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BancorpSouth Bank

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LAST UPDATED: July 19th, 2022

The Raymond Trice and Company, originally started as a mercantile operation in Mississippi receives a perpetual charter to set up a bank in their store in 1876. Just ten years later, Raymond Trice and Company moved the banking operations to Tupelo, later becoming the Bank of Mississippi. Eventually, the holding company for Bank of Mississippi is formed, and the name is later changed to BancorpSouth, Inc. All of the BancorpSouth financial solutions are based on ways to better serve a customer is to understand what is right for them. 

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The Good

  • Great services
  • Checking accounts
  • Savings packages

Great Services

BancorpSouth Bank offers checking, savings, lending, credit card, and wealth management solutions for both personal and business needs. Additionally, there is a portion of the BancorpSouth business that deals with insurance. Personal and commercial clients can also take advantage of dedicated advisors to provide guidance through financial confusion.

Checking Accounts

BancorpSouth Bank provides a number of checking accounts that are designed to fit the specific financial lifestyles of their clients. There are solutions for students, retirees, individuals on fixed budgets, and for those in situations in between. All checking accounts include direct deposit and free online and mobile banking features. The following are the BancorpSouth checking options:
  • My Way Checking: for those just starting out, this account requires a $50 opening balance and $5 monthly service charge.
  • Performance Checking: those who want to earn interest, there is a $50 minimum opening balance and $10 monthly service charge.
  • Interest Plus Checking: earn a tiered interest with a $1,000 opening balance and $10 monthly service charge.
  • Heritage Checking: designed for seniors age 62+. Requires a monthly balance of $500 and an $8 monthly maintenance fee.
  • Student Checking: for students under 24 years of age. There is no monthly service charge or monthly requirements.
  • Second Chance Checking: build a good check writing history with no monthly requirements and a $10 monthly service charge that cannot be voided.

Savings Packages

There are savings packages that will help any and all client reach the goal right away. All savings accounts have access to BudgetWise which allows users to view account balances and track budgets in one convenient place. There are also financial tools that help users stay informed and learn about practical money skills. Free online banking is also provided. There are five savings options which are broken down as follows:
  • My Goal Savings: designed for saving for vacations
  • Performance Savings: earn higher interest rates
  • Select Savings: quarterly interest paid
  • Young Savers: for children under the age of 17
  • Christmas Club: reach a holiday goal by the end of the year
One of the most unique features that BancorpSouth has to offer is their advisement center. This features helps clients with managing money, workplace finances, home ownership, college strategies, family finances, and even retirement. Regardless of the money issue, BancorpSouth has the knowledge to help.

The Bad

  • Lending options
  • Monthly service charge

Lending Options

The lending portion of the BancorpSouth Bank platform is rather sparse. Basic loans, like student loans, are not offered through BancorpSouth at this time. In fact, the only loans and lines of credit that are available include:
  • Home/mortgage loans
  • Home Equity loans
  • Consumer loans

Monthly Service Charge

BancorpSouth Bank requires a minimum monthly service charge on nearly all checking and savings accounts. These charges are designed to offset maintenance work done on these accounts. While there are way to avoid these charges, clients must meet certain requirements. These requirements include minimum deposit amounts and transfers. If a client fails to meet these requirements, the charge will be assessed.

The Bottom Line

BancorpSouth Bank provides basic banking solutions to personal and business clients along with unique advisement help. All financial transactions are secure and BancorpSouth is backed by FDIC. Those that decide to go with BancorpSouth as their banking provider can expect the following from the service:
  1. Checking and savings account options
  2. Credit cards available for those who qualify
  3. Wealth management/advice center
  4. Limited lending options
  5. Monthly service charges
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6 Reviews

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Lynn Gibson Charlotte, NC

Worst bank ever! Leeds, AL location and Christy is the manager who tested me aweful! I have had an account with them in good standing for over 20 years and deposited hundreds of my father's checks who has helped with my children's college educations and with their extra-curricular activity expenses. He's a wonderful grandfather! I found an older check from my dad and he told me I could deposit it to help with a gun surgery I've got next week but I went to my branch manager and she told me no, she didn't trust me or the check! UNREAL! I even showed her the text from my dad telling me it was ok to deposit the check and had texted him a photo of the check. I researched and found out that a bank CAN accept an older check if they think the check is good. I am shocked at the way I was treated by the bank manager, Christy. She told me to my face that "the way I was talking" raised lots of "red flags!" I will be closing this account. It's unbelievable to me having been a customer of theirs for over 20 years never having any bad standing with them EVER and depositing hundreds of my dad's checks sucessfully who is a world renowned geneticist/doctor. No loyalty whatsoever and told me she didnt trust me! Just WOW! Both my Mom and my Dad are leaving me substantial sums of money one day and would have trusted Bancorp South with it since they've been my bank for so long, but not now! So glad I found out my banking relationship with them was totally one sided and that they in fact did not trust me or my dad even though there was zero reason to not trust us and many reasons to trust us! This world and the lack of trust and greed is unreal to me! I could tell she looked down on me and was not friendly or nice to me at all! My account has always been in good standing and out of hundreds of checks from my dad, never once had one not been a good check! I even told her they could put a 100% hold until it cleared! My Dad and his wife are out of the country dealng with cancer so dad told me to go ask the manager to deposit his GOOD check but she refused! The check is good and my dad needed for them to deposit it because he wasn't able to send me a new one being out of country trying to save his wife from dying of cancer! Heartless bank with no customer loyalty or TRUST! Rrrrrr! :(

1 year ago

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Mark S. Waimea, HI

I’ve been with my current bank throughout 40 years of transitions and changes. Only now after Bancorps$&ks took over am I finally moving on. * Limited to 1k a day between my own accounts, and they charge a 3.00 fee each time. Called to speak to somebody about this but was put on hold for over 35 minutes before disconnected. Called back, transferred after 20 minutes of hold time, then transferred again for another 1 hour of waiting… I finally hung up. I’m still trying to terminate my account with these clowns but nobody even responds to my emails either. *** WARNING*** If at all possible, go with a different bank.

2 years ago

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I still cannot believe how poor and disrespectful they treat their costumers. I have been mistakenly charged for something that was not my fault. They charged me every month without even notifying me for receiving back my paper statements from post office. Something which is apparently post office's mistake. I called them and asked for a refund for something that was not my fault. In my surprise, they simply refused to give me any refunds! I really feel sorry for a bank that charges its costumer for the bank's mistake. I've had my account for almost 5 years and I am going to close it right away in the morning

6 years ago

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Rick Love Columbus, MS

All deptartments: Absolutely terrible to reach by phone; period. When I do get through, some mortgage loan representatives don't seem to have a clue about description of the problem; ..... and I speak fluent English.

4 years ago

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Kat Houston, TX

Ive had my debit card revoked even though I’ve never written a bad check and maintain healthy balances in multiple accounts Still no explanation

4 years ago

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M. B. Granger, TX

BancorpSouth is fee happy!

6 years ago