Central Bank of the Midwest and 5 Best Features of Central Bank of the Midwest

The Central Bank of the Midwest

Central Bank of the Midwest was established in 1985. This bank is headquartered in Lee’s Summit, Missouri, United States. This bank is big as its assets are more than $2 billion and its deposits are more than $1 billion.

This bank is a leading financial services provider. The bank is renowned as a full-service community bank offering a wide range of banking solutions. Some of the latest technology financial products and exceptional customer service are provided to account holders by this bank.

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The bank also includes more than 140 locations in Missouri, Kansas, Illinois, and Oklahoma. And it serves 16 communities with 33 branches.

The bank also shows the bank’s commitment to the community. Every year the Bank contributes toward the development of society. Banks donate time, money, and resources to their employees, low-income class, and needy people. Efforts are made by the Bank to ensure the Bank’s mission of strengthening financial health.

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The bank does not have customer service perks like others but is a traditional brick-and-mortar bank. That is, apart from the bank’s online and mobile apps, there is an in-person service. Smart Asset rated the bank 4.3 out of 5 stars, with Central Bank of the Midwest emerging as a top bank.

A Central Bank of the Midwest general checking account does not charge any monthly fees. Keeping checking and savings accounts in the same bank provides convenience to the customer. Customers can make faster transfers between both accounts, meaning you can get even better interest rates on your savings account and access your funds from your checking.

Features  –

1. Quality of services provided by the bank-

The bank is a brick-and-mortar bank with a total of 36 branches in Kansas and Missouri.

Central Bank of the Midwest’s online and mobile banking services receive good customer feedback: The Central Bank of the Midwest’s mobile app has an overall rating of 4.0 out of 5, compared to a national average of 3.8.

Mobile app of the bank lets you manage your funds by viewing account balances, sending and receiving funds, and reaching support representatives. Central Bank of the Midwest receives an excellent customer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), which protects consumers in the financial sector.

2. Offer on Products-

1. Minimum balance for product current terms and rates APY

2. Savings Accounts 0.04% APY $50

3. Rate of Interest on Certificates of Deposit-
• 12 months: 0.40% APY
• 24 Month: 0.60% APY
• 36 Month: 0.65% APY
• 48 Month: 0.80% APY
• 60 Month: 1.00% APY

5. Checking Accounts 0.03% APY $1,000 – Has several deposit products like savings accounts and checking accounts.

6. This means you have many options for managing your money.

8. CDs can be a great option for higher returns, but there are limits to how much you can access your money. Central Bank of the Midwest’s CD rates is competitive compared to the national average.

3. Interest rate

With a savings rate of 0.04%, the bank is below average compared to the national average. One-year and five-year CDs yield 0.40% and 1.00%, respectively, while the highest-yielding money market account earns 0.07%. The bank has a reasonable savings rate, which means other popular banks have higher rates.

4. Fees

On average, the bank charges its customers very little compared to the national average. checking account has no monthly fees, making it an excellent rating for anyone looking for a hassle-free account. The bank does not reimburse ATM fees which means you will need to find a Central Bank of the Midwest ATM or eat the ATM charge.

5. Financial protection-

The bank is currently a large bank with total assets of $2 billion and total deposits of $1 billion. Bank’s outstanding Texas ratio is 4.18%, indicating a very minute probability of failure. Additionally, The bank is FDIC-insured, which means your money is insured (up to $250,000) even if the bank fails.