| A: |
We offer a wide variety
of competitive checking,
savings,
money
market, certificates
of deposit (CDs), and individual
retirement accounts (IRA's). |
| |
| A: |
A 1099-Int form is
used by financial institutions to notify customers
the amount of earned interest reported to the Federal
government. If the amount of interest earned by
a customer is less than $10, a 1099-Int form is
not required. Banks are required to mail their 1099-Int
forms to their customers by January 31st for interest
paid in the prior year. |
| |
| A: |
Monthly statements
are mailed to customers with checking and/or money
market accounts. Generally, customers with savings
accounts are sent quarterly statements, while
those customers with electronic activity will
receive a monthly statement. Statements on IRA's
are sent annually at year-end. Customers with
certificates of deposits are not sent statements,
though they do receive a notice when interest
has been paid on their account or prior to the
account maturing. Customers with multiple accounts
at the Bank may be eligible to receive a combined
statement. This offers you the convenience of
getting all your account information at one time. |
| |
| A: |
In an effort to provide
confidentiality and ensure customer privacy, we
do not print your Taxpayer Identification Number/Social
Security Number (TIN/SSN) on your statement. |
| |
| A: |
You may contact
your nearest branch, call our Telephone Banking
Center at 800-760-BANK(2265) or if you are a registered Online Banking user, you may send us a Secure Mail message.. |
| |
| A: |
You should notify
us IMMEDIATELY by contacting your nearest branch
or calling our Telephone Banking Center at 800-760-BANK(2265). |
| |
| A: |
You may request
a copy of a check (deposited item or statement)
by contacting your nearest branch or by calling
the Telephone Banking Center at 800-760-BANK(2265). If you are a registered Online Bankig user, you may use the Request a Check option under Check Services in the navigation bar. |
| |
| A: |
You may reorder
supplies by contacting your nearest branch or
calling our Telephone Banking Center at 800-760-BANK(2265). If you are a registered Online Bankig user, you may use the Reorder Checks option under Check Services in the navigation bar. |
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| A: |
Our Telephone Banking
and Internet Banking Representatives can be reached
at our nationwide toll free number: 800-760-BANK(2265). |
| A: |
The business hours
for our Representatives are Monday through Friday,
from 7:00am to 11:00pm CST, and on Saturday from
8:00am to 7:00pm, CST. |
| A: |
Yes, TDD Services
are available during our normal business hours at
888-263-2833. |
| A: |
Yes, with the help
of Language Line Services, interpreters are available
during our normal business hours. We can assist
our customers in 148 different languages. Our automated
account information service is also available in
Spanish. |
| A: |
Our Automated Telephone
Banking system offers account information 24 hours
a day and is available by dialing 800-760-BANK(2265).
Balance and transaction information, transfer of
funds, check reorders and stop payment requests
are available any time, day or night. |
| A: |
Our customers can
reorder checks, place stop payments on checks, transfer
money between accounts, get balance and transaction
information and help in locating the nearest First
Bank Branch and/or ATM. We can also provide loan
& statement history, complete research on your
transactions/accounts and maintain your address
and phone information to keep your account records
current. |
| A: |
Our rates are available
via the Telephone Banking Representatives during
our normal business hours. The rates are release
every Tuesday and available for all of our interest
bearing accounts and CDs. First Bank's Jumbo Rates
are available by contacting the branch location nearest you. |
| A: |
They are available
at our toll free number (800-760-2265), option 3, during our
normal business hours. They can also be reached
at customerservice@fbol.com. |
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| A: |
A debit card withdraws
money directly from your checking account with no
annual fees or finance charges, whereas a credit
card is a loan against a predetermined line of credit. |
| A: |
An ATM card can be
used to withdraw money from an ATM or purchase items
at a merchant with a PIN pad, whereas a debit card
can be used exactly like an ATM card, but can also
be used anywhere credit cards are accepted. In addition,
the daily purchase limits are higher with a debit
card. |
| A: |
Debit cards are accepted
anywhere credit cards are accepted, including online
or placing orders over the phone. There is no need
to carry a checkbook or wait for check approval.
