Merrick Bank: A Smart Choice For Boat Financing?

If you're looking to finance a boat, Merrick Bank is an option to consider. The bank specializes in providing loans for outdoor recreational vehicles, including boats, RVs, trailers, and powersports vehicles. They cater to individuals with various credit backgrounds, including those with credit challenges, making them a good option for borrowers who might have trouble finding a lender due to their credit history. Merrick Bank is an online-only bank, so you won't find traditional deposit accounts like checking or savings accounts. The bank focuses on credit cards, loans, and certificates of deposit (CDs), with a minimum deposit of $25,000 for CDs. They also provide free financial education resources and have a mobile app for customers to manage their accounts.

Merrick Bank's recreation loans

If you're looking to purchase a boat, Merrick Bank is a good option to consider for financing. The bank specializes in providing loans for outdoor recreational vehicles, including boats, RVs, trailers, and powersports vehicles. They offer financing options to customers with a range of credit backgrounds, including those with credit challenges or low credit scores.

When it comes to boat financing, Merrick Bank has a few restrictions. They do not provide loans for sailboats, houseboats, high-performance boats, or yachts. It's important to note that their loan rates are not listed online, which can make it challenging to compare with other lenders.

One of the advantages of partnering with Merrick Bank is their experience and stability as a lending institution. They have a large network of approved dealers across the United States, making it convenient for customers to find a suitable option. The bank also offers customer support through their phone line and online resources.

In conclusion, Merrick Bank recreation loans can be a viable option for financing a boat, especially if you have credit challenges or are looking to build your credit history. Their focus on financial education and credit-building makes them a good choice for those seeking to improve their financial situation while enjoying outdoor activities like boating.

The bank's credit cards

The Banks Credit Cards

Merrick Bank is an online-only bank that offers credit cards, loans, and certificates of deposit (CDs). It is a subsidiary of the New York-based financial services firm CardWorks and was founded in 1997. Merrick Bank is not a traditional bank and does not offer checking, savings, or money market accounts. The bank specializes in helping consumers with bad or low credit build their credit history.

The bank offers two credit cards: the Platinum Visa and the Secured Visa. The Platinum Visa is designed to help individuals establish or rebuild their credit. Merrick Bank regularly reviews cardholders' accounts and increases their credit line. The Secured Visa has a minimum deposit of $200, similar to other secured cards on the market. Cardholders can add to their deposit over time, up to $3,000, thereby increasing their purchasing power.

The secured credit card has an annual fee of $36 for the first year ($3 monthly thereafter) and a 17.45% APR for purchases. It also has a 2% foreign transaction fee and a 22.45% APR on cash advances, with an additional $10 or 4% charge on the full withdrawal amount. The card offers no rewards on credit card purchases.

Merrick Bank provides free financial education on its website through its goLearn program. This program educates individuals on maintaining good credit, budgeting, and managing money. The bank also offers the goMobile app, which allows cardholders to make payments, contact customer service, check their balance, manage account notifications, and access their FICO score.

The bank has only one physical location in South Jordan, Utah, but customers can reach customer service by phone or mail.

Pros and cons of the bank

Pros of Merrick Bank

• Specialises in helping customers with low credit scores
• Offers unsecured and secured credit cards with regular credit increases
• Provides free financial education resources on its website
• Insured by the Federal Deposit Insurance Corporation (FDIC), meaning deposits are federally insured up to $250,000 per depositor
• Offers recreation loans for people with discharged bankruptcies, charge-offs, collections and judgments
• Offers certificates of deposit (CDs) with term options ranging from three months to five years
• Offers a five-day grace period on loan payments
• Reviews customers' accounts annually and provides regular credit limit increases for those in good standing
• Has positive reviews from customers who are satisfied with the bank's services, communication, benefits, and ease of use

Cons of Merrick Bank

• High annual fees for secured credit cards
• No rewards on credit card purchases
• Confusing credit card fees
• Loan rates are not listed online
• Not a traditional bank—no checking, savings, or money market accounts
• High minimum deposit of $25,000 for CDs

The bank's customer service

Merrick Bank is an online-only bank that offers credit cards, loans, and certificates of deposit (CDs). The bank has a mobile app and provides 24/7 access to all accounts, including joint accounts. It is FDIC-insured, and it employs advanced encryption and firewall technology to ensure data security.

Merrick Bank has received praise for its customer service, with some customers highlighting its responsiveness and timely corrections to account issues. The bank's staff are described as "very informative and helpful", and its customer support team as "timely". The bank is also said to be "very responsive" and "corrective" when it comes to resolving account issues. One customer review mentions that Merrick Bank is "always so attentive and immediate to a response".

However, there are also critical reviews of the bank's customer service. One customer review mentions that they had to "wait longer than usual" to get through to the bank's customer support during severe weather conditions. Another customer states that Merrick Bank "continues and facilitates fraud" by allowing people to open credit cards in other people's names.

Merrick Bank's customer service can be reached by phone, although the hours of operation are unclear. The customer service number for credit card customers is 1-800-204-5936, while Recreation Lending customers can call 1-888-545-5777, and Personal Loan Customers can dial 1-833-842-7900.

The bank's physical location

Merrick Bank has 1 banking location, its corporate headquarters, which is located at 10705 S Jordan Gtwy, South Jordan, Utah, 84095. The bank's lobby hours are Monday to Friday, 8:00 AM to 5:00 PM. Merrick Bank is a commercial bank, state-chartered, and a Fed nonmember supervised by the FDIC.

While Merrick Bank's corporate office is located in Utah, the bank's parent company, CardWorks L.P., and affiliate, Cardholder Management Services, LLC (CMS), are based in New York.

Merrick Bank also has 14 other corporate locations in Draper, UT; Tampa, FL; Clearwater, FL; and Pittsburgh, PA.

Frequently asked questions