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

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.

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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.

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

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

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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