Quontic Bank is headquartered in Astoria and is the 91st largest bank in the state of New York. It is also the 1,790th largest bank in the nation. It was established in 2005 and as of June of 2019, it had grown to 155 employees at 2 locations. Quontic Bank has a B+ health rating.
Everything about Quontic's customer service is great. BUT: the bank reserves the right to change your contracted deposit rate after you've completed your application. I went to fund my CD account the moment they put the small trial deposits into my ACH funding account -- only to be told that since the rate had dropped since i started the application, they would not honor the original higher rate. The customer (myself) was not the delaying factor here; I did not use snail mail to fund the account, and i did not wait a moment past the trial deposits appearing to complete the process. Changing rates after an application has been made is simply not customer friendly. Too bad, because customer service interactions were very good. .... Subsequently, I went back to customer service, and they DID promise to honor the original 12-month rate. See updated comments below. I am changing my original rating, to reflect management's willingness to hear their customer's requests that original application deposit rates be honored. Customer reps continue to be polite and professional, and the service is as quick as Ally bank, which has been my most efficient bank til now. Latest rates for cd's are no longer the highest as of today, but rates were very competitive up through last week. Hats off to Quontic management for reversing direction in favor of customers.
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.
First CD app. led to aback &forth on the form & ended in an unanswered phone call on the week end. Second appl. attempt led interest payment pg & edit button called for reloading which became a blank appl. again. For a lousy $50 difference in interest went to seamless appl. elsewhere. Good luck to the persevering.
|FDIC Certificate #||57807|
|Return on Assets - YTD||0.89%|
|Return on Equity - YTD||8.96%|
|Annual Interest Income||$9.8MM|
|Assets and Liabilities|
|Assets||Q2 2019vs Q2 2018||$394.0MM$377.4MM|
|Loans||Q2 2019vs Q2 2018||$279.8MM$325.4MM|
|Deposits||Q2 2019vs Q2 2018||$315.4MM$315.7MM|
|Equity Capital||Q2 2019vs Q2 2018||$38.6MM$31.5MM|
|Loan Loss Allowance||Q2 2019vs Q2 2018||$1.8MM$2.3MM|
|Unbacked Noncurrent Loans||Q2 2019vs Q2 2018||$4.9MM$3.5MM|
|Real Estate Owned||Q2 2019vs Q2 2018||$0$0|
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|Quontic Bank Locations|
|Quontic Bank||31-05 Broadway||Astoria, NY 11106|
|Quontic Bank Astoria||31-05 Broadway||Astoria, NY 11106|