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.
Related Posts
1/24 - Money Market Raised To 2.21% APY, With Rate Guarantee
1/16 - Patriot Bank Drops To 2.00% And Drops The Rate Guarantee
1/10 - Patriot Bank Offer 2.26% APY Money Market Account (Guaranteed Until 6/30/20)
1/10 - Patriot Bank Offers Online Money Market Nationwide
Patriot Customer Barriers
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
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.
Borrower Rejects Lender!
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.
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 |