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 437th largest bank in the nation. It was established in 1955 and as of March of 2019, it had grown to 309 employees at 3 locations. First National Bank of America's money market rates are 3X the national average, and it has a B health rating.
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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
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 Ready For Prime Time
Website process for requesting a CD was pretty standard, but that appears to be the end of automation for FNBA. After that, the archaic funding process is the worst I have encountered. Numerous followup contacts are required, and after a week the CD still had not been funded.
They don't use the automated deposits and withdrawals that any established online bank does, so be prepared for significant delays and slow responses to your communications. Wouldn't bother going through that pain again, wouldn't recommend FNBA.
Data as of Q1 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 17438 |
| Year Established | 1955 |
| Employees | 309 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.4% |
| Return on Equity - YTD | 27.7% |
| Annual Interest Income | $35.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2019vs Q1 2018 | $1.96B$1.48B |
| Loans | Q1 2019vs Q1 2018 | $1.79B$1.34B |
| Deposits | Q1 2019vs Q1 2018 | $1.25B$1.02B |
| Equity Capital | Q1 2019vs Q1 2018 | $168.6MM$133.1MM |
| Loan Loss Allowance | Q1 2019vs Q1 2018 | $21.4MM$16.7MM |
| Unbacked Noncurrent Loans | Q1 2019vs Q1 2018 | $42.3MM$43.5MM |
| Real Estate Owned | Q1 2019vs Q1 2018 | $4.8MM$4.3MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
First National Bank Of America Reduces Several CD Rates
I don't follow this bank closely or have any accounts with them, but it is my understanding that many of their products have different rates for local vs national customers. The "New" rates listed here are what I'm shown as the "national" rate.
old new
1-5 Months 1.40% 1.40%
6-11 Months 1.90% 1.90%
12-23 Months 2.65% 2.65%
24-35 Months 2.85% 2.75%
36 Months Flex 2.90% 2.80%
36-47 Months 2.95% 2.85%
48 Months Flex 3.00% 2.85%
48-59 Months 3.05% 2.90%
60 Months Flex 3.10% 2.95%
60 Months 3.00% 3.00%
72 Months 3.25% 3.05%
84 Months 3.35% 3.15%
Cd Rate Drop On One And Five Year Cd
Always verify rates and promotions with the bank or credit union. We are not First National Bank of America; 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 National Bank of America Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.25%† | $100 | - | Statement Savings |
First National Bank of America Money Market Rates
First National Bank of America Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.20%*† | $1.5m* | - | Business Interest Checking | ||
| OTHER TIERS: 0.05% → Up to $50k | 0.10% → $50k - $150k | 0.15% → $150k - $1.5m | |||||
First National Bank of America CD Rates
First National Bank of America IRA Rates
| First National Bank of America Locations | ||
|---|---|---|
| First National Bank Of America | 241 East Saginaw | East Lansing, MI 48823 |
| Traverse City Branch | 315 N. Division | Traverse City, MI 49684 |
| Branch Office | 4660 Kalamazoo Ave, SE | Grand Rapids, MI 49508 |