The State Exchange Bank Review

Founded with a mission to support local enterprises and consumers alike, The State Exchange Bank has made a name for itself by prioritizing personalized banking solutions. Whether you’re looking for a trustworthy place to manage your savings or seeking funding for a small agricultural venture, their offerings have something for everyone. With a blend of consumer and commercial banking services, they strive to foster financial growth within their communities.

This review will explore the various services provided by The State Exchange Bank, from checking accounts to credit options, and evaluate the benefits and drawbacks associated with becoming a customer. By comparing its features to other banks, this article aims to help you determine if The State Exchange Bank is the right fit for your financial needs.

About The State Exchange Bank

The State Exchange Bank, chartered in 1887, stands as Jewell County, Kansas’s only locally-owned bank. It offers a wide range of financial services, including free personal checking and savings accounts. For those in agriculture and business, specialized commercial loans are also available.

Customers of The State Exchange Bank enjoy the convenience of online banking. New accounts can be opened online by selecting a banker and submitting personal details, with approvals often given instantly. This bank is known for its strong commitment to local decision-making and enhancing community involvement.

The bank leverages its history and experience to provide top-tier customer service. It prides itself on being a true community bank with full-service banking solutions tailored to local needs. Whether through automatic alerts for account activity or transferring funds between accounts, this FDIC-insured bank ensures customer security and satisfaction.

What Does The State Exchange Bank Offer?

As a proud, locally-owned entity, it aims to offer excellent banking services. Customers benefit from round-the-clock access to their accounts. This is possible through internet banking, telephone banking, or ATMs. The bank’s online system is state-of-the-art, providing a sleek and user-friendly way to handle financial assets anywhere.

Opening an account is quick and can be done online in just a few minutes. Customers can gain instant approval and start making deposits right away.

Consumer Banking

The State Exchange Bank offers advanced consumer banking features. Customers can easily transfer funds between their accounts using the Account-to-Account transfer option available on both Consumer Online and Mobile Banking platforms. Safety is key here. As a member of the FDIC, this bank insures deposits up to $250,000 per depositor.

Commercial and Agriculture

The State Exchange Bank offers a wide range of loans for agriculture and commerce. Understanding the community, the bank provides personalized solutions to meet both commercial and agricultural needs. Its strong roots in Jewell County allow it to offer expert services to the agriculture and business sectors effectively.

Consumer Banking Products

The State Exchange Bank offers a wide range of products and services tailored to meet the needs of modern consumers. With advanced bank technology, customers enjoy instant access to their funds through secure online banking platforms. Whether depositing checks, transferring funds between accounts, or managing debit cards, customers have a wealth of options at their fingertips. All banking products are FDIC-insured, ensuring funds protection. The bank also focuses on fraud prevention, using tools to protect debit cards from unauthorized activities.

Checking

The State Exchange Bank provides checking accounts for all customers, including a student checking account. This account is tailored for students who need easy access to their funds without high fees. However, certain accounts may come with maintenance fees, especially if balances fall below a set amount. Most accounts require a minimum opening deposit. Customers can access assistance through various support options and have the convenience of eStatements. This digital option keeps their banking information secure and organized, reducing clutter.

Personal Debit Cards

Exchange State Bank offers personal debit cards that simplify daily transactions. With tap-to-pay technology, shopping becomes quicker. Users can manage their debit cards with tools like Card Valet, allowing them to control card use efficiently. By turning the card on or off instantly and receiving alerts, customers gain peace of mind. Plus, debit card usage between October and December can enter a promotion to win a $500 Shazam gift card. Mobile deposit services also allow customers to deposit checks any time of day.

Savings, CDs, and IRAs

Raisin connects customers with a variety of savings products, including high-yield savings accounts (HYSA) and certificates of deposit (CDs). These options typically offer higher interest rates than traditional accounts, benefiting those who save. Money market accounts (MMA) provide flexibility for withdrawals and a varying interest rate. Raisin partners with FDIC-insured banks and NCUA-insured credit unions, ensuring the safety of deposits. These products help banks and credit unions reach a wider audience, offering competitive rates on their savings vehicles.

Personal Credit Cards

The State Exchange Bank offers personal credit cards as part of its consumer lending options. These cards provide convenient access to credit for daily purchases and are easy to apply for online. Users can manage their credit cards through the bank’s mobile app, tracking spending and making payments with ease. This service is secure and FDIC-compliant, ensuring customer confidence. Along with credit cards, the bank offers a suite of financial products, including loans and various accounts, to meet diverse consumer needs.

Agriculture and Commercial Banking Products

The State Exchange Bank, established in 1887, is a full-service community bank dedicated to serving Jewell County. The bank offers a wide range of agricultural and commercial loans tailored to meet the diverse needs of its customers. With deep roots in the local community, the bank focuses on providing locally-focused financial services. Individual and business clients benefit from services like free personal checking and savings accounts. Understanding local businesses and agriculture is key to the bank’s success. The emphasis on community support highlights its commitment to fostering local business growth and agricultural development.

Business Checking

The State Exchange Bank provides a variety of business checking account options to suit local businesses. These accounts feature competitive rates and low-fee structures. Customers can even earn interest on their account balances. Being the only locally owned bank in Jewell County, it builds strong community relationships. For those interested, all account options are easily accessible on The State Exchange Bank’s website.

