Optimal Checking Account

Interest Rates and Annual Percentage Yields are current as of  April 18, 2014. For current rate information call (847) 952-3700.

Account Features
  • No direct deposit or transaction requirement
  • Free First American MasterCard® debit card
  • Free Mobile and Online Banking
  • Free Online Bill payments
  • Free eStatements
  • Free front check images in statements
  • Free check orders1
  • Unlimited check writing
  • One overdraft fee reversal per year2
  • 4 Free non-First American ATM withdrawals per statement cycle3

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
   
Non-First American ATM Withdrawal  
 $
3.00
  At ATMs not owned by First American Bank
(after the first 4 per month)
ATM Balance Inquiry  
 $
2.00
   
Check Image Fee  
 
Free
  Front only (fronts and backs $2.00)
Returned Item Fee  
 $
39.50
  Per declined item written to your account
Online Stop Payment Fee  
 $
20.00
  Per item to stop payment for 6 months
($30.00 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, the primary owner (designated by the first named owner on the signature card or on the statement) must enroll in our Online Banking service and accept the Online Banking Agreement to receive free electronic statements. If the Online Banking Agreement is not accepted within the first 30 days of account opening, your 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)


1 Specialty Blue style, one box per order, customer pays tax and delivery.
2 Customer 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.
3 4 free per month with direct deposit or debit or ACH deposit or debit. You may be charged a terminal fee by another bank.

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