Optimal Checking - $160 Rewards

Interest Rates and Annual Percentage Yields are current as of  March 28, 2015. For current rate information call (847) 952-3700.

Account Features

Open a Optimal Checking account and earn a reward of up to $160 (when transaction requirements are met*).

Optimal Checking is simple, straightforward and automatically come with the following FREE features. What’s not to love?

  • Free First American MasterCard® debit card
  • Free Mobile Banking
  • Free Online Banking and Bill Pay
  • Free eStatements
  • Free front check images in statements
  • Free check orders1
  • Access to 55,000 surcharge-free Allpoint ATMs worldwide


Other Features
  • Unlimited check writing
  • One overdraft fee reversal per year2

Account Opening and Usage
Minimum Deposit Needed to Open Account  
 $
100.00
   
Monthly Fee  
 $
14.95
   
Requirements to Waive Monthly Fee
Minimum daily balance
 
 $
2,500.00
  Or an average of $5,000 or a combined minimum of $5,000 in another checking, savings or money market account waives the monthly, image and paper statement fee. Combined balances would include this account plus any others owned by the primary accountholder.
Interest Paid on Entire Balance if your Balance is:
Tier: $0.01-$999.99 Interest Rate   0.00  % Annual Percentage Yield (APY) 0.00 %
Tier: $1,000-$4,999.99 Interest Rate   0.03  % Annual Percentage Yield (APY) 0.03 %
Tier: $5,000-$24,999.99 Interest Rate   0.05  % Annual Percentage Yield (APY) 0.05 %
Tier: $25,000-$49,999.99 Interest Rate   0.07  % Annual Percentage Yield (APY) 0.07 %
Tier: $50,000-$249,999.99 Interest Rate   0.12  % Annual Percentage Yield (APY) 0.12 %
Tier: $250,000 + Interest Rate   0.17  % Annual Percentage Yield (APY) 0.17 %
At First American's discretion, the interest rate and APY may change at any time. Interest is earned on the collected balance each calendar day using the daily balance method. This method multiplies the daily periodic rate times the collected balance plus any previously earned and unpaid interest compounding earnings daily. Interest earned is paid monthly. You must maintain a minimum balance of $0.01 in the account each day to obtain the disclosed APY. Interest earned and not paid will be forfeited when the account is closed unless the balance is transferred to another First American account. Interest will be reported to the IRS.
ATM Fees:
First American ATM Withdrawal  
 
Free
   
Allpoint ATM Withdrawal  
 
Free
   
Other ATM Withdrawal  
 $
3.00
  At ATMs not owned by First American Bank or not on the Allpoint Network
ATM Balance Inquiry  
 $
2.00
   
Additional Account Fees:
Check Image Fee  
 
Free
  Front only (fronts and backs $2.50)
Returned Item Fee  
 $
39.50
  Per declined item written to your account
Online Stop Payment Fee  
 $
30.00
  Per item to stop payment for 6 months
($35.00 through Customer Service or in a branch)

Account Closing Fee  
 $
25.00
  If closed within 6 months
Paper Statement Fee  
 $
3.95
  Within the first 30 days after an account is opened, an account owner must enroll in our Online Banking Service to accept the Online Banking Agreement which verifies your ability to access electronic statements and provides your consent to receive electronic statements. If the Online Banking Agreement is not accepted within the first 30 days of account opening or if an owner elects to receive paper statements at any time, the account will be subject to the paper statement fee. See Schedule of Fees.
Other Fees  
 
 
   Schedule of Fees

Overdraft Options for Consumers
Standard Overdraft Fees
Overdraft Fee  $
39.50
  Per item. This item includes checks, in person withdrawals, ATM withdrawals, or by other electronic means as applicable that creates an overdraft.
Maximum Number of Overdraft Fees  
6
  Per day
Daily Overdraft Fee  $
5.00
  Every day the account is overdrawn, starting 3 days after the account is first overdrawn.
Option A: (Default)
No Overdraft Service
for Debit Card Transactions
 
 
  If you choose not to opt-in to any kind of overdraft service, debit card transactions that would cause an overdraft will be declined at no cost to you.
Option B: Overdraft Privilege Opt-In
Overdraft Service
for Debit Card Transactions
 
 
  Debit card transactions (purchases and ATM withdrawals) will be approved and you'll be charged our standard overdraft fee(s).
Option C: Account Link
Overdraft Service
through Linked Accounts
 
 
  Funds will be transferred from another First American checking, savings or money market account to cover the amount of the overdraft.
Overdraft Transfer Fee  $
10.00
  Per occurence
Option D: Redi- Reserve
Overdraft Service
through Line of Credit
 
