| 5 star: | (5) | |
| 4 star: | (3) | |
| 3 star: | (4) | |
| 2 star: | (1) | |
| 1 star: | (5) |
HI;would u help me,i still not received the username and password,the bank take my money from 06282024.And i call 3147898650 today one lady answer,WILL contact me.but i still no get any emaill or phine call?I AM DEVASTATED AND my money is gone?
I heard about Paramount Mortgage Bank from a friend who opened an account with them, i was looking to move into a new home with my family though i had a terrible credit score at the time. I learnt Paramount specifies a credit score of 680 as the point below which higher rates may apply so i needed nothing less than a 700 score to stand a good chance. However, it also says mitigating circumstances can help your approval process if you have credit issues. On the side, i'll give special thanks to Creditmason Repairs team for helping me attain an excellent credit score that made it possible for me to acquire the mortgage within five months, my huge student loans were also paid off by this team. The drawbacks i experienced with Paramount is that there's little information online, meaning you have to engage with a loan officer to get an idea of what your loan might look like. Also, requirements are non-transparent. It doesn’t release information about its minimum down payment or debt-to-income ratios.
Horrible experience with Paramount Bank. Six months after establishing a Business Money Market Account with over $100,000, Paramount Bank decided to drop its interest rate from the promised .50% to .05% with no notice. I thought it must have been a typo when I first saw it on my statement, because I could not believe that any reputable bank could do such a thing to its customers, particularly a large depositor. When I asked why the change was made, the only answer I received was that it was a decision of the Board. Lousy customer service and absolutely no respect for its customers. Recommend that you stay away from this bank!
This Bank is a great Bank to take care of you Financial Needs* Management Russ Miller in MO is great, good follow up very attentive. Julio Duenas Irvine Ca is another great person that works for Paramount Bank, wonderful communication and exceptional follow up. I will Bank with them again no question.
Thank you Paramount Bank KEEP UP the Great Customer Service!
Joel Barry
Seriously, if you need, have to have, an online bank, this is not the one. The rates seem too good to be true, and they are, because you can't get an account with them. The online application process is easy enough, except that they will come back after you've submitted and want a photo of you, photos of recent bills, maybe other things as I have read in reviews. (Oop, we forgot to mention that before you clicked "submit"!). Then they pull the money from you, in my case $10k, and you may or may not hear from them again. They transferred mine from my bank on April 5, 2021. It is now May 13. They claim they have tried multiple times to do the next step they require, send a paper signature card, where your signature in real ink makes everything legal. I have not received anything from them, but then that is the reason I need an online bank; I travel. Today, 39 days later, they are transferring the money back and refusing me. They're not nice about it, the customer service agent, Nicole, has a holier-than-thou attitude and speaks like a parent to a naughty child. All I can say is it's their loss, not mine.
P.S.- June 12, I finally received their "welcome packet" with aforementioned signature card. The envelope was scribbled all over with the address hand copied incorrectly. Looks like someone's child came to work that day and tried to "help". Or maybe these folks are just that incompetent.
UPDATE (04/09/2021): I spoke to them on the phone today and was told accounts opened prior to March 24 are grandfathered and will earn 0.85% on the ENTIRE balance.
I went to open an account today and was surprised to see the $100K limit for .85% interest. Above $100K its .10 (not clear if thats for the excess or the whole amount).
I didn't see that anywhere on the description here. Did it just change?
It took me a while to learn the online system at Paramount and for the interest rate they are giving on their checking account, I'm willing to put in some hard work to learn their system. This is my advice to new customers: Do not try to use their online banking website to open a new account on your own. Wait until you can get Russell Miller at customer support on the phone to walk you through it and be prepared to resubmit the online application multiple times until you succeed in opening the account. Have Russell send you a fedex mailer to send back the check to fund the account at which time you will receive the account number so you can get online access. Again, be patient when applying for online access(it took me 3 tries before I succeeded). As far as ACH transfers are concerned, they are limited to $5K a day and $10K a month and it takes 4 business days for the transfer to clear their bank if you are transferring funds to them from an outside account. I'm now up and running at their bank and a very happy customer with the interest they are paying me on a checking account for which there are no requirements to maintain other than keeping a $1 balance--I think I can handle that. Thank you Russ for all the help. John
Completed online application on 2/28/21, then got an email requiring drivers license photo email to them did that 1 week ago. Called to inquire about account today, they claimed not received, I resent with them on the phone to verify that they received it this time, Done. Now need to wait for snail mail for account number, signature card, etc. Literally, only 1 small free standing physical building, even the 800 number gets answered by lobby employees. This is really small. I'll start out small to see if there are any problems, but if not for the .20% higher than LIve Oak, probably would not have continued with this bank.
