ComplaintsforQuontic Bank

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Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.

Initial Complaint
04/23/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I had been very excited about moving my funds into Quontic, with a high yield savings account that is more aligned with my values. I had spent months of time doing research on options that I could move to and support for exiting my current bank account. However, ********************** has forced me to look elsewhere. My first application was rejected without a clear reason. I received an e-mail saying that the decision system could not verify one thing or up to four things: device and behavior authentication, address authentication, phone verification, or public records. I called on Friday, April 12, to ask for help. I was told that I needed to turn off my VPN to try again, and to make sure there were no mistakes on the first form (the website says nothing about VPN problems). I was also told that I would get another chance within 24 hours. The second chance came on Monday, April 15 after more than 24 hours (the weekend does not have business days, but even so it would still have been more than 24 hours).I triple-checked the information I put into the form against my bank account statement to make sure everything was aligned. There were no mistakes. My VPN was off.However, my 2nd application was rejected. I used the exact same information to pay my taxes online on that same day. My information, device, address, etc. were all good enough to pay my taxes to the *** and for my bank. I have used the same information and devices for years. For some reason, this was not good enough for Quontic, which despite a flawed decision system will not open an account after a ************************************ e-mailed and called me to simply repeat what the e-mail had already said, no new information was provided.The flawed deciding system turns away potential customers who want to support affordable housing with their money. This is not helpful for growing a business or supporting the community, as a CDFI is supposed to do. The flawed system hurts Quontic and the community it aims to serve.
Business response
04/24/2024
Quontic Bank will communicate directly to the customer/complainant in order to comply with the ********************************** Act (GLBA).
Initial Complaint
03/05/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Quontic Bank is committing fraud by taking our monthly mortgage payments, not crediting us, and then sending us false fraudulent fake "default notices" like the attached. As of now, we only owe partial February 2024 (we have made partial payments), and March 2024 isn't even due yet until the 15th (middle of the month). But in their attached letter they falsely declare that we owe them 3-4 months of mortgage payments. We are also in bankruptcy proceedings SDNY case nos ******** and ******** so their fraud is even more egregious as it violates the automatic bankruptcy stay per 111 USC section 362. Please urgently investigate, assist, and advise.
Business response
03/20/2024
Quontic Bank will communicate directly to the customer/complainant in order to comply with the ********************************** Act (GLBA).
Initial Complaint
10/27/2023
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I am writing to file a formal complaint against Quontic, regarding a series of issues I have encountered during my association with their institution. I opened an account with them, deposited $100, and subsequently faced significant challenges accessing my account. This experience has been deeply frustrating and has resulted in financial losses due to inactivity fees that were levied without proper notification.On 2/5/21, I opened an account with **********************, depositing $100 as an initial balance. Shortly thereafter, I encountered difficulties logging into my account. It took an undue amount of time and effort to regain access, during which I discovered that the bank had been charging me inactivity fees without providing any prior notification.Furthermore, the process of reclaiming my remaining balance of $78 was unnecessarily arduous. It required an excessive amount of time and communication, and I still have not received confirmation that the account has been closed, as I continue to receive emails related to the account.I'm requesting a refund of the $12 in inactivity fees that were charged to my account without proper notification. Further, I'm requesting compensation for 31 months of interest on the original $100 deposit, as this money was held by the bank and could have been earning interest elsewhere.I also will require written proof that my account has been successfully closed, and I should not receive any further correspondence related to it.I recommend that Quontic review and improve their customer service processes to ensure that clients do not encounter such challenges in the future.I appreciate your attention to this matter and trust that the Better Business Bureau will help facilitate a resolution. If you require any additional information or documentation, please do not hesitate to contact me at ********** or *********************** Thank you for your assistance in this important matter.
Business response
10/30/2023
Quontic Bank will communicate directly to the customer/complainant in order to comply with the ********************************** Act (GLBA).

