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About Crescent Bank
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Crescent Bank is a New Orleans-based financial institution. While it’s best known for offering auto loans, particularly to borrowers with low credit scores, it has gained recognition over the years for its competitive checking and savings account products. However, most have high opening deposits and must be opened in person at a local branch.
Pros & Cons
Pros
- High APYs
- 14 branch locations in 8 states
- Can open CDs online
Cons
- Monthly service fees
- High opening deposit requirements
- Must visit a branch to open most accounts
Bottom Line
Crescent Bank is a regional financial institution focused on providing personal and business banking services, as well as auto loans. The majority of its accounts require an in-person visit to a local branch. However, its regular CDs can be conveniently opened online.
What is Crescent Bank?
Crescent Bank is a lender and banking service provider that specializes in auto loans across 32 states. However, it also offers personal and business banking services to the Greater New Orleans Area.
Since its inception in 1991, the bank has grown to employ over 450 people and has expanded its lending footprint nationwide.
How does Crescent Bank work?
Nearly all of Crescent Bank’s accounts must be opened in person at a local branch. The only exception is its regular certificates of deposit (CDs), which can be opened online. Minimum opening deposits range from $100 to $100,000, and you’ll need to bring along personal information such as your residential address, date of birth, Social Security number and photo ID.
Once your account is open, you can manage it online through the bank’s portal. Crescent Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
Crescent Bank products and services
Crescent Bank provides customers with these financial products:
- Checking accounts
- Crescent Bank has two checking accounts, both of which can only be opened in person at a branch. The Personal Checking Account has a $100 opening deposit and a service fee of $0 to $10 based on your account balance.
At publishing, the Crescent Bank Personal NOW Account has a 1.40% annual percentage yield (APY) and a $1,000 minimum opening deposit. If your balance dips below $1,000, a $10 service fee kicks in and you don’t earn any interest.
Both of Crescent Bank’s checking accounts can also be opened as business accounts.
- Savings accounts
- Crescent Bank’s Jumbo Savings has no monthly fees and earns 2.20% APY at publishing. However, it requires a $100,000 minimum opening deposit.
The Crescent Bank Money Market Account is a bit better, requiring a $1,000 minimum deposit. It has tiered interest rates ranging from 1.70% to 2.20% APY as of publishing, depending on your balance. The service fee is $10 for personal accounts and $12 for business accounts.
- Certificates of deposit
- Crescent Bank CDs come in one-year to five-year terms and have APYs up to 4.75% at the time of publishing. A minimum $1,000 deposit is required, and you can open a CD online.
Crescent Bank also offers IRA CDs with similar terms. However, these accounts must be opened at a branch.
- Auto loans
- Crescent Bank offers auto loans in 32 states. It’s known for approving customers with credit scores as low as 450.
Crescent Bank fees
Crescent Bank doesn’t list fees for overdrafts and non-network ATMs on its site. We reached out to customer service on Feb. 28, 2023, and weren’t able to get in touch with anyone.
Service fees are the most common fee to watch out for with Crescent Bank. You’ll also be subject to early withdrawal penalties if you tap into CD funds before your term matures.
- Personal Checking has a $3 to $10 fee if your balance is below $600
- Personal NOW Checking has a $10 fee if your balance is below $1,000
- Money Market has a $10 fee if your balance is below $1,000
- Business Money Market has a $12 fee if your balance is below $1,000
Is Crescent Bank legit?
Crescent Bank is a legitimate financial institution that provides personal and business checking and savings accounts, CDs and auto loans. However, most accounts must be opened in person at a branch. And while the bank's savings accounts offer competitive interest rates, they also have high minimum opening deposit requirements.
Overall, Crescent Bank may be best for those in the Greater New Orleans Area who are looking for auto loans, especially if they have low credit, and competitive savings and CD rates.
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I have had a loan with Crescent Bank since August 2021. My total loan was 29000. 18% percent interest rate IS RIDICULOUS!!! Every time I look at my statement it appears that I haven't even touched the principal balance. When my previous vehicle's transmission went out, I had no options except to go with this bank because I come from a home where credit wasn't talked about! I wasn't an educated consumer and knew nothing about interest rates. NOW I KNOW. They approved my 2020 60,000 miles Honda Accord for a loan with an 18% interest rate. My payments are 700, with a salary of 45000, to add to it I am a single parent with 4 children and not on any government assistance!
Now, this is basic math to know someone with a salary in the 40s and dependents can't afford a 700 car payment (I mean damn it isn't a gosh darn Maserati or Benz... and that isn't including car insurance as you all may know). They DO NOT OFFER REFINANCING (the car is now over 100 miles). The car is not even worth 17000. BUT I OWE 28000 STILL after paying it for a year and some months. SO SAD!!! If this program is allowed there should be some type of program built and maximum interest rates with salaries and details of customers in mind in order to move forward to give a loan... SCAMMERS. It saddens me that this type of practice is even allowed.
