Categories
Mobile Banking

Provident Bank Review: Offering Both Traditional And Mobile Banking

If you are living in New Jersey, Pennsylvania, or a portion of New York and is looking for a full-service bank with mobile access, then, this in-depth Provident Bank review is for you.

Provident Bank Review: Traditional And Mobile Banking In One

A lot of people today are into mobile- or online-only banking. But, there are still some who prefer having the best of both worlds — conventional or traditional banking with mobile or online access.

With so much happening around and being in a fast-paced era, consumers these days prefer having the ability to make banking transactions anytime and anywhere.

According to a study conducted by the Federal Reserve Board of Governors, 43 percent of mobile phone users with a bank account in the United States prefer using mobile banking services. Furthermore, the study found that 53 percent of smartphone owners with bank accounts used mobile banking in the past 12 months prior to the survey.

Also based on the study, the number of consumers who use mobile banking services increased year after year – and there seem to have no signs of slowing down.

According to data reported by Statista, as of 2018, there are 57 million mobile banking users in the United States. The number, for sure, has increased in the last two years especially with the pandemic that happened in 2020, most consumers relied on mobile banking services.

Related Articles:

So, you see, every year there is an increasing demand for mobile banking services, needless to say, the competition between banks now has also something to do with their mobile banking offerings.

With more and more people preferring mobile banking, banks need to really step up their game. True enough, these days, finding the right financial institution to bank with is quite a challenge given the fact that banks are really trying to win as many consumers as they can.

Now, in today’s review, though, we are going to focus on a bank that specifically services residents of New Jersey and Pennsylvania. Yes, we are talking about the Provident Bank.

In the next few sections, we are going to share with you some of the most important details you need to know about this full-service bank.

In particular, we are going to provide answers to the following questions:

  • What is Provident Bank?
  • Who is Provident Bank best for?
  • What are the products offered by Provident Bank?
  • How to bank with Provident Bank?
  • Is Provident Bank safe?
  • What to like about Provident Bank?
  • What not to like about Provident Bank?

WHAT IS PROVIDENT BANK?

First of all, we are going to talk about what Provident is all about.

We always say this, when selecting a bank – whether it be an online bank or a traditional/conventional bank – it is every consumer’s responsibility to do a little background check. This helps you see how credible, reliable, and stable the financial institution is.

Having said that, here are some of the key information you need to know about Provident Bank –

As mentioned earlier, Provident Bank is a full-service bank that specifically services residents of New Jersey and Pennsylvania, as well as a portion of New York. Currently, the bank has more than 95 local branches to serve its customers’ banking needs.

By the way, before we proceed, if you are wondering what the different banking services available are out there, check out the video below by Corporate Finance Institute:

Established in 1839, Provident Bank is considered one of the oldest banks in the United States. It is a wholly-owned subsidiary of Provident Financial Services, Inc. Currently, the bank’s assets total at $10 billion as well as deposits totaling $7 billion, which is also what makes it a considerably large bank.

Provident Bank offers a full suite of checking, savings, as well as a certificate of deposit products

So, if you live in either New Jersey or Pennsylvania or some parts of New York, and you are looking for a bank that offers convenience because of local branch access, at the same time, mobile app access, then Provident Bank is for you.

By the way, it may sound confusing for some, but please take note that Provident Bank is totally not affiliated with The Provident Bank as well as its online-only bank arm, Bank Provident Online.

WHO IS PROVIDENT BANK BEST FOR?

Before we move on to the more technical stuff, let’s talk about who Provident Bank is most suitable for first. This helps you assess if you are eyeing the right bank.

As mentioned earlier, Provident Bank is only available for residents of New Jersey, Pennsylvania, and a few parts of New York.

Although it has mobile app access, it only offers very limited features that make it only available for those who already have an existing Provident Bank account.

Having said that, technically speaking, Provident Bank should appeal to consumers from New Jersey, Pennsylvania, and some parts of New York who want to have access to a physical branch, at the same time, have mobile phone access to their bank accounts.

