Quontic Bank is headquartered in New York and is the 80th largest bank in the state of New York. It is also the 1,517th largest bank in the nation. It was established in 2005 and as of March of 2020, it had grown to 145 employees at 3 locations. Quontic Bank's money market rates are 2X the national average, and it has a B+ health rating.
Related Posts
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.
Excellent!!!!
Ly Nguyen is great !!! She works very dedicated, thoughtful, devoted to customers. She helps me whenever I need it even after working hours. I love her customer service !!! thank you very much Ly Nguyen !!!
Excellent Experience
Nathalia is very kind,attentive and dedicated to her work whenever I call she is willing to help I love her service.
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.
$5 Fee Monthly Statement
I was charged a $5 fee for the monthly statement. Quontic charges this fee even if you opt for electronic statements.
Web interface is very basic. Customer service does not respond to the online message.
$5 Electronic Statement Fee?
Advertised rate was very confusing, so I ended up with a lower rate than expect. Online application and set-up was complicated (I have opened multiple online accounts, this was the worst). Then I was charged a $5 electronic statement fee, which lowered my interest rate substantially. Avoid this bank.
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..
Merry-Go-Round : & A Repeat Performance
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.
12/4/2019
From necessity tried for another CD. After some 40 mins, doing an on-line appl. I got down to step 3 "verifying payments" be for it all got lost somehow.
Data as of Q1 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57807 |
| Year Established | 2005 |
| Employees | 145 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.58% |
| Return on Equity - YTD | 5.78% |
| Annual Interest Income | $5.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $480.8MM$364.0MM |
| Loans | Q1 2020vs Q1 2019 | $345.9MM$286.6MM |
| Deposits | Q1 2020vs Q1 2019 | $386.5MM$310.8MM |
| Equity Capital | Q1 2020vs Q1 2019 | $47.4MM$37.6MM |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $1.1MM$1.8MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $2.3MM$1.1MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $3.9MM$0 |