Prime Alliance Bank is headquartered in Woods Cross and is the 32nd largest bank in the state of Utah. It is also the 1,564th largest bank in the nation. It was established in 2004 and as of June of 2022, it had grown to 30 employees at 1 location. Prime Alliance Bank's money market rates are 9X the national average, and it has an A health rating.
Related Posts
6/6 - Interest Rate Notification
5/14 - Rate Drop At Prime Alliance Savings Now 1.45% APY
4/30 - They Dropping Interest Rate Tomorrow To 1.45%
4/3 - Prime Alliance Bank Liquid Accounts Still Competitive
Awesome Customer Service
They answer the phone and respond to emails very fast. And they offer extra FDIC insurance through INTRAFI for large accounts.
Easiest Bank To Do Business With
I can't say enough positive things about the customer service at this bank. Always a remarkably pleasant experience, with informed answers to questions. I just love this bank!
Online Money Market
Excellent customer service. They actually pick up the phone when you call them without going through a long automated service.
60-Day Hold On New Accounts
I opened the savings account with Prime Alliance Bank (PAB) last month. For initial deposit, inbound ACH took one business day to clear. That was pretty good. I haven't withdrawn any money for 10 business days after opening the account. This morning I finally had a chance to test out outbound ACH with PAB before I planned to deposit more money into the acccount, but I couldn't withdraw a small amount of money from the account because PAB placed a 60-day hold on the account. Therefore, you should not deposit too much money with PAB before 60 days of account opening if you think you will need to withdraw your money soon.
Updated 5/23/2020: I wanted to deposit more money to savings account today. However, before making deposit I tried to withdraw $100 this morning. I was surprised PAB still didn't allow me to withdraw $100. My savings account has been opened more than 60 days. I'll have to call Customer Service to ask why I couldn't withdraw money.
Updated 6/12/2020: I just found out interest on savings account is credited at quarterly.
High Interest Savings
I opened an account because the bank was offering the highest interest rate at the time on a savings account. The rate has decreased since then but is still up there among the top banks. I found the application process to be pretty easy, it only took me 15 min to apply. New customers aren't able to pull funds from another bank, so I set up a transfer from my original bank to my new savings account, but there was no hold on the money I transferred which was a nice change.
Smooth Application
My experience in applying for the high yield CD was totally different from deskandchairs'. I applied one day before the Labor Day weekend and the online application was smooth even though I had to click through multiple links. Did not have to provide any identification so they must have been able to ID me. They also honored the higher rate even though funding occurred after they have lowered their rates. Website is not the best, else I would have given them all five stars.
Could Not Open An Account
I tried twice to open an account and twice, using two different valid IDs, and the site said they couldn't verify my identify. The information was valid and I can't recall ever having that problem before with a bank application. I guess they don't want my business.
Awful CD Opening Experience And Poor Customer Service
This weekend I received the weekly update from DepositAccounts, which indicated this institution was offering a 60 month CD with 3.15% apy. In order to take advantage of this deal before it disappeared, on Labor Day I started the online application process, which was lengthy. Near the end I received a screen that said my APY would be 2.76% (not the 3.15% shown on their website, where I initiated my application). Not knowing how to get out of this application process without funding for a rate I didn't want, I closed my browser window. The next business day I called to ask about this discrepancy and was told they now have the application screen fixed to give the correct rate.
When I tried to reapply (several times despite the lengthy process), I received error messages that they could not verify my identification. In the phone call, I was told that they would look into this to see if they could identify the problem. It is now over 24 hours later, and I have not received a return phone call. (Monday I sent an email about the rate discrepancy. Their website says they will reply within 48 hours, yet I have received no reply).
Now on Wed. their website says the APY is now 2.75%, so I got locked out of this luscious offer. I wonder if it was ever real, given the run around I have received.
By the way, their application process requires two forms of identification, not just the typical driver's license. I think this bank purchased some incompetent software. One of the types of additional identification accept is a credit card. When I tried this, the online screen asks for both an issue date and an expiration date, which is typical for a drivers license. As far as I can tell, credit cards don't come with an 'issue date' I proceeded without this information and was rejected, apparently due to this omission.
As you can tell, a totally frustrating experience!
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57920 |
| Year Established | 2004 |
| Employees | 30 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.46% |
| Return on Equity - YTD | 21.46% |
| Annual Interest Income | $17.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $571.9MM$500.0MM |
| Loans | Q2 2022vs Q2 2021 | $479.0MM$419.5MM |
| Deposits | Q2 2022vs Q2 2021 | $506.4MM$432.3MM |
| Equity Capital | Q2 2022vs Q2 2021 | $64.0MM$60.4MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $12.5MM$12.4MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $11.1MM$17.7MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $44.00K$0 |