Business Debit Cards

Business users at The State Exchange Bank can enjoy debit cards with tap-to-pay convenience at checkout. These cards offer features like Card Valet, which allows users to instantly turn their cards on or off and get fraud alerts. Managing card activities, such as setting transaction limits and receiving alerts on transactions and merchant types, is simple. Customers have 24-hour access to account and transaction info. Plus, there are exciting promotions like a chance to win a $500 Shazam gift card during special periods.

Business Credit Cards

The State Exchange Bank offers tailored business credit cards as part of its comprehensive services. Business credit cards are easy to manage, thanks to online and mobile banking functionalities. Additional resources like merchant services can link with these transactions to enhance utility. Plus, being FDIC-insured gives added security to all business credit card transactions.

Small Business and Agriculture Loans

The State Exchange Bank is committed to supporting local businesses and farmers through a variety of loans. Established in 1887, the bank emphasizes local investment via agricultural and commercial loans. Options include lines of credit and term loans designed to foster business growth and sustainability. Integration of business and personal banking services simplifies financial management for small business owners. This reflects the bank’s dedication to Jewell County’s economic health.

How to Open an Account at The State Exchange Bank

Opening an account at The State Exchange Bank is simple and convenient. You can start the process online, making it accessible from home. This guide will walk you through the steps you need to follow to open your account with ease.

Step-by-Step Account Opening Process

1. Select a Banker: Begin by choosing a banker from The State Exchange Bank’s website. This step helps you get personalized service right from the start.
2. Provide Initial Details: Enter your full name, email address, and phone number. Don’t forget to include a message about the type of account you wish to open. This information helps the bank understand your needs.
3. Upload Required Documents: You will then be directed to a secure platform. Here, you will need to upload your photo ID and Social Security Number. The bank may also ask for other relevant information or documents.
4. Complete the Process: The entire account opening process is designed to be quick. Most people can complete it in just a few minutes.
5. Instant Approval: After submitting your information, you can typically receive instant approval. This means you can start using your new account almost immediately.
6. Make an Initial Deposit: To activate your account, you must meet the minimum opening deposit requirement. This varies depending on the type of account you choose.

By following these steps, you can easily open an account at The State Exchange Bank. Enjoy the benefits of modern banking with just a few clicks.

The Pros and Cons of The State Exchange Bank

Pros:

Locally Owned: As the only locally owned bank in Jewell County, The State Exchange Bank is dedicated to serving its community.
Wide Range of Services: It offers free personal checking and savings accounts, along with agricultural and commercial loans.
Low-Fee Structure: Many checking accounts feature low fees and allow customers to earn interest, making them attractive.
Online Banking: Customers enjoy easy online access for inquiries, fund transfers, and loan payments, ensuring convenience.
Competitive Rates: Although specific APYs aren’t openly displayed, the bank is said to offer competitive rates.

Cons:

Lack of Transparent APYs: Specific APYs for accounts are not clearly provided on their platforms, making it challenging for potential customers to compare rates easily.

Comparing The State Exchange Bank

This true community bank provides several ways for customers to manage their finances, including Internet banking, telephone banking, and ATMs, all available 24/7.

The bank’s savings account offers a competitive annual percentage yield (APY), requiring only a $10 minimum deposit to open. For those interested in longer-term savings, CDs are available with a minimum deposit of $1,000. Account setup is quick and secure, often with instant approvals.

Comparing The State Exchange Bank with others shows its advantageous features like low opening deposits and convenient online access, appealing to those seeking robust online banking services.

Who is The State Exchange Bank Best For?

The State Exchange Bank is ideal for those seeking a locally owned community bank. It may also benefit:

Individuals Needing Comprehensive Services: Whether it’s personal or business, the bank provides a full range of services.
Savings Enthusiasts: With a competitive 3.6% APY on savings accounts, it’s perfect for those aiming to grow their savings.
Tech-Savvy Users: Enjoy 24-hour account access through online and telephone banking, available every day.

These features ensure convenience for new customers, allowing them to start banking quickly and efficiently. Customers will find that The State Exchange Bank combines tradition with modern banking technology, making it a blend of history and innovation.

Conclusion: Is The State Exchange Bank Right for You?

If you are seeking a true community bank with deep roots, The State Exchange Bank might be right for you. Chartered in 1887, this bank focuses on meeting the financial needs of Jewell County residents. As a locally owned community bank, it offers a full range of banking services that stand out.

Key Features:

Account Options: Enjoy free personal checking and savings accounts with a competitive 3.6% APY.
Loan Services: Access agricultural and commercial loans tailored to local needs.
Convenience: Benefit from 24/7 account access via online banking, telephone banking, and ATMs.
Community Focus: Enjoy personalized services with strong community support.

These features position The State Exchange Bank as an appealing choice for those valuing convenience and personalized service. It’s a full-service bank offering the security of FDIC insurance, ensuring peace of mind. With easy online account opening, you can manage your finances anytime, making it a modern yet traditional banking choice.

Whether you’re focused on savings or need a reliable loan partner, this bank combines technology with local charm.