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Banesco USA is a Florida-based bank that offers 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. Though it shares the brand of Venezuela’s Banesco International, Banesco USA operates independently from the financial group.
This review focuses on Banesco USA’s banking products and services. Here’s a detailed look at what Banesco offers and how it compares to other banks. Account details and annual percentage yields (APYs) are accurate as of April 23, 2024.
Account Basics
Checking
Banesco USA has two checking account options: Personal Checking and the Now Account.
Personal Checking is a standard checking account. It comes with a debit card and unlimited paper checks. The account requires a $100 minimum deposit and carries a $15 monthly fee for balances below the $100 threshold.
The Now account offers identical features to Personal Checking, except it’s an interest-bearing account. It also requires a $100 minimum deposit, but a $1,500 minimum daily balance is required to avoid a $15 monthly fee.
Money Market
A BanesFlex money market account also earns 1.35% APY but requires a $2,500 minimum deposit. You also need to keep a $2,500 minimum daily balance or pay a $5 monthly maintenance fee. This hybrid checking/savings account allows up to six checks or withdrawals each month. Excess transactions carry a $10 fee each.
CDs
Another way to maximize your savings at Banesco USA is through its certificates of deposit. BaneSmart CDs offer high-yield interest in exchange for keeping your money in the bank long term. CDs are available in seven term lengths ranging from three months to 36 months. A $1,500 minimum deposit is required to open a CD account through the bank.
Like most banks, Banesco USA charges an early withdrawal penalty for taking out your funds before a CD reaches maturity. The penalty ranges from seven days’ worth of interest to 540 days of interest, depending on the term length.
Unlike the CDs at many other banks, the BaneSmart CDs limit your ability to build up compound interest if you select a longer term. As the bank’s website puts it: “For terms greater than 12 months, the APY cannot remain on deposit and payout is mandatory.”
Other Accounts and Services
In addition to its personal banking products, Banesco USA offers a few lending solutions and a host of business products and services including:
- Home equity loans
- Auto loans
- Business checking accounts
- Business savings accounts
- Business money market accounts
- Business certificates of deposit (CDs)
- Business loans
- Cash management solutions
- Merchant services
Distinguishing Features
For its online banking customers, Banesco USA provides an extra level of security through its Banesco Digital Token. Located within the bank’s mobile app, the digital token allows you to generate a unique, single-use key to carry out online transactions safely and securely.
Access on the Go
Banesco USA offers easy access to its accounts through its website and its mobile app, available for iOS and Android.
Banesco USA’s app gets 4.7 out of 5 stars in the Apple App Store and 4.7 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 comes with free FICO credit score access.
Through BanescoVoice, customers can get automated banking access by phone 24/7 by calling 1-888-228-1576. You can check your balances and account history, transfer money, make payments and more. If you want to speak to a person, you can call 1-888-228-1597 during business hours (Monday through Friday, 8 a.m. to 6 p.m.). Customer support is also available by emailing [email protected].
Banesco USA customers have access to over 55,000 fee-free ATMs worldwide through the Allpoint ATM network. The bank charges $2 per transaction for out-of-network ATM use. Keep in mind you’ll likely get charged a small fee by the ATM owner too.
Pros
- Competitive APYs on savings products
- Large fee-free ATM network
- Highly-rated mobile banking app
- Checking accounts that come with unlimited checks and a debit card
Cons
- No savings account offered
- For some accounts, higher minimum deposit requirements than other banks
- Must meet account balance requirements to avoid monthly fees
- Only a handful of local branches, in South Florida and Puerto Rico
How Banesco USA Stacks Up
Banesco USA is a typical traditional bank that might be a good choice for Florida residents who want to earn high APY on deposit accounts. Some of its accounts require higher minimum deposits than other banks and require you to meet balance requirements to steer clear of costly monthly maintenance fees.
If you live in the Miami area and are looking for a local bank offering online and mobile banking services, Banesco USA is a decent choice. But most online banks offer similar services without making you jump through as many hoops for free banking.
Frequently Asked Questions (FAQs)
Is Banesco USA FDIC insured?
Yes, Banesco USA is FDIC insured (FDIC certificate No. 57815). The federal government insures banking products from Banesco USA up to $250,000 per depositor, for each account ownership category. FDIC insurance protects your money in the event of a bank failure.
How do I open an account at Banesco USA?
Some Banesco USA accounts, like money market and CD accounts, can be opened in person or online through the bank’s website. For other products, you may be required 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, Social Security number and date of birth.
Where is Banesco USA located?
Banesco USA currently has four South Florida branches in Aventura, Coral Gables, Hialeah and Miami, with one more Miami location set to open in 2022. There’s also one branch in San Juan, Puerto Rico.
