Provident Bank

An Introduction to the Provident Bank and its History

An Introduction to the Provident Bank and its History

The Provident Bank was established in the year 1888 and since then it has been doing its duty to serve individuals and fulfilling their needs by providing various banking facilities to them. The Provident Bank was established in the Spring Valley in the state of New York. The Provident Bank has become today one of the most important banks as well as financial establishments serving places like Sullivan, Orange, Putnam and Rockland. The Provident Bank under the name of Towncenter Bank also serves places like new Jersey and Bergen County. The Provident Bank has over the years earned a distinct reputation of being a great innovator. The Provident Bank has become popular because of its great customer care service which is very convenient and of high quality.

The Convenient Bank has become renowned for certain achievements the Provident Bank has achieved. Some of the achievements are:

• The Provident Bank has become the first bank in the county of Rockland that provided a 24 hour banking on the Saturdays also. The
• Provident Bank also has the highest number of branches in the Hudson Valley that offers highest number of banking hours on the Sundays.
• The Provident Bank is also the Bank that has opened in Pearl River a supermarket branch. This has brought conveniences for banking as well as marketing at the same time for its customers.

The Bank was the first to introduce phone banking for its customers as well as the Automated Teller Machine or the ATM facility in the areas that it serves.

The bank has also achieved an impressive rate of growth over the years. This has happened through various mergers and acquisitions the Provident Bank has made and also through opening of various new banking counters and that too in different new locations. In the year 1962, the Provident Bank merged itself with other banks like Sparkill Loan Association and Orangetown Savings. In the year 1990, the Provident Bank merged itself with the Sufferen’s Federal Savings. Again in the year 2002, the Provident Bank took over the National bank of Florida after which in the year 2004 the Provident again took over two banks named the Ellenville National Bank and then Warwick Community Bancorp.

The Provident Bank with all these banks under it and with a great growth rate has emerged as one of the better options against the banks that are only money centered. The Provident Bank’s headquarter is situated in Montebello the bank always tries to provide its customers with the best service and banking options that can be made available. An independent survey has revealed the banks ratings as excellent which only approves the claims the Provident Bank makes about their facilities and services.

The Provident Bank provides a lot of banking facilities to its customers and allows them to choose from various account that are available. One can choose from checking accounts or savings accounts for personal needs as well as commercial or business purposes.

Provident Bank Personal Accounts
One can choose from various accounts available with Provident Bank Personal accounts. Some of personal accounts are:

• Provident Bank Personal Checking Account
• Provident Bank Personal Savings Account
• Provident Bank Personal CD s and IRA s
• Provident Bank Personal Home Equity Loans
• Provident Bank Personal Consumer Loans

Provident Bank Personal Checking Account
One can find a lot of variety even with personal checking accounts with Provident Bank. Some of the accounts are:

• EZ Checking Account
• Pro Checking Account
• 50+ Checking With Interest
• Interest Checking

EZ Checking Account: One only needs to have $1 to open an account of this kind. The account does not require any minimum balance in one’s account. One has to pay an amount of $5 as the monthly service or maintenance charge for one’s account. One can also have 15 free debits every month but after the fifteen free debits are over one will have to pay an amount of $.50 per transaction. The monthly charge does not depend on the balance one has in his account. One can also write upto 10 checks per month with very little monthly fees. This account also provides a MasterCard Debit Card for its customers which they can use all over the country where ever the MasterCards are accepted. This account also allows one to do all his banking through Internet without any extra cost.

Pro Checking Account: One can open this kind of an account without any initial deposit. For the first year after the Pro Checking Account is opened one gets the facility of not paying anything like monthly maintenance or service charge, charges per checks and one also does not have to worry about the requirements for a minimum balance. One also gets the facility of a free service as long as the checking account remains in force in certain areas like pension, government checks, social security and also for the direct payroll deposits. One can also avoid the maintenance fee after the first month is over by keeping an daily balance average of $1000, or one can also do it through combined balance of $3000 or more in the Provident Bank checking account. This account also provides one to have the facilities of MasterCard Debit Card as it helps the account holder to transact money from any places at any moment and even do shoppings without paying any extra cost. One can also keep his account always in touch by the help of the Internet Banking which comes absolutely free of cost.

