In this section, we’re going to go over what is MetaBank, what it has to offer, how it operates and where, and other essential points that should help you get a basic understanding of what this bank has in store for you.
Operating since 1954, Metabank is one of the largest banks in the country. While all banks use one uniformed business model to go about their daily operations, MetaBank does things differently, most notably how the bank provides access to customer service.
While the bank has both a mobile and online presence, it’s more leaned toward a conventional brick-and-mortar business model. Customers are encouraged to reach service representatives by paying a visit to one of the many physical locations.
While no bank is perfect, there are many reasons why this one might be your best choice. The bank offers a wide range of banking products, including mortgage products, CDs, money market accounts, checking accounts, and savings accounts.
In terms of savings rates, Metabank could be offering better terms as other popular institutions offer higher rates. However, if you’re looking for a bank that can satisfy your basic banking and financial needs, this bank might be for you.
Especially if you’re into having an ordinary checking account, as it doesn’t include a regular monthly fee that almost every other bank has, it’s also an excellent choice if you want to own both savings and checking accounts.
This is where MetaBank stands out from the other banks – you can get better terms and interest rates in your savings account by transferring your funds between the accounts. By doing so, you also get the ability to withdraw funds from your checking account.
In this section, we’re going to address the quality of service you can count on, what users think about their service and how well their mobile app works.
When it comes to choosing a bank as your main financial institution, the range of benefits, services, and products, as well as service quality, should be the main determining factors before you decide to become a member.
As we already mentioned before, MetaBank is more of a ground-based bank, meaning you have to physically visit one of their 11 branch offices in South Dakota and Iowa. If you don’t want to visit their bank locations, you can use their services via web and mobile apps that provide access to banking on the go.
One of the most significant downsides that we’ve noticed while reviewing their service is the lack of real-life customer service with real customer support agents and service representatives.
Meta Bank Customer Service Phone: 1 (866) 559-5037
Their customer service and support are only available Monday to Friday, between 8:00 a.m. and 5:00 p.m. CT.
Both mobile and online banking platforms are quite intuitive and easy to use. According to a large number of users, both platforms are very highly rated. Their mobile app allows users to reach support agents, receive and send money, review their balances on the account, and improve the way they manage their finances.
Products on the Offer
In this section, we’re going to briefly go through all products that MetaBank has on the offer and what you can expect if you decide to apply for any of the products named here.
MetaBank has a range of different products on display. There are CDs, money market accounts, checking accounts, and savings accounts to choose from. Customers can choose from an array of options to regain their financial stability and manage finances according to their specific needs.
The bank doesn’t offer the best savings rates, but what it lacks in that field, complements other great financial products. For example, MetaBank’s Certificates of Deposit are an excellent way to achieve great returns.
Each product comes with its ups and downs, and using CDs includes certain restrictions on accessing your funds.
MetaBank has a separate payments division, Meta Payment Systems, the top-ranked prepaid card issuer in the country. MPS offers a range of industry-related services, products, and prepaid debit cards. These cards are perfect for making payments daily.
MetaBank has two divisions for tax services, Refund Advantage, and EPS. Both divisions provide a range of services and products that tax preparers can use to go about their taxes. These services and products support the ERO or electronic return originator.
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ERO includes consumer tax refund advance loans, business advance loans, and refund transfer software. Through their tax refund program, taxpayers can choose from an array of options that allow EROs to provide them with state or federal refund processed via any of the following ways:
- ACH direct deposit
- Prepaid card offers
- The tax preparer’s office check
If you apply for the full-service package, you get a plethora of revenue opportunities, benefits, features, and more.
MetaBank has a commercial finance division – AFS/IBEX and Crestmark. These are B2B lenders that provide financial solutions to businesses. Small and medium-sized organizations can tap into different financial solutions that other banks don’t usually have on the offer for such businesses.
These commercial finance offerings include various commercial nationwide finance products, insurance premium finance, SBA/USDA loans, equipment financing, factoring, and asset-based lending.
MetaBank works with several partners on providing the best credit products and lending solutions that borrowers of all financial needs can rely on to find their financial grounds.
All MetaBank’s closed-end loans include terms that range from 18 to 94 months. If you’re into lines of credit, the bank provides revolving terms ranging from 6 to 60 months.
