The Park National Bank Review

Overview

The Park National Bank first started operating in 1908 and its headquarters are located in Newark, Ohio. The Park National Bank handles assets of $7 billion along with deposits totaling $6 billion, which makes it a large bank. The Park National Bank has above-average access to customer service with a live chat feature, great for getting help during the work week. 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. At a SmartAsset rating of 3 out of 5 stars, The Park National Bank should be more closely inspected to see if its features match your needs. The Park National Bank has a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. The Park National Bank has a fair savings rate compared to the average savings account. The bank's standard checking product maintains a $15.00 monthly fee, making it a rather costly bank for checking. Institutions that offer no-fee checking and a high savings APY are your best option for accruing the most income from your deposits while maintaining easy access to your funds.

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

With a savings rate of 0.15%, The Park National Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.05% and the five-year CD has a rate of 0.35%, while its highest-yielding money market account has a rate of 0.40%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How The Park National Bank's Savings Rates Compare

The Park National Bank charges customers high fees in comparison to the national average. The Park National Bank's checking account has a monthly fee of $15.00, rating it fair for anyone looking for a hassle-free account. Additionally, it has an overdraft fee of $35.00, which is lower than the national average overdraft fee. The Park National Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you will need to find a The Park National Bank ATM or eat the fee.

The Park National Bank is a brick-and-mortar bank, with 90 total bank locations in Ohio, Kentucky, North Carolina and South Carolina. With mobile and web apps, The Park National Bank makes mobile banking easy, even on the go. Additionally, The Park National Bank offers a live chat feature, a helpful way to reach a representative during the work day. The Park National Bank's online and mobile banking platforms receive great scores from customers. With 8,570 ratings across both Apple and Android platforms, the The Park National Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). The Park National Bank's mobile app allows you to manage your bank accounts by checking current statements, sending and receiving funds as well as reaching support representatives. The Park National Bank receives a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

The Park National Bank is currently a large bank owning $7 billion in assets as well as deposits totaling $6 billion. Its Texas Ratio is 10.38%, denoting a tiny likelihood of failure. Additionally, The Park National Bank 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 Park National 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. The Park National Bank does not have the best savings rate, which means you should think about 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. The Park National Bank's CD rates are fair in comparison to other U.S. banks.

Find a The Park National Bank Near Me

The Park National Bank has 90 physical branches across the U.S.