Presidential Bank (MD) Reviews

Average Rating:
Based on 14 review
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5 star:
(5)
4 star:
(2)
3 star:
(0)
2 star:
(2)
1 star:
(5)

Archaic Bank With Horrific Communication

Posted by: |

I signed up for a commercial account almost 2 months ago. After several calls and emails, I finally was able to get my account account number over the phone but was told it would cost $25/month to have online access. The only thing I get at no cost is a monthly snail-mailed statement. I think banking in the 1800's was a better experience than dealing with Presidential. I am currently working on getting my money out of there ASAP and ending this nightmare.

Worst Bank I Have Ever Seen

Posted by: |

They still do not accept electronic documents, I could not believe such an outdated bank could even exist

Cancelled My ACH Transfer Last Minute But Can’T Explain Why

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I scheduled 2 ACH transfers online. I scheduled the first transfer for the 12th and the 2nd transfer for the 15th, the earliest date allowed.

On the 15th close of business, I received an email from Presidential Bank cancelling my 2nd transfer because ‘You have exceeded the acceptable number of payments or amount of money that could be sent within a certain time period.’ Neither was true.

I’ve secure messaged them half a dozen times over 5 days so far.
Their first reply said ‘The system will only allow daily amount of $15,000.00 with the rolling 30 days of $25,000.00. You went over the threshold for the 12th.’ which was not true.
They still haven’t explained why my 2nd transfer got cancelled at the last minute or responded to my feedback, etc. by their 4th reply.
They didn’t even try to reply with their 5th reply - I was asked to call.
They also closed my ticket after every reply.
I still have no idea why my 2nd transfer got cancelled at the last minute.

Horrible Process

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Completed the on-line application, two days later got a call asking me to email my SS# & driver license. I had to write down that email address. Later saw that the main page of the bank indicated:
"[email protected] is NOT a secure means of communication. Please refrain from including personal information such as account numbers, Tax ID/Social Security numbers, passwords, etc. We encourage you to maintain contact with us through our Secure Email service, located within Personal Online Banking"
I called & asked to send me that secure email service, I was told to just send it to @presidential.com. It's like the Rep was too lazy to do that. Since I had to mail in the signature page anyway, I said that I'll mail all 3 documents & sent the letter out the same day. Since that day, I called 3 times, they said nothing has been received, now it's 3 weeks later, called & again nothing was received, I cancelled my application, & worry where did all my important documents go.

Quick Change

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Checkless Checking no longer on website. I opened mere weeks ago for a 2.25% rate w/low effort, but within days was converted into an Advantage account (without notice) that requires 7 transactions or else a mere 0.30%. So annoying.

Downhill!!!! Used To Be Good -- Now Fee Happy

I have banked at a Maryland branch for decades. Service was always great. Over the past couple years (as they became more of an online bank), their service has gone down hill. They are much more apt to charge nuisance fees.

Aside from the monthly account fee, they recently hit me up with an insufficient funds fee for an automatic bill pay I was unaware of. Because banks automatically retry transactions several times, they charged this fee 3 times (on the same ISF incident). The associated fees caused another payment to bounce, so they charged me more fees.

They refused to reverse ANY of these fees because they ONCE refunded a fee in my previous 20 years as a customer. My loyalty counted for absolutely nothing.

Excellent Bank!

Posted by: |

We have banked with Presidential for nearly 20 years, and we have always been extremely pleased with their personalized service and commitment to security. They are certainly smaller, but they are extremely professional and their fees, interest rates, and account offerings are always superior to the larger banks and area competition.

Still Excellent

Posted by: |

Even though their interest rates are slightly less competitive of late (0,35 and 0,5% against Ally, etc that are offering 1%) they have some nice functionality - a fully fledged checking account, free bill pay and, best of all, no extra rip off charges when you use your ATM. Have been a customer for 10 years with never a problem - they were one of the pioneers of internet banking - and will remain so for the foreseeable future.

Solid Bank

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I've had Presidential for almost 6 years with no issues. As the other review points out, if you want a solid, no worries checking account, they are a good option. Their rates are consistently near the top. I've pulled money out at times when other banks were higher but always regretted it when the other bank soon dropped lower.

Don't be scared off by their website (I find it charming), this is a solid, well regarded bank with consistently high rates.

Presidential Bank -- Go-To Bank For The Long Haul

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I wanted to draw attention to a bank that has treated me well for nearly twenty years -- Presidential Bank. They have long offered a Checking PLUS account with a consistently decent interest rate (currently 1%) for the first $25K on deposit (requires direct deposit and $1000 minimum balance to avoid fees).  Don't be dissuaded by their website design, which has changed little since the advent of the internet; behind the unpromising facade is a bank with solid online features and impeccable customer service.  One downside is that they only have ATMs in the MD/DC area; though they charge no fees for outside ATM usage, neither do they refund the fees that other banks charge.  If you can work around that, the account offers just about everything you might need in a basic checking account, from the ability to write paper checks to online ACH transfers.   Overall, a steady, reliable account that has served me well over the years. 

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