Wedbush Bank Rates & Review

Wedbush Bank Review

Headquartered in downtown Los Angeles, Wedbush Bank has grown quickly since its inception in 2008.

Wedbush Bank was founded in February 2008 -- hardly an auspicious time for banking in general. However, during its relatively short life it appears to have grown roots. By the end of 2008, it had total assets of $58 million. And, as of first quarter 2010, BauerFinancial awarded the bank its coveted five-star ranking. Deposits at Wedbush Bank are FDIC-insured up to at least $250,000 per depositor.

Based in Los Angeles, Wedbush Bank is a wholly-owned subsidiary of WEDBUSH Inc., which is also the parent company of Wedbush Securities (formerly Wedbush Morgan Securities). The bank's Wedbush Connection products are only available to clients of the Wedbush securities company.

Consumer accounts

Among the bank's five checking account choices, the Wedbush Green Checking account offers customers the chance to be environmentally friendly by eliminating paper-based banking entirely. All transactions are carried out using ATMs, debit cards and online banking services. Internet banking, online bill payment, and telephone and mobile banking are available to all account holders.

The bank's highest yield savings account as of mid 2010 is the Wedbush Connection Money Market account, which has minimum balance requirements and requires a companion Wedbush Connection Checking account to be opened as well. The bank offers CD rates for terms ranging from seven days to five years. IRAs are not currently available but the bank's website indicates they are "coming soon."

Consumer and business services

Wedbush Bank provides consumer loans including vehicle loans, personal loans and lines of credit, Visa credit cards, and home equity lines of credit. The website indicates that mortgage programs are "coming soon." Business services include term loans, commercial real estate loans, SBA loans, lines of credit, and equipment leases.