank of Delmarva's CD rates are fair in comparison to other U.S. banks.

Find a The Bank of Delmarva Near Me

The Bank of Delmarva has 17 physical locations in the U.S.