Tri-State Bank of Memphis review: Black-owned bank with a large free ATM network
Tri-State Bank of Memphis; Alyssa Powell/Insider
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Table of Contents: Masthead Sticky
Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 3.5 |
| CD | 4 |
| Money market account | 3.5 |
| Trustworthiness | 5 |
| Total | 3.95 |
Pros and cons
| Pros | Cons |
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Related Product Module: Deposit Accounts
Savings
Tri-State Bank of Memphis Regular Savings Account
You may like the Tri-State Bank of Memphis Regular Savings Account if you can maintain a $250 balance, because then you'll waive the $4 monthly service fee. You'll earn a significantly higher interest rate with an online high-yield savings account, though.
Checking
Tri-State Bank of Memphis Econo Checking Account
The Tri-State Bank of Memphis Econo Checking Account is a decent basic checking account, but keep an eye out for overdraft fees. There's a $35 fee for overdrafts, and the bank doesn't offer overdraft protection.
CD
Tri-State Bank of Memphis Certificate of Deposit
Tri-State Bank of Memphis has a variety of CD terms to choose from, but it pays low interest rates and only compounds interest quarterly. You'll earn much more with an online bank.
Money market account
Tri-State Bank of Memphis Money Market Savings Account
Depending on your balance, you could earn a slightly higher interest rate with the Tri-State Bank of Memphis Money Market Savings Account than with the regular savings account. But you'll need $2,500 to open the account, and you'll pay a $12 monthly service fee if your balance falls under $1,000.
How Tri-State Bank of Memphis works
Tri-State Bank of Memphis Econo Checking Account is a Black-owned bank with one branch in Memphis, Tennessee. Due to the coronavirus pandemic, lobby visits are by appointment only right now.
Tri-State Bank of Memphis has one free ATM at the branch, plus around 300 free ATMs in the Money Tower Network around Tennessee.
The bank's mobile app doesn't have many online reviews yet. So far, it has 4.7 out of 5 stars in the Apple store, and 5 out of 5 stars in the Google Play store.
To contact customer service, call Monday through Thursday from 8:30 a.m. to 4:00 p.m. CT; Friday from 8:30 a.m. o 6:00 p.m. CT; or Saturday from 9:00 a.m. to 1:00 p.m. CT.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
In June 2021, Tri-State Bank of Memphis announced that it's being acquired by a larger Black-owned bank, Liberty Bank and Trust. (You can see our full review of Liberty Bank and Trust here.) The merger will probably be complete by the end of 2021. There is no news about how this merger will affect customers, such as whether your accounts will remain the same or transition into the types of accounts Liberty offers.
Is Tri-State Bank of Memphis trustworthy?
Tri-State Bank of Memphis Econo Checking Account does not have any public controversies.
The Better Business Bureau gives Tri-State Bank of Memphis an A+ in trustworthiness. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
A good BBB score doesn't guarantee you'll have a smooth relationship with a bank, though. You may want to read online customer reviews or ask family and friends about their experiences with Tri-State Bank of Memphis.
How Tri-State Bank of Memphis compares to similar institutions
We've compared Tri-State Bank of Memphis to two other minority-led institutions in Memphis: Citizens Savings Bank and Trust and Hope Credit Union.
 Tri-State Bank of Memphis |
 Citizens Bank |
 Hope Credit Union |
|
TN locations 1 (Memphis) |
TN locations 2 (Memphis, Nashville) |
TN locations 4 (Memphis) |
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Savings APY Tri-State Bank of Memphis Regular Savings Account |
Savings APY Citizens Savings Bank and Trust Company Personal Savings Account |
Savings APY Hope Credit Union Savings Account |
| Tri-State Bank of Memphis Econo Checking Account | Citizens Savings Bank and Trust Company Personal Checking Account | Hope Credit Union Savings Account |
Tri-State Bank of Memphis vs. Citizens Savings Bank and Trust
Citizens Savings Bank and Trust has a branch in Nashville, so you may prefer it over Tri-State Bank of Memphis if you live in the Nashville area. It also refunds all domestic and international ATM fees, making it a good bank for travelers.
If you're looking for a money market account, Tri-State Bank of Memphis is probably the better choice. It pays a slightly higher interest rate, and the minimum opening deposit is significantly lower.
Tri-State Bank of Memphis vs. Hope Credit Union
Hope Credit Union has a few more branches around Memphis than Tri-State Bank of Memphis, so it may be more convenient for you. It also pays higher interest rates.
You may like Tri-State Bank of Memphis if you want a shorter-term CD. It has CD terms as short as seven days, while Hope's shortest term is six months.
About the author
Laura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.
Related Content Module: More Savings Coverage