WSFS Bank, boasting a long history dating back to 1832, positions itself as a reputable bank. But to make an informed decision, let's delve deeper into its strengths and weaknesses.
Signs of a Reputable Bank:
- Financial Strength: WSFS Bank maintains a strong financial health rating, according to some sources, indicating its ability to handle economic challenges and fulfill its financial commitments [depositaccounts.com]. This is vital when entrusting a bank with your money.
- Lengthy History: Over 190 years in operation suggests stability and experience in the financial industry.
Additional Considerations:
- Competitive Rates: While reviews are mixed, some sources point out that WSFS Bank offers competitive money market rates, potentially exceeding national averages [depositaccounts.com]. This can be attractive for those seeking higher returns on low-risk investments.
- Branch Network and Online Banking: WSFS Bank offers a network of physical branches concentrated in the Delaware and Greater Philadelphia region, catering to those who prefer in-person banking [wsfsbank.com]. Additionally, they provide online banking for remote access to accounts.
Potential Drawbacks:
- Customer Reviews: Customer reviews on WSFS Bank can be a mixed bag. While some praise friendly customer service, others mention issues with fees, online banking functionality, and delays in processing transactions [depositaccounts.com, BBB profile for WSFS Bank].
- Limited Geographic Reach: The branch network is concentrated in a specific region, which might be inconvenient for those living outside the coverage area.
Making an Informed Choice
WSFS Bank's long history and financial strength suggest a reputable institution. However, the decision ultimately hinges on your individual needs. Here's how to make an informed choice:
- Compare Rates: Research and compare rates offered by WSFS Bank with other banks for checking, savings, money market accounts, and loans.
- Read Customer Reviews: While subjective, online reviews can offer insights into customer experiences with things like fees, online banking, and customer support.
- Consider Your Needs: Think about the features and services most important to you. Do you prioritize competitive rates, a large branch network, robust mobile banking, or specific loan products?
By carefully considering these factors, you can determine if WSFS Bank aligns with your banking priorities and offers the best combination of rates, features, and customer service for you.
