Mechanics & Farmers Bank review: Black-owned bank with a free high-yield checking account

Table of Contents: Masthead Sticky

Overall bank rating

Feature	Insider rating (out of 5)
Savings	3.75
Checking	4.25
CD	3.75
Money market account	3.25
Trustworthiness	5
Total	4

Pros and cons

Pros	Cons
Black-owned bank Free high-yield checking account	Only available in North Carolina Pays low interest rates on most accounts Monthly fees on savings and money market accounts (unless you qualify to waive them)

Savings

Mechanics & Farmers Bank Statement Savings Account

You may like the Mechanics & Farmers Bank Statement Savings Account if you can maintain a $200 balance, because then you’ll qualify to waive the monthly service fee. You’ll earn a significantly higher rate with an online high-yield savings account, though.

Checking

Mechanics & Farmers Bank Dash Checking Account

This is a good checking account if you can meet all of the following criteria each month:

• Make at least 15 debit card transactions that total $350
• Log into mobile or online banking at least once
• Get an e-statement
• Receive at least $500 in direct deposits

When you meet all these qualifications, you will earn a high interest rate and get up to $15 in out-of-network ATM refunds.

CD

Mechanics & Farmers Bank Certificate of Deposit

Mechanics & Farmers Bank has CD terms from three to five years, but it pays low interest rates. You can find much better rates with an online bank.

Money market account

Mechanics & Farmers Bank Money Market Account

The Mechanics & Farmers Bank Money Market Account is probably the bank’s weakest product. You need $1,000 to get started, and you’ll pay a $12 monthly fee unless you can maintain a $5,000 balance. On the plus side, you can order paper checks to access your savings more easily than you could with the regular savings account.

How Mechanics & Farmers Bank works

Mechanics & Farmers Bank Dash Checking Account is a Black-owned bank in North Carolina, with eight branches across Charlotte, Durham, Greensboro, Raleigh, and Winston-Salem. There’s a free ATM at each branch, and you can use any ATM in the Wells Fargo network for free.

The bank’s mobile app has 4.7 out of 5 stars in the Apple store, and 4.5 out of 5 stars in the Google Play store.

To contact customer service, call a branch Monday through Thursday from 9:00 a.m. to 5:00 p.m. ET, or Friday from 9:00 a.m. to 6:00 p.m. ET. You can also send a message online and wait for a response.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

Is Mechanics & Farmers Bank trustworthy?

Mechanics & Farmers Bank Dash Checking Account doesn’t have any public controversies.

The Better Business Bureau gives Mechanics & Farmers Bank an A+ in trustworthiness. The BBB measures trustworthiness by looking at a company’s responses to customer complaints, honesty in advertising, and transparency about business practices.

The bank hosts financial literacy workshops in each city with a branch, and employees and management attend around 80 community events each year.

How Mechanics & Farmers Bank compares to similar institutions

Mechanics & Farmers Bank is the only Black-owned bank in North Carolina, so we’ve compared it to two other Black-owned banks you can access online: OneUnited Bank and Liberty Bank and Trust.

North Carolina branches 8 (Charlotte, Durham, Greensboro, Raleigh, Winston-Salem)	North Carolina branches None; online	North Carolina branches None; online
Standout feature High-yield checking account	Standout feature Early direct deposit	Standout feature High interest rates
Mechanics & Farmers Bank Dash Checking Account	OneUnited Bank BankBlack Checking Account	Liberty Bank Personal Checking Account

Mechanics & Farmers Bank vs. OneUnited Bank

You’ll prefer Mechanics & Farmers Bank if you want to bank in person, but you may like OneUnited Bank for banking digitally.

Both banks pay relatively low rates on savings and CDs, but Mechanics & Farmers has a high-yield checking account. You might like OneUnited for its early direct deposit feature, which processes your direct deposits up to two days early.

Mechanics & Farmers Bank vs. Liberty Bank and Trust

Liberty Bank and Trust is a good option for online banking, but it doesn’t have brick-and-mortar branches in North Carolina like Mechanics & Farmers does.

Your choice between the two could come down to which accounts you prioritize. Mechanics & Farmers pays high rates on checking, while Liberty pays higher rates on savings and CDs.

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.

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