Presidential Bank (MD) is headquartered in Bethesda and is the 12th largest bank in the state of Maryland. It is also the 1,162nd largest bank in the nation. It was established in 1985 and as of September of 2020, it had grown to 284 employees at 10 locations. Presidential Bank (MD) has an A+ health rating.
We have banked with Presidential for nearly 20 years, and we have always been extremely pleased with their personalized service and commitment to security. They are certainly smaller, but they are extremely professional and their fees, interest rates, and account offerings are always superior to the larger banks and area competition.
Even though their interest rates are slightly less competitive of late (0,35 and 0,5% against Ally, etc that are offering 1%) they have some nice functionality - a fully fledged checking account, free bill pay and, best of all, no extra rip off charges when you use your ATM. Have been a customer for 10 years with never a problem - they were one of the pioneers of internet banking - and will remain so for the foreseeable future.
I've had Presidential for almost 6 years with no issues. As the other review points out, if you want a solid, no worries checking account, they are a good option. Their rates are consistently near the top. I've pulled money out at times when other banks were higher but always regretted it when the other bank soon dropped lower.
Don't be scared off by their website (I find it charming), this is a solid, well regarded bank with consistently high rates.
I wanted to draw attention to a bank that has treated me well for nearly twenty years -- Presidential Bank. They have long offered a Checking PLUS account with a consistently decent interest rate (currently 1%) for the first $25K on deposit (requires direct deposit and $1000 minimum balance to avoid fees). Don't be dissuaded by their website design, which has changed little since the advent of the internet; behind the unpromising facade is a bank with solid online features and impeccable customer service. One downside is that they only have ATMs in the MD/DC area; though they charge no fees for outside ATM usage, neither do they refund the fees that other banks charge. If you can work around that, the account offers just about everything you might need in a basic checking account, from the ability to write paper checks to online ACH transfers. Overall, a steady, reliable account that has served me well over the years.
Completed the on-line application, two days later got a call asking me to email my SS# & driver license. I had to write down that email address. Later saw that the main page of the bank indicated:
"[email protected] is NOT a secure means of communication. Please refrain from including personal information such as account numbers, Tax ID/Social Security numbers, passwords, etc. We encourage you to maintain contact with us through our Secure Email service, located within Personal Online Banking"
I called & asked to send me that secure email service, I was told to just send it to @presidential.com. It's like the Rep was too lazy to do that. Since I had to mail in the signature page anyway, I said that I'll mail all 3 documents & sent the letter out the same day. Since that day, I called 3 times, they said nothing has been received, now it's 3 weeks later, called & again nothing was received, I cancelled my application, & worry where did all my important documents go.
I have banked at a Maryland branch for decades. Service was always great. Over the past couple years (as they became more of an online bank), their service has gone down hill. They are much more apt to charge nuisance fees.
Aside from the monthly account fee, they recently hit me up with an insufficient funds fee for an automatic bill pay I was unaware of. Because banks automatically retry transactions several times, they charged this fee 3 times (on the same ISF incident). The associated fees caused another payment to bounce, so they charged me more fees.
They refused to reverse ANY of these fees because they ONCE refunded a fee in my previous 20 years as a customer. My loyalty counted for absolutely nothing.
|FDIC Certificate #||32363|
|Return on Assets - YTD||2.76%|
|Return on Equity - YTD||26.66%|
|Annual Interest Income||$21.5MM|
|Assets and Liabilities|
|Assets||Q3 2020vs Q3 2019||$744.1MM$630.3MM|
|Loans||Q3 2020vs Q3 2019||$602.6MM$527.2MM|
|Deposits||Q3 2020vs Q3 2019||$650.3MM$474.6MM|
|Equity Capital||Q3 2020vs Q3 2019||$78.0MM$63.7MM|
|Loan Loss Allowance||Q3 2020vs Q3 2019||$7.7MM$5.4MM|
|Unbacked Noncurrent Loans||Q3 2020vs Q3 2019||$2.3MM$2.5MM|
|Real Estate Owned||Q3 2020vs Q3 2019||$0$0|
Rates for Presidential Bank (MD) are currently being reviewed.
|Presidential Bank (MD) Locations|
|1660 K Street Branch||1660 K Street||Washington, DC 20006|
|Reston Town Center||1675 Reston Pkwy||Reston, VA 20194|
|Arlington Branch||1515 Wilson Boulevard||Arlington, VA 22209|
|Leesburg Branch||21 Catoctin Cir Se||Leesburg, VA 20175|
|Presidential Bank, FSB||4520 East-West Highway||Bethesda, MD 20814|
|Mclean Branch||6707 Old Dominion Drive||Mclean, VA 22101|
|Rockville Branch||11640 Rockville Pike||Rockville, MD 20852|
|Arlington Branch||901 N. Stuart Street||Arlington, VA 22203|
|Tysons Branch||8150 Leesburg Pike, Suite 150||Vienna, VA 22182|