50+ Checking With Interest Account: One has to open this account with at least a deposit of $100. This account also provides one to have a good interest rate against the amount one has in the account. This account also does not demand any minimum balance from the account holder. One can also afford to have one free basic check order for every year. The 50+ Checking With Interest Account also provides the facility of having the MasterCard Debit Card that makes one able to transact money all around America wherever the MasterCard Debit Card is accepted. This acount also allows one to conduct transactions through Internet as the facility is free of cost for the account holders of this account. This account also includes an insurance policy against accidental deaths and a good discount on various things like prescribed drugs, eye wears, travels and other things with a monthly fees as low as $5 per month. This account is actually good for those who are nearing their retirements or are over an age of fifty years and need their financial security for the rest of their lives.

Interest Checking Account: The Interest Checking Account can be opened without keeping any money in the account. This account is better for those who have the capacity to keep money in the account. This account actually provides the account holder a higher rate of interest and this interest rate goes up with the increasing rate of deposit by the owner of this account. One can also earn interest on an average daily balance of $1000 or more. One can also avoid paying any kind of service charges or other fees only by keeping an amount of $1500 in one’s account all the way.

One can also go for the protection against the over-draft problem and this facility can add to one’s peace of life and mind. This kind of protection also covers things like transaction through Automated Teller Machines or ATM s and also checks up to the credit limit one has been given approval of. This Overdraft protection has also got an option of line of credit that is revolving and this one is also linked with the checking account of the Provident Bank. This facility needs to have a monthly payment which is low.

Provident Bank Savings Account: The Provident Bank Personal Savings Account provides a variety of savings account that are designed in a way that it serves the people in the community of the Provident Bank. One can have the choice of choosing from the savings accounts provided by the Provident Bank to its customers. Some of the accounts are:

• Money Market Savings Account
• Statement Savings Account
• Passbook Savings Account
• Holiday Club Savings Account
• Kid Saver Savings Account
• Money Market Plus Savings Account
• Custodial Passbook Account

Money Market Savings Account: One needs to deposit at least $2500 to open a Money Market Savings Account. One needs to maintain a minimum balance of $2500 to avoid paying a monthly fees of $6 for the account maintenance or as the service charge and also to earn interest rates on the amount kept in the account. This account is considered to be the best option and also the right combination to earn potential as well as financial flexibility. This account also lets its account holders to have three checks issuing authority without any cost per month and also six money withdrawals every month through Automated Teller Machine.

Statement Savings Account: This account does not need any amount to be deposited in the account while opening an amount like this. This account needs an amount of $500 to make the account eligible for monthly interest. One does not have to pay any amount of service or maintenance charge for the first six months after the opening of the account. After the first six months are over then one needs to maintain an amount of $500 to avoid a monthly service and maintenance charge of $3. One also gets an interest rate which is a reasonable and one is provided that interest rate if one maintains a daily accumulated balance of $500 or more. The monthly statement provided by this account is easy to read and also a simple one to understand. One can also afford to have a number of six transfers form one’s account without any cost. But out of this six transfers only three can be made as the third party payments through the checks or by other similar means.

Passbook Savings Account: One does not need any money to open a passbook savings account in the Provident Bank. One needs to have at least $500 to maintain an account as well as to avoid paying any service or maintenance charge for one’s account. One though does not have to pay any money for the first six months after the opening of the savings account. One needs to maintain a balance of $500 to earn interest for the whole of the quarter at a stretch. The account is maintained through the passbooks given to the account holder and the pass book updated by the bank every time the account holder makes any transaction,either withdrawal or deposit. The account holder of Passbook Savings Account does not get the access to any ATM s or any free transfers whether pre authorized checks or other similar means.

Holiday Club Savings Account: One can open this account with as low as $5 only. One needs to have at least $250 to earn any kind of interest by the end of the first year of the opening of the account. One can also make deposits to this account as much as one wants and as frequently as one wants. If one maintains a regular transfer that is automatic from another account in the Prudent Bank itself then it helps the savings much more easier for the account holder. The Holiday Club Savings Account holder is also devoid of some facilities like Automated Teller Machines, any pre authorized checks and any other automatic transfers. This account is best for those who are looking to save money for tours or to buy any gifts or things for one’s family.

Kid Saver Savings Account: This account is for young people who can sign their names at least with an authorization of their parents. This account can be opened without keeping any amount of deposit in the Provident Bank. This account does not also need any monthly or annual service or maintenance fees and it also provides the young account holder a number of six pre authorized transfers form the account of the holder to someone else’s withing every cycle of statement. But only three out of those transactions can be made to third parties by means of draft, check or by any similar means. This kind of Provident Bank accounts are not available every where but in some selected places.