If you want to pay double the amount for your car loan, play phone tag with them constantly, get re-routed 100 different ways, never get a clear & concise answer, and deal with completely incompetent people, then this is the company for you. If you haven’t caught on to my humor, long story short, DO NOT finance with this bank.
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Worst place to get a car financed. The rates are HORRIBLE and too high. You end up paying twice as much for the car. They are rude & need to be closed down and investigated. Never dealing with them again.
A lot can be said about a company by the type of people they hire. Alessandro ** went the extra mile to help assist with funding of a auto. He was attentive, diligent, professional, and caring. Crescent Bank and Trust is fortunate to have employees like this.
Concrete constantly expensive rates that are impossible to change, ever. They are difficult to work with most of the time and typically refuse to help make things easy, on top of which will heavily and randomly damage your credit score more than it helps. I can't wait till the day I no longer have to deal with them.
I called Crescent Bank several times and voluntarily surrendered the vehicle a few months ago. They never came picked it up. Told me they would send someone out to get it but yet they put on my credit that I don’t want to pay for the vehicle and leaving bad remarks…. I’ll never deal with this company again.
This finance company is the worst company to do business with. I finance a car 2014 @ 18% interested rate, had to, my credit was shaky @ the time. 12/2019, I made the decision to only have liability insurance on the car, as the balance on the vehicle was about $7000 @ the time and I couldn't justify paying car note @ $346 & insurance @ $275 for full coverage.
1/2020, the car was totaled, I called Crescent & inform them that the car was towed & completely totaled, so I want to make an offer & close the account. He explained the process would be 1. The car would have to be auctioned and the amount applied to my account, and then the balance would be determine. Customer service continued to call me, so I made 1/2020 & 2/2020 within the 30 days. I finally spoke with someone @ the end 2/2020, that closed the account to eliminate the customer service calls, mid-July or August, I called & was told the balance was more than the original $7980. I argued that with the gentlemen & he told me the account will eventually go to the collection company, @ which point, I could negotiate with them.
The account was finally assigned to a collection agency 1/2021 and the gentleman was hard-selling me to give more than I owed or can afford, finally 3rd quarter, he accepted an amount, I could afford. I sent the payment, but Crescent wasn't done taking advantage of me... Crescent credit reporting went back to 3/2020- 7/2021 and showed late payments prior to the settlement, it showed CHARGE OFF before payment. This 15 late payments has impacted my credit reporting negatively, had the agent 2/2020 told me continue paying and/or late payments would be reported later, I would have exercised another option. I have contacted Crescent several times regarding my concern, with no compassion to my issues.
This company prays on people that have so much to lose by this type of negative impact. I'm buying a house and the bank has told me these late payments will impact me, because its current. My current score in spite is 757,727,742. and the only negative impact is this company. Please be WARNED that this company does NOT have your best interest in mind. I bought a truck for $14,000. I paid double to this company. Granted this company wasn't the reason my credit was compromised in 2014, but thinking back, I might have made better decisions.
If you're thinking about getting a car through a loan from this company I've but one word. DON'T! Don't be like me and others on this page who may have neglected to read in detail the small print. Don't let a car dealership tell you you're approved through this company even though you know your credit isn't that good...or maybe just downright bad. The dealership will tell you it's 10% compounded interest and so you may think (like I did) that this is monthly. People...IT'S DAILY so by the month's end you owe 10% of your loan X 30 days and they take that right off the top before applying anything to your principal balance so you'll be paying interest (thousands upon thousands) and you'll never see your principal balance shrink! YOU WILL NEVER GET THIS VEHICLE PAID OFF.
By the time you're finished I swear, it's a down payment on a house. How the government allows this type of predatory lending is beyond me but this bank needs to be investigated/shut down. How they can do this without conscience, morals or couth can only come from cold hearted greedy ** that continue to rob people in tough situations. OK...I have bad credit...It doesn't give you the right to rob me. People, YOU HAVE BEEN WARNED. If you have bad credit...DO NO BUSINESS WITH THIS BANK OR YOU WILL BE SORRY. I GUARENTEE IT!
I understand more than you know you need a car. Work, family, emergency or just starting out. But do your homework. Do not use this company. You will never pay off the car. They will find ways to charge you. This place needs to be investigated and audited. The rates are a prison you will never escape. I feel that they take advantage of people and are predatory lending. No kidding. Never again. I will walk before I ever use this company again..I will review on site I can. At least I can warn as many as possible. Buyer beware!
I know for a fact a baby can do better than them. I hate to call them... Whew lord... Do not get a car loan with them!!!! It will not be a good experience. They are something else to deal with. Hell. Hell.
Crescent Bank Company Information
- Company Name:
- Crescent Bank
- Website:
- www.cbtno.com
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