Maryland's Presidential Bank claims that in 1995 it was the first bank in the country to allow bank accounts to be opened online.
Presidential Bank, FSB, founded in 1985 by the founders of GIT Investment Funds (now called Mosaic Funds) of Arlington, Virginia, is a privately held, entrepreneurial organization. Presidential has been profitable each year since inception and as of 2010 has assets of more than $450 million.
The bank has branches throughout the Washington, D.C. metro area and the Maryland and northern Virginia suburbs.
Presidential Bank has earned a B+ rating from the Better Business Bureau and five-star ratings from customers satisfied with the ease of online banking and favorable bank interest rates.
In 1997, Presidential Bank was one of the first banks to offer real time online banking services, such as balance look-up, account statements, and account transfers.
Online banking services allow customers to pay their bills for free, transfer money and manage their finances 24 hours a day. Customers can sign up for eStatements and email alerts and can access their account history.
Investment services are available at Presidential Bank through Clarendon Securities.
The bank also offers business banking, commercial loans and residential mortgage loans. All loan applications can be made online.
Individuals and businesses can open accounts online at Presidential Bank including a checking account, a money market account, a savings account and a certificate of deposit (CD). Some accounts are available to open both online and at a branch, while others are branch-only or Internet-only accounts.
Internet accounts can be opened by individuals anywhere in the U.S.
Presidential Bank, FSB has been insured by the Federal Deposit Insurance Corporation since 1985, the year the bank was founded. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.