This also is a good choice for customers who are not that particular with earning good interest from their deposit accounts, because to be honest, while the bank offers a full suite of deposit accounts, it does not have very attractive interest rates as well as fee structures like what online banks these days offer.

The bank, however, does not charge monthly fees (on certain products), and also refunds ATM fees, which makes it an ideal choice for those who want to enjoy such features.

Provident Bank should appeal the most as well to those who are looking for a wide variety of account choices, because, certainly, they have so much to offer in that aspect.

WHAT ARE THE PRODUCTS OFFERED BY PROVIDENT BANK?

In the previous sections of our Provident Bank review, we provided you important information on what the bank is all about, as well as who should it appeal to the most.

This time, we are going to talk about the products that the bank offers.

Provident Bank is a full-service bank that offers different account types including checking, savings, certificates of deposit, business accounts, as well as IRA, wealth management, and mortgages.

In this review, however, we are only going to focus on the three major bank offerings — checking, savings, and CD accounts.

Now, let’s dig deeper into what each account has to offer —

Checking Account

Provident Bank offers a bunch of checking products that cater to different needs. In fact, it has seven different checking accounts to choose from. All of which requires an initial deposit of $50, which is quite a good amount as compared to what other banks of similar type require.

Provident Bank checking account options include:

Provident Basic Checking

This checking account type offers the following features:

  • First six (6) paid checks FREE each month
  • FREE direct deposit
  • FREE Provident Debit Mastercard®
  • FREE ProvidentConnect Online Banking with Bill Payment
  • FREE eStatements1
  • FREE Mobile Banking with Check Deposit
  • Unlimited ATM transactions
  • No minimum balance requirements
  • Funding from a linked account to help avoid overdraft fees
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Meanwhile, for this account type, a $0.50 fee per check is charged after the sixth paid check. Also, a $2 monthly fee is charged if the account holder opts to receive a paper statement.

Provident Cash Back Checking

Provident Cash Back Checking account holders will get to enjoy the following features:

  • Cashback on the total amount of eligible signature-based point-of-sale (POS) transactions, credited monthly when qualification requirements are met2
  • No limits on the amount of cash back2
  • FREE ProvidentConnect Online Banking with FREE Online Bill Payment
  • FREE Provident Debit Mastercard®
  • FREE eStatement
  • FREE Mobile Banking with Mobile Check Deposit3
  • ATM fee refunds nationwide when qualification requirements are met
  • No monthly minimum balance requirements4
  • No monthly service fees
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Please note that to be able to earn 1.50% cashback and domestic ATM fee/surcharge refunds for every statement period, the account holder must:

  • Conduct ten (10) signature-based point-of-sale transactions with your Provident Debit Mastercard
  • Have one (1) direct deposit or one (1) automatic ACH debit
  • Establish and maintain a FREE ProvidentConnect Online Banking relationship
  • Elect to receive your periodic account statement electronically via ProvidentConnect Online Banking

If in case you do not meet the above requirements, you still will get to enjoy a free checking account and be eligible for cashback and ATM fee/surcharge refunds in the very next statement period.

NJ Consumer and NY Basic Checking

For these checking account types, account holders will get to enjoy these features:

NJ Consumer Checking

  • $50 deposit to open the account
  • Minimum of $1 to maintain the account
  • Maximum $3 monthly service fee
  • Eight (8) free withdrawals per month by check
  • Free unlimited deposits and in-person withdrawals

NY Basic Checking

  • $25 deposit to open the account
  • Minimum of $.01 to maintain the account
  • Maximum $3 monthly service fee
  • Eight (8) free withdrawals per month by check
  • Free unlimited deposits and in-person withdrawals

Provident Debit Mastercard

For this type of account, customers will get to enjoy the ability to purchase items at millions of locations and ATMs where MasterCard is accepted worldwide.

