Quontic Bank is headquartered in New York and is the 53rd largest bank in the state of New York. It is also the 796th largest bank in the nation. It was established in 2005 and as of June of 2021, it had grown to 270 employees at 3 locations. Quontic Bank has a B health rating.
Related Posts
7/13 - Quontic Bank Brings Back Its 5-Year CD
6/12 - Quontic Bank Increases All CD Rates
5/20 - Quontic Bank Adds Tiered APYs To Its High Interest Checking
9/14 - Quontic Bank High Interest Checking Remains Competitive
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)
Everything Impressive -- But Bank May Catch You In A Rate Change
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.
Yeah I Don't Know
Rate seems among the better but between the chat and calling in to find out, I was told there are no external transfers out of your deposited money for 90 days, and that the only access would be through an ATM with a limit of $1,000/day. With a 6 transaction limit per month, that's a limit of $6,000 per month you could access of your money if you go to the ATM for 6 separate days. After 90 days, $25K per day limit, but it seems like your money would be tied up for the first month and a half just FYI.
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
Very Sneaky In My Opinion-Not Much Communication
Opened an account with them for the 1.01% interest rate. In VERY small print, which I must have missed, I did read the waiver and contract it says you have to make 10 transaction every month from this account as a POS to receive that rate. I never received a debit card from them. So I reached out and asked for a debit card. They said I never asked for one...? Um shouldn't they just send one if that is part of my requirement for the APR? Then I decided I was going to return my money back to my old account because I got a higher interest rate there compared to the .01 they are giving me. I have no access to my money! I asked why not and they said I had to send them my banking statement showing the money transferred, this was never told to me. I asked that their initial deposit should have shown that this was my account and be verification enough. They said no. Now it shows I have available funds but I cannot transfer them to an external account. I read from another person they hold it for 90 days. It all seems super sneaky. I will be transferring my money IMMEDIATELY at the 90 day mark. Also the customer service messages are hard to interpret
Data as of Q2 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57807 |
| Year Established | 2005 |
| Employees | 270 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.74% |
| Return on Equity - YTD | 58.01% |
| Annual Interest Income | $18.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $1.28B$1.01B |
| Loans | Q2 2021vs Q2 2020 | $1.08B$888.2MM |
| Deposits | Q2 2021vs Q2 2020 | $546.0MM$417.0MM |
| Equity Capital | Q2 2021vs Q2 2020 | $74.9MM$47.2MM |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $941.00K$1.5MM |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $9.4MM$2.8MM |
| Real Estate Owned | Q2 2021vs Q2 2020 | $0$0 |