Paramount Bank (MO) is headquartered in Hazelwood and is the 187th largest bank in the state of Missouri. It is also the 4,053rd largest bank in the nation. It was established in 2004 and as of June of 2022, it had grown to 84 employees at 1 location. Paramount Bank (MO)'s money market rates are 3X the national average, and it has a C+ health rating.
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4/17 - Paramount Bank Lowers Checking Interest Rate
1/2 - High-Interest Checking, 0.85%* APY, NO Debit Card Requirements
Great Customer Service!!!
Russ was amazing. He walked me through the verification process, waitinguntil it was complete. I appreciate such high standards of customer service compared to being thrown some instructions and to go on your merry way!!
3 Limitations To Be Aware Of
So far my experience with Paramount has been favorable, but new depositors may not be happy with 3 service limitations:
*ACH withdrawals are limited to $5000.
*They have no "secure messaging". You have to call them or send a regular email.
*A checkbook order is a minimum of $35! But they have no objection if you buy discount checks elsewhere.
Their staff has been friendly and knowledgeable, and they do answer the phone promptly without a lot of menus to go through.
Great Company
I heard about Paramount Mortgage Bank from a friend who opened an account with them, i was looking to move into a new home with my family though i had a terrible credit score at the time. I learnt Paramount specifies a credit score of 680 as the point below which higher rates may apply so i needed nothing less than a 700 score to stand a good chance. However, it also says mitigating circumstances can help your approval process if you have credit issues. On the side, i'll give special thanks to Creditmason Repairs team for helping me attain an excellent credit score that made it possible for me to acquire the mortgage within five months, my huge student loans were also paid off by this team. The drawbacks i experienced with Paramount is that there's little information online, meaning you have to engage with a loan officer to get an idea of what your loan might look like. Also, requirements are non-transparent. It doesn’t release information about its minimum down payment or debt-to-income ratios.
Don't Waste Your Time
Seriously, if you need, have to have, an online bank, this is not the one. The rates seem too good to be true, and they are, because you can't get an account with them. The online application process is easy enough, except that they will come back after you've submitted and want a photo of you, photos of recent bills, maybe other things as I have read in reviews. (Oop, we forgot to mention that before you clicked "submit"!). Then they pull the money from you, in my case $10k, and you may or may not hear from them again. They transferred mine from my bank on April 5, 2021. It is now May 13. They claim they have tried multiple times to do the next step they require, send a paper signature card, where your signature in real ink makes everything legal. I have not received anything from them, but then that is the reason I need an online bank; I travel. Today, 39 days later, they are transferring the money back and refusing me. They're not nice about it, the customer service agent, Nicole, has a holier-than-thou attitude and speaks like a parent to a naughty child. All I can say is it's their loss, not mine.
P.S.- June 12, I finally received their "welcome packet" with aforementioned signature card. The envelope was scribbled all over with the address hand copied incorrectly. Looks like someone's child came to work that day and tried to "help". Or maybe these folks are just that incompetent.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57884 |
| Year Established | 2004 |
| Employees | 84 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -3.02% |
| Return on Equity - YTD | -23.35% |
| Annual Interest Income | $1.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $92.9MM$225.2MM |
| Loans | Q2 2022vs Q2 2021 | $66.9MM$130.4MM |
| Deposits | Q2 2022vs Q2 2021 | $77.6MM$192.7MM |
| Equity Capital | Q2 2022vs Q2 2021 | $13.0MM$19.2MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $938.00K$938.00K |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $0$61.00K |
| Real Estate Owned | Q2 2022vs Q2 2021 | $1.0MM$1.1MM |