Banc of California Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Banc of California’s checking account options

Basic Checking

There are no requirements on this account, but it also doesn’t pay any interest, either.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $35 for each overdraft, with up to 5 daily. If your account stays overdrawn by more than $10 for 8 days or more, you’ll also pay a $5 daily “negative balance fee,” you’ll pay a $5 daily fee until the account balance is brought back to positive. Alternatively, if you link up another deposit account, each transfer to cover the overdraft will cost you $10.

This is Banc of California’s most basic-level checking account. If you can’t meet the monthly requirements for the other accounts, consider opening this account instead. You won’t earn any interest on your balance, but at least there’s no monthly fee.

The account has few other bells and whistles. You can write an unlimited number of checks, access your account online or via your smartphone, pay bills and use a debit/ATM card. But that’s about it.

How to get Banc of California’s Basic Checking account

Unfortunately, Banc of California doesn’t offer online opening of accounts; you must make an appointment at a local branch to open this account.

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Personal Checking

Even with the potential to earn some interest, we’d balk at the hefty $1,000 minimum balance required to waive the monthly maintenance fee. In addition, the bank does not advertise rates online, so you’ll have to contact them for details on rates.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $9, unless you keep at least $1,000 in your checking account or have at least $2,500 in combined balances across all of your Banc of California deposit and loan accounts.
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: If you link up a savings account, you’ll pay $10 per transfer. Otherwise, you’ll pay $35 per overdraft, for up to 5 charges per day. If your account stays overdrawn by more than $10 for 8 days or longer, you’ll pay a $5 daily fee, until the account balance is brought back to positive.

Make sure you can meet the minimum requirements to waive the monthly fee before you open this account. You’ll either need to have at least $2,500 across all of your combined Banc of California loans and deposit accounts, or keep at least $1,000 in this checking account alone.

How to get Banc of California’s Personal Checking account

If you decide this account is right for you, you’ll need to head into a local branch to apply for this account. There is no option to open it up online.

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Interest Checking

Since the bank does not advertise rates online, you’ll need to contact them for rate details.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15, unless you meet one of the criteria to waive the monthly fee
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $10 per overdraft transfer, if you link up another one of your Banc of California accounts. Otherwise, you’ll pay $35 per overdraft, up to 5 times per day. If you go 8 days or more with a balance below $10, you’ll pay another $5 “negative balance fee,” until the account balance is brought back to positive.

Unfortunately, we can’t compare the rates on Banc of California’s highest-yielding interest checking account to the competition because it does not advertise those rates online. You’ll need to contact them for details.

The account comes with the highest monthly fee — $15 — unless you meet criteria to have it waived. There are three different ways to do this:

  • Be at least 60 years old
  • Keep at least $2,500 in this checking account
  • Have a combined balance of at least $10,000 across all of your Banc of California deposit and loan accounts

Because this account charges such a high monthly fee, we recommend that you’re at least able to meet the above requirements each month before you consider opening this account.

How to get Banc of California’s Interest Checking account

Banc of California makes it inconvenient to open an account because there are no online options to do so. Instead, if you’re interested in this account, you can book an appointment at a local branch through the bank’s online form.

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One Account

This account claims to be able to replace all of your deposit accounts — checking, savings, money market account and CDs — into “one” account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee:: $18, unless you keep at least $10,000 in the account
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: If you link up another Banc of California account, you’ll pay $10 per transfer. If not, you’ll instead pay $35 per overdraft, up to 5 times per day. If you account stays below $10 for 8 days or longer, you’ll also owe a $5 “negative balance fee,” until the account balance is brought back to positive.

Banc of California claims that this is the one account to rule them all. If you open this account, according to the bank, you won’t need any others. In fact, this account offers “CD-like yields,” it says.

Because it does not advertise rates online, however, it’s hard to tell if it lives up to that promise. You’ll need to contact the bank for details.

Hopefully the rates are good because we’re not a fan of the monthly fee. You’ll need to keep at least $10,000 in the account to avoid a jaw-dropping $18 monthly fee. That’s a lot of money to keep packed away in your checking account and a hefty fee to pay on top of it.

How to get Banc of California’s One Account

You’ll need to visit a local branch to open this account, unfortunately. You can make an appointment at a local branch online, if you prefer.

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How Banc of California’s checking accounts compare

We’ll be blunt: You can do much, much better than these checking accounts.

Instead, if you’re looking for an interest-earning checking account, try one of these instead. It’s hard to compare rates since Banc of California doesn’t publicize their rates for their checking accounts online, but you’ll definitely want to compare what other banks have to offer first.

Banc of California’s savings account options

Savings

You’ll have to contact Banc of California to find out the rate on this basic savings account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3, unless you keep at least $100 in the account
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $10 per transfer if you link up another Banc of California account. Otherwise, you’ll pay $35 per overdraft charge, up to 5 items daily. You’ll also pay a $5 “negative balance fee” if your account remains overdrawn by more than $10 for 8 days or longer, until the account balance is brought back to positive.

