Primis Overview

Headquartered in Virginia, Primis Bank offers a full range of personal finance products, including its Perks and Premium checking accounts. With a mission to “turn traditional banking on its head,” the bank charges zero monthly maintenance fees and offers 24/7 customer service. Depending on your chosen account, you can earn 5.07% APY on deposits or receive a $0.50 reward per transaction.

Primis at a Glance

Suitable For?

Primis Bank could be a great choice if you’d like to earn rewards through your checking account. With the Perks account, you’ll earn $0.50 cash back for every purchase you make with your debit card (with the exception of ATM transactions).

It would also be suitable if you’re looking to earn interest on any savings in your checking account. You’ll receive 5.07% on any deposits if you open a Primis Premium account, which is much more generous than the rates offered by many of the bank’s competitors.

However, you may want to look elsewhere if you’re based outside Virginia or Maryland and prefer to do your banking in person—all its branches are located in these 2 states.

Features/Highlights

Advantages over traditional banks

Primis doesn’t charge monthly maintenance fees on its checking accounts, unlike many traditional banks. With some banks imposing monthly fees in the region of $15, opening an account with Primis could significantly reduce the cost of your day-to-day banking.

In addition, Primis has a low minimum deposit of $1, which could be particularly attractive if you aren’t able to deposit a large amount into your account.

Cutting-edge banking services

Primis’ free V1BE mobile delivery is arguably its most innovative feature. It allows you to access banking services such as receiving cash, depositing checks, and stopping payments—personally delivered by a Primis driver.

All you need to do is enter your request into the V1BE app and your driver should arrive within 2 hours. Be aware that this service isn’t available in all areas, and you’ll need to check coverage areas in the V1BE app.

The Primis app offers several features that can make managing your finances easier and more efficient. For example, you can see an instant overview of all your transactions in real-time, quickly open new accounts, and transfer funds between accounts.

The bank also allows you to cash your paycheck up to 2 days early through its direct deposit feature, which gives you access to funds once the bank receives notice of an incoming payment.

Traditional banking services

Despite being a digital-first bank, Primis offers many traditional banking services. For example, you’ll receive a debit card on your account, which you can use fee-free at any ATM. Likewise, you can order paper checks, with the first 50 being free.

Outside of checking, the bank also offers traditional banking products such as mortgages, lines of credit, savings, and business accounts.

Interest rates and fees

When you open a personal checking account, the following fees will apply:

Primis doesn’t charge fees for common services such as incoming wire transfers or stopping payments, unlike some larger banks. The bank also won’t charge a penalty if you have insufficient funds in your account or go overdrawn.

Although Primis doesn’t charge an ATM fee, there may be a charge via the ATM’s owner. Should this happen, Primis will refund any charges the following business day.

Customer service and online experience

You can contact Primis 24/7 via phone, email, or live chat. Alternatively, you can submit a query through the bank’s online form and should receive a reply within 24 hours.

If your query is more general, you may be able to find the information you need through the bank’s chatbot, Scout, which provides a great deal of information on its products and services.

Primis also has a detailed resources section on its website, which covers topics such as online security and money management in relation to life milestones such as marriage and buying a home.

Primis is currently rated 3.2 out of 5 stars on Trustpilot, based on just 9 reviews. Some reviewers complained of having their accounts accidentally locked and experiencing delayed responses from customer service representatives. In contrast, several customers who rated the bank highly claimed to have received personal communication from its CEO.

Mobile app

The Primis app is available for Android and iOS devices. It allows you to:

• See an overview of all your transactions
• Deposit checks (up to $25,000 per business day)
• Pay bills
• Transfer money between accounts
• Schedule payments
• Set reminders for upcoming bills

If you’re concerned about cybersecurity, you can add facial or fingerprint logins to your mobile account.

The app currently has a rating of 2.4 out of 5 stars on Google Play and 4.7 out of 5 on the App Store. Users who rated the app highly praised its ease of use and convenience, while less satisfied reviewers complained of difficulties depositing checks.

There’s also a dedicated app for the bank’s V1BE service, which allows you to arrange the following services:

• Receiving cash
• Making a deposit
• Ordering a statement
• Stopping a payment
• Receiving a cashier’s check

At the time of writing, the V1BE app has a rating of 4.8 out of 5 stars on the App Store, with customers impressed by its innovative approach and delivery speed.

Security

Primis uses Secure Sockets Layer (SSL) encryption on its website to establish a secure connection between your devices and its servers. This can help safeguard any confidential information you enter during your application.

The bank also includes 2-factor authentication on its accounts and requires you to confirm your identity through a linked email address if you log in from an unknown device.

If your card is lost or stolen, you can report this to the bank’s dedicated fraud team 24/7.

As Primis is a member of the FDIC, funds in your account are protected up to $250,000 per person. You can add the bank’s Extended Coverage to your account for extra peace of mind. With this feature, Primis automatically moves any deposits in your account above the standard FDIC limit of $250,000 to other banks within its network.

At present, the network includes City National Bank, Western Alliance Bank, Citizens Bank, and Metropolitan Commercial Bank. If Primis were to collapse, the partner banks’ FDIC protection would cover any funds between $250,000 and $2,000,000. This can be a great perk if you tend to keep a high balance in your account.

Application Process

You can open a checking account online from the bank’s website with a deposit of just $1.

As part of the process, you’ll need to provide:

A driver’s license or other form of ID

Proof of United States residence

Proof of address

Overall, the process should take less than 10 minutes.

Primis Summary

With no monthly maintenance or overdraft fees, Primis could be an excellent option if you’re looking for a low-cost checking account. Its generous 5.07% APY on balances and rewards of $0.50 per transaction are other attractive highlights.

Although the bank only has physical branches in Virginia and Maryland, this may not be a dealbreaker if you prefer to manage your banking online. On top of that, its V1BE mobile delivery service allows you to receive banking services from a driver without having to visit a branch.

Physical Address

10900 Nuckols Road, Glen Allen, VA, 23060

Disclaimer

Primis Financial Corp., headquartered in McLean, Virginia is the holding company for Primis Bank, a state-chartered bank headquartered in Glen Allen, Virginia.