Optimal Checking Account

Interest Rates and Annual Percentage Yields are current as of  October 27, 2016. For current rate information call (847) 952-3700.

Account Features Open a totally FREE Checking account today and receive up to $150 in cash rewards!1

Earning a $150 bonus is as easy as 1-2-3:
1. Visit any of our 50 locations by October 31, 2016
2. Open a FREE Checking account
3. Complete 3 qualifying direct deposits and receive up to $150

    • Free First American MasterCard® debit card
    • Access to over 55,000 surcharge-free Allpoint and Presto! ATMs worldwide
    • Free Mobile Banking
    • Free Online Banking and Bill Pay
    • Free eStatements
    • Free front check images in statements
    • Free check orders2
    • Unlimited check writing
    • One overdraft fee reversal per year3

Account Opening and Usage
Minimum Deposit Needed to Open Account  
Monthly Fee  
Requirements to Waive Monthly Fee
Minimum daily balance
  Or an average of $5,000 will waive the monthly fee. Combined minimum daily balances of $5,000 between the Optimal Checking and another checking, savings or money market waives the monthly, image and paper statement fees. 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   0.08  % Annual Percentage Yield (APY) 0.08 %
Tier: $250,000 + Interest Rate   0.12  % Annual Percentage Yield (APY) 0.12 %
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  
Allpoint or Presto! ATM Withdrawal  
  Available to all MasterCard® 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.
Other ATM Withdrawal  
  At ATMs not owned by First American Bank or not on the Allpoint or Presto! Networks
Balance Inquiry Fee  
Additional Account Fees:
Check Image Fee  
  Front only (fronts and backs $2.50)
Returned Item Fee  
  Per declined item written to your account
Online Stop Payment Fee  
  Per item to stop payment for 6 months
($35.00 through Customer Service or in a branch)

Account Closing Fee  
  If closed within 6 months
Paper Statement Fee  
  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  $
  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  
  Per day
Daily Overdraft Fee  $
  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  $
  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.
Monthly Fee  $
Annual Percentage Rate (APR)  
  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  $
Annual Percentage Rate (APR)  
  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)

$150 Cash Promotion Addendum

1Eligibility: Open a new Free Checking, Personal Checking, Optimal Checking, or Advantage Checking account between September 1, 2016 and October 31, 2016 and meet the transaction requirement during the second, third and fourth statement cycles (each being a “Rewards Period”).

Requirements: Account must have at least $500 in direct deposits from a paycheck, pension, or government benefit during each Rewards Period to receive Rewards for that period.

Rewards: Beginning with your second statement cycle, Rewards in the amount of $50.00 will be credited to your account on the statement date for each Rewards Period.

Limitations: Available to new checking account customers only. Not available for existing checking account customers or customers whose checking account was closed in the past 60 days. One per household. Excludes First American Bank employees and members of their household.

A statement cycle starts on the day after your previous statement date, and ends on the last bank processing day before your current statement date. For example, if your current statement date is a Saturday, Sunday, or a Monday holiday, your statement will include transactions from the day after your previous statement date through the Friday immediately preceding your current statement date. Transactions performed on that Saturday, Sunday and Monday holiday will not be included.

If your account is closed prior to or on your statement date for a Rewards Period, no Rewards will be paid for that Rewards Period.

Rewards amounts will be reported to the IRS as interest paid to you on IRS Form 1099-INT.

If your account is closed within the first 6 months of opening, any Rewards paid to the account will be debited from the account balance. This is in addition to other standard fees that apply. See Schedule of Fees for additional details.

First American Bank reserves the right to close any account.

2 Specialty Blue style, one box per order, customer pays tax and delivery.
3 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.

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