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River Bank & Trust River Bank & Trust Personal Savings Account is worth exploring if you live in Alabama and prefer a local bank that closely serves its community. The bank makes it easy to waive out-of-network ATM fees, but it might not be the best option for avoiding bank service fees.
River Bank & Trust Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 2.75 |
| Checking | 2.75 |
| CD | 3 |
| Money market account | 3.25 |
| Trustworthiness | 3 |
| Total | 3 |
River Bank & Trust Pros and Cons
| Pros | Cons |
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About River Bank & Trust
River Bank & Trust is a community development financial institution with 25 locations in Alabama.
You may access ATMs at select locations or use any out-of-network ATMs. River Bank & Trust will issue automatic refunds on any out-of-network ATM fees.
The bank has 24/7 telephone banking, or you may call a local branch from 8:30 a.m. to 5 p.m. CT Monday through Friday.
River Bank & Trust is rated 3.6 out of 5 states in the Google Play store and Apple store.
The bank is FDIC insured. You may keep up to $250,000 in an individual bank account, and it will be secure.
The Role of CDFIs
Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
River Bank & Trust has given over 3,781 PPP loans to small businesses as of April 30, 2021. It also has a Financial Education Center with free guides on investing for retirement, saving for college, and more.
Is River Bank & Trust Trustworthy?
The Better Business Bureau rates businesses based on responses to customer complaints, honesty in advertising, and transparency about business practices.
The BBB gave River Bank & Trust a B- rating because it hasn't responded to a complaint filed against the institution. The BBB notes it hasn't received complaints that warrant a report on the business and recommends you take time to read any banking contracts or materials.
A BBB rating isn't necessarily the be-all and end-all. You'll want to read online customer reviews and talk to current customers to see if River Bank & Trust is a suitable match for you.
River Bank & Trust hasn't been involved in any recent public controversies.
River Bank & Trust FAQs
Yes, River Bank & Trust serves local communities in the state of Alabama. There are branches in Alexander City, Auburn, Clanton, Daphne, Decatur, Dothan, Enterprise, Gadsden, Hunstville, Millbrook, Mobile, Montgomery, Opelika, Prattville, and Wetumpka.
Yes, River Bank & Trust is FDIC insured. When a bank is federally insured, money in bank accounts is protected, regardless of what happens to the financial institution. You may keep up to $250,000 in an individual bank account or $500,000 in a joint bank account.
River Bank & Trust Bank Account Reviews
River Bank & Trust Personal Savings Account
$5 quarterly service fee
0.10%
$100
- Low interest rate
- Possible to waive the quarterly service fee
- $100 minimum opening deposit
- $5 quarterly service fee
- 25 locations in Alabama
- To waive the $5 quarterly service fee, keep an average of $100 in your account daily each quarter
- Interest compounded monthly and deposited quarterly
- Member FDIC
The River Bank & Trust Personal Savings Account is a pretty standard savings account option that's on par with what's offered at most brick-and-mortar banks.
The account works best if you can maintain an average quarterly balance of $100, so you don't have to pay a quarterly service fee.
River Bank & Trust My River Checking
$4 or $8 monthly service fee
None
$100
- Automatic refunds on out-of-network ATM fees
- Overdraft protection
- River Checking Benefits
- $100 minimum opening deposit
- $8 or $4 monthly service fee
- $36 overdraft fee
- $5 overdraft transfer fee
- 25 locations in Alabama
- Automatic refunds on out-of-network ATM fees
- Personal Checking Benefits Package includes discounts to local businesses and services for fraud and loss if you're a victim of identify theft
- $4 monthly service fee if you sign up for online statements and make at least 15 debit card transactions each month
- $8 monthly service fee if you don't meet the requirements
- Member FDIC
The River Bank & Trust My River Checking may be ideal for avoiding out-of-network ATM fees, but you'll have to pay a $4 or $8 monthly service fee, depending on how you manage the account.
If you're searching for a checking account that doesn't charge monthly service fees, go through our best free checking accounts guide for a list of our top picks.
River Bank & Trust CD
0.20% to 4.95% (vary by location)
$1,000
- Variety of CD terms
- Standard CD early withdrawal penalties
- Decent interest rates compared to brick-and-mortar banks
- $1,000 opening deposit
- Online banks offer a higher interest rate
- 25 locations in Alabama
- Terms range from 30 days to 5 years
- Early withdrawal penalties depend on the term and amount deposited; contact your nearest branch for more information
- Interest compounded and deposited monthly
- Member FDIC
River Bank & Trust River Bank & Trust CD might be a worthwhile option if you're searching for a bank with many CD terms. You'll earn a higher interest rate than with most brick-and-mortar banks.
However, online banks still offer the best CD rates.
River Bank & Trust Personal Money Market Account
$10 monthly service fee
0.10% to 0.30%
$2,500
- Possible to waive the monthly service fee
- Check writing included
- Online banks offer a higher interest rate
- $2,500 minimum opening deposit
- $10 monthly service fee
- No debit card
- 25 locations in Alabama
- To waive the $10 monthly service fee, maintain an average balance of $2,500 or more each month
- Interest paid and compounded monthly
- Member FDIC
The River Bank & Trust Personal Money Market Account is a decent choice if you regularly maintain a high account balance. You'll need to keep a minimum balance of $2,500 to waive the $10 monthly service fee.
How River Bank & Trust Compares
We compared River Bank & Trust to The First Bank and Woodforest National Bank.
The First Bank is another community development financial institution in Alabama, while Woodforest National Bank is one of the largest banks in the state.
River Bank & Trust offers the strongest traditional savings account out of all three banks. It pays a slightly higher interest rate than The First Bank and has a lower service fee than Woodforest National Bank.
If you'd prefer to open a high-yield savings account with no monthly service fees, you'll likely have to choose an online bank instead.
The First Bank easily beats River Bank & Trust and Woodforest National Bank when it comes to checking account options. The First Bank has a checking account with no monthly service fees and no minimum opening deposit. It also offers a second chance checking account if you struggle to open a bank account due to a bad bank account history.
Woodforest National might be worth exploring if you're want to open an account with a low minimum opening deposit. You'll only need $500 to open a CD and $25 to open a money market account.
Why You Should Trust Us: How We Reviewed River Bank & Trust
For our River Bank & Trust review, we rated bank products and services using our editorial standards.
We rate products on a scale from one to five stars, and use a bank account methodology.
For example, using our CD methodology we'll review interest rates, minimum opening deposit requirements, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and ethics of the overall company. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, overdraft protection options, customer support hours, mobile app ratings, ethics, security, miscellaneous features, minimum opening deposit requirements, and fees.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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