You can open this account with as little as $100, which we recommend keeping in the account at all times. If the average daily balance of your account ever dips below that number, you’ll be slapped with a $3 service fee for the month, which may more than wipe out any earnings you get on this account each month.

Because this is a savings account, it’s also governed by Federal Reserve Regulation D, which allows you up to six certain withdrawals/transfers per month out of the account. If you go beyond that limit, Banc of California will also charge you a $15 per-item “excessive transaction fee.”

How to get Banc of California’s Savings account

You can open this account by visiting a local Banc of California branch. The bank does not offer the ability to apply for this account online. However, you can fill out an online form to set up an appointment with your local branch to come in and open this savings account.

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Tiered Savings

Since the bank does not advertise rates for this account online, you’ll need to contact them for details.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10, unless you keep at least $10,000 in your account
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $35 per item, up to 5 items per day. If your account stays overdrawn by more than $10 for 8 days or more, you’ll also owe a $5 daily “negative balance fee,” until the account balance is brought back to positive. You can also link up another Banc of California deposit account and pay a $10 transfer fee to cover each overdraft.

If you ever need to withdraw the money in this account, try to keep at least $10,000 in there; otherwise, you’ll get charged a $10 monthly service fee.

This account is also limited to just six withdrawals/transfers per month due to Federal Reserve rules. If you exceed six related transactions per month, you’ll get socked with a $15 “excessive transaction activity” fee for each additional transaction.

How to get Banc of California’s Tiered Savings account

To get Banc of California’s Tiered Savings account, you’ll need to visit a local branch. You can set up an appointment with a local branch online if you’d like to save time.

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Kids Banc Account

A fee-free option for kids. Contact the bank for rate details.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • Overdraft fee: $10 per transfer if you set up another account to cover withdrawals. If you don’t set this up, Banc of California will charge $35 per overdraft charge, up to 5 times daily. The bank will also charge you $5 per day starting on the 8th day if your account balance stays below $10.

Only children ages 17 and under are eligible to open this account; You can’t sign up your adult child who won’t move out of your basement. Also, this account doesn’t come with an ATM card, so you won’t be able to teach your kid about how ATM cards work.

Your child can make unlimited transactions in person at a bank. Outside of the bank, they’re limited to just six withdrawals/transfers per month. If they exceed that limit, they’ll pay a $15 per item fee to the bank.

How to get Banc of California’s Kids Banc Account

You and your child will need to head into a local branch to open this account. There is no option for opening it online, unfortunately.

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Personal High Yield Savings account

While this account does earn a decent interest rate, it’s still possible to find accounts elsewhere paying more.
APYMinimum Balance to Earn APY
1.60%$10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
    • Overdraft fee: If you link up another bank account to cover any overdrafts, you’ll pay $10 per transfer. If you don’t link up any other accounts, each overdraft will cost you $35, up to 5 charges per day. You could also pay a $5 daily penalty if your account balance remains below $10 for 8 days or longer (until the account balance is brought back to positive.)

You’ll need at least $10,000 to open this account and earn interest. Unlike Banc of California’s other savings accounts, there is no monthly fee with this account, even if you drop the balance below $10,000. In that case, you won’t pay any fees — instead, you simply won’t earn interest anymore.

Aside from that, you’re still allowed to make up to six certain withdrawals/transfers out of the account per month as per Federal Reserve Regulation D guidelines. If you exceed that number in a given month, you’ll pay a $15 fee for each additional transaction over the limit.

How to get Banc of California’s High Yield Savings account

To open this account, you’ll need to visit a branch. You can save some time by filling out a form online to set up an appointment with a banker at your local branch. However, you won’t be able to apply for this account online.

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How Banc of California’s savings accounts compare

With the exception of the Kids Banc and the Personal High Yield Savings accounts, you can do much, much better at another bank or credit union. Even then, you might be able to find better rates on a youth bank account at another institution, and you definitely can find even higher-yielding accounts than the Personal High Yield Savings account offered at this bank. Instead, we recommend these online savings accounts for their high interest rates.

Banc of California’s accounts also come with high monthly fees. It is possible to avoid them, but that’s just one more box you have to remember to check each month.

Banc of California’s CD rates

Certificate of Deposit

These appear to be your standard, run-of-the-mill CDs at first glance, but because the bank does not publish rates online, you’ll have to call them for rate info directly.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For CDs up to 6 months in length, you’ll pay 3 months’ worth of interest. For CDs from 9 months to 24 months in length, you’ll pay 6 months’ worth of interest. For CDs over 24 months in length, you’ll pay 12 months’ worth of interest.

It’s hard to judge a CD offering without knowing the rates. Contact the bank for details on that front.

Like all CDs, you can’t access your money before the certificate matures; otherwise, you’ll pay an early withdrawal penalty. You also can’t let the balance dip below $1,000; otherwise, the bank will close the CD and convert it into another, more-liquid deposit account, such as a savings account.

When the CD matures, it’ll automatically renew for another term. If you’d rather withdraw the money, Banc of California does allow you a 10-day grace period after the CD renews to make any changes to the CD, including withdrawing the money penalty-free.

