Premier Bank

Overview of Premier Bank

Premier Bank is a financial institution in Bangladesh that offers a wide range of banking services to its customers. The bank provides various products and solutions, including savings accounts, loans, corporate finance, and cash management services. In line with its commitment to providing comprehensive financial solutions, Premier Bank extends its offerings beyond traditional banking by delving into the realm of capital markets.

As a separate entity, Premier Bank Securities focuses on delivering capital market services, allowing customers to participate in stock trading and other investment opportunities. Premier Bank enhances its banking experience by offering the Pmoney app. Pmoney allows users to manage their accounts, conduct transactions, and access a range of financial services right from their mobile devices.

Is Premier Bank regulated？

Premier Bank claims to be regulated by the financial authorities in Bangladesh, as is expected of any reputable financial institution operating within the country. However, concerning its brokerage services, there seems to be a limitation in providing further license information or relevant details. This lack of transparency or inability to furnish specific license information for brokerage services may raise concerns for potential customers and investors.

Regulatory status is critical in the financial industry as it ensures that institutions operate under proper guidelines and adhere to the laws and regulations set forth by the governing bodies. Customers often seek assurance and confidence in the legitimacy of the services offered, especially in the case of brokerage services where investment decisions are involved.

Pros and Cons

Premier Bank offers diverse financial products and services, including credit cards, debit cards, prepaid cards, and various loan facilities, catering to customers' diverse needs. Their margin and loan facilities can benefit clients seeking financial support for investments, while prepaid cards like the Prepaid Hajj and Travel Cards offer safe and convenient solutions. The accessibility of their services through the Pmoney digital platform adds further convenience for users.

Premier Bank faces certain drawbacks, such as the lack of explicit license disclosure for brokerage services, limited information on trade spread and commission fees, the absence of educational resources, and limited access to global markets. These limitations may impact customer experience and raise concerns about transparency and regulatory compliance.

Products and Services

Premier Bank offers a diverse array of products and services to cater to the needs of both retail and corporate customers. For retail banking, the bank provides a comprehensive range of deposit products, including current and savings accounts, as well as specialized accounts such as Premier Esteem Savers and Premier Excel Savers. They also offer various loan options, including home loans, personal loans, and fixed deposits, ensuring individuals have access to the funds they need for personal and financial growth. Additionally, Premier Bank's retail services include agent banking, remittance services, locker facilities, and elite banking, providing convenience and value-added benefits to its retail clientele.

In the realm of corporate banking, Premier Bank offers an array of financial solutions tailored to meet the unique requirements of businesses. From short-term and long-term financing options to foreign trade finance and working capital loans, Premier Bank supports corporate entities at every stage of their operations. The bank's cash management solutions streamline financial processes with nationwide collection services, payment services, and utility bill collection, helping businesses optimize their cash flows and enhance operational efficiency.

Furthermore, Premier Bank's subsidiary, Premier Bank Securities Ltd., serves as a corporate member of the Dhaka and Chittagong Stock Exchange, providing brokerage services in the capital market. Premier Bank Securities offers trade execution, investment advisory services, and arrangements for the safekeeping and verification of securities.

Card Types

Premier Bank offers a diverse range of cards to cater to the financial needs and preferences of its customers. For credit card options, customers can choose from Platinum, Gold, International, and Classic Credit Cards. These credit cards come with global usage privileges, allowing customers to use them both in Bangladesh and around the world, making shopping and travel more convenient.

The bank's debit card provides a smart alternative to cash, offering hassle-free and secure transactions. Premier Bank is the first local bank in Bangladesh to introduce VISA Debit & MasterCard Debit cards, enabling customers to withdraw cash from 3500+ ATMs 24/7, make purchases at retail outlets across the country, and avail of 24/7 Phone Banking Facility.

Additionally, Premier Bank offers Prepaid Cards for specific purposes. The Prepaid Hajj Card is designed for Hajj pilgrims visiting Saudi Arabia, providing a safe and convenient financial solution during their pilgrimage. The Prepaid Travel Card, on the other hand, is ideal for travelers exploring destinations abroad, offering secure and easy access to funds while overseas.

How to open an account in Premier Bank？

To open an account with Premier Bank, the process involves several simple and straightforward steps. You are just five steps away from opening an account with Premier Bank, which are as follows:

1. At the beginning of the account opening process, you will be required to provide several photos for identity verification. These include clear images of your National ID (NID) card's front and back, a recent personal photo of yourself, and a scanned copy of your signature.

2. After successfully uploading the necessary identity verification photos, you can proceed to fill in the general information form. This form will require essential personal details such as your full name, date of birth, occupation, and contact information.

3. Following the general information form, provide your current address details, including house number, street, city, and postal code.

4. If applicable, you will need to provide information about your nominee, including their full name, relationship to you, and contact details.

5. Before finalizing the account opening process, Premier Bank will verify your mobile number. You will receive a one-time password (OTP) sent to your registered mobile number for verification purposes.

By completing these steps, you can successfully open an account with Premier Bank and start using their banking services with ease.

