First Niagara Bank is a New York-based bank that provides personal and commercial banking, risk management, investment, and insurance products and services. It is a publicly traded bank (NASDAQ:FNFG) that is also included on the NASDAQ Financial-100 Index.
The bank offers savings, checking, money market, and CD accounts, as well as online financial tools on its personal banking side. Although only its student checking account option does not have a monthly fee, its other checking account options offer different ways to wave fees. The student checking account also comes with a free First Niagara Debit Card through which customers can earn rewards to redeem through various retail partners. The bank’s savings account offers include a basic savings account with average daily balance requirements, a money market account that offers increased rates of interest when higher balances are kept, and eCDs that range in term lengths from 1 to 72 months.
First Niagara Bank online banking provides customers with web-based tools that enable them to manage their accounts, view front and back images of checks, transfer funds, and analyze savings growth. The bank also released a mobile banking app that allows customers to manage their accounts, deposit funds remotely, pay bills, and transfer funds while on the go.
First Niagara Bank was originally established in 1870 as the Lockport Savings Bank and remained as such for 130 years. After being reorganized in the 1990’s, the bank changed its name one last time to First Niagara in 2000. First Niagara Bank is currently headquartered in Buffalo, New York, and its FDIC organizational classification was changed from Savings Bank to Commercial Bank in 2010.
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First Niagara...A Nightmare!!!
After receiving a flyer in the mail, I opened an e-checking account with the promise of a 100.00 bonus. It has been a week since they ACH transfered my initial funding to open the account. The funds were withdrawn from my external account the next day but they were never deposited into the new account. After repeated calls to the bank, no one seems to know where the money went!!! The csr tells me she will check on the problem and call me back. No one returns my call. I have wasted a great deal of my time calling the bank and no one can find my money!! When I call the bank they just pass me on to another csr with no results!! This bank has the worst customer service I have ever seen in my life!!
HSBC Conversion
i recently transferred from hsbc to first niagara bank. when i called the 800 number i talked with heather. she was so patient and helpful. she knew every answer to my questions and the one she didn't know - she found the answer and called me back WITHIN THE SAME DAY. you dont get that kind of personal treatment in other call centers. she was wonderful and polite and completely put my mind at ease of the changes that were coming. very excited for the future relationship i have with this bank
Not Entirely Awful
there were definitely some errors in the change over but all in all, my issues have been resolved, i have access to my money, and so far the customer service has been really friendly.
Rip-Off Overdraft Policy
This bank ripped me off multiple times due to overdraft issues. First overdraft is the default option when you first open your account - and their overdraft fee is $37! So I called them to have my overdraft authorization revoked. Soon I stopped using my card, and it's been that way a few years.
Surprise - a couple of years later I was charged with $140 for overdraft - which I revoked! When I called, they told me it's at the bank's discretion... Even though the bank didn't give me a single cent - the transaction was canceled - they charged me with $140!!! Also, there is an additional $35 fee if transaction is attempted more than once in a week. Most online stores keep trying to withdraw if the first attempt is unsuccessful, so with every attempt the charge accumulates. And I never once received a notice that this was going on!
I am VERY UPSET with the way that they handle their overdraft policy. They are very rude on the phone too! If you can, never bank with First Niagara.
Data for Q1 2014
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 First Niagara Bank (NY) had $301.25 million in non-current loans and owned real-estate with $5.49 billion in equity and loan loss allowances on hand to cover it. This gives First Niagara Bank (NY) a Texas Ratio of 5.49% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for First Niagara Bank (NY) decreased slightly from 6.32% as of March 31, 2013 to 5.49% as of March 31, 2014, resulting in a positive change of 13.19%.This indicates that the balance sheet and financial strength for First Niagara Bank (NY) has improved slightly in recent periods.
Deposit Growth
In the past year, First Niagara Bank (NY) has decreased its total deposits by -$145.77 million, resulting in -0.52% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth First Niagara Bank (NY) has shown is average.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. First Niagara Bank (NY) has $37.93 billion in assets with $5.49 billion in equity, resulting in a capitalization level of 14.47%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| FDIC Certificate # | 16004 |
| Year Established | 1870 |
| Employees | 5750 |
| Primary Regulator | OCC |
| Assets and Liabilities | |
|---|---|
| Assets | $37.93 billion |
| Loans | $21.57 billion |
| Deposits | $28.09 billion |
| Equity Capital | $5.27 billion |
| Loan Loss Allowance | $215.04 million |
| Unbacked Noncurrent Loans | $275.79 million |
| Real Estate Owned | $25.47 million |
| Historic Data - March 2013 | |
|---|---|
| Assets | $36.85 billion |
| Equity Capital | $5.21 billion |
| Loan Loss Allowance | $172.00 million |
| Unbacked Noncurrent Loans | $275.79 million |
| Real Estate Owned | $10.82 million |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 3.44% |
| Return on Assets | 0.74% |
| Return on Equity | 5.34% |
| Interest Income | $301.33 million |
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First Niagara Bank (NY) Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.01% | $200 | - | Statement Savings |
First Niagara Bank (NY) Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | $100k | - | PinnaclePlus Money Market w/ Bonus | |
| 0.20% | $100k | - | PinnaclePlus Money Market | |
| 0.20% | $100k | - | Pinnacle Money Market |
First Niagara Bank (NY) Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.01% | - | - | Pinnacle Checking | |
| 0.01% | - | - | PinnaclePlus Checking |
First Niagara Bank (NY) CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.75% | $500 | - | 60 Month Promotional CD | |
| 1.10% | $500 | - | 48 Month Promotional CD | |
| 1.00% | $5k | - | 30 Month eCD | |
| 1.00% | $500 | - | 36 Month Promotional CD | |
| 0.75% | $500 | - | 72 Month CD | |
| 0.75% | $500 | - | 24 Month Promotional CD | |
| 0.50% | $500 | - | 12 Month Promotional CD | |
| 0.40% | $500 | - | 60 Month CD | |
| 0.20% | $500 | - | 48 Month CD | |
| 0.15% | $500 | - | 36 Month CD | |
| 0.10% | $500 | - | 24 Month CD | |
| 0.05% | $500 | - | 1 Month CD | |
| 0.05% | $500 | - | 3 Month CD | |
| 0.05% | $500 | - | 6 Month CD | |
| 0.05% | $500 | - | 12 Month CD |
First Niagara Bank (NY) has 442 locations. Click to view all First Niagara Bank (NY) locations.