Bank of Labor is business associated bank that offers various account options. To find out if Bank of Labor is right for you, continue reading the review below.
Located in the small city of Kansas City, Kansas, Bank of Labor is designed for union members so they believe in providing flexibility among employees and the businesses that employ them.
Checking Account Options
Bank of Labor has both business and union member checking accounts that come with different benefits for each.
You will need $100 to open this account, but it comes with some pretty cool benefits such as a Bank of Labor cash rewards debit card.
The BOL Debit Card lets you earn 1 point for every $2 spent, and points are even redeemable for gift cards or other rewards.
This is an interest bearing checking account that also offer reward points if you use your Bank of Labor debit card.
If you manage to maintain a daily balance of $1,000, you will start earning interest.
There is a maintenance fee of $8, but keeping a daily balance of $1,000 also waives it.
This is a premium business checking account geared towards those who have a large transaction volume.
With this account, you get unlimited transactions, monthly detailed analysis statements and money management services.
To find out more details about this account and how to open it, please contact Bank of Labor at 855-24-LABOR.
This is the standard business checking account that is more for people with lower balances and not as much transaction volume.
There are no monthly fees to worry about and you are limited to 20 transactions per statement cycle.
Please call 855-24-LABOR if you would like to open an account.
Savings Account Options
Bank of Labor only has one business savings accounts that comes with exclusive benefits.
Regular and Business Savings:
- This account earns competitive interest rates
- You are allowed up to 6 transfers per statement cycle
- Maintain a daily balance of $100 to avoid the monthly fee
- You can access your funds anytime
- Contact Bank of Labor at 855-24-LABOR to open an account
Compare Savings Accounts
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 With the American Express® High Yield Savings Account: • Earn 3.80% APY as of 12/17/24 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access |
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Bank of Labor has one market that earns competitive interest rates.
Bank of Labor Money Market:
- This account earns competitive and variable interest rates
- You are allowed up to 6 transfers per statement cycle
- Maintain a daily balance of $1,000 to avoid the monthly fee
- You can access your funds anytime
- Contact Bank of Labor at 855-24-LABOR to open an account
Compare Money Market Accounts
• Get started and open a Discover® Money Market Account in 3 easy steps. • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 3.65%% APY balances $100,000 and over • Earn 3.60% APY balances under $100,000 • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
Reasons to Bank with Bank of Labor
- They have a cash rewards program for all of their checking accounts.
- All their accounts may come with similar benefits, but they are still pretty decent.
- Offers after hours banking for both consumers and business workers.
- They have a relatively low minimum balance requirements.
- You can get overdraft protection for your accounts.
- They have a 24-hour telephone service line.
- Conduct all your banking online or through the Bank of Labor mobile app.
Reasons Not to Bank with Bank of Labor
- All their accounts require you to call their branch which is a turn off to those who prefer online banking.
- Low variety of all accounts, especially savings.
- Low interest rates.
- They are too exclusive.
- They are only for business workers or owners.
- Very limited account options.
Bank of Labor Routing Number
The routing number for Bank of Labor varies depending on state and regions. You can also check the lower left corner of your Bank of Labor check.
Contact Customer Service
You can reach Bank of Labor on their general line at 855-24-LABOR.
A customer representative will be available to speak to you at these hours:
- Monday–Friday: 8 a.m. to 4:30 p.m.
They also have after hours Online Banking phone numbers:
- Consumer: 888-722-1318
- Business: 855-451-9204
How Bank of Labor Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Capital One 360: Capital One 360, you can bank fee-free with online and mobile checking that actually pays you back. Whether you’re looking for one of their 40,000 fee-free ATMs or a Capital One location–chances are they are right nearby.
Bottom Line
If you happen to be a Union member/worker or business worker of some sort, then maybe Bank of Labor would benefit with you.
They seem to be a very small bank offering limited account options and their flexible options benefit Union members only.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with Bank of Labor, then apply today! For more options from a variety of banks, see our list of the best bank promotions!
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