How to get Banc of California’s Certificate of Deposits

To open a certificate of deposit, you’ll need to visit a local branch of Banc of California. You can set up an appointment with a banker online, however you won’t be able to complete the process of opening an account online.

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Promotional CD

These CDs offer good rates by Banc of California’s standards, but they’re still not close to its top competitors.
TermAPY
12 months2.50%
18 months2.65%
  • Minimum opening deposit: $25,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: You’ll pay 6 months’ worth of interest.

Banc of California actually offers pretty decent rates on these promotional CDs. If you’re in need of a 12 month or 18 month CD, these ones would be well worth your time in considering before you open one of Banc of California’s standard CDs. The only hitch is that you’ll need a larger deposit size — at least $25,000 — and you can’t make any early withdrawals that would bring the balance below that amount; otherwise, the CD will be closed.

Like other Banc of California certificates of deposit, these two CDs will automatically renew when they reach maturity. You will get a 10-day grace period to withdraw the money in these CDs after they renew without having to worry about paying any early withdrawal penalties.

How to get Banc of California’s Promotional CDs

These Promotional CDs are actually the only type of CDs that Banc of California allows you to apply for online. You can still walk into a branch, however, if you’d rather open one in person.

You’ll need to bring (or scan) a government-issued photo ID, and provide your Social Security number and the routing information for the bank that you’ll use to fund this account.

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How Banc of California’s CD rates compare

Banc of California is again way off the mark when it comes to the best interest rates. You can find much better rates with one of the top-rated CDs at other banks. Some of these other CDs also don’t carry such a high minimum deposit requirement, making them more accessible to people who don’t yet have a lot of extra money to stash away in a certificate of deposit.

Bank of California’s money market account option

Money Market

The bank does not publish rates for this account online, so you’ll need to call for details.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15, unless you keep at least $5,000 in the account
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $10 per transfer if you hook up another Banc of California account for overdraft protection. Otherwise, you’ll pay $35 per overdraft, up to 5 times per day. If your account balance stays below $10 for 8 days or more, you’ll also pay a $5 daily fee, until the account balance is brought back to positive.

You can use your Money Market account to write checks and even make ATM withdrawals, but remember that you’ll need to stay under the government’s Federal Reserve Regulation D-imposed limit of up to six certain withdrawals/transfers per month. If you go over that, you’ll have to pay a $15 fee for each transaction to the bank.

The only other advantage of this account over a savings account is that you can write checks from here. Otherwise, you can earn more money on your deposit by opening up Banc of California’s Personal High Yield Savings account.

How to get Banc of California’s Money Market account

If you’re interested in opening up a Money Market account, you’ll need to visit your local branch of Banc of California. You cannot apply for this account online, but you can fill out a form online to make an appointment with a banker and save some time.

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How Banc of California’s money market account compares

Again, we can’t compare rates since the bank does not publish them online. Once you find out the rates, we recommend looking at one of our best-rated money market accounts to compare them to the competition.

We also don’t like the fact that you need to keep a relatively high balance — at least $5,000 — in this money market account to avoid a high monthly fee. That’s a lot of cash to stash away in a low-yielding account, and over time, you’ll miss out on a lot of interest payments from other banks.

Banc of California’s IRA option

Retirement Money Market

You can open this IRA money market account as either a Roth IRA, traditional IRA or SEP IRA. They do not advertise rates online so contact the bank for details.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • Overdraft fee: If you have a linked deposit account set up, you’ll pay $10 per transfer. If you don’t, you’ll have to pay $35 per overdraft, up to 5 charges per day. If you don’t bring your balance up above $10 after 8 days, you’ll also owe a $5 daily penalty fee (until the account balance is brought back to positive.).

If you’re looking for a way to grow your retirement savings outside of risky, non-insured investments, this might be one account worth considering. You can open it with as little as $100 within a Roth IRA, SEP IRA or traditional IRA, and there are no monthly fees to worry about. Unfortunately, they don’t publish the interest rates offered on this account, so you’ll have to call to find out.

This account doesn’t come with any ATM cards or checks. Instead, if you need to make a withdrawal (whether early or not), you’ll instead need to contact the bank because there will be some paperwork for you to fill out.

How to get Banc of California’s Retirement Money Market account

You’ll have to head to a local branch to open this account, because there are no options for opening it online. If you want to save some time, however, you can fill out a form online to reserve an appointment with a banker at a local branch.

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Overall review of Banc of California’s banking products

Overall, we’re rather unimpressed with Banc of California. These accounts come with high fees: monthly maintenance fees, high overdraft fees, excessive transaction fees and ATM charges (not to mention a $15 “early account closure” fee that applies to all accounts closed within 90 days).

Perhaps our biggest hesitation of all is the fact that this bank is very non-transparent when it comes to disclosing its fees, rates and policies. It doesn’t post its disclosure documents online, meaning that there’s no way to really read through the fine print yourself before walking into a bank or spending an hour on the phone with customer support.

In addition, the bank doesn’t even post its current rates online — so making an informed decision about whether this account is right for you requires a lot of legwork on your own.

That’s why we suggest skipping Banc of California. You can find better options almost anywhere else.

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