Patriot Bank (CT)

Overview / Commentary
900 Bedford Street
Stamford, CT 06901

Patriot Bank (CT) is headquartered in Stamford and is the 18th largest bank in the state of Connecticut. It is also the 1,007th largest bank in the nation. It was established in 1994 and as of June of 2021, it had grown to 131 employees at 9 locations. Patriot Bank (CT) has a B health rating.

Reviews (7)

Important ACH And Promo Rate Info

Posted by: |

Just confirmed via telephone call to Patriot the following:

1) Unlike other information posted in the comments here there is no ACH limit on transfers initiated from an external bank whether it is a deposit or withdrawal.

2) Promo rates have an expiration date. Your rate will then drop to the current prevailing rate. That rate today is 0.75%. There are no alternative products available with Patriot that pay a better rate. And promos will not magically be extended. So immediately upon promo expiration you can expect your account to pay 0.75% (and should plan accordingly).

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

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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.

Started To Open A Money Market Account...

Posted by: |

First, there isn't even an application for the Money Market account, so I sent a message to them...
Also, they don't advertise rates anywhere on their site! You have to download a large "disclosure" file, and it still isn't clear what the rates or terms are...
I decided it's probably best to not do business with such a user-unfriendly bank!

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 Grade Components

FDIC Certificate #33928
Year Established1994
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.57%
Return on Equity - YTD5.61%
Annual Interest Income$15.9MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$962.8MM$979.7MM
LoansQ2 2021vs Q2 2020$663.2MM$788.9MM
DepositsQ2 2021vs Q2 2020$765.5MM$787.4MM
Equity CapitalQ2 2021vs Q2 2020$94.8MM$92.7MM
Loan Loss AllowanceQ2 2021vs Q2 2020$10.4MM$11.1MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$25.1MM$22.5MM
Real Estate OwnedQ2 2021vs Q2 2020$1.2MM$2.4MM

Sorry, we do not have rate data for Patriot Bank (CT).


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 Branch233 Post RoadDarien, CT 06820
Stamford Branch999 Bedford StreetStamford, CT 06905
Orange Branch7 Old Tavern RoadOrange, CT 06477

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