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Is Old National Bank Reputable?

MONEY 24
MONEY 24

Old National Bank Reputation: Mixed Bag with Regional Strengths

Old National Bank presents a somewhat mixed reputation, but it can be a good option for those in its service areas. Here's a breakdown of the pros, cons, and considerations to help you decide if it's a good fit for you:


Strengths:

  • High Customer Satisfaction in Southeast US: J.D. Power 2023 Retail Banking Satisfaction Study ranked Old National Bank first for customer satisfaction and trust among banks in Georgia, South Carolina, and North Carolina. This suggests good service in these regions.
  • Mix of In-Branch and Digital Banking: They offer both physical branches and online banking options, catering to a variety of preferences.
  • Focus on Community Banking: Old National Bank has a focus on serving the communities it operates in, potentially offering a more personalized experience.

Weaknesses:

  • Limited Geographic Reach: Branches are concentrated in the Southeastern US (Georgia, Florida, Alabama, South Carolina, North Carolina), making them inaccessible to a large portion of the US.
  • Lower Rates on Deposits: Old National Bank may offer lower interest rates on deposit accounts compared to some national banks.
  • Inconsistent Online Reviews: Customer service experiences can vary, with some praising their support and others mentioning frustrations (similar to many large banks).

So, Is Old National Bank Reputable?

Yes, Old National Bank is a legitimate and FDIC-insured financial institution. However, its suitability depends on your location and banking needs:

Here's when Old National Bank might be a good fit:

  • You live in the Southeastern US (Georgia, Florida, Alabama, South Carolina, North Carolina) and value a bank with a strong regional presence and good customer satisfaction ratings in those areas.
  • You prefer a mix of in-person and digital banking options.
  • You prioritize a community-focused bank that might offer more personalized service.

Here's when you might consider other banks:

  • You live outside of the Southeastern US and require banking services readily available in your location.
  • You prioritize maximizing the interest rates you earn on deposit accounts like savings accounts.
  • Consistent and positive customer service experiences are important to you.

Recommendation:

  • Research Old National Bank's rates, fees, and account features thoroughly, especially if interest rates are a major concern.
  • Compare their offerings with other banks in your area or national online institutions.
  • Consider the importance of factors like geographic reach, branch access, interest rates on various accounts, customer service experiences, and a potential for a more personalized touch in your decision.

Additional Resources:

MONEY 24

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