What is MetaBank?
Operating since 1954, Metabank is one of the largest banks in the country. While all banks use one uniform business model to go about their daily operations, MetaBank does things differently, most notably in how it provides customer service access. While the bank has 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 visiting 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. It’s perfect 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.
MetaBank Service Quality
When choosing a bank as your primary financial institution, the range of benefits, services, products, and service quality should be the main determining factors before you decide to become a member. As mentioned, 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 see their bank locations, you can use their services via web and mobile apps that provide online banking access.
While reviewing its service, one of the most significant downsides 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. Customer service and support are only available Monday through Friday, between 8:00 a.m. and 5:00 p.m. CT.
Both mobile and online banking platforms are intuitive and easy to use. According to many users, both platforms are highly rated. The mobile app allows users to reach support agents, receive and send money, review their account balances, and improve their financial management.
What Products Does MetaBank Offer?
MetaBank has a range of different products on display. There are CDs, money market accounts, checking accounts, and savings accounts. Customers can choose from various options to regain their financial stability and manage their finances according to their needs. The bank doesn’t offer the best savings rates, but what it lacks in that field is complemented by other great financial products. For example, MetaBank’s Certificates of Deposit are an excellent way to achieve significant returns. Each product has its ups and downs, and using CDs includes certain restrictions on accessing your funds.
Payments
MetaBank has a separate payments division, Meta Payment Systems, the country’s top-ranked prepaid card issuer. MPS offers industry-related services, products, and prepaid debit cards, perfect for daily payments.
Tax Services
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. 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 refunds processed via any of the following ways:
- ACH direct deposit
- Prepaid card offers
- The tax preparer’s office check
Applying for the full-service package gives you many revenue opportunities, benefits, features, and more.
National Lending
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 offer for such companies. These commercial finance offerings include various commercial nationwide finance products, insurance premium finance, SBA/USDA loans, equipment financing, factoring, and asset-based lending.
Consumer Lending
MetaBank works with several partners to provide the best credit products and lending solutions for borrowers of all financial needs. All MetaBank’s closed-end loans include terms ranging from 18 to 94 months. If you’re into lines of credit, the bank provides revolving terms ranging from 6 to 60 months.
RELATED: See Personal Loan Offers
Checking and Debit Cards
If you’re running a business and 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, a low minimum balance, and interest. You can use these features to tailor your account better to 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.
Check Similar debit cards – Upgrade, CCU Visa, AXOS Visa, Novo, UFB Direct.
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 maximize 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 a minimum daily balance to avoid paying a monthly service charge.
- Business Savings accounts allow easy access to your savings and an opportunity to earn interest on the go. They allow the user to become an account owner by making a low minimum deposit and adding funds whenever and however 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. Making a low minimum initial investment is one of the best ways to get ahead of your business finances. The more your CDs mature, the more you’ll receive advance notices.
- Health Savings Accounts – HSAs are for businesses looking to supplement their employee benefits packages. If you’re a business owner, you can either allow your workers to make their contributions through payroll deductions or make contributions as a business owner. Your employees can save pre-tax money by earning with each qualifying purchase. Workers benefit from receiving funds to cover their medical bills via debit card or check.
What Are MetaBank’s Rates and Fees?
If we compare MetaBank fees to the average US bank, it’s safe to say that customers can save some money on the side by taking advantage of the low fees offered. It’s even better if you need a simple account, as there’s no monthly fee. The bank also includes no ATM fees, which is essential if you need access to your cash in an instant.
MetaBank Financial Health
MetaBank is one of the country’s largest banks, with deposits totaling $4 billion and $5 billion in other assets. According to its Texas Ratio, the bank is in excellent financial shape and makes a healthy, stable, secure, and safe banking option for your needs. In addition to all this, the bank is insured by the FDIC. In other words, if something goes wrong with the bank, customers have their money insured up to $250,000.
Bottom Line
MetaBank is a trustworthy financial institution with an excellent 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, its 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 excellent financial services for organizations, including employee support and relief for taxpayers. The bank is associated with leading financial institutions such as Meta Payment Systems, Refund Advantage, EPS, AFS/IBEX, and Crestmark to provide customers with exceptional payment options, tax services, and lending solutions.