# Quontic

> Quontic is an FDIC-insured digital bank pairing consumer checking, savings, money market accounts and CDs with traditional and alternative-documentation mortgages. Its CDFI mission centers on creditworthy borrowers underserved by conventional lending, including self-employed workers, immigrants and families with irregular income.

- **Founded:** 2009
- **Headquarters:** New York, United States
- **Founders:** Steven Schnall (Co-founder; former CEO and chairman (died August 2022)), George Lazaridis (Co-founder; Chief Executive Officer and Chief Lending Officer)
- **Products:** High Interest Checking, Cash Rewards Checking, High Yield Savings, Money Market, Certificates of Deposit
- **Notable:** CDFI certification awarded in 2015., National mortgage reach across all 50 states., Launched a US bank payment-ring program in April 2022.

## Products & services

- **High Interest Checking** — Consumer checking with a conditional interest rate tied to qualifying debit purchases; $100 opening deposit and no monthly maintenance fee.
- **Cash Rewards Checking** — Consumer checking offering rewards on eligible debit purchases; published terms specify 1% cash back capped at $50 per statement cycle.
- **High Yield Savings** — Online savings with a $100 minimum opening deposit, daily compounding and no monthly service fee; APY is variable.
- **Money Market** — Interest-bearing account with debit-card and check-writing access; $100 opening deposit.
- **Certificates of Deposit** — Fixed-term deposit accounts; published minimum opening deposit is $500 and early withdrawal penalties apply.
- **Lite Documentation Home Loan** — Alternative income qualification without tax returns or W-2s. Published primary-residence example requires at least 660 FICO and 20% down for loans up to $1.5 million; conditions vary.
- **Asset Utilization Loan** — Mortgage qualification using eligible liquid assets, with supporting asset documentation.
- **ITIN and Foreign National Loans** — Specialty mortgage options for eligible borrowers without a Social Security number or with foreign-national status; credit and property approval required.
- **DSCR Loans** — Investment-property financing assessing property cash flow and borrower credit rather than traditional personal income documentation.
- **Traditional Mortgages, Refinance and Home Equity** — Conventional, FHA and VA mortgage options, refinancing and home-equity loans, subject to eligibility.
- **Pay Ring (current program retiring)** — Contactless payment ring launched in 2022. New orders and new Wearable Checking applications stopped September 16, 2026; existing activated rings expire December 31, 2026. An enhanced solution is in development with no announced launch date.

## Achievements

- CDFI certification awarded in 2015.
- National mortgage reach across all 50 states.
- Launched a US bank payment-ring program in April 2022.
- Received a $1.825 million Treasury CDFI Rapid Response award in 2021.
- Milken Institute reported asset growth from $227 million to nearly $1.4 billion across the four years through 2020, including $800 million in PPP loans.

## Latest updates

- **2026-10** — Website announces a planned move from .com to .BANK; this is an announced migration, not confirmation that the migration is complete.
- **2026-09** — New Pay Ring orders and Wearable Checking applications stopped September 16. Existing rings continue through December 31, 2026; enhanced wearable product has no announced launch date.
- **2026-06** — OCC announced an industry prohibition against former mortgage officer Steven Ho, citing concealed broker dealings, falsified loan information and unauthorized transfers of confidential information. Ho consented without admitting or denying wrongdoing; action is against the individual.

## Links

- Website: https://www.quontic.com/
- LinkedIn: https://www.linkedin.com/company/quontic
- Twitter/X: https://twitter.com/quontic
- YouTube: https://www.youtube.com/@quontic8470
- Instagram: https://www.instagram.com/quontic/
- Facebook: https://www.facebook.com/Quontic/

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Profile page: https://yespress.io/quontic
Published by YesPress — https://yespress.io
Last updated: 2026-10-25