No credit application is necessary, so First Bank
does not research your credit history. Balances
cannot be built up, or revolve, resulting in interest
accumulation. It is possible to receive cash back
at a merchant with a PIN pad. All of your withdrawals
and purchases will show up in detail on your bank
statement. |
| A: |
Debit cards are issued
to customers free of charge. While you may incur
some fees for using your card at non-First Bank
locations, you will not be charged a fee if you
use your card at a First Bank ATM location or to
purchase goods or services at a merchant location
that accepts the card. |
| A: |
A debit card must
be associated with a checking account and cannot
be issued for savings accounts. A current customer
must be in good standing with First Bank in order
to upgrade to a debit card. |
| A: |
There are three ways
to use a debit card:
| 1. |
To make purchases
anywhere credit cards are accepted
|
|
select
the "credit" option; sign
the receipt just as you would when using
a credit card; |
|
|
the
amount of the purchase will be deducted
automatically from your checking account. |
|
| 2. |
To receive
cash back at the time of purchase
|
|
select
the "debit" option; |
|
|
enter
your PIN number; |
|
|
select
the amount of cash you would like back; |
|
|
the
amount of the purchase AND the amount
of the cash back will be deducted automatically
from your checking account. |
|
| 3. |
To withdraw
cash from an ATM
|
|
use
your Debit Card at more than 600,000
ATMs worldwide by entering your
PIN; |
|
|
the
withdrawal amount will be deducted automatically
from your checking account. |
|
Note: There is no
charge to use any First Bank ATM. |
| A: |
Debit cards are usually
received by customers within 7-10 business days
from the date of request. |
| A: |
For security reasons,
we require that you activate your debit card. Activation
requires that you use your card just one time at
any ATM or merchant that processes transactions
requiring a PIN number. Once you do just one transaction
with your PIN, your debit card can then be used
at any merchant location that accepts credit cards. |
| A: |
Yes. For your protection,
never leave the signature panel on the reverse side
of your card blank. When a transaction is performed
at a merchant location, merchants will compare the
signature on the back of the card against the sales
receipt. If you neglect to sign your card and you
should lose it, someone could find it and sign it
themselves in which case the signature on the receipt
would match the signature on the card and the merchant
would approve the transaction. Also remember that
cards are not valid until they are signed. |
| A: |
Visit any of our
branch locations to change your PIN number. Once
your new PIN number has been selected, you can use
it immediately. |
| A: |
Visit your nearest
branch location or contact our Telephone Banking
Center at 1-800-760-BANK to determine why your card
is not working. |
| A: |
Notify us IMMEDIATELY
so that we can restrict your card and protect your
account. You have the option of visiting your nearest
branch location or contacting our Telephone Banking
Center at 1-800-760-BANK to report this matter.
We are available 365 days a year, 24 hours a day
to ensure that we can always be contacted to assist
you if this should happen. To have another card
issued to you, simply visit your nearest branch
location. |
| A: |
If you notice that
there are erroneous charges on your account relating
to ATM or debit card transactions, you must notify
us in writing within 60 days from the statement
date that the transactions appeared. Upon receipt
of written notification, we will promptly investigate
the matter. While our investigation could take between
45-90 days to complete, we will ensure that a temporary
credit is issued to you within 10 business days
while we investigate. |
| A: |
No. For your protection,
we will issue you only one ATM or debit card depending
on the type of accounts you have with First Bank.
However, if accounts are shared, each customer can
have their own ATM or debit card. If your ATM or
debit card should become damaged, please contact
us and we will promptly reissue you a new card. |
| A: |
Each day, you may
withdraw a maximum of $600 using your ATM or debit
card. Additionally, with your debit card you can
purchase up to $1,500 of merchandise at any merchant
that accepts cards with the MasterCard®
brand. |
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|
| A: |
There are many factors
to consider why your premiums are so high:
| |
Fraud
- honest, careful drivers pay more in auto
insurance premium to cover the cost of fraud. |
| |
Theft
- a car is stolen every 20 minutes in the
U.S. |
| |
Litigation
- society is lawsuit happy. |
| |
Speed
- slow down, higher speeds mean more traffic
accidents |
|
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|
|
| A: |
Certificates of Deposit
require a minimum of $1,000 or $2,500, depending
on term. |
| A: |
The interest on a
CD may be paid by:
| |
compounding
to the CD |
| |
transferring
to a checking or savings account with First
Bank |
| |
quarterly interest check, or if CD is greater
than $10,000, may receive a monthly interest
check. |
|
| A: |
For most CD products, you may
change the terms of your CD within your grace period.
In addition to the term, you may also make an additional
deposit, change the interest payment method or interest
payment frequency. Some restrictions may apply and
a Reinvestment
Request form will need to be submitted to the
bank to ensure the change is made. |
| A: |
Our 7-29 day CD has
a one-day grace period (e.g. the calendar day after
maturity). All other CDs, that are automatically
renewable, have a grace period of 10 calendar days
including the maturity date. A single maturity (non-renewable)
CD may be withdrawn on or after the date. |
| A: |
Generally, an early
withdrawal penalty applies to CDs closed prior to
the maturity date. However, certain exceptions may
apply. |
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|
| A: |
First Bank has
a variety of checking options to meet your needs.
