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

This disclosure contains information about terms, fees, and interest rates for some of the accounts we offer.

Interest Rates and Annual Percentage Yields are current as of May 26, 2018.   For current rate information call (847) 952-3700.

Everyday Rewards Checking

You will earn the following Rewards automatically when you use your account for 15 Qualifying Payments each month:


Interest: The interest paid to your account will be based on the following rates:

For balances from $0.01 to $15,000 - Interest Rate 1.98%, Annual Percentage Yield (APY) 2.00%
For balances over $15,000 - Interest Rate 0.15 %, Annual Percentage Yield (APY) will range from 2.00% on balances of $15,000.01 to 1.54% on balances of $20,000.

0.03% APY applies to all balances if monthly requirement is not met.    

Account Fee Refund: The Everyday Rewards Checking $4.95 monthly fee will be refunded.

ATM Fee Refund: We will refund up to $20.00 in fees charged for the use of ATMs not owned by First American Bank during a month. This will apply to fees we charge you and fees charged by other ATM owners that are included in the ATM withdrawal transaction amount. See limitations below.

Definitions and Limitations

Qualifying Payments include Checks, online Bill Payments, ACH Debits, outgoing Wire Transfers and payments made with your First American Bank issued MasterCard Debit card.

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, Qualifying Payments must appear on your account statement.

Fees charged by ATM owners outside the United States, our International Transaction Fees, and ATM Balance Inquiry Fees are not refundable. Refunds of ATM fees charged by others will be limited as follows:

When the ATM fee is less than $5.00, the amount of the refund will be the amount of the fee.
When the ATM fee is $5.00, no refund will be made.
When the ATM fee is more than $5.00, the amount of the refund will be the amount of the fee exceeding $5.00.

Conversion of existing account to Everyday Rewards: If an existing account is changed to an Everyday Rewards Checking account, it will qualify for Rewards if it has accumulated the required Qualifying Payments between its last statement and the first statement after it is changed, otherwise the account will be charged the $4.95 monthly fee and no Rewards will be provided.

First American Bank reserves the right to close any account.

Other Account Information

Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $0.01 in the account each day to obtain the disclosed annual percentage yield.

At our discretion, we may change the interest rate and annual percentage yield at any time. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly.

Limitations: You must deposit $100 to open this account. If you close your account before interest is credited, you will not receive the accrued interest. Accrued interest will be paid when the entire balance of the closed account is transferred to a new First American Bank account. One account per household. Individual, joint and living trust accounts only.

Account Fees: $4.95 monthly fee. The following fees apply to this account: Images Returned - Fronts: $1.00, Front and Back: $2.00 per month; Optional STAR/Cirrus services available: see service fee schedule; You may be charged a terminal fee by another bank. Fees may reduce earnings on this account. An overdraft charge is imposed for overdrafts created by checks, in person withdrawals, ATM withdrawals, or by other electronic means, as applicable.

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 converted to Personal Checking and subject to the Terms and Conditions of Personal Checking. See Schedule of Fees.