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Carver Federal Savings Bank: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 4.25 |
| CD | 3.25 |
| Money market account | 3.25 |
| Trustworthiness | 3 |
| Total score | 3.5 |
Carver Federal Savings Bank: Pros and Cons
| Pros | Cons |
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Carver Federal Savings Bank Savings Account - Product Name Only
You may like the
Carver Federal Savings Bank Community Free Checking - Product Name Only
The
Carver Federal Savings Bank Certificate of Deposit - Product Name Only
Carver pays decent rates on CDs. However, you can earn more with online banks.
Carver State Bank Money Market Account - Product Name Only
The
How Carver Federal Savings Bank Works
Carver Federal Savings 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."
Carver Federal Savings Bank is located in New York and has branches in Brooklyn, Manhattan, and Jamaica. It has two free ATMs in Manhattan, but you also have access to 55,000 free Allpoint ATMs around the US.
The Carver Federal Savings Bank mobile app has 4.7 out of 5 stars in the Apple store and Google Play store.
To contact customer support, call Monday through Friday from 7 a.m. to 11 p.m. ET, or weekends from 9 a.m. to 5 p.m. Or fill out an online form.
Your deposits are FDIC insured for up to $250,000, or for up to $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.
Carver Federal Savings Bank has provided about $23 million in loans to minority- and women-owned small businesses through partnerships like the MTA Small Business Mentorship Program.
Carver Federal Savings Bank is also 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 Carver Federal Savings Bank Trustworthy?
The Better Business Bureau gives Carver Federal Savings Bank an F grade. The BBB measures trustworthiness by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.
The BBB cites Carver's failure to respond to customer complaints on the BBB website for its F grade. But there have only been five complaints in the past three years, so you may want to take this BBB grade with a grain of salt.
Carver Federal Savings Bank doesn't have any public controversies, which may make you feel good about the company. But if the BBB grade worries you, you might want to read online reviews or ask friends and family members about their experiences with Carver.
Carver Federal Savings Bank vs. Industrial Bank
Your choice between Carver Federal Savings Bank and Industrial Bank could come down to location. If you live in Brooklyn or Jamaica, Carver is the clear choice. However, if you like in Harlem or Parkview, you may prefer Industrial.
Carver has a free checking account, but Industrial is competitive with its Kasasa accounts. Kasasa partners with small banks to provide competitive accounts. You may qualify for a high-yield savings, high-yield checking, or cash-back checking account at Industrial.
Carver Federal Savings Bank vs. OneUnited Bank
OneUnited Bank doesn't have branches in New York, but you can open an account online from anywhere in the US. So if you're comfortable banking digitally, it could be a good fit.
OneUnited has a free checking account with early direct deposit so you can receive your paycheck up to two days early. If you're looking for CDs, Carver Federal Savings Bank has higher rates than OneUnited Bank.
Carver Federal Savings Bank: Frequently Asked Questions
Where is Carver Federal Savings Bank located?
Carver Federal Savings Bank has seven branches in New York. You can find locations in Brooklyn, Jamaica, or New York City.
Is Carver Federal Savings Bank safe?
Yes, Carver Federal Savings Bank is federally insured by the FDIC. Up to $250,000 per depositor is secure per depositor in a bank account.
Is Carver Federal Savings Bank a good bank?
Carver Federal Savings Bank might be a good option if you'd like to open a free checking account at a local bank.
If you're searching for a savings account or money market account that doesn't have monthly service fees or minimum balance requirements, you might prefer another financial institution.