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Checking and Debit Cards
If you’re running a business and you’re looking for a bank that offers checking accounts with splendid terms and a range of additional features, MetaBank has what you’re looking for.
Their business checking accounts include fantastic service, minimal fees, a full range of eBanking products, low minimum balance, and interest. You can use these features to tailor your account to better suit your diverse financial needs.
MetaBank offers a range of debit cards and checking products for paying bills, free mobile and online banking earning credits, and interest.
Business Savings & CDs
If you’re into saving some cash on the side of your business checking account, MetaBank can help. Their FDIC-insured certificates of deposit and savings accounts are the best, safest way to secure a better and prosperous financial future. There are two savings accounts to choose from:
- Business Money Market Savings – this type of account is perfect for those who want to make the most out of their savings. Choose your preferred way of managing your funds, online or in-person, save by earning interest, add funds to your balance with unlimited deposits, and maintain minimum daily balance to avoid paying a monthly service charge.
- Business Savings – allows easy access to your savings and an opportunity to earn interest on the go. A business savings account allows the user to become an account owner by making a low minimum deposit, and add funds whenever they want and how much they want. The account includes unlimited deposits and no monthly fee if the user maintains a minimum daily balance.
Certificates of Deposit
There are two types of CDs at MetaBank:
- Business CDs – perfect for those looking for business CDs with competitive rates and fixed returns. You can choose from a range of interest rates and various terms, and get a guaranteed fixed interest rate. This is one of the best ways to get ahead of your business finances by making a low minimum initial investment. The more your CDs mature, the more you’ll receive advance notices.
- Health Savings Accounts – HSAs are for businesses that are looking to supplement their employee benefits packages. If you’re a business owner, you can either allow your workers to make their own contributions through payroll deductions or make contributions as a business owner. Your employees can save pretax money by earning with each qualifying purchase. Workers get a benefit of receiving funds for covering their medical bills via debit card or check.
Rates and Fees
In this section, we aim to cover the current rates and fees. We’re not going to mention numbers and figures but instead simply make a short review of what we think about the rates and fees that users can expect from this financial institution.
From the first look at their rates, we have to be honest and say that their savings rate could be better. When compared to the national average, it ranks below the mean. The situation looks a bit better with one-year and five-year CDs, but the rates still could be better.
If we add the rate for the highest-yielding money market account to the table, it’s safe to say that this bank has a fair savings rate. If your goal is to earn more on savings accounts with higher rates, our recommendation would be to explore other options.
When it comes to fees, this is where MetaBank exceeds. What the bank lacks in rates, complements in having extremely low fees. There are a couple of fees to worry about:
- Monthly inactivity
- Non-Sufficient Fund (Overdraft)
- Stop Payment item
- Return Deposit
- Domestic Wire Transfer (Outbound)
- Domestic Wire Transfer (Inbound)
- Non-Bank ATM
If we compare their fees to the average US bank, it’s safe to say that customers have a chance to earn some money on the side by saving on these incredibly low fees. It’s even better if you need a simple account as there’s no monthly fee to worry about. The bank also includes no ATM fees, which is essential if you need access to your cash in an instant.
With deposits totaling $4billion and $5 billion in other assets, MetaBank is one of the country’s largest banks. According to their Texas Ratio, the bank is an excellent financial shape that makes a healthy, stable, secure, and safe banking option for your needs. In addition to all this, the bank is insured with FDIC. In other words, if something goes wrong with the bank, customers have their money insured up to $250,000.
The Final Word
All in all, MetaBank is a trustworthy financial institution that has an amazing range of fantastic financial and banking products, services, and features. If you decide to become their customer, you should know that savings interest isn’t their best side.
However, their incredibly low fees and fantastic customer support will be more than enough if simple and basic savings accounts and debit cards are what you’re looking for. The bank is also friendly toward small and medium businesses, offering an array of great financial services for organizations, including employee support and relief for taxpayers.
The bank is associated with all the leading financial institutions such as Meta Payment Systems, Refund Advantage, EPS, AFS/IBEX, and Crestmark to provide their customers with exceptional payment options and tax services, and lending solutions.