Additionally, account holders will enjoy the following benefits:

  • Extended Warranty
  • Satisfaction Guarantee
  • Zero Liability Protection against Unauthorized Purchases

Provident Platinum Checking

All Provident Platinum Checking account holder will enjoy the following benefits:

  • Higher yields for higher balances
  • FREE Provident Debit Mastercard® (Daily cash withdrawal limit: $500. Daily purchase limit: $1,500)
  • FREE ProvidentConnect Online Banking with Bill Payment
  • FREE direct deposit
  • FREE basic checks
  • Unlimited check writing
  • No ATM fees (fees will be refunded at end of cycle)
  • Bonus .25% APY on Certificates of Deposit
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Please note that as stated on the bank’s website, account holders are required to “maintain a combined $10,000 daily account balance in conjunction with eligible linked deposit accounts, mortgage loans, or select consumer loans and credit lines to avoid fees.”

Additionally, a minimum of $50 must be kept to be able to receive interest payments.

Provident Prestige Suite

The Provident Prestige Suite is a bundle of Provident Bank’s Checking & Money Market that yields big benefits, including:

Provident Prestige Checking

  • FREE eStatements
  • FREE Identity Theft Protection through ULTIMATE ID2
  • FREE Mobile Banking with Mobile Check Deposit3
  • FREE Debit Mastercard®
  • No minimum balance
  • FREE Basic-Style checks
  • Unlimited check writing
  • Unlimited domestic ATM fee refunds
  • Bonus 0.25% APY on Certificates of Deposit

Provident Prestige Money Market

  • Total money management with a linked Provident Prestige Checking account
  • Competitive APY on balances from $15,000 up to $500,000
  • FREE unlimited balance transfers
  • FREE eStatements
  • FREE direct deposit
  • FREE ProvidentConnect Online Banking
  • No withdrawal penalties

To be able to maintain this type of account, customers must:

  • Open and maintain a Provident Prestige Checking account – receive at least one direct deposit and process at least one automatic debit1
  • Open and maintain a Provident Prestige Money Market account

Provident Smart Checking

With Provident Smart Checking, you get to earn 1.51% APY for balances up to $15,000, at the same time, enjoy domestic ATM fee/surcharge refunds, per statement period as long as the following requirements are met:

  • Conduct ten (10) signature-based, point-of-sale purchases with your Provident Debit Mastercard that post and clear your account.
  • Receive one (1) direct deposit or process one (1) automatic ACH debit.4
  • Establish and maintain a ProvidentConnect Online Banking relationship.
  • Elect to receive your periodic account statements via ProvidentConnect Online Banking

Additionally, all account holders will get to enjoy the following benefits:

  • FREE ProvidentConnect Online Banking with Bill Payment
  • FREE Provident Debit Mastercard®
  • FREE eStatements
  • FREE Mobile Banking with Check Deposit
  • ATM fee refunds3 nationwide when monthly requirements are met
  • No minimum balance requirements
  • No monthly service fees
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

Savings Account

Provident Bank also offers a selection of savings accounts that suits almost every customer type. These options include:

Provident Power Savings

For this savings account type, customers will get to enjoy the following benefits:

  • 0.35% APY1 on the portion of your daily balance over $10,000
  • 0.05% APY1 on the portion of your daily balance $50 – $9,999.99
  • FREE online account with no fees or service charges
  • FREE ProvidentConnect Online Banking with FREE Online Bill Payment
  • FREE Mobile Banking with Mobile Check Deposit2
  • FREE Provident Basic Debit Card
  • FREE eStatement
  • No funding fees on transfers to another Provident deposit account

Please note that account holders be able to maintain a $50 minimum daily balance to earn interest.

Additionally, the account holder must be able to establish and keep a free ProvidentConnect Online Banking relationship and elect to receive periodic account statements electronically via ProvidentConnect Online Banking.

Platinum Money Manager

All Platinum Money Manager account holders will get the following benefits:

  • Total money management with a linked Provident Platinum Checking account
  • FREE monthly combined statement
  • Higher yields for higher balances
  • FREE direct deposit
  • FREE ProvidentConnect Online Banking
  • FREE 24-hour telephone banking access
  • No ATM fees
  • FREE unlimited balance transfers
  • No withdrawal penalties
  • Access to 95+ bank locations in New Jersey, New York & Pennsylvania

To qualify for this account you must have or open a Provident Platinum Checking account first. To open an account, the bank requires a $50 minimum deposit, while to earn interest, you must be able to keep a $5,000 combined daily balance.

Young Saver

The Young Saver savings account is designed for kids aged below 18 years old. To open an account, the bank only requires a minimum of $1 deposit. Meanwhile, to be able to receive interest, you must at least have a minimum balance of $0.01.

This does not charge monthly service fees, and just the same as the other account types, your kids can easily access 95 bank locations in New Jersey, New York & Pennsylvania

Certificate of Deposit Account

Provident Bank’s certificate of deposit account is ideal for those who have money but won’t be accessing it anytime soon.

The bank offers competitive rates for its CD accounts with terms ranging from 91 days up to 60 months.

HOW TO BANK WITH PROVIDENT BANK?

Now that you already know the different deposit accounts that Provident Bank offers, this time, let’s talk about how to actually bank with them.

Although Provident Bank has a mobile app, unfortunately opening an account online is not yet accessible. You will need to visit a local branch near you if you want to become a customer of Provident Bank.

Once you’ve opened the account, though, you can easily access and manage your account through its mobile app that is available for both iOS and Android devices.

More so, the mobile app allows you to transfer money, pay bills, as well as find an ATM or a branch near you.

At the moment, the mobile app does not cater to mobile check deposits yet.

In case you need assistance but cannot go to the branch, you may call Provident Bank customer service or you may email them through the website.

IS PROVIDENT BANK SAFE?

This section of our Provident Bank review will focus on how safe your money is with Provident Bank.

Provident Bank is insured by the FDIC, which means every depositor will get up to $250,000 per account in case of a bank failure.

Meanwhile, its mobile app as well as website use encryption to ensure all data submitted through these channels are safe and secured.

WHAT TO LIKE ABOUT PROVIDENT BANK?

This Provident Bank review will not be complete without a list of things to like about this financial institution, which includes:

  • Mobile App Access – Although there still is so much to improve on its mobile app, we like the fact that the bank is keeping up with the needs of its customers. The mobile app access is definitely a great help especially for people who are always on the go.
  • No Monthly Fees – For the majority of its account selections, Provident Bank does not charge monthly fees.
  • Wide Account Selection – The bank offers a wide selection of financial products, which actually is a very common feature of a full-service bank.
  • 95+ Local Branches – Provident has more than 95 local branch locations across New Jersey, Pennsylvania, and parts of New York.

WHAT NOT TO LIKE ABOUT PROVIDENT BANK?

While it does have its share of highs, Provident Bank does have a few downsides as well, and this includes the following:

  • Limited Mobile App Features – The bank has still a lot of things to work on with regards to its mobile app. One downside of it is that it does now allow opening an account online yet.
  • Less Competitive Rates – Compared to other banks of similar type, Provident Bank has less competitive rates.
  • Limited Access to Customer Service – Customer service is only accessible through phone or email.

FINAL THOUGHTS ON PROVIDENT BANK

Overall, Provident Bank is a good full-service bank that caters to residents of New Jersey, Pennsylvania, and parts of New York.

While it does offer mobile and online bank access, it is limited only to fund transfer, bill payment, and other basic mobile banking services. Definitely better if the bank also allows opening an account through the website or the mobile app.

Nevertheless, it is a good choice for those who want to have access to both a branch location and mobile app, right?

With this in-depth Provident Bank review, we hope you are able to see the potential there is in this bank, especially because it tries to cater to the needs of consumers these days by providing access to both a branch location and a mobile application.

Leave a Reply

Your email address will not be published. Required fields are marked *