The Provident Bank is headquartered in Jersey City and is the 4th largest bank in the state of New Jersey. It is also the 133rd largest bank in the nation. It was established in 1839 and as of December of 2013, it had grown to 886 employees at 79 locations. The Provident Bank has a B+ health rating.
Stay away of The Provident Bank. Incompetent, rude, unprofessional and ignorant people.
They will make you lose your money.
My cousin and I had separate checking accounts with this bank and I was managing / using both accounts since my cousin was in China and we maintain the same residence in NJ so I paid bills from my a his accounts.
The Provident froze our both accounts because they have incorrect information on my account and assumed that I was using my cousin’s account illegally without him knowing it which I was not. They canceled all our pending transactions including a money transfer to my father in Russia for his heart medications which endangered his life.
When I called them and talked to them in person first they told me to bring my ID (which I did 3 times) to confirm my identity. I also brought a copy of my cousin's passport. They took everything and did not release the accounts saying that till my cousin and I came to the local branch and brought our ID's the accounts would remain frozen.
They refused to call my cousin in China or accept his calls to discuss the situation and confirm his identity without any explanation.
In short it is a nightmare, we can’t use our accounts to buy food or pay our bills and mortgage, all our money is frozen.
The Bank Rep from Compliance Department (Mina) rudely told me “I don’t care if you have no money to buy food and pay bills and I don’t want any calls from your cousin or him calling me. You both need to come over your local branch and bring your ID’s”
I explained to her that I had been at the local branch 3 times already and they have a copy of my DL and my cousin was not coming back to the US till after the New Years but I brought a copy of his US passport and the Bank has it on file. She would just keep saying the same thing ““I don’t care if you have no money and I don’t want any calls from your cousin or him calling me. You both need to come over your local branch and bring your ID’s”.
I filed complaints with State and Federal Authorities but in the meanwhile we are hanging there without our honestly earned money because the Bank without any proof consider us frau
I had the Smart Checking account and I was stunned that I didn't get the high interest one month. They said there is a charge comes in as pin-based purchase. It was the online payment of my cell phone bill. Although they acknowledged that it can't be pin-based (since it's online transaction), they said "it comes in as pin-based and there is nothing they can do about it." So don't be so certain that your signature based transactions will be counted as signature based.
First they get you with the high rates, "no fees", etc. Well, the first time that my account went in overdraft, they kept charging me $35 PER TRANSACTION over a period of 5 days, until i was notified by SNAIL MAIL that my account had a negative balance. I was charged $210 in overdraft fees in a period of two days! I called them up to ask why such high fees (I only charged $250 too much, so the interest rate over 5 days would be greater than 2000% annualized!), and they declined to waive any fees (typically banks waive the fees in your first overdraft, but not provident!). Secondly, they have the worst online banking service of any bank that I have ever dealt with! No balance transfers, bill-payments only had a handful of payees, literally, and even checking my balance proved difficult due to the sluggishness of their website. Even closing my account has proven difficult, as they demand that I show up in person! Do not fall for the fees, go bank elsewhere! Try IGOBanking.com, for example, but just about any bank is better than this one!
Prior online information included the current APY of the Smart Checking account. As of July 2012 the web site now states that you must phone them to get the current rate.
It would seem this is another way to bury further rate decreases from immediate notice.
Unfortunately, my mother and father had trust accounts for me at this bank. After they died, my lawyer asked them to consolidate the accounts. They refused to do this, since it involved "too much paper work". I am trying to get the trust moved to the local bank where I now live. I still am unable to get the trusts consolidated. My local bank cannot believe how unhelpful and rude the people at Provident (now Beacon Trust) have been. Do not under any circumstances bank with this outfit. They are unbelievable!
Please stay far away from this bank.. it is the worse bank in whole wide world - their employees are rude, moody and unprofessional starting with managers. I owed like 5 dollars on my overdraft account and they debited my account like 4 times without letting me know + they charged $50.00 late fee and they don't even send you a bill to let the customer know the account status. another thing, they take decisions for you... they just stop sending me my bank stmts over the mail... without me requesting they changed It to online only... and their online banking is terrible - it never works. Don't even go near this bank because you will loose your joy!!!!
1ST OF ALL, THEY NEVER GAVE ME A NOTICE WHEN I WAS OVERDRAWN UNTIL 45 DAYS LATER!!!!! THEY KEPT TAKING DIRECT DEPOSITS OUT. I HAVE MS. I HAVE NO JOB. I'M LOOKING FOR ONE AND THEY KNEW THAT AT THE BRANCH. MY POINT IS THAT THEY SHOULD HAVE NOTIFIED ME. WHICH THEY DIDN'T. ITS UNPROFESSIONAL. THIS BANK IS CRAP. I WOULDN'T ADVISE MY WORSE ENEMY TO GO THERE.
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 December 31, 2013 The Provident Bank had $78.91 million in non-current loans and owned real-estate with $1 billion in equity and loan loss allowances on hand to cover it. This gives The Provident Bank a Texas Ratio of 7.89% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for The Provident Bank decreased slightly from 11.06% as of December 31, 2012 to 7.89% as of December 31, 2013, resulting in a positive change of 28.64%.This indicates that the balance sheet and financial strength for The Provident Bank has improved slightly in recent periods.
In the past year, The Provident Bank has decreased its total deposits by -$220.53 million, resulting in -4.04% 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 The Provident Bank has shown is below average.
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. The Provident Bank has $7.49 billion in assets with $1 billion in equity, resulting in a capitalization level of 13.36%, which is excellent.
|FDIC Certificate #||12010|
|Assets and Liabilities|
|Equity Capital||$935.52 million|
|Loan Loss Allowance||$64.66 million|
|Unbacked Noncurrent Loans||$73.49 million|
|Real Estate Owned||$5.43 million|
|Historic Data - December 2012|
|Equity Capital||$903.58 million|
|Loan Loss Allowance||$70.35 million|
|Unbacked Noncurrent Loans||$73.49 million|
|Real Estate Owned||$11.89 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.28%|
|Return on Assets||0.95%|
|Return on Equity||7.59%|
|Interest Income||$252.77 million|
Sorry, we do not have rate data for The Provident Bank