Thank you
Initial Complaint
09/07/2023
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Issue Opening Account With **********************
Business response
09/08/2023
Quontic Bank will communicate directly to the customer/complainant in order to comply with the ********************************** Act (GLBA).
Customer response
09/15/2023
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
Still waiting on them to reach out to me.

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

*****************************

Business response
10/11/2023
Quontic Bank reached out to *************** on 9/18/2023 regarding this complaint, and he responded on 9/19/2023 where he acknowledged Quontic Banks response. Quontic Bank has no further response at this time.
Customer response
10/12/2023
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

*****************************
Initial Complaint
07/20/2023
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I opened the Quintonic account a few months ago. They make money withdrawal so difficult. First, there was a hard fast arbitrary limit of 2K per week; I could not do more. I needed the money fast to call them and request a wire transfer; they made it so difficult to sign multiple times the same documents and the same email. It has been two weeks, my money is stuck, and I cannot resolve the wire transfer of my money to my legit account. That has been verified and linked properly. It has been a nightmare. They are not closing my account, they are falsely promising that my wire transfer will go through but creating hurdles. My money stuck a nightmare!
Business response
07/20/2023
Quontic Bank will communicate directly to the customer/complainant in order to comply with the ********************************** Act (GLBA).
Customer response
07/20/2023
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
They still are creating unnecessary hurdles for already verified multiply requested valid transaction. This is their delay technique with no ******!

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

*************************

Customer response
07/28/2023
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
The Issue has been resolved after this complain and they made the provision by sending the **** instead of Wire and also after 3-4 phone calls and asking same questions again and again. The identity and authenticity of the requested was established multiple times. The recipient account was a verified account. The claim that these policies are in the interest of the customer is unfounded and I disagree with it and feels they are simply stating 'boxed response'
Anyway, I am out of there. My account has almost zero money. Thanks for the individuals who helped me. But the policies are dubious and certainly are not for the benefit of the customers.

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

*************************

Business response
08/08/2023
Quontic Bank will communicate directly to the customer/complainant in order to comply with the ********************************** Act (GLBA).
Initial Complaint
04/11/2023
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Extraordinary how difficult this bank is to work with. After opening the account I changed my mind and wanted to close the account. I had less than $5 and the process for completing a simple address change and processing my request to close the account was the most difficult thing Ive ever had to do at any bank EVER. Multiple layers of telephone verification questions, name, DOB, last 4 of social, when account was opened, full account number (which wasnt available in the mobile app so I had to log in to online banking which requires username, password and two factor authentication to get). Even after providing ALL of that information to change the address the bank requires you to provide utility bill (which you wouldnt have yet if you just moved, another banks statements showing the new address which takes days /weeks to mail to you, or drivers license with the new address which you wouldnt have yet or the **** mail forwarding confirmation). After sending this via the secure messaging system to the agent who just verified all of my information on the phone I then had to take a color picture of my drivers license and upload that as well via the secure messaging system in online banking. This is significantly more hoops and trouble than its worth and WAY more than any other bank would require. Even after all of that the agent still didnt have the ability to change the address - they had to forward the request to another department to complete the address change which means I could even process my request to close the account.
Business response
04/13/2023
In order to comply with the ********************************** Act (GLBA), Quontic Bank will communicate directly to the
customer/complainant.

