First American Bank (IL)

Overview / Commentary

www.firstambank.com

847-952-3700

700 Busse Rd
Elk Grove Village, IL 60007

First American Bank (IL) is headquartered in Elk Grove Villag and is the 10^th largest bank in the state of Illinois. It is also the 220^th largest bank in the nation. It was established in 1901 and as of December of 2019, it had grown to 727 employees at 59 locations. First American Bank (IL) has an A health rating.

View all posts from:

2016
2014
2010

9/26 - First American Bank (IL) Offers $150 Checking Bonus
9/15 - $150 Checking Account Bonus In Chicagoland & Miami

11/10 - First American Bank Chicago Lowers Rate To 1.25%
2/21 - $160 Checking Bonus at First American Bank in IL and Parts of WI and IN
2/20 - Competitive Reward Checking Account Available Nationwide at First American Bank

4/24 - Another Chicago

Reviews (4)

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This Should Be Your Next Bank!

Posted by: Jenny Wasielewski | Jul 29, 2016

This is the best bank I have ever dealt with. They have the most wonderful customer service people in the industry. They have helped me deal with all of my financial matters in a friendly and professional manner. I had a no headache time when calling to have charges removed from my debit card. I would recommend this bank! Free checking and competitive fees are also a couple more reasons to consider First American Bank. For me, it's all about the superior customer service!

Comment

All My Dealings With First American Bank Have Been Positive, Staff Is Helpful And Responsive.

Posted by: JohnSimpson | Jul 16, 2012

I am a long-distance customer, so I haven't visited a branch. Website is easy to use, quick to access and seems secure (uses multiple security features). I only had one problem and it was quickly rectified. Special requests have been cheerfully and promptly handled.

Comment

First American Bank

Posted by: stevfoulk | Jun 9, 2019

I rue the day I started banking with this company. I started with a mortgage where in the fine print I had agreed to a 5% penalty for early closure, even for selling the property. This worked out to a more than $25,000 charge when I sold it. I had opened a money market account also with a $10,000 initial deposit. I had not noticed a $14.95 service fee in the opening documents for accounts balances below $5,000. After several years I with no activity I withdrew $6,000. Without any notice to me the $14.95 service fee kicked in. This meant I was paying them about $14 (after the less than $1 interest they were paying me) for them to guard the $4,000 remaining. This bank's fees are rapacious. Stay clear of them.

Comment

Very Disgruntled HSA Account Holder

Posted by: ScottRenaud | Dec 10, 2016

I've had an HSA account with them for about 5 years. I've used their ATM card and online banking. Tonight I try to access my account for a transfer and I'm denied because I won't sign an online agreement. This is not an informative agreement, it has stipulations I now have to agree to in order to access my funds. They have my money and want to change the conditions of the agreement they have with my company that uses them for the HSA. They are unbelievably crooked. I doubt that it is even legal and they are denying access to my funds. Stay away.

Comment

Health

Data as of Q4 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	3657
Year Established	1901
Employees	727
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	0.71%
Return on Equity - YTD	8.8%
Annual Interest Income	$184.2MM

Assets and Liabilities
Assets	Q4 2019vs Q4 2018	$5.30B$5.32B
Loans	Q4 2019vs Q4 2018	$2.12B$1.75B
Deposits	Q4 2019vs Q4 2018	$3.83B$3.84B
Equity Capital	Q4 2019vs Q4 2018	$412.4MM$367.4MM
Loan Loss Allowance	Q4 2019vs Q4 2018	$21.3MM$22.6MM
Unbacked Noncurrent Loans	Q4 2019vs Q4 2018	$18.0MM$24.4MM
Real Estate Owned	Q4 2019vs Q4 2018	$1.7MM$887.00K

Rates

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Money Market
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Always verify rates and promotions with the bank or credit union. We are not First American Bank (IL); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

First American Bank (IL) Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.25%^*	$100k^*	-	HSA SavingsPLUS Account
OTHER TIERS: 0.01% → Up to $10k \| 0.05% → $1k - $5k \| 0.10% → $5k - $50k \| 0.15% → $50k - $100k
0.15%^*	$100k^*	$1m	Health Savings Account
OTHER TIERS: 0.01% → Up to $5k \| 0.05% → $5k - $50k \| 0.10% → $50k - $100k
0.01%^†	$1	-	Easy Savings Account
0.01%^†	$1	-	Minor Savings
0.01%^†	$1	-	Student savings

First American Bank (IL) Money Market Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.25%^*^†	$250k^*	-	Optimal Money Market Account
OTHER TIERS: 0.05% → $1k - $25k \| 0.15% → $25k - $250k

First American Bank (IL) Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.40%^*^†	-	$15k	Everyday Rewards Checking
OTHER TIERS: 0.33% → $15k+
0.20%^*^†	$250k^*	-	Advantage Checking
OTHER TIERS: 0.01% → $1k - $50k \| 0.15% → $50k - $250k
0.15%^*^†	$250k^*	-	Optimal Checking Account
OTHER TIERS: 0.01% → $1k - $25k \| 0.05% → $25k - $50k \| 0.10% → $50k - $250k

First American Bank (IL) CD Rates

APY	MIN	MAX	ACCOUNT NAME
0.25%^†	$5k	-	12 Month CD
0.10%^†	$5k	-	6 Month CD
0.05%^†	$5k	-	3 Month CD