Choosing the bank that you do business with is a pretty big decision. Whether you are just opening a personal saving account or managing money for a corporation, your choice can have big impacts. You have to choose a bank that offers all of the products you need so you don't have to deal with multiple financial institutions. Having everything at one bank is ideal.
In addition, you need to be able to trust that the bank can handle your money reliably and responsibly. You want to know that you can contact them and get help when you need it. It is also important that the bank offers a lot of ways to manage your money and accounts. You want to be able to see your account balances and manage things easily without having to make the trip out to a bank branch.
We want to help you learn more about Whitney Bank, which is now part of the Hancock Whitney Corporation. We will offer a look at the bank's history and how it came to be the financial institution it is today. We will also take a look at the products and services the bank offers, along with looking into what customers think are the good and bad points about banking with this institution. Finally, we will compare Whitney Bank to a few other banks that operate in the same region.
About Whitney Bank
Whitney Bank is now part of Hancock Whitney Corporation. This name change comes as part of many mergers and acquisitions through the bank's history. Most recently, the bank was under the Hancock Holding Company. Its headquarters are located in Gulfport, Mississippi, but the bank has branches throughout Mississippi, Alabama, Florida, Louisiana and Texas. It also has a loan production office in Nashville, TN.
The bank can trace its roots to the late 1800s. In 1899, the Hancock County Bank was established in Mississippi. It expanded in 1902 to more locations within the state. It continued to do well, and after the stock market crash and throughout the Great Depression, it actually thrived. When many other banks were closing, Hancock actually had to open a new branch to ensure service for communities that had lost their other banking options.
The bank continued to grow and acquire other banks. There were quite a few acquisitions in the 1990s and into the new millennium. In December of 2010, Hancock Bank combined with Whitney Bank to form the current structure.
These two banks operate well together because they were both founded on the idea of hometown banking and having strong community ties. They both share a deep history with the people and communities they serve as this newly joined bank. The bank remains dedicated to continued growth and development, moving and changing with the times and meeting customers' needs.
Whitney Bank Products and Services
The products and services of the bank are pretty standard — they are exactly what you would want to find at a financial institution. The bank works with personal, business and corporate accounts.
Personal banking products are the most extensive since the majority of people will want personal accounts. The bank offers several checking account options to meet the needs of various consumers. These include Access Checking, which is a basic checking account. You also have a second account option, Connect Checking, or an interest-bearing option with Priority Checking.
Moving on, there are several available savings accounts structures. There is the basic savings account option, Silver Savings, which has no minimum balance requirement. You can start a Christmas Club Savings, which allows you to save money all year that cannot be touched until it is automatically transferred to your checking account in November of each year. The bank also offers money-market accounts with competitive interest rates and priority services. Other savings options include certificates of deposit, which have terms ranging from seven days to seven years, and individual retirement accounts.
Loans are another popular product for the bank. It offers the following types of loans, including both secured and unsecured options:
The bank also has credit cards. The Visa Platinum card offers one percent cash back in rewards. It also offers new customers a zero percent introductory APR. Some customers may qualify for a low introductory rate instead of 1.9 percent instead of the interest-free period.
If you have a need to exchange money for a different currency, the bank can help with that. It offers foreign currency exchange immediately at some branches or within 24 to 48 hours at other branches.
Overdraft protection services are also available to help you manage your accounts and avoid excessive fees for overdrawing your account. A few options for this protection include:
To ensure that you can always manage your banking and stay on top of what is happening with your money, the bank offers both online and mobile banking. You can use these services to do many things, from making deposits and transferring money to paying bills and applying for new financial products.
Small business products mirror the personal banking options. The following are available for small businesses:
The online and mobile banking services are also available for small-business account management.
Corporate banking has some more advanced products and services to meet the special needs of larger businesses. Options for corporations include:
The bank also provides wealth management through a dedicated financial team. These services can be used for private wealth management; the team can assist with financial planning, estates and investments. In addition, wealth management is available for corporate underwriting and investment services.
The costs for banking products from Whitney will vary greatly. Costs will include interest rates, fees you may be charged, money you need up-front to open accounts and other costs required in maintaining the account. Exactly what you pay is really based on many factors: the type of account, for example. However, your credit score may also have an effect.
In addition, the economy and current interest rates can play a role. For example, for a home loan, the bank requires money down, followed by interest charges and monthly payments. Credit cards will charge interest and require monthly payments. When looking at checking and savings, the main costs will be how much you must have as an initial deposit, how much you must keep in the account and then fees you could be charged. Here's an idea of how fees are handled for some of the personal accounts the bank offers.
Access Checking: There is a monthly service fee of $10 unless you meet one of the following conditions:
It also costs at least $50 to open this account.
Connect Checking: This account option will come with a monthly fee of $25 unless you meet one of the following conditions:
Priority Checking: You will have a $21 monthly fee unless you have:
Silver Savings: This account requires a $100 minimum initial deposit. You will see a $3 monthly fee unless you meet one of these conditions:
Christmas Club Savings: The only cost here is what you deposit. You have to start the account with at least $5.
Money Market: This type of account does accrue interest. You have to maintain a minimum balance of $2500 or you will have a $10 monthly service charge.
Priority Money Market: Again, this accrues interest. However, to get the premium interest rates, you must link it with a checking account. In any case, interest is not earned until you have a $25,000 balance. You have to open this with at least $100. You will see a $25-per-month service charge unless to keep a balance of $25,000.
Certificate of Deposit: There are no service charges or fees on this type of account, but you do need to deposit a minimum of $1,000 to open the account.
Individual retirement account: You will see a service charge of $5 a month unless you maintain a $100 balance.
Do be aware that fees and charges can change at any time. The bank may raise fees or add additional ones at its discretion. In addition, interest rates change often. These changes could affect your accounts depending on the types you have.
As you are shopping for a bank, it can help to look at all your options. This helps ensure that you have found the right bank to suit your needs. We present below a quick comparison of Whitney Bank to three other banks operating in the same region.
This bank has a nice coverage area in the Gulf Coast region. It has always been located in this area so it has strong community ties. As far as products and services, it offers a nice selection of options and products that should suit most consumers' needs. However, it does have quite a few complaints about customer service and excessive fees.
Products and Services:
This bank is more limited in locations than Whitney. It is very concentrated in a three-state range. It does offer similar products and services, which should suit most consumers well. Origin does much better with taking care of its customers, but it doesn't offer services to corporations or offer wealth-management services.
Products and Services:
This bank actually services a larger area, which can be much better for someone who travels more — or for someone who does not live in Louisiana where the majority of Whitney's branches are located. It also does well with services, offering all the same options as Whitney. In addition, it offers online and mobile banking.
Products and Services:
PRODUCTS & SERVICES
Pros And Cons
Here is a look at the good and bad things customers are saying when it comes to Whitney Bank. We made sure to remove bias and only focus on the consistent remarks left in reviews.
Whitney Bank has a very long history and has done well in serving the Gulf Coast region. However, we docked a star because it seems it is seeing some growing pains at the expense of its customers. Ever since the merger that created Hancock Whitney Corporation, it seems customer service is lacking and customers are leaving the bank due to excessive fees. Be aware of these two issues if you are considering this bank.