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About Bank of the West
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Bank of the West, acquired by BMO in February 2023, is a full-service financial institution headquartered in San Francisco, California. It offers personal banking, business banking, investments and wealth management services to residents of 19 states. It’s most known for its 1% for the Planet checking account, which gives 1% of profits to environmental nonprofits.
Pros & Cons
- Full range of banking products
- Sustainable checking account available
- Over 40,000 ATMs nationwide
- Just integrated with BMO for more nationwide access
- Only available in 19 states
- Low interest rates on savings accounts
- Most accounts have monthly fees
Featured Reviews
The bankers are very good, honest people you can work with and trust with your money. I have multiple accounts with the bank. Online banking is excellent. Financed my mortgage thr...
Read full reviewI use Bank of the West for daily banking, an RV loan and a mortgage. I am greeted by name as I enter the bank, have my problems listened to and solutions offered. Fantastic bank w...
Read full reviewWhat is Bank of the West?
Bank of the West is a regional financial institution that started in California and has since worked its way across 19 states. The bank has in-person branch locations and provides customers with a wide selection of products, such as checking accounts, savings accounts, business accounts, online banking, mortgages, CDs and loan options.
It’s most known for its focus on sustainability and is often praised for its 1% for the Planet checking account, which helps customers track their carbon footprint and gives back to environmental nonprofits.
How does Bank of the West work?
You can sign up for most Bank of the West accounts online. However, you’re only eligible for an account if you live in one of these states:
- Arizona
- California
- Colorado
- Idaho
- Iowa
- Kansas
- Minnesota
- Missouri
- Nebraska
- Nevada
- New Mexico
- North Dakota
- Oklahoma
- Oregon
- South Dakota
- Utah
- Washington
- Wisconsin
- Wyoming
Once you open an account, Bank of the West offers a variety of services and features. Its ATMs allow customers to withdraw cash and make deposits, while its mobile app provides access to account balances, Zelle payments and more. For added security, Bank of the West accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor.
Bank of the West products and services
You’ll find multiple products and services at Bank of the West, including checking accounts, savings accounts and CDs, credit cards, and loans.
Bank of the West checking accounts
Bank of the West offers three checking accounts—Any Deposit Checking, 1% for the Planet and Premier Checking. All accounts have monthly fees that can be waived if you meet certain activity or balance requirements.
Any Deposit Checking
1% for the Planet
Premier Checking
Bank of the West savings accounts
Bank of the West has one savings account: Classic Savings. It earns a low interest at the time of publishing, and there’s a $5 fee. Its Choice Money Market account has a $15 monthly fee with tiered interest rates that range depending on your balance and relationship status with the bank. These fees are accurate as of the time of publishing.
Bank of the West's Classic Savings account offers a low interest rate of 0.01%. For those with higher balances, the Choice Money Market Account may be more attractive due to tiered interest rates that range from 0.02% to 1.1%. Rates are accurate as of the time of publishing.
Both monthly fees can be waived when you meet one of three account requirements, including maintaining an average monthly balance or setting up auto-save transfers from your Bank of the West checking account.
Bank of the West CDs
Certificates of deposit (CDs) are a great way to lock in a fixed interest rate for a set period of time. At Bank of the West, you have three types of CDs and several term options to choose from.
Flexible-Term CDs
Premium CDs
IRA CDs
Bank of the West business bank accounts
If you’re a small business owner, Bank of the West also has several products to suit your needs. You’ll find a business checking account, as well as merchant services, business lending, business credit cards and more.
Bank of the West credit cards
Bank of the West has several Mastercard credit cards for both business and personal use, including a cash-back card and secured card if you’re building credit. All credit cards and debit cards come with Mastercard’s zero fraud liability protection.
Bank of the West loans
You’ll find mortgages, car loans, RV loans, boat loans and home equity loans at Bank of the West. Many come with discounts for setting up automatic payments from a Bank of the West checking or savings account.
Bank of the West investments
Investment accounts and portfolio management are two more services offered by Bank of the West. There is a range of accounts you can open, including IRAs, brokerage accounts and trusts.
Bank of the West fees
Bank of the West accounts come with quite a few fees. Checking account fees range from $10 to $25, while savings account fees range from $5 to $15 at the time of publishing. All of these monthly fees can be waived when you meet certain requirements, such as being age 25 or under, making one deposit per month or maintaining a minimum average balance.
In addition, Bank of the West charges for the following:
- $35 for overdrafts, up to five times per day; no fee if you overdraft by $5 or less; you get one overdraft refund per year
- $3 for nonnetwork ATM withdrawals, balance inquiries and transfers
- $15 for incoming wire transfers
- $17 to $50 for outgoing wire transfers, depending on whether it’s international or domestic, and initiated online or by phone
- $3 paper statement fee
- $3 for debit card cash advance withdrawals
Bank of the West FAQ
Does Bank of the West use Zelle?
Bank of the West does use Zelle, a digital payment service that allows customers to quickly and securely transfer money with just an email address or phone number.
What happened to Bank of the West?
BMO acquired Bank of the West in February 2023. If you have an existing Bank of the West account, it should be fully transitioned over to BMO by Labor Day 2023.
Can I use BMO ATMs if I have a Bank of the West debit card?
If you’re an existing Bank of the West customer, you get free access to BMO’s ATM network, effective immediately. However, you won’t be able to use a BMO branch until your account is moved over. This is expected to be completed by Labor Day 2023.
Where is Bank of the West available?
Right now, Bank of the West is available in these 19 states: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming. However, this might change once it fully integrates with BMO.
Is Bank of the West legit?
Bank of the West is a legitimate financial institution. It’s FDIC-insured through BMO Harris Bank, which is one of the largest banks in North America and serves over 12 million customers.
Through Labor Day 2023, all Bank of the West accounts are being migrated into BMO accounts, so only time will tell how its current products and offerings will change. But right now, it’s a good fit for anyone who likes to bank online but still wants the option to pop by a local branch when they need help.
Bank of the West Reviews
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Bank of the West Company Information
- Company Name:
- Bank of the West
- Website:
- www.bankofthewest.com