Margin Trading & Loan Facilities

Premier Bank offers valuable margin and loan facilities to its clients, enabling them to make investments in the secondary market. These facilities provide financial support to clients based on their margin deposits within the limits set by the bank's management. The margin deposit is subject to the guidelines specified in the Margin Loan Policy and Margin Rules, 1999, established by the Bangladesh Securities & Exchange Commission.

Through these facilities, Premier Bank empowers its customers to leverage their investments and capitalize on opportunities in the dynamic capital market. By utilizing their margin deposit, clients can access additional funds to invest in stocks and other securities, maximizing their potential returns

Fee Structure

Premier Bank imposes various fees for its card services and loan/investment-related services. For prepaid cards, there are fees for card replacement, PIN replacement, cash advance, loading, and monthly maintenance. Debit cards come with annual fees, PIN and card replacement fees, EMV charges, and other transaction-related charges. Credit card fees include annual fees, supplementary card fees, PIN and card replacement fees, late payment fees, cash advance fees, and more. Loan/investment services have processing fees, early settlement charges, documentation fees, and reschedule/restructure fees. Savings accounts have no account maintenance fees. It's important for customers to review these fees carefully to make informed financial decisions. Please note that all charges and fees are exclusive of government VAT, tax, and duty.

However, it appears that information regarding the spread of trading in the securities and the commission fees charged by Premier Bank is not explicitly disclosed. Transparency in these aspects is essential for investors to make informed decisions and understand the costs involved in their transactions. Investors often look for clear and upfront information on spreads and commission fees to assess the overall costs of trading and to compare different brokerage options.

Banking Platform

Pmoney is a modern digital platform utilized by Premier Bank, aimed at enhancing the management of customers' finances. The platform offers a range of innovative features and services, providing convenient and secure banking experiences. From managing accounts and transactions to accessing credit and investment options, Pmoney puts financial control within customers' reach. With user-friendly interfaces and robust security measures, Pmoney offers ease and peace of mind, empowering individuals and businesses to achieve their financial goals efficiently.

Customer Support

Premier Bank offers multiple customer support options to cater to their client's needs. Customers can reach Premier Bank's customer support team by dialing the following numbers: 16411 (for mobile users) or 09612016411 (for overseas and landline users). Premier Bank also provides fax support through the numbers 880-2-9820808 and 880-2-9820849. This option allows customers to send in written inquiries or documents that require attention from the bank.

For non-urgent queries or general inquiries, customers can get in touch with Premier Bank's customer service team via email at customer.service@premierbankltd.com. This method offers a convenient way to communicate and receive detailed responses. The bank's official website, www.premierbankltd.com, serves as an online resource for customers. It offers valuable information about the bank's products, services, policies, and frequently asked questions. Customers can access the website to find answers to common queries or gather essential information about the bank's offerings, as well as sending inquiries through the form available on the website.

Educational Resources

Premier Bank, unfortunately, does not offer educational resources or materials specifically tailored to trading or banking for its customers. While many banks and financial institutions recognize the importance of providing educational resources to empower customers with financial knowledge, it appears that Premier Bank may not have such offerings available. Educational resources on trading and banking play a crucial role in helping customers make informed decisions, understand financial products, and manage their finances more effectively.

Conclusion

Premier Bank Securities Ltd. is a subsidiary of Premier Bank, providing brokerage services to customers in Bangladesh. As a corporate member of the Dhaka and Chittagong Stock Exchanges, they facilitate trade execution, investment advisory, and securities safekeeping. While the bank offers a wide range of financial services, concerns have been raised due to the lack of explicit disclosure on brokerage licenses, trade spread, and commission fees. Additionally, the absence of educational resources and detailed information on margin trading and global market access may impact potential investors seeking a more transparent and comprehensive brokerage experience.

Given the concerns raised about Premier Bank Securities Ltd., potential clients should proceed with caution and conduct thorough research before engaging with their brokerage services. It is essential for investors to understand the specific license information, trade spread, and commission fees applicable to their investment activities. By proceeding with caution and conducting thorough research, potential clients can make informed choices and ensure that the services offered by Premier Bank align with their financial objectives.

FAQs

Q: What is the regulatory status of Premier Bank

A: Premier Bank does not provide any valid license for the brokerage services it offers through the subsidiary Premier Bank Securities.

Q: What markets are available for trading with Premier Bank Securities？

A: Premier Bank Securities offers trading services in the local securities market of Bangladesh, including both the Dhaka and Chittagong Stock Exchanges.

Q: How is customer support provided by Premier Bank Securities？

A: Premier Bank Securities offers customer support through various channels, including telephone and email, to assist clients with their inquiries and trading-related concerns.

Q: What platform does Premier Bank Securities provide for trading？

A: Premier Bank Securities offers a user-friendly digital platform, enabling clients to access and manage their trading accounts conveniently through the Pmoney app.

Q: Is margin trading available through Premier Bank Securities？

A: Yes, Premier Bank Securities provides margin trading facilities.