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Carter Bank & Trust

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LAST UPDATED: November 28th, 2023

Carter Bank and Trust was formed on December 29, 2006 as part of a merger of ten banks spread across Virginia and North Carolina. When the merger happened, it created the largest independent state-chartered commercial bank with headquarters in the Commonwealth of Virginia. The total assets are over $4.89 billion and operates 123 branches on the east coast. All deposit accounts are insured by the FDIC up to the maximum amount allowed by law (which is currently $250,000 per depositor).  

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The Good

  • Personal banking options
  • Savings accounts
  • Personal and business loans

Personal Banking Options

As the largest state-chartered commercial bank in the Commonwealth of Virginia, Carter Bank and Trust continues to provide personal and business banking solutions to their clients on the East Coast. There are also insurance and loan products available to clients as well. There are three different personal banking options through Carter Bank and Trust. Some are designed specifically for individuals while others are only for commercial operations. All of the checking accounts offer unlimited transactions each month. The checking accounts break down as follows:
  • Lifetime Free Checking: basic checking account for individuals that requires $100 to open. There is no minimum balance.
  • Commercial Checking: for small and medium-sized business which also requires $100 to open the account. There is no minimum balance.
  • Interest Checking: similar to its name, this particular checking account compiles interest over time. There are $500 minimum deposit requirements with a minimum balance of $500 as well.

Savings Accounts

On the savings side of banking, there are essentially five different accounts to choose from. While some are more event oriented, others are goal-focused. Some have limited transaction limits, while other do not offer the service at all. The available accounts include:
  • Money Market Accounts: requires $2,500 minimum to open with an identical minimum balance. There are a limited six electronic transfers/withdrawals per month.
  • Passbook Savings: only requires $50 to open and there is no minimum balance with a limited six electronic transfers/withdrawals per month.
  • Christmas Clubs: the Christmas savings account does not require a minimum to open or carry a minimum balance. This account does require weekly/monthly payments.
  • Individual Retirement Accounts (IRA): the minimum balances to open and cary vary. No transactions are available.
  • Certificates of Deposit: similar to the IRA accounts, there is no minimum to open or balance to carry.

Personal and Business Loans

Carter Bank and Trust offers a number of personal and business loans as well. For personal use, there are vehicle, home improvement, personal lines of credit, and real estate loans available. For businesses, there are construction, farm, land acquisition and development, and small business loans as well.

The Bad

  • Availability
  • Limited business solutions


The availability of Carter Bank and Trust's services are limited due to their service area. While it is one of the largest banks in the Commonwealth of Virginia, their services to not span much based there. The only states that Carter Bank and Trust operate in include:

  • Virginia
  • North Carolina

Limited Business Solutions

For business banking, Carter Bank and Trust only offers a few solutions. There are business checking accounts, loans, and credit cards available. The services for businesses banking stops there. Limited business banking solutions may be a drawback.


The Bottom Line

Carter Bank and Trust provides banking solutions to clients in Virginia and North Carolina. Besides deposit services, loans and retirement options are provided as well. Those that consider Carter Bank and Trust for their banking needs can expect the following from the service:
  1. Personal and commercial banking solutions
  2. Checking and savings accounts available
  3. Limited service area
  4. Limited commercial banking options
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Danny R Hughes Earlysville, VA

We have been banking with Carter Bank & Trust for over 3 years now and they have been a breath of fresh air compared to our previous banks. The employees are exceptional in their professionalism, knowledge, efficiency, and friendliness. We are most satisfied with the services and service. Our only regret is that we didn’t open an account with them years earlier.

4 months ago

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Heather Boyd Browne Hampton, VA

This bank is not for you or anyone who banks online. They are so behind the times. I am a customer there and soon will not be because my dormant account fees will close the account for me. My mom opened a savings account for me in 1995 or 96. Because I was underage she had to put her name on the account. In the past 5-6 years we have moved away from the carter bank and trust area but kept the account because we both have to be present to close it. This past year they introduced dormant account fees which depleted the account. This is a savings account and not a checking account. They do not allow transfers of money on-line from other banks so I can't transfer money into the account unless I get a wire transfer which cost $10.00 from Carter Bank and I'm not sure how much my other banks charge for a wire transfer because they are modern and I make transfers to various accounts for FREE using their on-line banking system. I do know that there's a $5 fee for out of the country transfers. Anyway, mom now lives 10 hours away form the Carter bank area and I live 6 hours away (I just found out there's a branch 2 1/2 hours away in the middle of nowhere but there's no reason for me to go there or my mom other than this bank issue). So I can not transfer $ into the account on-line (unless it's from another Carter Bank Account) because I have to be physically present to do that. So, January last year 2018 they were not on-line yet. They started on-line February 2018 with limited features. Now, sometime this year of 2018, they've started dormant account fees. For people with my situation we're screwed if we have money because we can't use the account unless we live in the area so the fees keep getting charged and there's nothing I can do about it unless I coordinate with my mom and take a road trip (flight and a car rental for her) to Southwest Virginia and close our measly little account. Absolutely ridiculous, especially for a savings account that isn't used for paying bills etc. What if I used a savings account and deposited my tax return every year and that was the only thing I used it for? Well, thankfully that's not the case at this bank because fortunately I didn't use it enough to have a significant loss. People move, in my case a lot of moving all over the place, and Carter Bank is too small for this modern day of a lot traveling and the internet. If this happened to a lot of customers then Carter Bank would have a substantial amount of free $$ that they're stealing from their customers like they are from me.

5 years ago