Alamerica Bank Review: Black-owned Bank That Refunds ATM Fees

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Alamerica Bank: Overall Bank Rating

Alamerica Bank: Pros and Cons

Alamerica Bank Personal Savings Account - Product Name Only

You may like the Alamerica Bank Personal Savings Account if you qualify to waive the $3 monthly service fee.

 But if earning a high rate is a priority, you're better off with an online high-yield savings account.

Alamerica Bank Regular Checking Account - Product Name Only

You may like Alamerica Bank Regular Checking Account if you can waive the $8 monthly service fee. There's no ATM network, but Alamerica refunds up to $10 per month in any fees charged by ATM providers.

If Alamerica Bank Regular Checking Account isn't the right fit, you have a few other checking accounts at Alamerica to choose from.

Alamerica Bank Certificate of Deposit - Product Name Only

The Alamerica Bank Certificate of Deposit is probably the bank's best product. It pays slightly higher rates than the average CD. However, you'll need Alamerica Bank Certificate of Deposit to open an account.

Alamerica Bank Money Market Account - Product Name Only

The Alamerica Bank Money Market Account only requires Alamerica Bank Money Market Account to get started; many banks have a minimum opening deposit of thousands of dollars. But you can earn a significantly higher interest rate at other banks.

How Alamerica Bank Works

Alamerica 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."

Alamerica Bank has one branch in Birmingham, Alabama. It doesn't have an ATM network, but it does refund up to $10 per month in ATM fees when you show receipts at the branch.

To contact customer support, call or email Monday through Thursday from 9 a.m. to 4:30 p.m. CT, or Friday from 9:00 a.m. to 5:00 p.m. CT. Alamerica is closed on weekends.

Alamerica Bank does not have a mobile app.

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

Alamerica Bank has a branch in Birmingham, Alabama. According to the US Census Bureau, over 68% of the city population is Black.

Is Alamerica Bank Trustworthy?

The Better Business Bureau gives Alamerica Bank an A+ rating. A strong BBB grade indicates a company advertises honestly, is transparent about business practices, and responds effectively to customer complaints.

A strong BBB score doesn't guarantee you'll have a great relationship with a bank, though. You may still want to read online reviews and ask friends and family about their experiences with Alamerica, or with any bank you're considering.

Alamerica doesn't have any recent public scandals.

Alamerica Bank vs. Citizens Trust Bank

Alamerica Bank may be better if you use ATMs frequently. Citizens Trust Bank only has a handful of free ATMs, and although it doesn't charge out-of-network ATM fees, it doesn't refund any fees. Alamerica doesn't have a network, but it reimburses up to $10 per month in charges.

Citizens Trust Bank has several types of checking accounts, so you may find one that suits you. It also has a mobile app, so you'll like Citizens Trust if you bank from your phone.

Alamerica Bank vs. Liberty Bank and Trust

Liberty Bank and Trust Corporation is a Black-owned bank with branches in AL, IL, KS, KY, LA, MI, TN, MO, and MS. 

You may like Liberty Bank and Trust if you're comfortable banking digitally. Liberty doesn't have branches in Birmingham (although it does in Montgomery and Eutaw), but you can open an account online.

But if you want to bank in person and receive ATM refunds, you'll prefer Alamerica Bank.

Alamerica Bank: Frequently Asked Questions

Where is Alamerica Bank?

Alamerica Bank has one branch in Birmingham, Alabama.

Is Alamerica Bank safe?

Yes, Alamerica Bank is federally insured by the FDIC. Up to $250,000 is secure in a bank account per depositor.

Is Alamerica Bank a good bank?

You might like Alamerica Bank if you value banking with a local financial institution. However, you'll need to meet certain minimum balance requirements to avoid a monthly service on most accounts.