If you’re looking for a reliable and secure bank with a range of products and services to choose from, Apple Bank may be a good option for you. In this article, we’ll take a closer look at the features and benefits of this bank, including its history, account types, fees, and more.
History and Overview of Apple Bank
Apple Bank was founded in 1863 as Haarlem Savings Bank, making it one of the oldest banks in the United States. It is headquartered in New York City and has over 70 branches across the metro area. In 2013, Haarlem Savings Bank rebranded as Apple Bank, reflecting its focus on modern banking services.
Account Types and Features
Apple Bank offers a range of personal and business banking products and services, including checking and savings accounts, CDs, loans, and credit cards. Here are some of the key features of each account type:
Personal Accounts
Checking Accounts
Apple Bank offers several checking account options, including the following:
- Apple Advantage Checking: This account offers unlimited check writing, no monthly maintenance fees, and free online banking and bill pay. To avoid a monthly fee, you need to maintain a minimum daily balance of $2,500 or have a combined balance of $10,000 in Apple Bank accounts.
- Basic Checking: This account is designed for customers who want a simple checking account without any bells and whistles. There is no monthly maintenance fee, but you are limited to six transactions per month.
- Golden Apple Checking: This account is available to customers aged 60 and over and offers the same benefits as Apple Advantage Checking with no minimum balance requirement.
Savings Accounts
Apple Bank offers several savings account options, including the following:
- Statement Savings: This account offers competitive interest rates and no monthly maintenance fee if you maintain a minimum daily balance of $500.
- Apple Money Market Savings: This account offers higher interest rates than the Statement Savings account and tiered interest rates based on your balance. There is a monthly maintenance fee of $15 if your balance falls below $2,500.
CDs
Apple Bank offers CDs with terms ranging from three months to five years. The minimum deposit required is $1,000, and interest rates are competitive.
Business Accounts
Apple Bank offers a range of business banking products and services, including checking and savings accounts, loans, and credit cards. Here are some of the key features of each account type:
Business Checking
- Basic Business Checking: This account is designed for small businesses with low transaction volumes. There is no monthly maintenance fee, but you are limited to 100 transactions per month.
- Analyzed Business Checking: This account is designed for businesses with high transaction volumes. There is a monthly maintenance fee of $20 plus a per-item fee for each transaction.
Business Savings
- Business Savings: This account offers competitive interest rates and no monthly maintenance fee if you maintain a minimum daily balance of $500.
Business Loans and Lines of Credit
- Small Business Administration (SBA) Loans: Apple Bank is a preferred SBA lender and offers a range of SBA loan programs to help small businesses get the financing they need.
- Commercial Mortgages: Apple Bank offers commercial real estate loans for owner-occupied properties and investment properties.
- Business Lines of Credit: Apple Bank offers revolving lines of credit for businesses that need flexible financing options.
Fees and Charges
Apple Bank charges fees for certain transactions and services, such as wire transfers, overdrafts, and stop payments. However, many of its accounts offer no monthly maintenance fee if you meet certain requirements, such as maintaining a minimum daily balance or setting up direct deposit. It’s important to review the fee schedule before opening an account to avoid any surprises.
Online and Mobile Banking
Apple Bank offers online and mobile banking services that allow customers to manage their accounts, pay bills, and transfer money from anywhere. Here are some of the key features of its digital banking services:
- Online Banking: Apple Bank’s online banking platform allows customers to view account balances, transfer money, pay bills, and set up alerts. It’s accessible from any computer or mobile device with internet access.
- Mobile Banking: Apple Bank’s mobile app offers many of the same features as its online banking platform, as well as mobile check deposit and fingerprint authentication.
- Online and Mobile Bill Pay: Customers can use Apple Bank’s online and mobile banking services to pay bills electronically, avoiding the need for paper checks and stamps.
Security and Fraud Prevention
Apple Bank takes security and fraud prevention seriously and offers several measures to protect its customers’ accounts, including:
- Two-Factor Authentication: Apple Bank requires customers to verify their identities with a second factor, such as a code sent via text message, when logging in from a new device.
- Fraud Monitoring: Apple Bank monitors its customers’ accounts for suspicious activity and will notify them if it detects any fraudulent transactions.
- Chip-Enabled Cards: Apple Bank’s debit and credit cards are equipped with EMV chips that provide an extra layer of security when making purchases.
Customer Service and Support
Apple Bank offers customer service and support through several channels, including:
- Phone Support: Customers can call Apple Bank’s customer service line for assistance with their accounts or to report fraud or suspicious activity.
- Branches: Apple Bank has over 70 branches across the New York City metro area, where customers can speak with a representative in person.
- Online Support: Apple Bank’s website includes a comprehensive FAQ section and resources to help customers manage their accounts.
Conclusion
Overall, Apple Bank offers a range of personal and business banking products and services that cater to a variety of needs. Its online and mobile banking services make it easy to manage your accounts from anywhere, and its security measures and fraud prevention tools provide peace of mind. However, it’s important to review the fee schedule and account requirements before opening an account to ensure that it meets your needs and budget.
FAQs
- Does Apple Bank offer online account opening?
- Yes, Apple Bank offers online account opening for personal checking and savings accounts.
- Does Apple Bank charge fees for wire transfers?
- Yes, Apple Bank charges fees for domestic and international wire transfers.
- Can I open a business account with Apple Bank if I don’t live in the New York City area?
- Yes, you can open a business account with Apple Bank regardless of your location, but you may need to visit a branch to complete the account opening process.
- What is the minimum deposit required to open a CD with Apple Bank?
- The minimum deposit required to open a CD with Apple Bank is $1,000.
- Does Apple Bank offer mobile check deposit?
- Yes, Apple Bank’s mobile app allows customers to deposit checks by taking a photo with their smartphone.
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