There Are No Fees at America’s Smallest Bank (2024)
James A. Sammons may well be the chief executive officer of America’s smallest bank. With $3 million in assets, Kentland Federal Savings and Loan is definitely the smallest member of the Independent Community Bankers of America (ICBA), a trade organization for small banks. If you Google “smallest bank in America,” you’ll see stories about a Michigan bank with $700,000 in assets (it got bought in 2007) and a Texas bank with $2 million in deposits (acquired in 2017). 1 Perhaps most definitively, the Federal Deposit Insurance Corp. was able to verify that, yes, Kentland does indeed have the smallest asset base of any federally insured bank in the country.
Beyond its size, Kentland Federal Savings and Loan is unusual in other ways. It has one location, in Kentland, Indiana (population 1,641), no ATMs and no website. There are basically two things you can do as a customer of the bank: obtain a home mortgage or open a savings account or a CD. And when you do either, it will all be—quite literally—paperwork. Sammons, the fourth generation of his family to run the 100-plus-year-old S&L and its only full-time employee, confides that he’s a bit tech-averse. “Computers are great when they work,” says the 55-year-old, laughing. “I don’t have the patience for them.”
each month You can avoid the Monthly Maintenance Fee when you meet ONE of the following requirements during each statement cycle: • Maintain a minimum daily balance of $500 or more in your account, OR • Ask us to link your account to your Bank of America Advantage Relationship Banking®, Bank of America Advantage® with ...
The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.
No-fee chequing accounts, sometimes known as free chequing accounts, are bank accounts designed for day-to-day spending. There's no monthly account fee to pay, and customers typically aren't required to maintain a minimum balance.
The act of closing a bank account, such as a checking or savings account, does not directly affect your credit score. Your credit score is not directly affected by your checking and savings account activity. That includes account closures.
The Axos Bank Rewards Checking account offers a winning combination of features. There's no monthly maintenance fee or minimum balance requirement. and the bank provides unlimited reimbursem*nts for domestic out-of-network ATM charges. Axos doesn't charge a non-sufficient funds fee either.
How to get a monthly maintenance fee waiver. Meet any one of the following criteria and we'll waive the $4 monthly maintenance fee: Maintain a $300 minimum daily balance.
The Axos Bank Rewards Checking account offers a winning combination of features. There's no monthly maintenance fee or minimum balance requirement. and the bank provides unlimited reimbursem*nts for domestic out-of-network ATM charges. Axos doesn't charge a non-sufficient funds fee either.
Certain banks and credit unions—especially online banks—offer checking accounts with no ATM fees (including no fees for ATM usage or ATM reimbursem*nts). Some of our top-rated accounts are provided by Axos Bank, Needham Bank, LendingClub, and Alliant Credit Union.
No fees on select banking services. No monthly maintenance fees on up to seven eligible accounts when you ask us to linkFootnote them to your primary Advantage Relationship Banking account. Option to enroll in Balance Connect for overdraft protection.
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