For example:
We offer both interest and non-interest bearing
accounts. You can choose to have your checks returned
with your statement or we can hold them for safekeeping.
Other options include checking
accounts that use your balances in other First
Bank accounts to offset charges, as well as offer
additional banking benefits and conveniences.
|
| A: |
First Bank offers
a number of different checking
accounts that earn interest. |
| A: |
Overdraft protection
is offered on select checking accounts in the form
of an overdraft line of credit. |
| A: |
You should notify
us IMMEDIATELY by contacting your nearest branch
or calling our Telephone Banking Center at 800-760-2265. |
| A: |
Instructions for
balancing your account are located on the reverse
side of your statement. |
| A: |
First Bank offers
many checking accounts that return your checks with
your statement. |
| A: |
If a check tries
to clear against an account with insufficient funds,
the check will be returned, unless there are funds
in an overdraft line of credit account. An insufficient
funds charge may apply. |
| A: |
To place a stop payment,
you may contact your nearest branch or call our
Telephone Banking Center at 800-760-2265. A stop
payment fee will apply. |
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|
| A: |
The First Bank Platinum Plus CardŽ offers
a rewards program at no expense to you. Earn WorldPoints(SM)
for every dollar you spend and redeem them for travel,
cash, brand-name merchandise, and gift certificates. Apply
online, visit any First Bank branch location
or call 1-800-760-2265 to request your application.
The First Bank Rewards American Express® Card offers rewards for everyday purchases. Earn points for every dollar in net retail purchases and redeem them for travel, hotel discounts, gift certificates, and more! Apply online, visit any First Bank location or call 1-800-760-2265 to request an applation. |
| A: |
Yes. Apply
online, visit any First Bank branch location
or call 1-800-760-BANK (2265) to request your application. |
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|
| A: |
First Bank strives
to complete the entire home equity loan process
as quickly as possible. Generally speaking, it usually
takes approximately three weeks from start to finish.
Your experience may vary, depending on the complexity
of your loan. |
| A: |
At the present time,
First Bank waives all closing costs associated with
securing a home equity loan. You may be responsible
for costs incurred to set up your loan, should you
decide not to close the loan. |
| A: |
Simply call First
Bank's Loan-by-Phone department at 888-562-6556
to get your application started. A knowledgeable
customer service representative will guide you through
the application process and work to get your loan
approved and closed as quickly as possible. |
| A: |
First Bank offers
home equity loans and lines of credit up to 100%
of loan-to-value. To figure out how much equity
you have, use the following formula:
Appraised Value $
Minus Outstanding Mortgage(s) -$___________
= available equity |
| A: |
A closed-end home
equity loan is a specific dollar amount borrowed
for a specific period of time. The borrower cannot
add on to the loan and must repay the agreed upon
monthly payment until the loan is paid in full.
A home equity credit line provides a revolving source
of funds for all your borrowing needs. With a credit
line, you may access and repay your credit line,
up to its limit, however often you wish, up to maturity. |
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|
| A: |
There are many ways
for you to reduce your homeowner's insurance premium.
Having the same insurance company insure both your
home and autos together.
Plus you can qualify for discount by increasing
your security such as central fire station and security
alarms.
Other premium discounts are available such as:
| |
Higher Deductibles |
| |
New Home Credit
(usually 1 to 10 years) |
| |
Mature Homeowners
(usually over 55) |
| |
Claim Free
experience usually after 3 years |
| |
Renewal Credit
usually after 3 to 5 years |
Check with your insurance
company to determine what discounts are available
for your policy. |
| A: |
Flood is usually
not covered under a homeowners policy. If you wish
to purchase flood coverage, your agent could provide
a policy through the National Flood Insurance Program. |
| A: |
The cost to replace
your home is known as its replacement value, which
is different than the estimated market value or
actual selling cost. The amounts are different because,
in many cases, it costs more to replace a home than
to buy or build a new one. The following factors
impact home replacement costs:
| |
Rebuilding
costs are usually higher than new construction
costs |
| |
Demolition
and debris removal can add 4% to 7% of rebuilding costs |
| |
Unusual materials
or features can be expensive to duplicate |
| |
Building code
changes often increase costs |
| |
Construction
costs rise after natural disasters |
| |
Inflation
is often greater for building materials than
for the general economy |
Contents
If you have a covered loss under your homeowners,
the insurance company will pay the "full replacement"
cost of items destroyed or stolen, with no deduction
for depreciation, up to the limits and deductibles
you have on your policy. |
|
| A: |
As a renter
you have special needs. Renters insurance provides
protection for your personal possessions at home
and away. It also provides protection from costly
lawsuits in the event a person is injured in your
home and sues you. There is also coverage in the
event you are forced to vacate your home because
of an event covered under your policy. The policy
would pay extra costs you incur in excess of your
normal living expenses such as a hotel room and
restaurant meals. |
|
| A: |
This is coverage
that protects you against one of your worst nightmares
- being sued for an unfortunate mishap and losing
a multi-million-dollar court case. These days, it's
not inconceivable, and no one is immune. But you
can protect yourself with a Personal Umbrella policy.
