Banesco USA Review – Forbes Advisor


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Banesco USA is a Florida-based bank that provides personal and business banking products and services. Founded in 2006, this community bank operates four branches in South Florida and one in San Juan, Puerto Rico. Banesco USA is a division of Venezuelan Banesco International, although it operates independently of the other divisions of the financial group.

This review focuses on Banesco USA banking products and services. Here is a detailed look at what Banesco offers and how it compares to other banks. Account details and annual percentage returns (APY) are accurate as of April 22, 2022.

Account basics

Check

Banesco USA has two current account options: personal current account and now account.

A personal checking account is a standard checking account. It comes with an unlimited debit card and paper checks. The account requires a minimum deposit of $ 100 and has a monthly fee of $ 15 for balances below the $ 100 threshold.

The Now account offers functions identical to Personal Verification, except that it is an interest-bearing account. It also requires a minimum deposit of $ 100, but a minimum daily balance of $ 1500 is required to avoid a $ 15 monthly fee.

Savings

BanesGrow is Banesco USA’s unique savings account. It has gained a competitive APY, currently at 0.65% APY. Consumers are limited to six withdrawals a month with a BanesGrow account. Transactions that exceed the monthly withdrawal limit have a fee of $ 10 each. A minimum deposit of $ 100 is required to open a BanesGrow account, but you will need to maintain a daily balance of at least $ 300 to avoid a $ 15 monthly maintenance fee.

Money market

A BanesFlex money market account also earns 0.65% APY, but requires a minimum deposit of $ 2,500. You must also maintain a minimum daily balance of $ 2,500 or pay a monthly maintenance fee of $ 15. This hybrid checking / savings account allows up to six checks or withdrawals per month. Excess transactions have a fee of $ 10 each.

CDs

Another way to maximize your savings at Banesco USA is through your certificates of deposit. BaneSmart CDs offer high-yield interest in exchange for keeping your money in the bank for the long term. The CDs are available in five durations ranging from six months to 36 months. A minimum deposit of $ 1,500 is required to open a CD account through the bank.

Like most banks, Banesco USA charges an early withdrawal penalty for withdrawing its funds before a CD matures. The penalty ranges from seven days of interest to 540 days of interest, depending on the length of the term.

Unlike CDs from many other banks, BaneSmart CDs limit your ability to accrue compound interest if you select a longer term. As the bank’s website states: “For periods of more than 12 months, the APY cannot remain in the deposit and payment is required.”

Other accounts and services

In addition to its personal banking products, Banesco USA offers a number of loan solutions and a range of business products and services, including:

  • Mortgage loans
  • Car loans
  • Boat loans
  • Trade current accounts
  • Business savings accounts
  • Business money market accounts
  • Business Certificates of Deposit (CD)
  • Business loans
  • Cash management solutions
  • Commercial services

Distinctive features

For its online banking customers, Banesco USA offers an additional level of security through its Banesco Digital Token. Located within the bank’s mobile app, the digital token allows you to generate a single, single-use key for secure online transactions.

Access on the go

Banesco USA offers easy access to your accounts through its website and mobile app, available for iOS and Android.

The Banesco USA app gets 4.8 out of 5 stars on the Apple App Store and 4.5 out of 5 stars on Google Play. The mobile app allows you to manage your accounts, transfer funds, deposit checks and pay bills. It also includes free access to the FICO credit score.

Through BanescoVoice, customers can get automated bank access by phone 24 hours a day, every day, by calling 1-888-228-1576. You can check your balance and account history, transfer money, make payments, and more. If you want to talk to someone, you can call 1-888-228-1597 during business hours (Monday to Friday, 8:30 a.m. to 5:00 p.m.). Customer service is also available by emailing customerservice@banescousa.com.

Banesco USA customers have access to more than 55,000 free ATMs worldwide through the Allpoint ATM network. The bank charges $ 2 per transaction for using the ATM offline. Keep in mind that the ATM owner is likely to charge you a small fee as well.

Pros

  • Competitive APY in savings products
  • Great network of ATMs free of charge
  • Highly valued mobile banking application
  • Current accounts that come with unlimited checks and debit card

Cons

  • For some accounts, minimum deposit requirements are higher than other banks
  • You must meet the account balance requirements to avoid monthly contributions
  • Just a handful of local branches, in South Florida and Puerto Rico

How Banesco USA accumulates

Banesco USA is a typical traditional bank that can be a good choice for Florida residents who want to earn a high APY on deposit accounts. Some of your accounts require higher minimum deposits than other banks and require you to meet balance requirements to avoid costly monthly maintenance fees.

If you live in the Miami area and are looking for a local bank that offers online and mobile banking, Banesco USA is a decent choice. But most online banks offer similar services without giving you so many hoops for free banking.

Frequently Asked Questions (FAQ)

Is Banesco USA FDIC insured?

Yes, Banesco USA is insured by the FDIC (FDIC certificate No. 57815). The federal government insures Banesco USA banking products up to $ 250,000 per depositor, for each category of account ownership. FDIC insurance protects your money in the event of a bank failure.

How do I open a Banesco USA account?

Some Banesco USA accounts, such as savings accounts, money market accounts, and CDs, can be opened in person or online through the bank’s website. For other products, you may need to call Banesco or visit a branch.

To open an account, you’ll need to provide some personal information to verify your identity, including a government-issued ID, your physical address, your Social Security number, and your date of birth.

Where is Banesco USA?

Banesco USA currently has four South Florida branches in Adventure, Coral Gables, Hialeah and Miami, and one more office in Miami will open in 2022. There is also one in San Juan, Puerto Rico.




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