Woodforest National Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1980 |
| Headquarters | The Woodlands , United States |
Area served | 17 states in the United States |
| Products | Retail banking, second chance checking accounts, business checking accounts, wire transfer services |
| Website | woodforest |
Woodforest National Bank is a privately held financial institution with its main office located in The Woodlands, Texas. By March 2020, the bank maintained a network of more than 770[1] branches distributed across 17 states.[2] It stands as the largest retail banking partner for Walmart and also provides services to Sam's Club customers, including an additional branch situated inside Houston's Gallery Furniture flagship location.
In addition to conventional banking products, Woodforest offers "second chance" checking accounts aimed at individuals with unfavorable records on the check verification service ChexSystems. These accounts typically involve increased fees and longer probation periods compared to those at traditional banks,[3] along with comparable options tailored for business clients.[4]
Banking offices
In March 2013, Woodforest National Bank formed a partnership with Western Union to deliver wire transfer services through its branches.
| Branch count by State | ||
|---|---|---|
| State | Number of branches | |
| Alabama | 42 | |
| Florida | 6 | |
| Georgia | 9 | |
| Illinois | 53 | |
| Indiana | 49 | |
| Kentucky | 28 | |
| Louisiana | 18 | |
| Maryland | 11 | |
| Mississippi | 26 | |
| New York | 24 | |
| North Carolina | 89 | |
| Ohio | 77 | |
| Pennsylvania | 50 | |
| South Carolina | 32 | |
| Texas | 204 | |
| Virginia | 56 | |
| West Virginia | 9 | |
Sponsorship
Woodforest National Bank donated $1 million toward establishing a five-acre site within the Woodlands Trade Center, now designated as the "Woodforest Food Bank Center for Montgomery County Food Bank." This facility aims to raise $6.5 million for purchasing and refurbishing a 60,000 ft² building, with additional financial backing from Anadarko Petroleum, Kroger, Walmart, and H-E-B. The bank also supports the yearly 5K Tomball Dash event benefiting its Charitable Foundation.
Through a $1 million agreement with Conroe Independent School District, the bank acquired naming rights for a stadium in Shenandoah, Texas, which seats approximately 10,000 spectators.
Fee disputes
Woodforest National Bank reached a $32 million settlement with the Office of the Comptroller of the Currency concerning ongoing overdraft fee practices. Furthermore, a class action settlement in 2014 addressed issues related to the processing order of debit card transactions that had led to additional overdraft charges.