The complainant may use their discretion in sharing our response directly to you.
Initial Complaint
02/22/2023
Complaint Type:
Customer Service Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Bank offers features but they DO NOT WORK. Have been waiting for customer service to fix for 2 weeks now. Theyre rude and incompetent. And I think its the same 5 people doing the support side of things. Horrible bank with horrible customer service. Stay awayv
Business response
02/22/2023
Quontic Bank will communicate directly to the customer/complainant in order to comply with the ********************************** Act (GLBA).
Initial Complaint
02/16/2023
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Am contacting the BBB after multiple resolution attempts with the concerned business QUONTIC BANK. I opened a CD account with them last June 2022 and have consistently experienced poor service. Additionally, the bank's Terms and Conditions are truly shocking.In good faith I opened this CD thinking it was for a 3-year term last year. However, upon filling out the online application and receiving an online confirmation I found out it was for 60 months. I also did not take the time to read the bank's 40+ pages of disclosures/T&C's when I filled out the online application since I was concerned that the online session will time out and I would have to restart over. The bank also does not offer monthly statements which is a basic document that every bank provides even for Certificate of Deposits (CDs).The bank also shared my CD details only when I demanded a copy of the terms and conditions on February 09 ******************************** proactively upon opening a CD.So I am no longer interested in keeping my money with this bank since a fundamental level of consumer trust has been broken. The bank wants to charge me $2,860.00 in penalties to close out my CD. This is a very steep penalty and I offered to give up all interest earned towards my CD from the time of opening my CD and only requested my principal deposit amount of $50,000.00 back. The interest amounts to greater than $1100.00 already but the bank still refused my proposal.Clearly, this bank does not care about their customers and customer satisfaction. This is very evident from the bank's responses that I have attached.Overall, this bank's terms and conditions are written in such a way that it's really difficult to get your money back and it looks like other consumers have experienced similar issues with this bank going by the BBB complaints.I respectfully request the BBB's assistance to resolve this as per my proposal to Quontic Bank and help me get my $50,000.00 principal deposit back.
Business response
02/16/2023
Good Afternoon,
We are responding to the complaint ID ******** from ******************************

In order to comply with the ********************************** Act (GLBA), Quontic Bank will communicate directly to the
customer/complainant.

The complainant may use their discretion in sharing our response directly to you.

Thank you
Customer response
02/18/2023
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:
The complete text of their response below with my name removed as per BBB guidelines.
**** ***** ** **** ** ****************************** *** *** **** ********* ** ******** ******** ******** ******* **** ******** ** ** ********** * **** ******* *** ** **** ************* **** ********* ****** * ** ********** ** **** ************ ** *** *** ******** ** ****** **** ****** ** **** ********* **** ***** ** * ******* **** **** ** ******** **** *** ***** ******* **** ***** ******* ** **** ** *** *** ***** *** ********** *** ****** *** ******** ***** ** **** ********* ** *** **** ** ***** **** ******** ** **** ****** *** ******* **** *** ***** ****** ****** ** *** **** ** ******** ** **** *** ** ********* **** **** ******** *** ***** **** ************ *** **** ***** ******* *** ******* ******* **** *** *** ***** ** **** ******* **** ******* **** *** *** **** * ***** ** **** * ********* ** * ********* **** *** ********** ****** ******* *** ** *** ** **** ******* **** **** *** ***** *** ********** **** *** ****** ** ** *** **** ** ********* ** **** ***** **** **** ***** ** ****** *** ********* ***** *** ***** *** ********** ***** ** **** ******** *** *** ***** *** ******** ** ****** ** **** ********** *********** *** *** ******* *** ** ** **** *** **** *** ***** ************ ***** ********* ** ***** **** **** **** ** **** **** ****** *********** ** *** **** *** ******* *** ** ** ******* **** **** **** ** *** ***** ** ************ ** ****** ** ******* *** **** ******** *********** * ** ***** ** *** *** **** **** ************* ***************************** *********** *******

In order for the BBB to appropriately process your response, you MUST answer the question above.

Sincerely,

*****************************

Business response
05/09/2023
In order to comply with the ********************************** Act (GLBA), Quontic Bank will communicate directly to the
customer/complainant.

The complainant may use their discretion in sharing our response directly to you.

