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.
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.
The bank is owned, managed, and staffed locally. The bank is a leading bank in the metro area and provides a wide range of financial services to its customers. A wide range of banking solutions is offered by the bank. Central Bank of the Midwest goes under the umbrella of a full-service community bank. The Bank provides customers with the quality financial solutions and exceptional customer service they deserve.
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. SmartAsset rated the bank 4.3 out of 5 stars, with Central Bank of the Midwest emerging as a top bank.
Central Bank of the Midwest offers a wide variety of banking services with a wide variety of products. These include savings accounts, checking accounts, IRAs, mortgage products, and credit cards. Central Bank of the Midwest has a reasonable savings rate compared to other popular banks for savings accounts. A customer can open a great, day-to-day account with Central Bank of the Midwest.
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 of the central bank of the Midwest –
1. Quality of services provided by the bank-
Central Bank of the Midwest 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.
Central Bank of the Midwest’s mobile app 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
4. Money Market Accounts 10K Tier: 0.07% APY $1,000 Offer.
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.
7. Central Bank of the Midwest doesn’t have the best savings rates, which means you should consider looking elsewhere for banks that offer more bang for your buck.
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. Central Bank of the Midwest’s one-year and five-year CDs yield 0.40% and 1.00%, respectively, while the highest-yielding money market account earns 0.07%. Central Bank of the Midwest has a reasonable savings rate, which means other popular banks have higher rates.
On average, the bank charges its customers very little compared to the national average. Central Bank of the Midwest’s checking account has no monthly fees, making it an excellent rating for anyone looking for a hassle-free account. Central Bank of the Midwest 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. Central Bank of the Midwest’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.