Patriot Bank (CT)


Overview / Commentary
888-728-7468
900 Bedford Street
Stamford, CT 06901

Patriot Bank (CT) is headquartered in Stamford and is the 14th largest bank in the state of Connecticut. It is also the 816th largest bank in the nation. It was established in 1994 and as of December of 2019, it had grown to 131 employees at 9 locations. Patriot Bank (CT)'s money market rates are 4X the national average, and it has a C+ health rating.

Related Posts

Patriot Bank Extends 1.75% Promo Savings Rate Until 7/31 - 6/1/2020

Anyone opening a savings acct w/ Patriot Bank will receive 1.75% until 7/31. Of course, this rate for accts that are opened beginning today; i.e., if you opened an acct on 5/15, your promo rate will still expire on 6/30. https://bankpatriot.com/mm/money-market.html

Patriot Bank Savings Intro Rate Remains 1.75% APY, Extended 30 Days - 5/1/2020

The intro rate is now valid thru 6/30/20 https://bankpatriot.com/mm/money-market.html

Patriot Bank Money Market 1.75% APY Guaranteed Until 05/31/2020 [Not On DP MM List] - 4/23/2020

https://bankpatriot.com/mm/money-market.html Promotional Rate is guaranteed until 05/31/2020 Money Market the Patriot Way Earn 1.75% APY* $100 minimum opening deposit required No Fees No Minimum Balance NOTICE: Customers must deposit new money (not currently on deposit with Patriot Bank, N.A.) and not have had a Patriot Bank money market account in the last 30 days to be eligible. I'm unable to find or open the Deposit Account Agreement, Disclosure and Fees https://bankpatriot.com/wp-content/uploads/2018/07/DAADF_EffectiveDate-July-01-2018.pdf But found this FEE info posted at another forum: $15.00 Early Account Closing fee if close account within 90 days. $7.50/month Inactive or Dormant Account fee if no deposits/withdrawals for 12 months.

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Reviews (5)

Patriot Customer Barriers

Posted by: |

I have 2 issues with Patriot Bank Policies.
The daily deposit limit is $1000 compared to Customers Bank $5000 and when I called to add 3 beneficiaries they said I could only add 1. Adding 3 beneficiaries raises the FDIC Insurance from $500,000 to $1,500,000 for a Joint Account in case I wanted to add some money to my account.
Customers Bank said no problem and added 3.
Patriot makes it difficult to do business with them.

Good Phone Support But Extremely Low ACH Limits

Posted by: |

I opened a Patriot Bank Online Money Market account last week as their rate is competitive. Nowhere in their deposit account agreement could I find mention of any ACH transfer limits. Unfortunately, after speaking with a CS rep I was informed that there is a strict limit of $10,000 per ACH transfer both inbound and outbound, regardless of where the transfer is initiated from. In effect this means that it is not possible to transfer more than $60,000 out of the account via ACH in a month (and it would take 6 x $10,000 withdrawals to do so).

Flawed Application Process

Posted by: |

I jumped through all the hoops that this bank requires to open a money market account. But after all my effort they were unable to connect to my checking account at another (well-established) bank.

They also failed to send me a notice that there was any problem associated with my application, and, when I inquired, they would not identify the problem. This bank has a flawed application process.

Not User Friendly

Posted by: |

This bank keeps everything hidden. To find the account application you have to call them to find out that it is not on their website, but here buried in the comments. They couldn't link with Capital One for the initial deposit, so now I am waiting to hear from them on the acceptance of my application. They use a third party to make the ach transfers. If you want to find out interest rates you have to call them. Not very user friendly.

Borrower Rejects Lender!

Posted by: |

I should have quit while I was still ahead with this bank! After multiple unsuccessful attempts to complete funding the account with an initial $100K ACH deposit (app clearly stated that any amount between $100-100K was acceptable), I thought I would give it another try after seeing that the 2.2% guaranteed rate was reinstated this week.