Customer response
05/10/2023
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

The bank says I am asking for a waiver of my early CD close out penalty when I clearly communicated below message on 2/25/2023. Please note that QUONTIC's early CD penalty for a 5-year term is 2 years/730 days of interest. This is completely out of line with the rest of the banking industry which typically charges a maximum penalty of 6 months interest and in some cases up to a year of accrued interest penalty. I refuse to pay 2 years of interest as penalty to close out my CD.
Further, it is my opinion that Quontic Bank is charging such a high penalty fee since this aspect is not regulated by the *** so they can get away with this and in my case claim I consented to this even though I explained multiple times that this was done unknowingly by me since this clause was buried in a 40+ page online Terms and conditions.
***************************** Message 02/25/2023 08:12 pm

*******,

I disagree with Quontic's statements below. As I explained multiple times,
there is a fundamental level of consumer trust that I placed in Quontic
Bank when I opened my CD account but clearly this trust was misplaced
when I only recently discovered Quontic's shocking terms & conditions and overall customer service.

In summary I proposed a reasonable resolution which is for Quontic to
deduct all accrued interest which is ~$1000.00 as of today and to return
only my principal deposit. I also understand how my **** interest
penalty will be handled and communicated that this
is reasonable.

Unfortunately, Quontic is only focused on
their T&C's based $2860.00 penalty to close out my CD account which
is unreasonable and unacceptable from my perspective.

Regards,

******

In order for the BBB to appropriately process your response, you MUST answer the question above.
Sincerely,

*****************************
Initial Complaint
11/07/2022
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Working with this bank has been an ultimate nightmare. My file was brought to them through my broker. We were told that they could close our file in a matter of 20 days. Here were are a week past closing date. I'm having to cover extension fees that quontic could care less about. Last week we got no where with them. After providing all the documents needed dumping extra money in the account for last minute reserves for 3 month mortgages and also coming with another request to dump another 13k to cover reserves for a closed and charged off account. Which is unheard of. But ok I did it just so I can get my ctc. I haven't fell short of any documents they've requested I've been very promo with their difficult requests . I have no reason to believe that this company purposely does not want to close my file. We've requested a rush on this file still to be no where and left in the dark. I tried calling and talking with **** the operations team to explain my frustration that if they don't plan to approve this file because we're are wasting time and money with them when another lender is willing to pick up the file, and to simply let us know so we can pull out now. I have reason to believe after reading other reviews of this bank that they really are a scam . I also have more reason to believe I'm being discriminated against and will probably need a internal investigation done on why this company is choosing to give me such a hard time.
Business response
11/08/2022
Dear *****************************:

We are responding to the above referenced complaint ID from ************************

In order to comply with the ********************************** Act (GLBA), Quontic Bank will communicate directly to the
customer/complainant.

The complainant may use their discretion in sharing our response directly to you.

Please feel free to reach out to me directly at ************ with any additional questions.

Regards,

******* ****** *** ********** ********** ******* ******* ****

Customer response
11/08/2022
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

***********************
Initial Complaint
10/18/2022
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Quontic requires ****** to open an account which they received from my bank--**** ************* I decided I didn't want an online bank account and asked for my money to be returned and close my account. I sent the required downloads they asked for---but they have refused to refund because they couldn't verify **** ************ as my bank account because my first name is different on my checking account as they have listed--even though they got my money from my account with social security number--address--etc. My real name is ******--but have been called ***** all my life. Sign my checks and all things most of time with *****. Please look at signature at bottom of my Alabama Drivers License. I have recently recent all my downloads and my drivers license , noting for them to look at bottom of license. They refuse to let me get into my account. I called--which i have called and sent emails many times--the guy confirmed i still had an account and told me to download again. They are intentionally wanting to keep my ******. Please Help! Thank you!
Business response
11/08/2022
Dear *******************************:

We are responding to the above referenced complaint ID from ****** (*****) ****.

In order to comply with the ********************************** Act (GLBA), Quontic Bank will communicate directly to the
customer/complainant.

The complainant may use their discretion in sharing our response directly to you.

Please feel free to reach out to me directly at ************ with any additional questions.

Regards,

******* ******
VP, Regulatory Compliance Officer
Quontic Bank

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