Custodial Passbook Account: This account does not need any money to get one registered under it. One can open this account without any single penny. But one always needs to continue to keep at least $100 to start earning interest rates. For the first six months after the account is opened one does not need to pay any money as the service or maintenance charge is not charged as an introductory offer but after that one needs to pay at least an amount of $3 as the maintenance charge unless the account holder keeps an amount of $100 in his account. This ATM is good for the new born babies or those who are in the schools. The account is entirely looked after the parents of this Custodial Passbook Account. This account does not offer any facilities like ATM s or any pre authorized transfers of monies and also other means parallel to that.

Money Market Plus Savings Account: One needs to have as many as $10,000 to deposit while getting himself registered for this kind of account. One also needs to have at least $5000 to earn himself interest in this account. This account is a kind of account that offers one more interest the more one saves in one’s account. The interest rate increases as it reaches certain levels of saved amount in the Money Market Plus Savings account in the Provident Bank. Whenever one reaches levels like $5000, $10,000 and $50,000 the rate of interest increases accordingly. One can also have the flexibility up to three checks and also nearly six checks without paying any money if one keeps an amount less than $10000. But for those who keep an amount of over the $10,000 all the transactions are free of cost and can make as many transactions as he wants. One can also enjoy limited yet fast access to one’s one account and money with the help of Internet banking or through the Automated Teller Machines or the ATM s.

The Provident Bank also offers various types of Certificates or Deposits and one has the opportunity to choose from those according to one’s choice and needs. There are various offers like:

Certificates of Deposits: This kind of Certificates Of Deposit needs at least $2500 to open and get going. This kind of Certificates of Deposit has a three month term and it allows various facility to its owner. The interest gained with this account can also be taken out at any moment without paying any penalty amount. But if the account holder withdraws any amount of money before it reaches any kind of maturity and if the withdrawal decreases the principal amount of money then that would force the owner of the Certificates of Deposit to pay an amount of penalty. If the owner of the CD withdraws the money before its maturity then the owner will have to pay an amount of penalty money. These amount of penalties and also the conditions are all based upon the terms and conditions of the Certificates of Deposit. This CD also has a interest baring facility.

Certificates of Deposit: This is another kind of Certificates of Deposit that is a little cheaper in amount and also a little bit different with terms and conditions. This type of Certificates of Deposits can be fixed upon a period of six months to five years. One needs to have an amount of $500 to own this kind of CD. The interest that this amount would draw can be taken out of this any time by the owner without paying any kind of penalty amount. But any kind of withdrawal from the CD that decreases the amount of the principal amount is a chargeable thing. If one withdraws the Cd before it reaches the maturity the owner will have to pay a certain amount as penalty. All these penalty situations entirely depend on the the terms and conditions that the owner of the CD has signed with the Provident Bank.Certificates of Deposit: One needs an amount of $100,000 to own an Certificates of Deposit that has a term of six months to one year. The conditions are very much the same as the other two types of Certificates of Deposit.

The Certificates of Deposit from the Provident Bank claims that this kind of CD claims to help one to sit back and see the growth of the money he has invested upon the CD. Though to get all the facilities properly one needs to maintain a minimum amount of money and the offers are available in various terms from three months to five years.

Provident Bank Business Accounts

The Provident also offers various types of Business Checking accounts from which one can choose his own needful account. Some of the accounts are:

• Classic Business Checking Account
• Not For Profit Business Account
• Business N.O.W Account

Classic Business Checking Account: The Classic Business Checking Account does not require balance to open the checking account. One needs to have a minimum balance of $10,000 individually or $20,000 in a combined way. One has to an amount of $10 if the amount in the account falls below the minimum balance required by this checking account. One can make 300 transactions free of cost and if one makes any more transactions beyond that one has to pay $.14 per transactions.

Not For Profit Business Account: This account does not need a single penny to get one registered under this business checking account. One needs to maintain a minimum balance of $500 to keep the account free of any service or maintenance fees. One can also have first 100 transactions free of cost and anything after that charged $.14 each.

Business N.O.W. Account: This account also does not need any money to start with but one has to maintain an amount of $1500 to avoid a service charge of $8 per month. The service fee amount is charged once the amount goes below the minimum amount that is in this case $1500. One can also have 100 free transactions per month and anything beyond that is charged $.50 per transaction.

The Provident bank also offers two types of Business savings account. Some of them are:

• Business Super Saver Account
• Business Money Market Account