Update: Received new account paperwork 3-12-21 with signature cards that need to be physically returned. I must not that this is the most security questions I've been asked just to enroll in online banking. I guess that is good? The envelope received had tape on the flaps, so it was human applied and did not come from a farmed out back office in another state. It was printed, folded, sealed, taped and mailed from the sole office building that Paramount is located. Not sure how they can handle the influx of new accounts? So from initial hoops and errors when applying online to up and running, 10 business days. Concerned to hear that put a hold on funds pushed via ACH to the account, usually that is available immediately since outside of their internal system. I do think I will get a small order of checks, but will verify that there is no limit to the check amount as long as funds are available to cover.
Update 4-2-21, good thing I have subscribed to the postings on depositaccounts.com, I received a post on Paramount cutting off amounts over $100K from their .85% and .10% (not sure if everything or amount over $100K) On my details account page, still listed at .85% and that is what I have been checking every day. Lesson learned, don't try to chase rates with untested (untrusted) banks.
Update 4-5-21, I did get confirmation that the "Originate Checking account" would be grandfathered and not subject to the tiers, but have entire balance eligible for .85%, also got assurance of no ACH limit out if initiated outside of their system, in case need to transfer funds.
First, I may come back and upgrade this review after more experience but as of this moment, two stars is all I can give. (Note, I'm back but to downgrade my review!)
They pulled a credit report for opening a checking account!!!!!!!!!! Affects my credit score!!!!
1. Customer support not available 24/7, only routine business hours. No weekends.
2. The account opening process is a mystery. I have yet to learn if I am "approved" for a checking account. Come on, I'm giving you money NOT asking for money! (Update...need pic ID. First bank account I opened on-line that required pic ID!)
3. In limbo waiting to see if I'm approved. (Update need pic ID THEN they send account info USPS NOT digitally over the internet!)
4. Seems common, those with high rates are cumbersome to deal with. Time will tell....stay tuned. High checking rate not worth the extra hassle. I'm sure there are more yet to be discovered pains like ACH dollar limits.
I was hoping for more...I cancelled my application after I discovered unauthorized credit report!
Still NO RESPONSE after reporting the issue 3X. Steer clear of this so called bank.
The Paramount high-interest checking account was fairly easy to establish, verify and remotely manage. ACH transactions are prompt, but remote check deposits have a dangerous snag:
Per Paramount policy (OK with me), new account check deposits are subject to a 7 DAY HOLD in the form of an offsetting debit to your accout. The problem arose for me when the debit was applied almost a full banking day BEFORE the deposit was acknowleged/journaled to my account, inapproprately reducing my available balance (as opposed tto my ledger balance) by the check amount. Had I needed more than the remaining available balance shown, I would have caused an NSF without actually having one.
If you rely on timing your checking account ledger balance anywhere close to your available balance, beware this anti-chronological procedure when adding remote check deposits. 1 Star Removed.
Update: The hold was removed after 12 DAYS, NOT 7. Another Star Removed.
I've been a customer for a little over 7 months, & had the good fortune to connect with VP & Manager Russ Miller on multiple ocassions regarding my accounts as I get settled in banking with Paramount. His service is always top notch -- professional, accuarate, speedy. Whatever info Paramount's web site lacks, Russ is more than able to provide. It's a good feeling to know my funds are in capable hands & that I'm earning some of the best rates available.
I had trouble with the online application so I called customer service and the person stayed on the line and walked me through the whole process. Looking forward to getting this great rate on my savings!
I did see one review on the bad experience to open an account. However, I still want to try. I should not.
Exact the same experience. It is not easy to apply online. They asked your facial image for verification and rejected my images several times without giving any reason. Finally I successfully uploaded my image.
But the time for application is totally a waste. They rejected my application without giving any reason. This is the first time I was rejected to open a bank account.