Quontic Bank is headquartered in New York and is the 57th largest bank in the state of New York. It is also the 897th largest bank in the nation. It was established in 2005 and as of June of 2020, it had grown to 127 employees at 3 locations. Quontic Bank's money market rates are 25% higher than the national average, and it has a B+ health rating.
Related Posts
8/28 - Quontic's Top MM Rate Cut To 0.90%
5/20 - Quontic Bank Offers Competitive CDs, Checking and Money Market
5/16 - Quontic Lowers Rates To 1.46% APY, High Balance Required
3/12 - Quontic Drops Rates On MM & HYS & CD's
2/14 - Quontic Drops Rates - HYS Is Now 1.9% APY (Down From 2.05%)
1/2 - Money Market Dropped .15% (From 2.2% To 2.05% APY)
Request Electronic Statements To Avoid Fee
There is no “sneaky” statement fee. It was incorrectly charged and reversed for those who signed up for e-statements. The $5 fee is assessed for printed statements and is in line with what many other banks charge.
Dodgy Mistakes
With the same thing occurring to a few of the folks who post here over a length of time this explanation of the 'mistaken' fee is suspicious.
Good afternoon Mr. _______,
Thank you for your recent inquiry regarding the $5.00 statement fee. We apologize for any inconvenience, and I have gladly refunded back the fee to your account today August 26,2020. The issue that occurred was that we noticed our system started charging customers for electronic statements. Once we notice this happening, we started going through each customers account and reversing the fee. Now that the issue is resolved this shouldn't happen again. You will see the reversal on your next statement. We are sorry for any inconvenience this may have caused you.
Thank you for banking with Quontic
Fees And Disclosures
I'm sure this is a fine bank with good customer service, but there is no search engine to find the fees or disclosures. Via chat, I requested a fees document and was given a link which was just the disclosure gibberish with no amounts specified for fees on various transactions. Such documents should be easy to retrieve. Also, they do not have an IRA savings or money market, which means you have to act fast to move an IRA CD when mature. Too much hassle.
Don't Bite
They post online a very high APY on CD's. After you fill out all the preliminaries and get to the funding of your CD you will find that in reality there is no high yield CD currently offered like what's posted on the web page.
You've just been phished. Not today or the immediate day after but soon enough. Enter false info first as a test to see if there is even a CD offered by this outfit. You'll get a lot of spam emails in your financial email account even if you abort your CD purchase..
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57807 |
| Year Established | 2005 |
| Employees | 127 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.43% |
| Return on Equity - YTD | 6% |
| Annual Interest Income | $10.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $1.01B$394.0MM |
| Loans | Q2 2020vs Q2 2019 | $889.3MM$279.8MM |
| Deposits | Q2 2020vs Q2 2019 | $417.0MM$315.4MM |
| Equity Capital | Q2 2020vs Q2 2019 | $48.3MM$38.6MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $2.0MM$1.8MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $2.8MM$4.9MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |