FAQs | Presidential

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How long has Presidential been in business?
Presidential Bank has been in business since 1985. We started our online division, Presidential Online Bank, in 1995.

Who owns Presidential?
Presidential Bank is a privately held company.
Are my deposits safe?
Each depositor is insured by the Federal Deposit Insurance Corporation (FDIC) for at least $250,000. Please visit the FDIC website for additional details.

What is Presidential Bank's ABA Routing/Transit number?
255073345

Whom do I contact if I have a problem with my account?
Contact our Customer Service Center at 800-383-6266 or 240-333-9059, Monday - Friday 8 am - 10 pm Eastern Time, or use our Secure Email option within Personal Online Banking. The Secure Email option is located in the upper right corner of your Personal Online Banking screen within the Support link. As a Presidential customer, you can instantly access your accounts, submit secure email (consumer only), make bill payments, transfer between accounts and view copies of statements and checks within online banking.

What should I do if I forget my username and password?
You can reset your password by using the "Forgotten Password" link under Account Login. You may also contact our Customer Service Center at 800-383-6266 or 240-333-9059, 8 am - 10 pm Eastern Time, Monday-Friday and we will reset your login. Due to the secure nature of performing financial transactions on the web, we have taken precautions to ensure no one has access to your login information. As a result, the information is stored in our database in an encrypted format that even we cannot decode. This security measure prevents us from supplying incorrect passwords.

I'm not a US resident and/or not a US citizen. May, I apply for a Presidential account?
To open an account online, you must be a U.S. Citizen with a U.S. address (including military addresses) and a Social Security Number in order for us to comply with the U.S. Patriot Act in the verification of new customers. Non-U.S. citizens (non-resident and resident aliens) may be able to open an account in person at one of our branch locations and/or identified in person by a Bank employee. Proper documentation will be required.

Do I have 24-hour access to my account?
You can access your account with Online Banking (personal or business) from our website. Within Personal Online Banking we provide Online Historical Statements where you can view your electronic Statements from June 1997 through prior month's end, research transactions or reconcile your account. In addition, with Check Images you can view checks you have written from your Presidential account from January 2003. Deposit Images allows you to view your deposit slips, transfer slips and checks deposited to your Presidential account from July 2006. Tax Statements (1099INT and 1098s) are available from 2008.

Our Mobile App (including Bill Payer, Mobile Remote Deposit Capture and Zelle®) and SMS Text Banking are also available. Click here to learn more.

Our Customer Service Representatives are available to speak with you personally Monday through Friday from 8 am - 10 pm Eastern Time at 800-383-6266 or 240-333-9059. You may also use our Secure Email Option within Personal Online Banking.

If you do not have online banking access, you may also send an e-mail message at any time to email@presidential.com, however please refrain from including personal information such as account numbers, Tax ID/Social Security numbers, passwords, etc., since this is not a secure means of communication.

Personal accounts can be accessed 24 hours a day, 7 days a week using our Mobile or Tablet App. Click here to learn more about Mobile Banking.

Our Automated Telephone Banking Service can access your account balance information at any time. The primary owner can call our Toll-Free Nationwide Phone Number: 800- 317-6980, 24 hours a day, 7 days a week. Additional owners can contact our Customer Service Center to obtain access as well. You may access this feature from a touch-tone phone anywhere in the U.S. to check balances, transfer funds and review account activity.

Finally, you can access your linked accounts at ATMs worldwide (restrictions may apply).

I've moved. How do I notify you of my new address?

Log into your Personal Online Banking, click on "Secure Forms" then "Customer Contact Form" and submit an address change.

You may also visit any one of our branch locations. Or, send us written notification of your change of address accompanied by an original signature.

Written requests can be mailed to:
Presidential Bank
Attn: Customer Service Center
4520 East-West Highway
Bethesda, MD 20814

What is Presidential Bank's email policy?

Your email address will be used for correspondence with you regarding your account and other important information. We DO NOT sell your email or other personal information or use it in anyway except as related directly to your business with Presidential Bank. You cannot opt-out of account driven email, except those you initiate such as deposit notifications. Account specific information and other legal correspondence such as revised account terms and conditions will not be sent via email. You may opt-out of non-transactional email communications using unsubscribe procedures found within those emails. Due to the unsecured nature of general email, please do not include secure account information or personal information such as Tax ID/Social Security numbers, passwords, etc. when sending email. An email address is required for all accounts opened via the Internet.

How can I Send a Secure Message?

Our Secure Email Option lets you send and receive secure messages containing account and other personal information from within Personal Online Banking. Simply click on the Support link located in the upper right corner of your Online Banking Page and select Secure Email. For Business Banking users, click on the “Contact Us” tab within online banking to submit a secure message. All messages are provided an initial response generally within 1-business day.

Can I send faxed requests rather than mailed requests?

Most requests for account updates and transaction requests may be made by fax, with a Fax Authorization Form on file. You must print out the Fax Authorization form located online under Personal Banking, Forms. Simply fill out and mail the form to us so that we will be able to accept faxed requests in the future.

Can you send statements via email instead of regular mail?
You can currently view your statements online by visiting Online Banking and clicking on Statement and Check Services. Businesses can use Business Banking to access Historical Statements within Additional Services. We do not provide emailed statements; however, you can access electronic (paperless) statements by the 3rd business day after month end.

Can a business open accounts online?
Currently we offer an online mail-in application for businesses that are located in MD, DC or VA. Outside the specified locations will be considered on a case-by-case basis.
What computer hardware, operating system, software and other considerations will I need to bank online?
For a list of recommended operating systems and other requirements, visit our Online Help Index located on our login page under "Difficulties Logging On".

How can I tell when my connection is secure?
Connections to a secure site will generally begin with https. To confirm that you are connected to a secure site, look for the following:

Google Chrome: In the URL bar, a green padlock will display.

Firefox uses a site security button to the left of the URL. The lock should be green.

Safari displays the Secure Certificate name to the right of the URL and a padlock.

Internet Explorer has a closed padlock to the right of the URL

Microsoft Edge has a closed padlock next to the URL

What are cookies? Can I turn them off?
Cookies are a way that our web servers and your computer can communicate. As you browse our web site, it may ask you to accept cookies. Allowing a web site to create a cookie in your browser preferences will provide better browsing with fewer interruptions. Please refer to the help section of your browser for additional information. When using Bill Payer or External Funds Transfer, third party cookies must be enabled. See Online Help Index for more details concerning cookies.

How can I update my account using Quicken®?

Direct Connect - When you are using Quicken, you can choose to setup your accounts with Presidential using Direct Connect. Presidential Bank will provide you with a Direct Connect password. Direct Connect links the software to the online access and downloads only new data for your accounts to Quicken. This is a more efficient way of updating Quicken.
How can I setup or change my direct deposit?
To initiate or change a direct deposit to your Presidential Bank checking account, please contact your employer. For "U.S. Government Employees/Retirees, you can download (PDF) form 1199a.

How current is the account information online?
For deposit accounts, balance information is real time. During times of maintenance, transactions to your accounts conducted today may not be reflected until the next business day.

What is Presidential Bank's check clearing policy?
Our policy is to make funds from checks available as follows:

The first $225 from a deposit of checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a check for $700 on a Monday, $225 of the deposit is available for cash withdrawal on Tuesday, and the remaining $475 is available on Wednesday. Additional rules apply to checks greater than $5,525.

Checks Greater Than $5,525: Checks totaling more than $5,525 deposited on any one day, the first $5,525 will be available to you according to our general policy. The amount in excess of $5,525 will generally be available on the first business day after the day of deposit for checks drawn on Presidential Bank, the fifth business day after the day of deposit for all other checks. If your check deposit, exceeding $5,525 on any one day, is a mix of checks, drawn on Presidential Bank, or checks that generally receive next-day availability, the excess will be calculated by first adding together the on-us check, then the other check. View the full Check Hold Policy.

How much do checks and deposit slips cost?
The initial check package is free for Checking Plus, Internet Checking and Super Checking accounts.

Money Market Checks are free.

All orders vary based on style and design. Please call our Customer Service Center at 800-383-6266 or to order checks online (first time orders must be made by contacting your branch or through the Customer Service Center):
1) Log in to your Presidential Online Bank Account at the top of this page.
2) Within Additional Services select Check Reorder.

How long do I have to fund an account that I applied for online?
Unfunded applications will be purged after 30 days.

How is my interest calculated?
Interest is calculated on a daily basis, and credited to your account on the last calendar day of the month.

How can I make withdrawals from a Checking Account?

A Cashier's Check will be issued with a signed written request mailed to:
Presidential Bank
Attn: Customer Service Center
4520 East-West Highway
Bethesda, MD 20814

In person at any of our branch locations.

Electronic transfer initiated from an outside institution

Using your ATM or Visa Debit Card at an Automated Teller Machine

By using the Online Funds Transfer Service to send funds to your other financial institutions

Cashier's Checks requested through Secure Email or Wire request within Personal Online Banking. (Cashier's Checks initiated online are mailed to the address of record. Refer to our Schedule of Fees for checks made payable to a third party.)

Writing a check

How can I make deposits to a Checking Account?

You can make deposits in one of the following ways:

By using our Mobile App: Within the Mobile App you can transfer funds between your accounts at Presidential or you may use the "Deposit Check" feature to remotely deposit checks by submitting an image of the check. Visit our Mobile App page to learn more.

By transferring funds from another Presidential account, either online, by phone or with written instructions. We cannot accept fund transfer requests by email. For deposit slips,

Bank by Mail: Consumer and business customers can mail in deposits using our Bank by Mail addresses below. To obtain pre-printed consumer Bank by Mail envelopes, please contact us at 1-800-383-6266 or email us at email@presidential.com. Reminder: Email is not secure and we ask you not to submit your secure account or personal information to us via unsecured email.
Checks submitted for deposit must ordinarily be made payable to an account holder name on record at Presidential Bank. Checks should be endorsed with your signature, account number and the words, "For Deposit Only". Third party checks made payable to someone else, endorsed to a Presidential customer and submitted for deposit to that customer’s account may require an endorsement guarantee.

Bank by Mail Deposits made by Third Parties. Business accounts may receive deposits from third-parties, preferably using the Commercial Bank by Mail address below. Business customers may use this free service if they prefer to have their customers send payments to Presidential for deposit directly into their business account, avoiding the delay that occurs when multiple checks are received at the business which then must be consolidated into a single deposit sent to the Bank. Presidential’s online deposit images can be used to identify each deposit received. Checks sent by third parties for deposit must be made payable to the business name on record at Presidential Bank. For businesses with multiple accounts, deposits received without an account number will be posted to an account at the discretion of the Bank.

Commercial Bank by Mail

Presidential Bank
Attn: Operations Teller
4520 East-West Highway
Bethesda, MD 20814Presidential Bank
Attn: Commercial Deposits
PO Box 31203
Bethesda, MD 20824-1203

By transferring money from an account at another bank via wire transfer or ACH direct deposit.
Note: Your bank may charge you a fee for this transaction. We will not charge you a fee for an incoming wire transfer.

By depositing at any one of our branch locations or a Presidential ATM.

A direct deposit set up through your employer.

By using our Online Fund Transfer Service to draw from your other financial institutions.

Can I deposit cash?
Cash deposits are accepted at our branches and at our ATMs. Please do not send cash through the mail.

How long before I get checks and ATM/Visa Debit Card after my account is opened?
You should receive your checks and ATM/Visa Debit Card approximately 7 - 10-business days after the opening date or after all account documents have been received.

What are my statement options?

Consumers can access Electronic Statements by choosing Statements & Check/Deposit Images within your Personal Online Banking. Online Business Banking customers, choose the Additional Services tab, then Online Statements, to view past bank statements, research transactions or reconcile your account. Current bank statements are generally available online on the third business day of each month.

Statements for checking and savings accounts are mailed within the first 6-business days of each calendar month for the prior month's activity. Presidential does not provide statements for certificates of deposit.

Combined Statements allows you to view multiple accounts on the same statement, either through the mail or within Online Banking. Please call, write, or send a Secure Email through Personal Online Banking to take advantage of Combined Statements. Only one checking account may be used when combining statements.

How can I close my checking account?
You can close your Presidential Bank account by mailing a signed, written notice; visit any of our branch locations; or use online banking secure email and a check will be mailed to the address on file, payable to the account holder (phone verification may be required). Writing a check for the balance in the account will not close the account and may cause fees to be assessed.

Can I send funds from a personal account at another bank to meet the direct deposit requirements of the Advantage Checking, Super Checking or Checking PLUS accounts?
Advantage Checking, Super Checking and Checking PLUS accounts require an electronic monthly deposit of $200.00 or more from payroll, social security, annuity, pension or a transfer from your own business account. A transfer from a personal account does not qualify. Please see the Account Portfolio for details.
How can I make deposits to a Savings Account?
You can make deposits in one of the following ways:

By transferring funds from another Presidential account, either online, by phone, via secure email or with written instructions. We cannot accept fund transfer requests by general email.

By using our Mobile App: Within the Mobile App you can transfer funds between your accounts at Presidential or you may use the "Deposit Check" feature to remotely deposit checks by submitting an image of the check. Visit our Mobile App page to learn more.

Bank by Mail: Consumer and business customers can mail in deposits using our Bank by Mail addresses below. To obtain pre-printed consumer Bank by Mail envelopes, please contact us at 1-800-383-6266 or email us at email@presidential.com. Reminder: Email is not secure, and we ask you not to submit your secure account or personal information to us via unsecured email.
Checks submitted for deposit must ordinarily be made payable to an account holder name on record at Presidential Bank. Checks should be endorsed with your signature, account number and the words, "For Deposit Only". Third party checks made payable to someone else, endorsed to a Presidential customer and submitted for deposit to that customer’s account may require an endorsement guarantee.

Bank by Mail Deposits made by Third Parties. Business accounts may receive deposits from third parties, preferably using the Commercial Bank by Mail address below. Business customers may use this free service if they prefer to have their customers send payments to Presidential for deposit directly into their business account, avoiding the delay that occurs when multiple checks are received at the business which then must be consolidated into a single deposit sent to the Bank. Presidental’s online deposit images can be used to identify each deposit received. Checks sent by third parties for deposit must be made payable to the business name on record at Presidential Bank. For businesses with multiple accounts, deposits received without an account number will be posted to an account at the discretion of the Bank.

Commercial Bank by Mail

Presidential Bank
Attn: Operations Teller
4520 East-West Highway
Bethesda, MD 20814Presidential Bank
Attn: Commercial Deposits
PO Box 31203
Bethesda, MD 20824-1203

By transferring money from an account at another bank via wire transfer or ACH direct deposit.
Note: Your bank may charge you a fee for this transaction. We will not charge you a fee for an incoming wire transfer.

By depositing at any one of our branch locations or a Presidential ATM.

A direct deposit set up through your employer.

By using our Online Fund Transfer Service to draw funds from your other financial institutions.

How can I make withdrawals from a Savings Account?

A Cashier's Check will be issued with a signed written request mailed to:
Presidential Bank
Attn: Customer Service Center
4520 East-West Highway
Bethesda, MD 20814

In person at any of our Branch locations.

Electronic transfer initiated from an outside institution.

Using your ATM card or Visa Debit Card (must have a linked checking account) at an Automated Teller Machine

By using our Online Funds Transfer Service to send funds from your other financial institutions

Request a Cashier's Check or wire request within Personal Online Banking. To request an Official Bank check, click on Support at the top right corner within Personal Online Banking and send a Secure Email. Please provide the amount, payee and the account number to be debited. Checks will only be mailed to the address of record on the account. Checks payable to third parties will incur a fee. See Schedule of Fees.

Can I deposit cash?
Cash deposits are accepted at our branches and at our ATM. Please do not send cash through the mail.

How long before I get my ATM Card after my savings account is opened?
You should receive your ATM Card approximately 7 - 10-business days after the opening date or after all account documents have been received.

How do I close a Savings Account?

You can close your Presidential Bank account by sending written notice or visiting any of our branch locations or use online banking secure email and a check will be mailed to the address on file, payable to the account holder (phone verification may be required). If your Premier Savings account has a zero balance, it will automatically close after a 93-day period. Statement Savings account auto close with a zero balance after 32 days.

Are there any transfer limitations on savings accounts?
No, there are no transfer limitations on savings accounts.
Where can I find an ATM?
Presidential ATMs are located at each of our branch locations. Presidential has partnered with Allpoint® and MoneyPass® to bring you over 88,000 surcharge-free ATMs. It's easy to find a surcharge-free ATM. Click the logos to search for a surcharge-free ATM near you.
Learn more about Debit Cards & ATMs.

Will I be charged ATM fees when using my Presidential Bank ATM/Visa Debit Card?
We do not charge our customers for any domestic ATM/Point of Sale usage. However, many ATM owners apply surcharges for using their ATMs. This surcharge will vary by ATM owner. Presidential has partnered with Allpoint and MoneyPass to bring you over 88,000 surcharge-free ATMs. It's easy to find a surcharge-free ATM: Click Allpoint or MoneyPass to search for a surcharge-free ATM near you. An International ATM-POS transaction fee (International ATM Cash Disbursement Fee or International Service Assessment (ISA)Fee) will be assessed for use of Visa International ATM or POS terminals (foreign transactions.)

Who do I contact if I am traveling with my card?

Please contact our Customer Service Center at 1-800-383-6266, 8 am to 10 pm ET, Monday – Friday to notify us of your travel plans. Notifying us of your travels can prevent unnecessary blocking of your card due to unusual activity. You may also send us a secure email within online banking with the last 6 digits of your card, the locations you are traveling to and the dates of travel.

Can I deposit at any ATM?
Deposits are limited to Presidential ATMs only. There are several other methods for depositing into your Presidential account.

Are ATM fees reimbursed?
Presidential does not reimburse fees charged by other ATMs for most accounts. For Advantage Checking accounts, ATM fees charged by domestic ATM owners are refunded up to $8 per month. International Service Assessment (ISA) Fees are not refunded.

If I open an account, can I have a Visa® Debit Card instead of an ATM card?
During the personal account application process you choose either an ATM or Visa® Debit Card (for personal accounts only). Visa Debit cards must be linked to a checking account. You can also apply for an ATM or Visa Debit Card by completing the ATM/Visa Debit Card application.

Business account can apply for a Visa® Business Debit Card by completing the Visa Business Debit Card Application

Can I choose or change my PIN (Personal Identification Number)?
There are two ways you can select/change your PIN for your ATM or Visa Debit Card.

When you receive your Card in the mail, there will be a toll free telephone number on the card carrier directing you to activate your card and select your PIN. You will be prompted to follow a few easy instructions. You must call from a phone number currently on file with Presidential in order to activate your card and select a PIN.

Customers without a Tax ID Number will be mailed a system generated PIN separate from your card and can activate the card at an ATM. Please allow a couple additional business days for the PIN to arrive.
Who is eligible for our Bill Payer Service?
Our online Bill Payer service is available for all Presidential customers with personal or commercial checking accounts. Businesses, please refer to the Online Business Banking Agreement, Schedule B, Schedule of Fees.

How do I pay my bills online?
When you register for personal Online Banking, you can simultaneously register for Bill Payer. After gaining access to personal Online Banking, click on the Bill Payer tab, and start adding your payees. It is as simple as listing the company's name or individual's you want paid, the amount you want to pay and the date you'd like your bills to be paid. If you have not previously registered for Bill Payer and already have access to Personal Online Banking, click on the Bill Payer tab to register.

Business Banking customers can register for Bill Payer as part of the Business Banking Agreement

See a demo of Bill Payer here.

Please see the Bill Payer Terms and Conditions.

How do I set up my Bill Payer account?
For consumers, after you have opened your account and accessed it online, simply click on the link "Bill Payer" link and complete the application process. New enrollments to Personal Online Banking have the option to apply for Bill Payer during the enrollment process.

I want to change from one checking account to another on my Bill Payer. How can I do this?
You can change your Bill Payer related checking account number or add additional checking accounts by calling our Customer Service Center at 800-383-6266 M-F 8 am – 10 pm ET.

How are payments sent through Bill Payer processed?
Payments can be sent one of three ways, Electronically (ACH), Corporate Check (Bill Payer Co. check), or Draft Check (check drawn off customer's account). When payments are entered, you are required to enter the due date or a date prior to the due date. The payment is sent before that date, depending on the payment method so as to arrive on or before the due date. You are not debited until the due date if the payment is sent electronically or by corporate check. If the payment is sent via laser draft, you are debited when the check clears and an image will be returned in your statements with the rest of your imaged checks.

How do I know what payment method will be used?
The Bill Payer Co. may initially send a payment out by laser draft if it is a payee that does not match their directory. They may update the payment method after contacting the payee to see if there is an electronic option available. The payment method is not known since it is on a per relationship basis with each vendor and can change based on transaction limitations set by that vendor. If the payment method changes, it will still be sent to assure timely arrival. If a payment is sent electronically once, there is no guarantee future payments will continue to be sent electronically.

When entering a payment, what date do I enter?
You are asked to enter a due date when entering the payment. It is highly recommended that you enter a date earlier than the actual due date to allow sufficient time for payment processing after it is received by the payee. The payment should arrive on or before the date entered. If the date entered is a weekend or holiday, it will be changed to the previous business day to assure timely arrival. Our Bill Payer provider does not recognize grace periods provided by payees, and does not take responsibility for fees arising from payments scheduled to arrive during the grace period.

Whom do I contact if I have a payment discrepancy?
If a payment discrepancy occurs, you can contact Presidential's Customer Service Center at 800-383-6266 and we will create a case with the Bill Payer provider for you. A response is generally received within 3-business days after the initial sending date.

If I apply for Bill Payer and do not use it, will I be charged?
The Bill Payer feature is free for all consumer checking accounts. If you have Business Banking with Bill Payer, the monthly service fee will be charged even if it is not used.

I have had Bill Payer in the past but have not used it for several months. Why can't I access it now?
If you have not used your Bill Payer account for at least six months and you are unable to access it now; the account has most likely been deactivated for non-use. If you now intend to use the Bill Payer System and would like to be reactivated, please call our Customer Service Center at 800-383-6266.
How do I make my opening deposit to my account opened via the Internet?
You can make deposits in the following ways:

By transferring money from an existing Presidential account

By mailing us a check (please make the check payable to yourself and write on the back of the check "For Deposit Only").

Presidential Bank
Attn: Customer Service Center
4520 East-West Highway
Bethesda, MD 20814

By transferring money from an account at another bank via wire transfer. Note: Your bank may charge you a fee for this transaction. Prior approval by Presidential is required.

What are the penalties for early withdrawal?
Please refer to our Account Portfolio for Penalty details.

What's going to happen when my CD matures?
Your CD is set up to automatically renew at the current rate and same term. You will receive a reminder notice one month before maturity that will outline your options. You can view your certificate information online at any time. (Maturity notices are not mailed for 30 day CD’s.) You may also opt to receive a CD Email Maturity notice for CDs greater than 30 day terms. In order to do so, please contact Presidental's Customer Service Center at 800-383-6266, send a secure email within Personal Online Banking or mail us a written request and include an email address where you would like to receive notice.

Presidential requires a written request to close your CD. Please visit a branch or mail your requests to include specific mailing or wire instructions and your signature. Please mail your request to:
Presidential Bank
Attn: Customer Service Center
4520 East-West Highway
Bethesda, MD 20814

Closeouts may also be submitted via Secure Email within Personal Online Banking. Checks will be made payable to the account holder(s) and mailed to the address of record.

How long of a grace period after automatic renewal do I have to change my mind?
You have seven calendar days (1 business day on a 30 day CD) to either change the term, add funds to your CD or withdraw your funds without a penalty.

How do I withdraw the monthly interest from my CD?
There are a number of options to withdraw the interest from your CD. You may request a monthly interest check, transfer the interest to another Presidential account, or send an interest check to an account at another institution. Please contact us if you would like additional information. For existing accounts, you may send us your signed request in writing. If you would like to have your interest deposited in an account at another institution, please be sure to include the name of the institution, account holder's name, account number, and ABA routing number. Your interest will be mailed to the receiving institution on the first business day of each month.
The below questions and answers are not intended to be tax advice. Please consult a qualified tax advisor.

What is an IRA?
An Individual Retirement Account (IRA) is a type of savings account that is designed to help you save for retirement and may offer tax advantages. Presidential Bank only offers Traditional IRAs in Certificates of Deposit (CD) format.

What is a Traditional IRA?
A Traditional IRA is a retirement savings account that provides several benefits including:

Any earnings have deferred federal income tax until they’re withdrawn at or after you reach age 59½, at which time they’re taxed at your federal income tax rate

Contributions and earnings can be withdrawn free of the 10% additional federal income tax at or after you reach age 59½

Contributions may be tax deductible

Can I contribute to an IRA if I am already contributing to a plan at work?
Yes, you can open and fund a Traditional IRA even if you already contribute to an employer-sponsored retirement plan. You may want to discuss this option with your tax advisor, however, since participation in an employer plan may impact deductibility in a Traditional IRA.

How much can I contribute to an IRA?
The annual contribution limit for 2019 is $6,000, or $7,000 if you’re age 50 or older. The annual contribution limit for 2015, 2016, 2017 and 2018 is $5,500, or $6,500 if you’re age 50 or older.

What is the time frame for contributing to an IRA for the current tax year?
You can continue making contributions (until you reach your annual limit) to a Traditional IRA, any time before April 15 of the following tax year. Presidential Bank offers IRAs in a CD format. After account opening, additional contributions can only be made during the maturity grace period.

Is there an age limit for making contributions to an IRA?
With a Traditional IRA, you cannot make contributions after you reach age 72.

How much must I take out of my IRA at age 72?
Required minimum distributions (RMDs) must be taken each year beginning with the year you turn age 72. You have until April 1st of the following year to take your first RMD. If you choose this option, you would end up taking two RMDs in one year. The RMD for each year is calculated by dividing the IRA account balance as of December 31 of the prior year by the applicable distribution period or life expectancy.

How long do I have to roll over a distribution from a retirement plan to an IRA?
You must complete the rollover by the 60th day following the day on which the distribution is made.
How can I add funds to my Trust Account?
You can add funds to your trust account in one of the following ways:

By transferring funds from an existing Presidential deposit account in the name of the Trust account holder, either by phone or by submitting written instructions. We cannot accept funds transfer requests by email.

Bank by Mail: Trust customers can mail in check deposits to be credited directly to their trust accounts using our Bank by Mail address below. To obtain pre-printed Bank by Mail envelopes, please contact us at 301-951-5082 or email us at trustservices@presidential.com. Reminder: Email is not secure and we ask you not to submit your secure account or personal information to us via unsecured email.

Checks submitted for credit to a trust account must ordinarily be made payable to the name of the trust account holder of record at Presidential Bank. Checks should be endorsed with your signature, trust account number, and the words, “For Deposit Only”. Third Party checks made payable to someone else, endorsed to a Presidential trust customer and submitted for credit to that customer’s trust account may require an endorsement guarantee.

Bank by Mail Deposits made by Third Parties. Trust accounts may receive direct credit for checks received from third-parties, sent using the Bank by Mail address below. Trust customers may use this free service if they prefer to have third parties send payments to Presidential Bank for deposit directly into their trust account, avoiding the delays that occur when checks are received that must then be forwarded to the Bank for credit.

Trust Account Bank by Mail

Presidential Bank
Attn: Trust Department
P.O. Box 31203
Bethesda, MD 20824-1203

By transferring money from an account at another bank via wire transfer. Special Note: Your other bank may charge you a fee for this transaction. We will not charge you a fee for an incoming wire transfer.

A direct deposit set up through your employer or by means of an ACH direct deposit from another bank.

Can I deposit cash into my Trust Account?

No

How can I withdrawal funds from my Trust Account?
You can disburse funds from your Trust Account in one of the following ways.

By transferring money to an existing Presidential deposit account in your name either by phone or by submitting written instructions. We cannot accept funds transfer or withdrawal requests by email.

By transferring money to an account at another bank via wire transfer. Special Note: We cannot accept funds transfer or withdrawal requests by email.

By requesting a one-time or recurring direct deposit by ACH to an account at another bank.

By an official Bank Check mailed to the trust account holder’s address of record at Presidential Bank.

By checks drawn on a checking account at Presidential Bank with standing instructions to cover the checks by transfers from a related trust account.

What happens to my uninvested funds?

Funds received into your trust account may be invested into any cash management vehicle of your choice and are held there awaiting your investment decision. More than one cash management vehicle may be used. In the absence of alternative instructions, uninvested funds held in a trust account will be transferred to the High Yield Trust Money Market investment account, a money market deposit account available through Presidential’s Trust Department.

Investment Management?

Presidential Bank does not provide any investment advice or recommendations, but will execute investment transactions as instructed by the trust customer.

How do I place investment orders for my Trust Account?

All trade orders must be given orally to a Trust Department staff member. To place trade orders, call your Trust Administrator at 301-951-5081.
What does FDIC insurance cover?
FDIC insurance protects deposits in savings, checking, NOW accounts, CD's as well as cashier's checks and outstanding drafts drawn on deposit accounts. In addition, some letters of credit and travelers checks for which an insured depository institution is primarily liable also are insured when issued in exchange for money or its equivalent, or for a charge against a deposit account.

Securities, mutual funds, annuities and similar types of investments and Treasury securities purchased by an insured institution on a customer's behalf or held for safekeeping are not covered.

How much coverage does each depositor have?
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. Deposit accounts maintained in different legal ownership categories (such as individual or joint accounts) are insured separately. All accounts in each category in any one institution are added together and generally insured up to $250,000. Much more may be available depending on how your deposit accounts are structured. The most common categories are:

individual ownership

joint ownership

testamentary (or "payable-on-death") accounts

Separate coverage is also available for funds held for retirement purposes such as IRA's, pension and profit sharing plans.

Are deposits in separate institutions grouped together for insurance purposes?

Deposits in different institutions are insured separately. However, if an institution has one or more branches, the main office and all branch offices are considered to be one institution, even if the offices are in different states.
Can I deposit foreign checks at Presidential Bank?
Yes, you can deposit foreign checks at Presidential Bank; however, the checks must be sent for collection, even if in US Dollars, before credit is passed to your account. Collection of a foreign check can take from 3-business days to several weeks, depending on the bank of origin.

Are there fees for foreign collections?
There are fees for collecting on foreign checks. The fees can range from $20.00 for Canadian checks to as much as $55.00 or more for many other foreign countries. There may also be fees from the bank the checks are drawn on for the collection as well as any conversion fees from that bank if applicable. The fees vary, may be significant and cannot be determined in advance by Presidential Bank.
How do I initiate an outgoing wire from Presidential Bank?
Wires can be initiated via the Secure Forms tab within Personal Online Banking, in writing, in person at any branch or by fax (original Fax Authorization Form required to be on file prior to acceptance of faxed requests). A completed Wire Transfer Form (located under Personal Banking Forms) can be mailed to:

Presidential Bank
Attn: Customer Service Center
4520 East-West Highway
Bethesda, MD 20814

All wires are subject to verification by a Presidential Bank representative by initiating a call to an existing telephone number on file. If we are unable to contact you, the wire may not be processed.

View the Customer Wire Transfer Order Form.

Can I fax Wire Requests?
If you have completed and returned a Fax Authorization Form, to your branch or the Customer Service Center, you may fax all future wire requests to your branch or the Customer Service Center at 301-951-3582.

View all other Branch Locations.

Can I Initiate a Request Online?
Customers may submit Wire Transfer Orders via secure forms within Personal Online Banking in lieu of having a Fax Authorization on file. To place an order, customers log-in to Personal Online Banking, select Secure Forms and choose either the Domestic Wire Transfer Order or the International Wire Transfer Order.
What is Funds Transfer?
Funds transfer (Inter-Institutional Transfers) is a money movement tool available within Personal Online Banking that allows Users to transfer funds between their Presidential Bank account and accounts in their own name at other Financial Institutions or brokerage houses.

Can I Transfer Funds to or from any financial or brokerage house?
Over 23,000 Financial Institutions and 13 brokerage houses are presently participating.

How do I know if my other Financial Institutions are participating?
During the process of adding your financial institution you may enter the 9-digit ABA routing/transit number. For brokerage accounts, a drop-down list will allow you to search for your brokerage house.

How does Funds Transfer work?
We process Electronic Funds Transfers (EFT) via the Automated Clearing House (ACH) secure network. This is the same network used by the Federal Reserve to clear checks between financial institutions. We submit a request to the ACH network to transfer funds between the accounts you've specified. ACH then uses its secure channels to complete the transaction. This procedure is very similar to the process employers use to create direct deposit of payroll, and that financial institutions use to carry out automated payments for loans or mortgages.

How much will the Funds Transfer service cost?
Please review the Funds Transfer page to review the fees associated with each type of service.

How will I know when a transfer is complete?
The activity tab provides an up-to-date status report of all your funds transfer requests over the past 12 months. Each transfer request is displayed along with the date and status of the transaction. You should also be able to confirm the completion of the transaction with the Financial Institution four business days after your transaction request.

How much money can I transfer per transaction and per 30-day rolling period?
Please review the Funds Transfer page to review the limits associated with each service. You can also review your limits within the Funds Transfer Service before selecting the amount of the transfer and within the Help Menu under Funds Transfer.

Can I transfer funds into someone else's account?
Yes, but only with the Zelle® service. You can access Zelle® within online banking and our mobile app. In online banking, from the Transfer Funds tab select Send Money with Zelle®. On the mobile app, select Zelle® from the bottom main navigation. With Zelle®, you can send money directly from your account to enrolled recipients in minutes. Likewise, you can receive money into your Presidential account via Zelle®. Please review the Funds Transfer page for more details concerning the Zelle® service.

Can I use this service to transfer money between accounts at the same financial institution?
Not at this time; however, you can still make transfers at the same financial institution through your normal online banking service.

Can I transfer money internationally using the institutional fund transfer between my accounts?
No, this facility is still not available due to international legislation that varies across the nations.

Can I set up a funds transfer now to be executed at a future date?
Yes, you can enter a date up to one year in the future to schedule a funds transfer.

What is the maximum number of transfers that can be setup as recurring transfers?
There is no limit on the number of transfers that can be setup as recurring transfers as long as they remain only up to one year in the future. As an example; if setting up weekly recurring transfers, up to 52 transfers can be scheduled in advance. However, these transfers are still subject to the Daily/Monthly limits.

Can I set up regularly recurring funds transfers?
Yes, you can set up transfers that automatically reoccur at various weekly and monthly intervals. Note: Recurring transfers are subject to both your Daily and Monthly Transfer Limits. For more information about your transfer limits, please visit the Limits and Fees page.

Can I get higher limits for Funds Transfer?
Exceptions are made on a case-by-case basis. To inquire or request higher limits, please contact Customer Service at 1-800-383-6266.
Enhanced Login Security
What is Enhanced Login Security?
In order to comply with regulatory guidelines, Enhanced Login Security is an online security feature that will provide you additional protection from fraud and identity theft. Enhanced Login Security helps prevent unauthorized access to your accounts and secure financial information.

Why do I need Enhanced Login Security?
Enhanced Login Security will allow us to authenticate you as the true owner of your account by recognizing not only your login credentials (Customer ID and Password) but also your computer or mobile device. If we don't recognize your computer or mobile device, you will be prompted to receive a one-time access code by email, text message, and/or recorded voice message, or we will request additional information that is known by only you. This will ensure authorized access.

How does Enhanced Login Security work?
Enhanced Login Security uses one-time access code technology to authenticate your computer or mobile device via email, text message, and/or a recorded vocal message. The one-time access code delivery options depend on the information you provide during Login Security Setup. The first time you try to access Online Banking, you will be prompted for Login Security Setup. You will have three options for receiving a one-time access code: email, text message, and/or a recorded vocal message.

You will need to add extra security to each computer and mobile device you use for Online Banking and Mobile Banking. Whenever you login from a computer or mobile device on which extra security has been established, you will automatically have the additional protection and notice no difference in the way you login. However, if you login from a different computer or mobile device than those registered, you will be prompted to authenticate that device. Please note that if you use multiple browsers within the same computer or mobile device you will need to add extra security to each browser separately.

How do you recognize my computer?
When you add extra security to your computer or mobile device, a secure cookie will be placed on that machine. This secure cookie is unique and, when used in combination with your login information, creates a unique way to authenticate your device to the system. For every login attempt after you add extra security to one computer or mobile device, this secure cookie is validated along with the login credentials you normally enter. This secure cookie is only used by Presidential Bank to validate your identity and does not contain any personal information.

What will adding extra security protection do for me?
If someone were to get your login information and try to access your account from their computer or mobile device, having extra security protection will stop them from gaining access because they will not receive the one-time access code nor be able to answer questions of which only you know the correct answers.

What will happen if I remove extra security protection from this computer or mobile device?
If you want to remove extra security protection from a computer or mobile device, the secure cookie will be removed from the computer or mobile device you are currently logged into and all future logins from them will require a one-time access code or answers to questions only you know.

Can I login from multiple computers and browsers?
You can login from as many different computers and browsers as you like. If you login from a computer that you haven't added extra security to, you will be prompted for the one-time access code or asked for additional information so that we can verify that it's really you. If you provide this information correctly, you will have the option to add extra security to that computer, and avoid being asked for this extra information again.

Please note that if you use multiple browsers within the same computer you will need to enroll each browser separately.

Can I still login to my account from anywhere?
This feature does not prevent you from logging in from any computer or mobile device. If we do not recognize the computer that you are using then we will simply utilize the one-time access code before allowing you access. Please note, personal and financial data may be at risk when using publicly available internet access.

Why do I keep getting asked for extra information when I login from a computer that I have already added extra security to?
This can happen if you delete cookies from your machine. This is a common method that spyware blocker software uses to remove potentially risky items from your computer or mobile device. These solutions typically remove ALL cookies as a precaution, even though very few cookies are actually security risks. In order to use this feature without being asked for additional information at each login, the secure cookie must stay within your computer or mobile device's browser. We recommend that you do not delete this cookie if you do not want to be asked for additional information at each login.

I share my computer or mobile device with someone that also uses Online Banking. Can both of us still login from the same computer or mobile device?
Yes. You can use the same computer or mobile device to login to your individual accounts safely. You will not be able to access each other's information. This is because your secure cookie is linked to only your login credentials. There is no limit as to how many secure cookies can be installed on the same computer. Just remember to never share your credentials, i.e. Customer Number or Password, with anyone.

I have not accessed my accounts online for some time, why can’t I login now?
For security, if you do not access your personal Online Banking at least once every 6-months, your access will be removed. To regain access, you must enroll again.

How does Presidential protect you?
Keeping your online financial and personal information secure and confidential remains one of our top priorities. We ensure your privacy and security by offering technology and services designed by the brightest minds in the online banking industry. Learn more about Online Security.