 
  Funds will be added to your checking account for the exact dollar amount of the overdraft each night up to a maximum of $500. With your next deposit(s), the outstanding line of credit balance (plus interest and fees) will be repaid.
Overdraft Transfer Fee  $
10.00
  Per occurrence
Monthly Fee  $
5.00
   
Annual Percentage Rate (APR)  
21.9%
  Subject to credit approval
Option E: Check Credit
Overdraft Service
through Line of Credit
 
 
  Funds will be added to your checking account in multiples of $100 up to your approved limit. Pay back your line of credit whenever you wish or a payment will be automatically deducted out of your checking account on your statement date (equal to the greater of 5% of the balance or $50).
Annual Fee  $
35.00
   
Annual Percentage Rate (APR)  
19.9%
  Subject to credit approval

Processing Policies
Posting Order
The order in which withdrawals and deposits
are processed
      Transactions may not be processed in the order they occurred. The order in which they are processed by us may affect the total amount of overdraft fees you incur. Any item that exceeds your available balance is an insufficient funds item. We may pay or return any insufficient funds item at our discretion. Regardless of the action we take, you may be charged an overdraft fee or return item fee. If at the close of any business day the available balance in your account is negative, you may be charged a continuous overdraft fee. See Schedule of Fees.
Rules and Regulations Governing First American Bank Governing Deposit Account (page 4)
Funds Availability Policy
When funds deposited to your account are available
      Our policy is to make funds from your check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits, wire transfers, and cash will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.
Rules and Regulations Governing First American Bank Governing Deposit Accounts (page 8)

Dispute Resolution
Dispute Resolution Agreement       You and we agree that any dispute arising under or relating in any way to your account or transactions will be resolved by binding arbitration as discussed in the document, and not through litigation in any court (except for matters in small claims court). This arbitration agreement is entered into pursuant to the Federal Arbitration Act, 9 U.S.C. §§ 1-16 ("FAA").
Rules and Regulations Governing First American Bank Governing Deposit Accounts (page 5)


1Specialty Blue style, one box per order, customer pays tax and delivery.
2Customer must request the fee reversal by notifying the bank within 30 days of the overdraft. No guarantee that overdraft item will be honored or paid.


$160 Rewards:
*Account Requirements: Open a new Free Checking or Optimal Checking between February 2 and March 2, 2015 and meet the transaction requirements for the first 4 statement cycles.

Cash Rewards: Rewards will be credited to the account on each statement date during the first 4 statement cycles. Maximum payout will be $160 if you qualify for each monthly reward during the first 4 statement cycles.

Transaction Requirements for Cash Rewards:

Reward TypeRequirement Cash Reward
Account Reward5 Transactions3 per Statement$25 per Statement Cycle
Bill Payment Reward4 Bill Payments4 per Statement $7.50 per Statement Cycle
Debit Card Reward6 Debit Card Transactions5 per Statement $7.50 per Statement Cycle

Definitions and Limitations
3Transactions: All transactions except for transfers made between deposit accounts at First American Bank, ATM withdrawal transactions, and service fees charged to your account. Includes Bill Payments4 and Debit Card Transactions5.

4Bill Payments: Any online bill payment transaction.

5Debit Card Transactions: Payments and purchases made with your First American Bank MasterCard® debit card. Excludes all ATM transactions.

A month is the period starting on the day after a statement date and ending on the last bank-processing day included in your next account statement. For example, if your statement is dated on a Saturday, Sunday, or a Monday holiday on which we are closed, your statement will include transactions from the previous statement date through the immediately preceding Friday resulting in the exclusion of transactions performed on that Saturday, Sunday or Monday holiday. To count, transactions must post and appear on your account statement.

If the account is closed prior to or on the statement date, no rewards will be paid for qualified transactions for that statement period.

Cash Reward amounts will be reported to the IRS as interest paid to you on form 1099 INT.

Limited to residents of Illinois; Kenosha, Racine & Walworth counties in Wisconsin; and Lake & Porter counties in Indiana. Limited to one per household. Must be a new checking customer to First American Bank and have not had a checking account within the last 6 months. Fees may reduce earnings. Rates, terms & conditions may change at any time. See account agreement for full account details. Cash reward amounts will be reported to the IRS. Excludes First American Bank employees and members of their household.

First American Bank reserves the right to close any account.

Schedule of Fees

Rules and Regulations Governing First American Bank Deposit Accounts

Member FDIC

First American Bank
P.O. Box 0794
Elk Grove Village, IL 60009