All homeowners and
auto policies provide some liability coverage but
if you need more protection, you can ask for $1
million or more in additional personal liability
coverage. This protects you whether you're at home,
away, or in your car. It also provides liability
coverage for your recreational vehicle or boat.
So anywhere you go, you can go with confidence.
In terms
of coverage and peace of mind, this policy represents
an enormous value and it's surprisingly affordable.
|
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|
A:
|
Although a Coverdell Education Savings Account (CESA) is not a savings vehicle for your retirement, it does allow funds to accumulate and be withdrawn tax-free for the purpose of paying a child's education expenses. And since contributions are independent of your Traditional IRA or Roth IRA contributions, you can build your retirement savings and the child's education savings at the same time. |
|
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|
A:
|
You can open your Coverdell Eduation Savings Account at any time during the year. Contributions must be made before the tax filing due date (4/15) not including extensions. |
|
|
|
A:
|
You may make deposits into Coverdell Education Savings Accounts (CESA) for as many children as you like, subject to the maximum allowable contributions of $2,000 per child per year. |
|
|
|
A:
|
A child is defined as a person under 18 years of age. Contributions can be made on behalf of the child until the day before the child's 18th birthday. No contributions can be made for anyone age 18 or older. (Exceptions apply for children with special needs.) |
|
|
|
A:
|
No. And neither does the child, provided that the money is used for qualified education expenses. That's the key feature of a Coverdell Education Savings Account (CESA)! When the beneficiary is ready to take his or her withdrawal, there are no taxes on any of the interest that your money has earned.
|
|
|
|
A:
|
Transfers from other types of IRAs into a Coverdell Education Savings Account (CESA) are not allowed. However, you may rollover/transfer funds from a Coverdell Education Savings Account (CESA) into one of the following:
|
1.
|
A second
Coverdell Education Savings Account (CESA) established for the same child |
|
2.
|
A new Coverdell Education Savings Account (CESA) established for a new beneficiary who is a member of the same family. The feature allows the account to be transferred from a child who decides not to pursue education to a relative (under the age of 18) who does. Eligible Members of the same family include:
|
|
Brothers
and sisters |
|
|
Children
and their spouses |
|
|
Stepchildren
and their spouses |
|
|
Aunt, uncle, niece or nephew (Note: a first cousin but not his or her spouse is eligible) |
|
|
In-laws (son, daughter, father, mother, brother, sister) |
|
|
|
|
|
A:
|
You
move assets from one Coverdell Education Savings Account (CESA) to another
by either
A Transfer
A
Rollover
|
|
|
|
A:
|
Any assets remaining in a Coverdell Education Savings Account (CESA) must be withdrawn within 30 days of the designated beneficiary's 30th birthday. If the designated beneficiary dies before reaching age 30, the remaining assets must be withdrawn within 30 days of the date of death or transferred to a designated death beneficiary within the family who is under age 30.
|
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|
|
A:
|
The responsible individual is one parent or legal guardian named by the contributor when the Coverdell Education Savings Account (CESA) is established. The responsible individual can direct future investments, authorize distributions and, if necessary, name a successor responsible individual to take over in case of death.
|
|
|
|
A:
|
Any distribution
other than one taken for qualified education
expenses is considered a nonqualified distribution.
When a nonqualified distribution is taken, a ratio
of contributions and earnings is withdrawn. The
earnings portion is then subject to taxes and
a 10% penalty. Distributions made due to death,
disability, or scholarship are not subject to
the 10% penalty. However, the earnings portion
of such a distribution is subject to taxes. |
|
|
|
|
|
A:
|
A Roth IRA is a
very unique retirement plan in the IRA family.
