Presidential Bank (MD) is headquartered in BETHESDA and is the 13th largest bank in the state of Maryland. It is also the 1,176th largest bank in the nation. It was established in 1985 and as of March of 2023, it had grown to 240 employees at 11 locations. Presidential Bank (MD)'s money market rates are 10X the national average, and it has a B+ health rating.
Related Posts
11/1 - Presidential Bank Advantage Checking Has Highest Annual Earnings
10/30 - Advantage Checking APY 3.75% Up To 25K, 3% Over 25K
7/11 - Presidential Bank Adds Nationally Available Advantage Checking
9/26/14 - Top 1.75% APY 36 Mon CD. Quick Look.
8/29/09 - Presidential Bank's Savings Account Rate Increase - 5.25%
6/30/06 - Presidential Bank's Savings Account Now 5.12%
5/15/06 - Presidential Bank's Savings Account Now 4.87%, Checking 4.50%
4/28/06 - Presidential Bank's Savings Account Now 4.75%
4/3/06 - New Rates at Presidential Bank: Savings 4.62%, Checking 4.37%
9/26/05 - Presidential Bank Raises Its Savings Rates
8/13/05 - The Deal at Presidential Online Bank
Easy Hoops
I've had an account here for about a year. IIR it was a bit of a nuisance to set up, but I have to say once that hurdle was overcome, I've been pleased. The rate (currently 4.63% up to $25K) is exceptional, and almost as important, the rate for a balance over $25K is 3.6%, I think that's good enough not to worry about shifting any excess. They only require 7 external withdrawals Of Any Kind, so in addition to debit card transactions, transfers and bills also count.
It does take what seems like a long time for deposits to show up - as far as I know they don't show pending transactions, only complete and available - to the point that I can wonder if something went wrong, but so far that's just me being impatient, I haven't actually experienced any problems.
Weak Customer Service
I opened an account two months ago.
Then asked me to wait for unlimited days to receive a debit card request form.
I received and mail-backed the debit card form in the 3rd week.
In 4th week, I contacted them about the debit card, and they said we have not received your mailed form yet.
I asked to send the debit card form by email or fax, but they ridiculously replied that it is in opposition to their bank regulations!!
It is unbelievable that in 2023, they do not trust email and fax yet!!
In 5th week, they received the form and ordered the debit card.
In the 8th week, I received the debit card.
It is a very frustrating approach once there is no tracking number to know the arrival time of the card.
Presidential Bank - RCA Rates Increase
New rates for the rewards checking account at Presidential Bank (Advantage Checking). It’s now 3% APY up to $25k and 2.5%APY for daily balance above $25k. I was just about to move my $25k out but will now add more money instead!
The account application process was old school (at least when I applied last year) but monthly requirements are easy to meet.
No Follow Through
Paid off a car loan and did not receive my title. Attempted to coordinate with bank and the car dealership for 6 months until responses stopped from the bank. I finally had to go to DMV to take care of it myself. So, basically bank takes my money. I pay it off in short order. Bank fails to provide me with the car title they should be holding in exchange. Big hassle.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32363 |
| Year Established | 1985 |
| Employees | 240 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.08% |
| Return on Equity - YTD | 0.7% |
| Annual Interest Income | $10.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $819.0MM$887.6MM |
| Loans | Q1 2023vs Q1 2022 | $656.2MM$526.8MM |
| Deposits | Q1 2023vs Q1 2022 | $656.4MM$787.6MM |
| Equity Capital | Q1 2023vs Q1 2022 | $89.3MM$90.1MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $9.1MM$7.7MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $3.1MM$2.7MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |