MetLife Bank is the financial banking division of MetLife, Inc., the holding company that is also the parent of the Metropolitan Life Insurance Company. MetLife Bank is a federally chartered bank, and MetLife Bank services include a number of deposit products and home loan options. MetLife Bank customer service and the licensing of Charles Schultz's Snoopy character are two factors that have helped the bank achieve popularity among national banks.
The MetLife Bank national charter went into effect in 2001. Today, American Banker ranks MetLife Bank in the top 100 of the nation, and the bank holds over $10 billion in customer deposits.
A group of New York City investors and businessmen founded MetLife in 1863 as the National Union Life and Limb Insurance Company. The company's primary product was disability insurance for Union soldiers fighting the Civil War. The company began to focus on life insurance in 1868 when the company name changed to the Metropolitan Life Insurance Company.
Metropolitan Life Insurance Company financed built the Empire State Building, contributed to the construction of the Rockefeller Center in New York and was the single-largest private financial contributor to the Allies in World War II.
Since then, MetLife has diversified their portfolio by providing insurance of all types and MetLife bank services. In 2009, MetLife had total revenues of $49 billion and was the largest insurance provider in the United States.
MetLife Bank Services
MetLife Bank Services include several types of deposit accounts and home mortgages. FDIC insurance covers all MetLife Bank deposit accounts.
One of the most popular of MetLife Bank services is their High Yield Savings Account. This account has a minimum initial deposit of $50. Interest rates on this account are on four tiers based on account balance.
The MetLife Bank Money Market Account offers competitive interest rates with more flexibility in money management through debit card access and check-writing privileges. Interest rates and the four-tier interest rate system are identical to that for the savings account.
MetLife Certificates of Deposit are available in one of nine term lengths from 3 months to 60 months. CDs at MetLife earn interest on a five-tiered rate system. The minimum deposit to open a CD account is $2,000.
MetLife Individual Retirement Accounts (IRAs) are available in three types. The traditional IRA is the most popular, but Roth IRAs and Coverdell Education Savings Accounts are also available.
Bank customer service at MetLife is reachable by telephone, email and standard mail.
The largest insurance company in the United States backs MetLife Bank. The stability from this backing and the range of MetLife Bank services available make this bank a popular choice for customers across the United States.