Student Checking Account

Interest Rates and Annual Percentage Yields are current as of  September 28, 2016. For current rate information call (847) 952-3700.
Account Features

This account is specially designed with young adults in mind. Whether you’re attending school close to home or far away, you need a checking account that’s simple and easy to access. With a First American Bank's Student Checking account we make it easy to help you make the most of your money by giving you a $50 cash bonus1!

    • No direct deposit or transaction requirement
    • Free First American MasterCardŽ debit card
    • Access to over 55,000 surcharge-free Allpoint and Presto! ATMs worldwide2
    • Unlimited check writing
    • Free first order of checks3
    • Free Mobile Banking
    • Free Online Banking and Bill Pay
    • Free eStatements
    • Free front check images in account history
Account Opening and Usage
Minimum Deposit Needed to Open Account  
 $
50.00
   
Monthly Fee  
 $
7.95
   Fee waived until age 23
ATM Fees:
First American ATM Withdrawal  
 
Free
   
Allpoint or Presto! ATM Withdrawal  
 
Free
  Available to all MasterCardŽ debit card users with the exception of Health Savings Account customers. Look for the Allpoint and Presto! logos to ensure your transaction will be surcharge-free. The Allpoint ATM may display a surcharge-fee screen. Accept the surcharge and proceed with your withdrawal. You will not be charged the surcharge-fee.
Non-First American ATM Withdrawal  
 $
3.00
  At ATMs not owned by First American Bank or not on the Allpoint or Presto! Networks
ATM Balance Inquiry  
 $
2.00
   
Additional Account Fees:
Check Image Fee  
 $
5.00
  Front only (fronts and backs $7.50)
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  
 $
50.00
  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 occurrence
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.
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 Accounts (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)

1 Account subject to approval. New checking account customers only. Limit 1 per person. To qualify for the bonus the following requirement must be met; Bonus will be paid at the end of the statement cycle when 10 deposits/withdrawals are made within one of the first three statement cycles. Bonus amount will be reported to the IRS. 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 after age 23. See Schedule of Fees.

2 Available to all Student Checking MasterCardŽ debit card users. Look for the Allpoint and Presto! logos to ensure your transaction will be surcharge-free.

3 Customer pays tax and delivery.
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