Local Bank Review: First Arkansas Bank And Trust (FAB&T)

First, thier application process: Pretty tough.  I got rejected (maybe due to too many Chexsystem inquiries).  My wife's application got approved... the sweet (4.4%, $50K) RCA deal at that time; with 4-5 starter free checks.

Second, the debit transaction requirements: pretty tough.  They approciate if the customers will support them with understanding, preferrably at least $10 for their ten debit transaction requirement.  However, they, in turn, understand the customer will buy coffee or quick lunch, thus 1-2 small purchases are forgiven.

Third, thier website is the best I have ever experienced.  Rapid turn-around for debit transactions, nice category for purchases for accounting purposes, Great BillPay feature, one of the best!

Fourth, once in a while (at least twice), they keep the customers alert and nervous by monthly errors, mainly in counting number of debit transactions. 

Fifth, they followed the standard RCA pattern: Limit to local (from national), then cut rate (from 4.4% APY to 3.5% in a single giant step) and limit (from $50K to $35K) as a follow-up.   

We bailed out and closed the account right after the rate-drop announcement last october.  3.5% is a bit too much to take!  Not clear whether they still insist the $10 lower limit for debit transactions with the unattractive 3.5% APY.

My "two-stars" rating highlights the fact that customers (like myself) usually prefer high and steady interest rate over other nice attributes (e.g., nice website, nice customer service).