BankProv is a future-ready commercial bank for individuals and corporate clients, specializing in adaptive and technology-first banking solutions for niche markets, including cryptocurrency, renewable energy, financial technology (fintech) and enterprise value lending with a focus on search fund loans. BankProv is the online division of Provident Bank (NASDAQ: PVBC), which has served individuals, families and businesses in local communities with personal and business banking services for over 180 years.
- Small- and medium-sized business owners looking for a partner, not just a bank
- Crypto traders and users, including businesses
- Lending, business services, banking and crypto
- Personalized account onboarding and continued 1-on-1 service
- Unlimited deposit insurance
- Specialty market expertise
- ProvXchange™ for crypto payments
- No interest earned on accounts below $50,000
- No branch availability outside of Massachusetts and New Hampshire
BankProv Ratings at a Glance
Which is better? Cozy old-world charm or the efficiency of modern technology? What if you could pair them? When you bank at BankProv, you get the best of both worlds. BankProv’s 5-star platform means that you access an innovative, commercial bank that finds solutions for business and private clients. As a BankProv account holder, you’ll join a team that is stretching beyond its comfort zones to help create the future of banking.
Lending: BankProv offers inclusive and personalized lending for
- Commercial enterprise
- Small business
- Search fund
- International entities
- Alternative energy
- Niche markets
Business services: BankProv’s centuries-old experience helps your business with
- Payroll processing
- Business crypto transactions
- Application programming interface (API) banking for security
Clients connect to a dedicated relationship manager who will be there throughout the lifespan of their relationship with BankProv. As a business grows, that rep will help you adjust your account and banking services to accommodate changes.
BankProv’s 5-star customer rating comes from its ability to help account holders in every way, including personal and automated phone support, email, chat and a contact form. If you are in Massachusetts or New Hampshire, you can go in person to one of BankProv’s physical locations.
The Customer Service Center (877-487-297) answers all calls and routes calls to a person at the desired branch. Its 24-hour self service telephone banking (800-815-7056) offers balance inquiries, transfers, recent transactions, cleared checks, check status and interest information.
Additional customer-focused safety features include a privacy data removal page and identity theft toolkit. BankProv fulfills its commitment to being a reliable and focused bank with a national presence that helps build a better and more rewarding future for all.
Monthly fees for business checking range from $0 for classic to $1,000 for million-dollar business accounts. Fee reductions apply based on balance requirements. Zero-balance personal accounts have a $10 monthly fee.
Fees for transactions like insufficient funds at BankProv fall in the normal range for other banks. Part of the fee structure goes to making sure your funds are electronically and physically guaranteed to be safe. Additional cyber security controls reduce hack risks, and the dual backing of FDIC and the DIF insures all your USD.
It’s important to note that as of August 2021, cryptocurrency is not considered to be legal tender in the U.S. and therefore is not subject to FDIC, Depositors Insurance Fund (DIF) or Securities Investor Protection Corporation (SIPC) protections. However, that rule affects all institutions holding crypto, not just BankProv.
BankProv offers personal and business services mobile apps on iOS and Android that are as useful and seamless as its desktop platform. Download the mobile app to get on-the-go access to your accounts and bank securely 24/7. Anywhere you are, you can view your balance, deposit checks, send money, transfer funds and pay bills.
The business app is just as helpful as the personal app, facilitating business functions like balances, fee-free business check deposits, approvals and transfers. Business customers can also connect to QuickBooks, perform wire transfers, initiate ACH, manage bills and set users for accounts right there on the app.
You and your business can do it all at BankProv. Whether you’re working from your office or the comfort of your home, BankProv’s online and mobile banking is an easy, convenient way to manage your finances. With its full suite of services, including asset-based lending, traditional secured loans and specialty market services, BankProv offers access to working capital to help you maintain your day-to-day operations and provide the funding you need to pursue your plans for growth.
Manage all aspects of your personal and business finances easily with online banking:
- Access your account 24/7.
- Sign up for e-statements.
- Pay bills with our integrated bill payment system.
- Transfer funds between BankProv accounts.
- View your transaction history.
- View images of written and deposited checks.
- Put your misplaced card on hold.
- Temporarily increase your card limit.
- Manage personal finances.
- Notify BankProv of travel plans.
- Deposit a check and view your check deposit history.
- Place a stop payment on a check.
Payroll services: Payroll clients can confidently conduct all of their banking and payroll processing services with BankProv – saving on time and expenses to make their businesses more efficient. Through its payroll processing services, you’ll benefit from a predictable and customized pricing model, as well as same-day ACH services. You also get a dedicated bank representative to have the best customer service at your ﬁngertips or a phone call away.
Crypto: BankProv’s crypto services function as an exciting benefit. It is one of only a few banks in the country offering deposit services to cryptocurrency exchanges, institutional investors and brokers. ProvXchange™, a 24/7 payments platform, welcomes and facilitates crypto payments for businesses.
It might’ve taken BankProv 100 years or more to get that satisfactory, but it did it. To your benefit, BankProv focuses on creating customized solutions and robust fiat banking products for all business types in the U.S. dollar (USD) and cryptocurrency space, including unlimited insurance on USD deposits.
BankProv vs. Competitors
BankProv’s most special feature is the banking services it offers to cryptocurrency firms including crypto exchanges. Its primary competitor in this field, Silvergate, pales in comparison because of BankProv’s affiliation with the DIF, which insures USD funds that exceed the FDIC limit. Additionally, none of BankProv’s competitors can boast of being around in 1839.
The BankProv team consistently engages with its clients, going all in, investing in innovation and attempting to meet and exceed every expectation. It believes in meeting the customers where they are, as they are — whether it’s in person, online, over the phone, via digital banking technology or on social media. That’s more than many other banks today that make you play on the highest level of the “Find the Phone Number” game in a 30-tab website.
When you bank at America’s 10th oldest bank, you meld the stability of tradition with the convenience of technology. BankProv came into existence when Thomas Crapper was 1 year old; if you banked at BankProv back then, it didn’t even have indoor plumbing that it could close to the public because of COVID-19. This 5-star bank merits investigation whether you are looking for new personal banking services or a bank that meets the needs of your modern business. As an account holder, you’ll benefit as BankProv challenges today to transform tomorrow.
BankProv has listened to its customers for almost 2 centuries, and it will keep on doing so. You can bank on it.
Frequently Asked Questions
Is Provident Bank’s BankProv FDIC insured?
Not only is BankProv insured by the FDIC, funds are also protected by DIF for amounts over $250,000. No depositor has ever lost a penny of their U.S. money in a bank insured by both the FDIC and the DIF. As mentioned above, BankProv’s insurance does not apply to crypto coins at this time.
Who owns BankProv?
The Provident Bank, which also operates under the name BankProv, is a community commercial bank established in 1828 and based in Amesbury, Massachusetts. It is owned by Provident Bancorp, Inc., a Maryland corporation that was formed in 2019 to be the successor corporation to Provident Bancorp, Inc., a Massachusetts corporation, and the holding company for The Provident Bank.
BankProv is a scam. Stole money from me.
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