Quontic Bank is headquartered in New York and is the 48th largest bank in the state of New York. It is also the 718th largest bank in the nation. It was established in 2005 and as of March of 2021, it had grown to 250 employees at 3 locations. Quontic Bank has a B+ health rating.
Related Posts
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.
Tiered Rate Effective 5/17/21
The new monthly requirement to qualify for the 1% rate is 10 debits / $10 each. The rate decreases ON THE ENTIRE BALANCE if it exceeds $100K.
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
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 Q1 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57807 |
| Year Established | 2005 |
| Employees | 250 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.61% |
| Return on Equity - YTD | 37.57% |
| Annual Interest Income | $9.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $1.42B$480.8MM |
| Loans | Q1 2021vs Q1 2020 | $1.27B$345.9MM |
| Deposits | Q1 2021vs Q1 2020 | $511.0MM$386.5MM |
| Equity Capital | Q1 2021vs Q1 2020 | $62.7MM$47.4MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $1.5MM$1.1MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $2.4MM$2.3MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $0$3.9MM |