This time I tried the ACH transfer with a different bank and only $100. The transaction as before appeared to go through as the originating bank requested a texted security code to complete the transfer. However unlike the earlier attempts the software did not freeze and went on to inform me that the application process was complete but that it was under review. (My FiCO score is 835)

Today I received a form letter that my account was declined, no reason given but instructions to call CS for further details. Speaking to Letitia was an utter waste of time however as she could offer no information other than a letter would be sent providing me with yet another number to call. She also mentioned that the $100 ACH transferred could only be returned to me by check. After informing her that I am residing at a temporary address for the next 3 months and that many banks do not allow correspondence to be forwarded, she offered no cogent response and declined my request to speak to a supervisor. I will check to see if my bank account was actually debited before wasting any more time by calling back and demanding to speak to a manager.

If this experience is any indication of how difficult it is to do business with this bank, suffice is to say that any prospective customer has been forewarned.



Health
C+

Health Grade Components

Overall
FDIC Certificate #33928
Year Established1994
Employees131
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-0.01%
Return on Equity - YTD-0.14%
Annual Interest Income$43.6MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$981.1MM$951.9MM
LoansQ4 2019vs Q4 2018$818.6MM$772.8MM
DepositsQ4 2019vs Q4 2018$774.0MM$748.7MM
Equity CapitalQ4 2019vs Q4 2018$96.8MM$96.5MM
Loan Loss AllowanceQ4 2019vs Q4 2018$8.8MM$7.6MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$23.0MM$20.5MM
Real Estate OwnedQ4 2019vs Q4 2018$2.4MM$2.9MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Patriot Bank Extends 1.75% Promo Savings Rate Until 7/31

  |  
Anyone opening a savings acct w/ Patriot Bank will receive 1.75% until 7/31. Of course, this rate for accts that are opened beginning today; i.e., if you opened an acct on 5/15, your promo rate will still expire on 6/30.

https://bankpatriot.com/mm/money-market.html

Patriot Bank Savings Intro Rate Remains 1.75% APY, Extended 30 Days

  |  
The intro rate is now valid thru 6/30/20

https://bankpatriot.com/mm/money-market.html

Patriot Bank Money Market 1.75% APY Guaranteed Until 05/31/2020 [Not On DP MM List]

  |  
https://bankpatriot.com/mm/money-market.html

Promotional Rate is guaranteed until 05/31/2020

Money Market the Patriot Way
Earn 1.75% APY*
$100 minimum opening deposit required
No Fees
No Minimum Balance

NOTICE:
Customers must deposit new money (not currently on deposit with Patriot Bank, N.A.) and not have had a Patriot Bank money market account in the last 30 days to be eligible.

I'm unable to find or open the Deposit Account Agreement, Disclosure and Fees
https://bankpatriot.com/wp-content/uploads/2018/07/DAADF_EffectiveDate-July-01-2018.pdf

But found this FEE info posted at another forum:

$15.00 Early Account Closing fee if close account within 90 days.
$7.50/month Inactive or Dormant Account fee if no deposits/withdrawals for 12 months.

The Patriot Bank Money Market Account Returns!!

  |  
After disappearing off the face of the earth for several days, the account is back, with an APY for new accounts of 1.75%. If you didn't already get in at 2.26%, 2.21%, or 2.00%, note that the new rate is only guaranteed thru 4/30.

https://bankpatriot.com/mm/money-market.html

Rates
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Patriot Bank (CT) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%--Money Market
Locations


Patriot Bank (CT) Locations
Greenwich Branch100 Mason StreetGreenwich, CT 06830
Norwalk Branch16 River StreetNorwalk, CT 06852
Fairfield Branch1755 Black Rock TurnpikeFairfield, CT 06825
Westport Branch415 Post Road EastWestport, CT 06880
Scarsdale Branch495 Central Park AvenueScarsdale, NY 10583
Milford Branch771 Boston Post RoadMilford, CT 06460
Darien Branch800 Post RoadDarien, CT 06820
Stamford Branch900 Bedford StreetStamford, CT 06901
Orange Branch7 Old Tavern RoadOrange, CT 06477

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.