All bank star-ratings are now updated based on June 30, 2024 financial data. That means any "Bank" reports you purchase from today forward will have June 30th financial data. Credit unions star-ratings will be available in a couple of weeks.

In addition to reporting on two specific bank star-rating changes, this week's Jumbo Rate News contains a list of all Community Banks that reported $0.00 (zero) service fees on deposit accounts during the first half of 2024.

All New Bank Star-Ratings This Week

All bank star-ratings are now updated based on June 30, 2024 financial data. We'll have more information on the specifics of the financial data next week, after the FDIC makes public its Quarterly Banking Profile for June.

This week we prefer to continue our discussion on bank service fees. Last week (To Fee or Not to Fee) we provided a list of banks with the highest percent of service fees relative to deposits. We also noted that a number of banks (mostly Big Banks) have eliminated "overdraft fees" altogether.

Fees on deposit accounts are not just from overdraft-related charges (NSF), they can also be derived from periodic maintenance fees, ATM fees; and “Other”. This week, we want to recognize all community banks that reported none of these fees in the first half of 2024. They can all be found on page 5 of this week's Jumbo Rate News.

We also want to follow-up on one bank we reported on last week. Column National Association, Chico, CA (along with its d/b/a: Northern California National Bank or NorCal), went from 4-Stars to 5-Stars with the June financial data.

Column N.A. has a capital to assets ratio of 7.15%. Its leverage capital ratio is 9.35% and its tier 1 and total risk-based capital ratios are 17.8% and 18.8%, respectively.

At 44.3%, Column N.A.’s loan to deposit ratio is low, but the quality of those loans is quite good. Its Bauer’s adjusted CR is 9.17%, and loan loss allowances are enough to cover 250% of its  total  delinquent loans as of June 30, 2024. Additionally, Column N.A.'s profits have exceeded half a million dollars each quarter of the first two quarters of 2024.

Column N.A. was on our list of high fee chargers last week, but its fee to deposit ratio looks much better with June data. The improvement was achieved by Column N.A. increasing its deposits by more than 12% during the second quarter while its fee income remained essentially unchanged.

Between March 31st and June 30th, 2024, fees on deposit accounts at Column N.A. decreased from 1.63% to 0.72%. That is still high compared to the national average of 0.20%, but it is a definite improvement.

To see the 46 community banks with no service fees on deposits, download Jumbo Rate News now.