Presidential Online Bank is headquartered in Bethesda and is the 12st largest bank in the state of Maryland. It is also the 1,163rd largest bank in the nation. It was established in 1985 and as of September of 2013, it had grown to 302 employees at 10 locations. Presidential Online Bank has a B health rating.
I wanted to draw attention to a bank that has treated me well for nearly twenty years -- Presidential Bank. They have long offered a Checking PLUS account with a consistently decent interest rate (currently 1%) for the first $25K on deposit (requires direct deposit and $1000 minimum balance to avoid fees). Don't be dissuaded by their website design, which has changed little since the advent of the internet; behind the unpromising facade is a bank with solid online features and impeccable customer service. One downside is that they only have ATMs in the MD/DC area; though they charge no fees for outside ATM usage, neither do they refund the fees that other banks charge. If you can work around that, the account offers just about everything you might need in a basic checking account, from the ability to write paper checks to online ACH transfers. Overall, a steady, reliable account that has served me well over the years.
I have banked at a Maryland branch for decades. Service was always great. Over the past couple years (as they became more of an online bank), their service has gone down hill. They are much more apt to charge nuisance fees.
Aside from the monthly account fee, they recently hit me up with an insufficient funds fee for an automatic bill pay I was unaware of. Because banks automatically retry transactions several times, they charged this fee 3 times (on the same ISF incident). The associated fees caused another payment to bounce, so they charged me more fees.
They refused to reverse ANY of these fees because they ONCE refunded a fee in my previous 20 years as a customer. My loyalty counted for absolutely nothing.
We have banked with Presidential for nearly 20 years, and we have always been extremely pleased with their personalized service and commitment to security. They are certainly smaller, but they are extremely professional and their fees, interest rates, and account offerings are always superior to the larger banks and area competition.
Even though their interest rates are slightly less competitive of late (0,35 and 0,5% against Ally, etc that are offering 1%) they have some nice functionality - a fully fledged checking account, free bill pay and, best of all, no extra rip off charges when you use your ATM. Have been a customer for 10 years with never a problem - they were one of the pioneers of internet banking - and will remain so for the foreseeable future.
I've had Presidential for almost 6 years with no issues. As the other review points out, if you want a solid, no worries checking account, they are a good option. Their rates are consistently near the top. I've pulled money out at times when other banks were higher but always regretted it when the other bank soon dropped lower.
Don't be scared off by their website (I find it charming), this is a solid, well regarded bank with consistently high rates.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 Presidential Online Bank had $19.66 million in non-current loans and owned real-estate with $54.06 million in equity and loan loss allowances on hand to cover it. This gives Presidential Online Bank a Texas Ratio of 36.37% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Presidential Online Bank decreased slightly from 50.24% as of September 30, 2012 to 36.37% as of September 30, 2013, resulting in a positive change of 27.62%.This indicates that the balance sheet and financial strength for Presidential Online Bank has improved slightly in recent periods.
In the past year, Presidential Online Bank has increased its total deposits by $27.76 million, resulting in 5.96% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Presidential Online Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Presidential Online Bank has $575.73 million in assets with $54.06 million in equity, resulting in a capitalization level of 9.39%, which is average.
|FDIC Certificate #||32363|
|Assets and Liabilities|
|Equity Capital||$49.70 million|
|Loan Loss Allowance||$4.36 million|
|Unbacked Noncurrent Loans||$14.38 million|
|Real Estate Owned||$5.28 million|
|Historic Data - September 2012|
|Equity Capital||$49.13 million|
|Loan Loss Allowance||$5.76 million|
|Unbacked Noncurrent Loans||$14.38 million|
|Real Estate Owned||$12.97 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.87%|
|Return on Assets||0.18%|
|Return on Equity||2.03%|
|Interest Income||$12.72 million|
Always verify rates and promotions with the bank or credit union. We are not Presidential Online Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.50%||-||$35k||Commercial Premier Savings|
|0.30%||$25k||-||Commercial Statement Savings|
|0.30%||$10k||-||Money Market Checking|
|0.30%||$5k||-||Commercial Money Market|
|1.35%||$1k||-||5 Year CD|
|0.80%||$1k||-||2 Year CD|
|0.60%||$1k||-||1 Year CD|
|0.50%||$1k||-||182 Day CD|
|0.25%||$1k||-||30 Day CD|
|0.25%||$1k||-||60 Day CD|
|0.25%||$1k||-||90 Day CD|
|1.35%||$1k||-||5 Year IRA|
|0.80%||$1k||-||2 Year IRA|
|0.60%||$1k||-||1 Year IRA|
Presidential Online Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 4520 East-West Highway - Bethesda, MD 20814