The Bank of Marion Review

Overview

Established in 1874, The Bank of Marion has $384 million in assets as well as $338 million in deposits, which makes it a small bank. The Bank of Marion, whose headquarters are in Marion, Virginia, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. We gave The Bank of Marion a 3.7 stars out of 5, suggesting it is a decent choice, but with better options out there. The Bank of Marion has a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Bank of Marion has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, The Bank of Marion offers an option without a maintenance or monthly fee. Finding a bank with free checking and a high savings APY is the best option for returning the highest income on your deposits while having convenient access to your funds.

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

The Bank of Marion features a savings rate of 0.01%, which is fair compared to the national average. Its one-year CD earns at a rate of 0.10% and the five-year CD earns at a rate of 0.25%, while its highest-yielding money market account earns at a rate of 0.05%. Given The Bank of Marion's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How The Bank of Marion's Savings Rates Compare

The Bank of Marion typically has extremely low fees compared to other U.S. banks. With no monthly fee, The Bank of Marion is perfect for people who want a basic checking account. The Bank of Marion unfortunately doesn't refund out-of-network ATM fees, which means you will need to locate a The Bank of Marion ATM or eat the withdrawal fee.

The Bank of Marion is a brick-and-mortar bank, with 15 total bank locations in Tennessee and Virginia. It also offers access to mobile and web apps for straightforward access and banking on the go. The Bank of Marion receives unsatisfactory marks from customers for its online presence. With 1 ratings across both iOS and Android platforms, the The Bank of Marion mobile app is scored at 1.0 out of 5 (compared to the national average of 3.8). You can access The Bank of Marion's mobile app to control your finances by checking account balances, transferring money as well as reaching support representatives. The Bank of Marion gets a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

The Bank of Marion ranks as a small bank and has $384 million in assets as well as $338 million in deposits. The Bank of Marion's Texas Ratio is 5.13%, denoting that The Bank of Marion is in good financial health and far from failure. Additionally, The Bank of Marion 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 Marion offers 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 Marion 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 Marion's CD rates are fair as compared against the national average.

Find a The Bank of Marion Near Me

The Bank of Marion has 15 physical locations across the U.S.