Piedmont Federal Savings Bank
Piedmont Federal Savings Bank is headquartered in WINSTON SALEM and is the 13th largest bank in the state of North Carolina. It is also the 879th largest bank in the nation. It was established in 1903 and as of March of 2023, it had grown to 121 employees at 10 locations. Piedmont Federal Savings Bank has an A+ health rating.
Just Like The Good Old Days
Piedmont Federal this a very unusual bank because of its small town feel. The bank has great customer service and terrific attention to detail. The bank reminds one of the way banks related to customers in the good old days.
WORST ... BANK ... EVER
WORST BANK EVER.
I'm not sure that I have the space and/or the time to list all of the reasons why you should RUN from this bank.
Was out of town on a trip and attempted to make a purchase using my check card, on a Saturday afternoon. Declined. No reason for it – plenty of funds. Declined. Declined. Declined. Unfortunately, the bank has no weekend customer service, so when you call to get information, all you get is a recording. On Monday when the bank opened, I phoned and received an explanation that there was a ‘problem’ with their systems and they arranged so that anyone attempting to make a purchase for over $100, their systems would reject, until they could fix their systems that Monday morning. Are you kidding? WORSE THAN THIS – this happened again, several months later. The exact same thing. Don’t know about you, dear review reader, but I make a good number of purchases on weekends for over $100 – groceries, bills I pay, etc.
The next issue, related to overdraft fees I incurred as a result of an unauthorized and unexpected withdrawal attempt. Since a good number of my bills had just cleared, the balance in checking that day was low, and the overdraft fee dwindled the account down $35.00 to where a small purchase I did authorize, didn’t clear. Another overdraft fee. I secured proof and proper documentation that the withdrawal was done in error, and the bank manager at Hanes Mill Boulevard in WS REFUSED to refund any fees. “It’s not the Bank’s fault”. Correct, but it wasn’t my fault either. I have experienced similar issues with other banks over the years, and I’ve never been refused a reversal of fees if the matter was not my fault.
Finally, the manager of the branch in Clemmons refused to waive a release of a 4 day hold on an out of state check issued by a trust company in New York, because I had recently incurred NSF’s. Nevermind those NSF’s weren’t my fault. Plus, he was extremely rude and condescending.
These are just the tip of the iceburg of the non-stop issues with this ‘community’ bank that they brag about all over the radio ads. It’s not a service to your community customers when you refuse to think outside of the box and you don’t provide the most basic of customer services.
R U N A W A Y !!!!!!!!!!
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27619 |
| Year Established | 1903 |
| Employees | 121 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.17% |
| Return on Equity - YTD | 0.96% |
| Annual Interest Income | $9.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $1.16B$1.01B |
| Loans | Q1 2023vs Q1 2022 | $696.8MM$652.7MM |
| Deposits | Q1 2023vs Q1 2022 | $805.2MM$764.3MM |
| Equity Capital | Q1 2023vs Q1 2022 | $209.0MM$220.4MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $5.4MM$1.9MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $430.00K$683.00K |
| Real Estate Owned | Q1 2023vs Q1 2022 | $705.00K$756.00K |