First National Bank of America


Overview / Commentary
517-351-3622
241 East Saginaw
East Lansing, MI 48823

First National Bank of America is headquartered in East Lansing and is the 6th largest bank in the state of Michigan. It is also the 365th largest bank in the nation. It was established in 1955 and as of December of 2020, it had grown to 334 employees at 3 locations. First National Bank of America has a B+ health rating.

Online CD Setup Was A Breeze

I established two CDs with this institution online over the past weeks (with no other prior banking relationship with them).
I did not experience any of the delays in communication referenced in another recent review.
FNBA has invested in pretty sophisticated software to manage the application process; I was impressed for what is obviously a small bank. Prior to initiating the application, I emailed them to make sure I could transfer proceeds at maturity via ACH (some of the smaller, high yield banks won't do this, you need to ask to find out). FNBA (promptly) assured me they provide this option, so we are off and running. The online CD application process provides a written overview of what to expect during the process. You would think such would be obvious, but almost no other online bank in fact does this, rather, with most others, you just blindly stumble forward at the mercy of the programmers and their undisclosed procedures.
The FNBA approval process includes several steps interspersed with an actual review by humans (so it is not solely automated). The only glitch is that as each stage is completed, they send you an email that instructions are ready for the next step, at the secure Message Center (you set up access as part of the initial application). Unfortunately, my internet service provider interprets these automated messages as "spam" and sends them to the spam folder. I couldn't over ride this, so if you are using Comcast, be forewarned.
FNBA does NOT use test deposits with your funding account. Once they have approved your application, they withdraw the funds and send you email notification the application is approved (and send you documents to sign electronically using a service called DocuSign). The good news is that your CD starts on the day they notify you and initiate transfer, not when they get the funds, so you don't loose any interest. The bad news is that you had better have the funds available in the designated funding account, as you have no control over when they approve/fund.
Subsequent CDs have fewer steps to approval. You don't have to set up an online banking account with them to get this expedited processing (still takes several days from application to funding).
Some other internet banks have you start all over from the beginning for subsequent CDs, unless you have set up online banking with a transaction account. I hate that because I'm trying to invest in CDs below the FDIC limit, not set up lower paying transaction accounts littered all over the internet.

Excelent Service

well I I'm very happy with FNBA their service was awesome , I live in California and I thought will be hard but no. It was less then I expected, not only that but they had sense of humor they were not stressed . And thank you guys. .. in case someone in spanish
excelente el Personal fue muy amable. yo estube buscando prestamo para una casa pero los bancos no me daban !asta que encontre a FNBA estoy muy satisfecho con ellos . actualmente vivo en California y esto no fue un problema para aser el prestama
THE BEST EDY

Impossible To Buy A Cd

Posted by: |

Just spent half a day sifting through various banks with reasonable qualifications & decided to give 1FBA a whack. So whilst laboring thu the CD application process I got mostly thru but they "timed "me out while in the midst of answering all the Qs. Then had the gall to tell me to start over.. This is the sixth bank attempted today. You would think the banks are trying to avoid our money

Not A Serious Bank For Online Cds

Posted by: |

I imagine FNBA is fine when banking personally at one of their branches, as many other reviewers have noted. But for online CDs, they are not a serious bank.

I opened up an online account for a 1 year CD on a Friday morning. After filling out the usual information, I hit the submit button only to get the message, "Your application is being reviewed - we've received your information and should get back to you within 2 business days.

So I waited the 2 days until late Monday afternoon and decided to give them a call. First of all, most of their phone numbers just eventually deposit you into a voice mail. Second, while you are navigating through the menus, they try to sell you stuff. Anyway, I got so frustrated trying to call that what was going to be a simple inquiry into the application status turned into a desire simply to withdraw the application.

I finally called one of their branches and did get a human being. Of course, she wasn't in the "right department," and was about to transfer me to another voice mail, when I told her to take a message to cancel my application to the "right person."

Now what is amusing is that about 5 minutes after that phone call, I got an e-mail from FNBA that said, "We regret to inform you that we could not open your bank account at this time. This could be due to any number of reasons, ranging from ID verification to missing or inaccurate information."

It could have been that they acted quickly on my cancellation request and just sent me a stock message to confirm it. On the other hand, it could be that I really was denied an account for missing and/or inaccurate information. Kind of strange since they never bothered to ask me for any information.

In summary, if you like beating your head against the wall, consider FNBA. Otherwise, I would run away fast.

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Health
B+

Health Grade Components

Overall
FDIC Certificate #17438
Year Established1955
Employees334
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.94%
Return on Equity - YTD31.14%
Annual Interest Income$202.4MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$2.96B$2.49B
LoansQ4 2020vs Q4 2019$2.69B$2.28B
DepositsQ4 2020vs Q4 2019$1.92B$1.61B
Equity CapitalQ4 2020vs Q4 2019$289.0MM$228.2MM
Loan Loss AllowanceQ4 2020vs Q4 2019$35.4MM$26.6MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$50.4MM$40.7MM
Real Estate OwnedQ4 2020vs Q4 2019$6.1MM$7.3MM
Rates
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* 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 National Bank of America Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%$100-Statement Savings

First National Bank of America Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%*$100k*-HomeTowne Money Market Checking
OTHER TIERS: 0.25% Up to $50k | 0.30% $50k - $100k
0.25%*$50k*-Business Money Market Savings
OTHER TIERS: 0.20% Up to $50k

First National Bank of America CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.15%$1k-84 Month CD
1.10%$1k-72 Month CD
1.05%$1k-60 Month CD
0.95%$1k-60 Month Flex CD
0.90%$1k-48-59 Month CD
0.80%$1k-36-47 Month CD
0.80%$1k-48 Month Flex CD
0.70%$1k-24-35 Month CD
0.70%$1k-36 Month Flex CD
0.60%$1k-12-23 Month CD
0.20%$1k-6-11 Month CD
0.15%$1k-1-5 Month CD

First National Bank of America IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.05%$1k-60 Month IRA
0.90%$1k-48-59 Month IRA CD
0.80%$1k-36-47 Month IRA CD
0.70%$1k-24-35 Month IRA CD
0.60%$1k-12-23 Month IRA CD
Locations


First National Bank of America Locations
First National Bank Of America241 East SaginawEast Lansing, MI 48823
Traverse City Branch315 N. DivisionTraverse City, MI 49684
Branch Office4660 Kalamazoo Ave, SEGrand Rapids, MI 49508

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