Palatine Bank Rates & Review

Palatine Bank Review

Palatine Bank was founded in 2005 to provide "hometown banking" in and around Palatine, Illinois, a village in suburban Chicago about 30 miles outside The Loop.

Palatine Bank and Trust was established 2005 as a branch of Barrington Bank & Trust Company, N.A., which itself was established in 1996. The sole office with the Palatine Bank name is located in Palatine, a suburban Chicago village whose name derives from the Native American word for "wild onion place." This branch is one of five Chicago area branches operated by the parent bank.

Business banking

The bank provides business savings and checking accounts, treasury management and commercial lending, and a specialist product for physicians.

The bank's MaxSafe program spreads assets among several banks to take full advantage of FDIC coverage for money market account and CD deposits of up to $3.75 million.

Consumer banking

The bank has four interest-bearing checking accounts, and two (including one for college students) that don't pay interest. There are three types of savings account. One of these is for children, and the other two require a (fairly modest) daily balance to be maintained in order to avoid a monthly maintenance fee.

It has a Community Money Market account, and three types of CD, one of which is a variable-rate CD. The traditional CDs have term options from 30 days to 5 years.

Deposit insurance

Deposits at Palatine Bank are held by Barrington Bank & Trust Company, N.A., which has been insured by the Federal Deposit Insurance Corporation since that bank's founding in 1996. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor per institution in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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