Black-Owned Bank in AL and GA

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Citizens Trust Bank: Overall Bank Rating

Citizens Trust Bank: Pros and Cons

You may like the CTB Direct Checking Account if you’re just looking for a basic checking account. It’s easy to waive the monthly service fee, and Citizens Trust Bank doesn’t require you to keep a minimum balance.

The bank has several other checking accounts to choose from, too. Some may be better for you if you tend to maintain a high balance, make frequent debit card purchases, or write checks.

Citizens Trust Bank Personal Savings could be a good savings account if you’re banking in person. But if you’re banking online, you can find savings accounts that pay significantly higher rates and don’t charge monthly service fees.

Per federal regulations, most savings accounts limit to you to six transactions per month before penalizing you. But Citizens Trust Bank Personal Savings only lets you make three withdrawals per quarter — much less often than other accounts — before charging you $3 per excess transaction. 

You’ll only need $500 to open a CD with Citizens Trust, which is less than what most banks require. Citizens Trust Bank CD rates low compared to other brick-and-mortar banks’ CD rates. If you choose an online bank, you can also earn a significantly better rate.

Money market accounts are similar to savings accounts, except they make it easier to access your money by sending you a debit card or paper checks. The Citizens Trust Bank Money Market Account sends you a debit card, so you don’t have to transfer money to your checking account before spending it.

You may prefer the Citizens Trust Bank Money Market Account to the savings account, because you can make up to six withdrawals per month instead of three per quarter.

How Does Citizens Trust Bank Work?

Citizens Trust Bank is designated as a minority-led credit union (MDI) by the FDIC. The FDIC defines an MDI as “a federal insured depository institution for which (1) 51% or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority.”

Citizens Trust Bank is a Black-owned bank with five branches in Georgia and two in Alabama. If you don’t live near a branch, you can open an online account from anywhere in the US.

The bank only has free ATMs in areas with branches. Citizens Trust Bank won’t charge you a fee for using an out-of-network ATM, but an ATM provider might.

The bank’s mobile app has 4.7 out of 5 stars in the Apple Play store and 3.6 out of 5 stars in the Google Play store.

You can speak with a customer service agent by calling Monday through Friday, 8:30 a.m. to 6 p.m ET.

Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.

The Role of Black-led Financial Institutions

There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.

According to a Citizens Trust Bank report, the bank provided over $27 million in residential mortgage lending to people of color in 2021. 

Citizens Trust Bank also has financial education resources. The bank has an online Financial Education Center that covers a variety of personal finance topics, like rebuilding credit and planning for retirement. 

Citizens Trust Bank is certified as a community development financial institution (CDFI). Banks have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers to receive CDFI designation. 

Is Citizens Trust Bank Trustworthy?

The BBB evaluates trustworthiness based on factors like responses to customer complaints, truthfulness in advertising, and transparency about business practices. The BBB gives Citizens Trust Bank a C- rating because it has failed to respond to three customer complaints on the BBB website. 

Citizens Trust Bank doesn’t have any recent public scandals. Some other brick-and-mortar banks in Georgia and/or Alabama, including Wells Fargo and Bank of America, face reports of racial discrimination.

Citizens Trust Bank review vs. Liberty Bank and Trust review

Both of these banks have branches in Alabama and online. You may prefer Liberty Bank and Trust if you’re searching for more competitive CD rates.

Citizens Trust Bank offers more checking accounts than Liberty, so you might find one that better suits your needs.

Citizens Trust Bank review vs. Credit Union of Atlanta review

Credit Union of Atlanta only has one branch in Atlanta. If you want to bank online or have access to more locations, you’ll want to go with Citizens Trust Bank. But if you want a more local experience, you might like this credit union.

There are several ways to join Credit Union of Atlanta, including working for the city government, teaching in Atlanta public schools, and being a member of certain religious congregations, to name a few.

Citizens Trust Bank: Frequently Asked Questions