Horizon Bank is a brick-and-mortar bank, with seven total branches in Texas. Why have checking and savings accounts with the same bank? Fast transferring between the two accounts translates to better interest rates in your savings account with the ability to spend from your checking. Perfect for those who want their extra money to grow without monitoring it, Horizon Bank's savings account APY is extremely competitive. Horizon Bank offers a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. With a score of 4.5 stars out of 5, Horizon Bank should be solidly in contention for your choice of bank. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Horizon Bank, whose headquarters are in Austin, Texas, lacks premium access to support representatives, with no live chat or all-day service options available. "We are in support of this merger because we hope that it can bring additional resources to our community, but also communities across the country that can benefit from a larger bank that has essentially more resources," William Stoudt, executive director of Rebuilding Together New Orleans, told regulators Thursday.Founded in 1905, Horizon Bank has assets totaling $887 million along with deposits totaling $809 million, classifying it as a medium-size bank. Not every community advocate came out against the pending acquisition. The bank paid a $25 million fine to the Consumer Financial Protection Bureau (CFPB) and $97 million in restitution to customers in a 2020 settlement over what the regulator deemed “deceptive” overdraft enrollment practices. TD’s overdraft policy has landed it in hot water with regulators in years past. Further, TD is eliminating a fee it charges when customers with overdraft protection transfer money from their savings account. The bank this year also will begin letting customers overdraw their accounts by up to $50 without charging a fee. ![]() Salom on Thursday noted that the bank is upgrading its overdraft policy - introducing low-balance alerts and a 24-hour grace period meant to let overdrawing users replenish their account to avoid a fee. She wrote the OCC in June, asking the regulator to block the $13.4 billion deal over allegations that TD incentivized employees to enroll customers in new accounts and services such as overdraft protection without their consent, according to a Capitol Forum report from May. Elizabeth Warren, D-MA, has been a vocal opponent of TD’s proposed tie-up with First Horizon. "Until then, bank mergers, including this one, should be blocked.” "The banking regulators, along with the Department of Justice, urgently need to rethink bank merger guidelines to ensure members are serving the needs of their communities,” Nesbitt said. Tykeisa Nesbitt, speaking on behalf of Americans for Financial Reform, had a stronger directive for the OCC and the Fed. “What will the bank culture do as far as valuation of diversity? What is the diversity commitment at the local level, not just in the aggregate?” "Whose bank culture will prevail?” Skillern asked. Skillern said TD has been largely absent from discussions about housing and community development, but First Horizon has been actively engaged. Some of that impact has yet to be settled, said Peter Skillern, executive director of Reinvestment Partners in North Carolina, according to American Banker. “We are proud of the role we play in our communities and we’re excited about the opportunity to expand our impact through our combination with First Horizon,” Leo Salom, TD’s U.S. TD executives at Thursday’s hearing, for their part, touted some of the bank’s recent initiatives, such as a credit program meant to boost homeownership in communities of color, and a $105 million equity fund TD established last year to support nonwhite-owned small businesses. ![]() “A great deal of consideration needs to be given to potential negative impacts on Black and Latino low-income individuals in these communities,” Williams said. Leo Williams, executive director of Springfield Neighborhood Housing Services in Massachusetts, said he was concerned about potential branch closures - particularly, a TD location in a predominantly Black and Latino community that is open two days a week. Labush said her organization found that, in the past three years, TD was tied for the lowest percentage of mortgages to Black and Hispanic people among its peers and was less likely to approve a high-income Black applicant than a low-income White one.
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