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Industrial Bank: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Checking | 3 |
| Savings | 3.5 |
| CD | 3.5 |
| Money Market Account | 3.5 |
| Trustworthiness | 3 |
| Total: | 3.5 |
Industrial Bank: Pros and Cons
| Pros | Cons |
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Industrial Bank Statement Savings Account - Product Name Only
The
Industrial Bank Personal Checking Account - Product Name Only
The
You'll need to maintain at least $500 in your account to waive the
Industrial Bank CD - Product Name Only
Industrial Bank CDs pay about the same as the average CD. But if you want to earn the highest rate, consider opening an account with an online bank.
Industrial Bank Money Market Account - Product Name Only
Money market accounts are similar to savings accounts, but the former usually gives you easier access to your money. The
But the minimum opening deposit is
Industrial Bank: Kasasa Accounts
Along with its regular checking and savings accounts, Industrial Bank offers Kasasa accounts. Kasasa is a financial company that partners with small banks and credit unions so they can give customers competitive perks.
You can get three types of Kasasa accounts at Industrial Bank:
Kasasa Cash® Checking Account : a high-interest checking account- Kasasa Cash Back Checking: earn cash back when you swipe your debit card
- Kasasa Saver: a high-yield savings account
Kasasa accounts offer much better perks than the
First, you must open one of the Kasasa checking accounts to qualify for Kasasa Saver.
Second, you have to meet certain qualifications to earn Kasasa perks, including high interest rates and cash back. You'll need to make at least 12 debit card transactions per month, enroll in online banking, and enroll in e-statements.
How Industrial Bank Works
Industrial Bank is a Black-owned bank in the following areas:
- Maryland (Forestville, Oxon Hill)
- New Jersey (Halsey Street, Parkview, Newark)
- New York (Harlem)
- Washington, DC (Georgia Avenue, U Street, JH Mitchell, Anacostia Gateway)
Industrial Bank has its own ATMs in these areas. You can also use over 55,000 Allpoint ATMs for free nationwide.
The Industrial Bank mobile app has 4.7 out of 5 stars in the Apple store, and 3.8 out of 5 stars in the Google Play store.
To speak with customer service, call Monday through Friday from 8:30 a.m. to 6 p.m. ET.
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.
In 2018, Industrial Bank began a financial literacy program for incarcerated individuals in Washington, DC. During the COVID-19 pandemic, Industrial Bank also awarded over $23 million in Paycheck Protection Program loans to 255 businesses.
Is Industrial Bank Trustworthy?
The Better Business Bureau gives Industrial Bank an F rating. The BBB cites Industrial's lack of response to most customer complaints for its bad score — but there have only been six complaints total.
BBB scores aren't everything. You may want to read online reviews or ask family and friends about their experiences with Industrial Bank. It's also worth noting that Industrial doesn't have any public controversies.
Industrial Bank vs. Andrews Federal Credit Union
You may prefer Andrews Federal Credit Union if you want early direct deposit. Industrial also has higher minimum opening deposits than Andrews, and you'll pay a monthly fee on some accounts unless you qualify to waive them.
To join Andrews Federal Credit Union, you or a family member must 1) live, work, study, or worship in Washington, DC; 2) work for a Select Employer Group; 3) join the American Consumer Council; 4) be an active military member, veteran, or civilian personnel assigned to Joint Base Andrews or Joint Base McGuire-Dix-Lakehurst; 4) be an activity military member or civilian personnel with the US Department of Defense or 5) qualify through another military affiliation.
But Industrial has Kasasa accounts, so you could earn higher rates or cash back with Industrial.
Industrial Bank vs. Democracy Federal Credit Union
Industrial Bank and Democracy Federal Credit Union have many of the same features, including Kasasa accounts. But Kasasa perks vary by institution. You might like Democracy FCU if you have your eye on Kasasa accounts, because its interest rates and cash-back perks are better.
Democracy is a credit union, so you have to become a member to use its banking services. To join, you or a family member must live, work, study, or worship in select counties in Maryland, select counties in Virginia, or any part of Washington, DC. You may also join if you work for a Select Employer Group in Philadelphia. If you aren't eligible to join, Industrial is the clear choice.
But if you can't afford Industrial Bank's minimum opening deposits, you may prefer Democracy.
Industrial Bank: Frequently Asked Questions
What is Industrial Bank?
Industrial Bank is a Black-owned financial institution and designated as a minority depository institution by the FDIC. It has branches in Washington, DC, Maryland, New Jersey, and New York.
Is Industrial Bank FDIC-insured?
Yes. Industrial Bank insured by the FDIC. Up to $250,000 is secure in a bank account per depositor, per category.