NewDominion Bank
Article Submitted By: BankMan
NewDominion Bank, headquartered in Charlotte, N.C., is a niche financial services company offering high yield savings, CDs, and money markets. The bank had $566 million in assets as of Dec. 2009 and serves small and mid-sized businesses with commercial loans, deposits, cash management and advisory services.
NewDominion Bank, headquartered in Charlotte, N.C., is a niche financial services company offering savings, CDs, and money markets. The bank had $539 million in assets as of Dec. 2009 and serves small and mid-sized businesses with commercial loans, deposits, cash management and advisory services.
All accounts are available nationally.
Savings Accounts
The savings account has a $1,500 minimum balance to open. The $10 service fee is waived if the balance stays above $1,000. The account comes with three free withdrawals per month and a $5 fee is charged after that. Interest is compounded daily and paid monthly.
Certificates of Deposit
The CDs come in terms of 3 months fo 5 years. There is a $3,000 minimum to open. The early withdrawal penalty for all CDs with terms of 12 months and less is 90 days of interest. The penalty for CDs with terms greater than 12 months is 180 days of interest. Those are relatively standard early withdrawal penalties.
Account Opening and Funding
Accounts can be opened and funded online. The application utilizes questions from your credit report to confirm identity. Funding can be done via ACH or a check can be mailed in.
Safety and Soundness
NewDominion Bank has been in operation since 2005, They have a 3 out of 5 star rating (Adequate) according to Bauer Financial for their safety and soundness. That's down from a 3 1/2 star rating in 2009. All deposit accounts are insured up to FDIC limits.
