Patriot Bank (CT) is headquartered in Stamford and is the 15th largest bank in the state of Connecticut. It is also the 821st largest bank in the nation. It was established in 1994 and as of September of 2019, it had grown to 130 employees at 9 locations. Patriot Bank (CT)'s money market rates are 5X the national average, and it has a B health rating.
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Good Phone Support But Extremely Low ACH Limits
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
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.
Data as of Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33928 |
| Year Established | 1994 |
| Employees | 130 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.01% |
| Return on Equity - YTD | -0.07% |
| Annual Interest Income | $32.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $972.2MM$915.4MM |
| Loans | Q3 2019vs Q3 2018 | $796.0MM$756.6MM |
| Deposits | Q3 2019vs Q3 2018 | $765.6MM$724.6MM |
| Equity Capital | Q3 2019vs Q3 2018 | $96.6MM$95.5MM |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $8.4MM$6.6MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $19.2MM$24.9MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $2.4MM$991.00K |
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 Drops To 2.00% And Drops The Rate Guarantee
https://bankpatriot.com/mm/money-market.html
Patriot Bank Offer 2.26% APY Money Market Account (Guaranteed Until 6/30/20)
https://bankpatriot.com/mm/money-market.html
Anyone has experience with this bank? Thanks.
Always verify rates and promotions with the bank or credit union. We are not Patriot Bank (CT); we are a rate comparison website and cannot provide official rates or promotions.
Patriot Bank (CT) Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.00% | - | - | Money Market |
| Patriot Bank (CT) Locations | ||
|---|---|---|
| Greenwich Branch | 100 Mason Street | Greenwich, CT 06830 |
| Norwalk Branch | 16 River Street | Norwalk, CT 06852 |
| Fairfield Branch | 1755 Black Rock Turnpike | Fairfield, CT 06825 |
| Westport Branch | 415 Post Road East | Westport, CT 06880 |
| Scarsdale Branch | 495 Central Park Avenue | Scarsdale, NY 10583 |
| Milford Branch | 771 Boston Post Road | Milford, CT 06460 |
| Darien Branch | 800 Post Road | Darien, CT 06820 |
| Stamford Branch | 900 Bedford Street | Stamford, CT 06901 |
| Orange Branch | 7 Old Tavern Road | Orange, CT 06477 |