First American Bank Review

Overview

Established in 1934, First American Bank has $948 million in assets and deposits totaling $691 million, which makes the institution a medium-size bank. First American Bank, whose headquarters are in Fort Dodge, Iowa, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 out of 5 stars, First American Bank should be solidly in contention for your choice of bank. First American Bank provides customers with a diverse array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account features a monthly fee of $3.00, which is not too high compared to the average U.S. bank. Using an institution with no-fee checking and a high interest rate savings account is your best bet for returning the highest income from your deposits while maintaining convenient access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

With a savings rate of 0.05%, First American Bank ranks poorly compared to the national average. First American Bank's CD rates are 2.80% and 3.30% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.20%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How First American Bank's Savings Rates Compare

First American Bank charges customers low fees in comparison to the national average. At $3.00/month, First American Bank's checking account is not the best option for those who need a hassle-free checking account. Also, it has an overdraft fee of $30.00, which is noticeably lower than that of other U.S. banks. First American Bank does not refund out-of-network ATM charges, which means you will need to locate a First American Bank ATM or eat the cost of withdrawal.

First American Bank is a brick-and-mortar bank, with 13 total bank locations in Florida and Iowa. With mobile and web apps, First American Bank makes account access convenient, even on the go. First American Bank gets fair reviews from customers for its mobile app. The First American Bank mobile app is rated at 3.5 out of 5 (with 31 customer reviews on Apple and Android) compared to the national average of 3.8. You can use First American Bank's mobile app to manage your finances by checking monthly statements, sending and receiving funds and reaching support representatives. First American Bank receives a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

First American Bank is currently a medium-size bank with $948 million in assets and deposits totaling $691 million. First American Bank has an excellent Texas Ratio of 4.07%, signifying that the bank is in outstanding financial shape and unlikely to fail. Additionally, First American Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

First American Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First American Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First American Bank's CD rates are fair in comparison to other U.S. banks.

Find a First American Bank Near Me

First American Bank has 13 physical locations in the U.S.