Although the money you contribute to your Roth
IRA is taxable in the year of the contribution,
the principal amount is not subject to taxes or
penalties in the future, as long as you stay within
the contribution guidelines. Roth IRAs allow
your money to grow tax-deferred. Earnings can
become tax-free after 5 years if you have not
made any withdrawals from your plan. |
|
|
|
A:
|
There are no age
restrictions for opening a Roth IRA. Any individual
with earned income or with a spouse who has earned
income can contribute, as long as your Modified
Adjusted Gross Income does not exceed certain
limits. |
|
|
|
A:
|
You can open your
IRA at any time during the year. Contributions
can be made until April 15th of each year for
the previous year's tax period. |
|
|
|
A:
|
No, provided that
you take the earnings as part of a qualified distribution.
That's the best part of a Roth IRA. Unlike Traditional
IRAs, you cannot take a tax deduction for any
of the contributions that you make to a Roth IRA.
However, when you do take withdrawals after the
5-year holding period, you do not pay taxes on
any of the earnings your money has generated.
Qualified tax-free distributions include:
|
1.
|
Distributions
after attainment of age 59 ½ or older |
|
2.
|
Distributions
upon your death |
|
3.
|
Distributions
made when you are permanently disabled |
|
4.
|
Distributions
for qualified first-time homebuyers up to
$10,000 |
|
|
Q:
|
|
A:
|
Distributions of earnings taken for reasons
other than the qualified reasons listed above
are subject to taxes. The 10% IRS penalty is
waived for the following types of nonqualified
distributions:
|
1.
|
Substantially
equal periodic payments |
|
2.
|
Eligible
medical expenses in excess of 7.5% of your
Adjusted Gross Income |
|
3.
|
Medical insurance
premiums for eligible unemployed individuals |
|
4.
|
Qualified
higher education expenses |
|
5.
|
Qualified
distribution reasons within the first 5
years |
|
|
|
|
A:
|
A tax deduction decreases taxable income and indirectly reduces taxes. A tax credit directly reduces the amount of tax owed. Eligible Roth contributions may qualify for a tax credit. |
|
|
|
A:
|
A conversion is a taxable movement of assets from a Traditional IRA to a Roth IRA. The amount converted will be subject to full taxation in the year of the conversion. The funds, however, will not be subject to the 10% premature distribution penalty.
There are two exceptions to allowing a conversion which are:- The IRA holder is married and files a separate return, or
- The taxpayer's MAGI for the distribution year is more than $100,000
|
|
|
|
A:
|
You move assets from
one Roth IRA to another by either:
A
Transfer
A
Rollover
|
|
|
|
A:
|
Assets in your Roth IRA are withdrawn in the
following sequence: contributions, conversions,
and then earnings.
|
|
|
|
A:
|
You never have to take distributions from your
Roth IRA. Assets held in a Roth IRA are not
subject to the required minimum distribution
at age 70 ½. This is another key difference
between Traditional IRAs and Roth IRAs.
|
|
|
|
A:
|
Should you become disabled,
you can choose to have the funds in your IRA
paid to you tax-free (after the 5-year holding
period) and IRS penalty free. Distribution can
be arranged in either a lump sum or regular
installments. In the event of your death, the
money in your IRA will be paid to your designated
beneficiary or to the executor of your estate,
if there is no designated beneficiary. Check
with your tax advisor concerning tax treatment
and IRS penalties.
|
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|
A:
|
SEP contributions
you make to your own Traditional IRA and your
employees' Traditional IRAs are tax deductible
to you, the employer. Because SEP contributions
are in a Traditional IRA, all earnings are tax-sheltered,
meaning the earnings are not taxed until they
are withdrawn from the IRA. In addition, a SEP
retirement plan helps you attract and retain quality
employees as you help meet the increasing need
for financial security at retirement. |
|
|
|
A:
|
A SEP plan eliminates virtually all of the administrative complexity found in many retirement plans, lengthy and detailed government reporting, numerous nondiscrimination testing, and the complicated contribution formulas associated with many other types of retirement plans. |
|
|
|
A:
|
No. SEP contributions can be made to Traditional IRAs only. While it is possible to convert a Traditional IRA containing SEP contributions to a Roth IRA, subsequent SEP contributions must be made to a Traditional IRA. |
|
|
|
A:
|
You can open a
SEP plan at any time of the year. Contributions
for the SEP plan for any taxable year must be
made on or before the employer's tax-filing due
date for that year, including extensions. |
|
|
|
A:
|
To establish a
SEP, the following must be completed:
|
1.
|
The employer must sign a SEP plan agreement. The employer must have a written SEP agreement filled out and signed by the tax return deadline, including extensions, to be able to contribute for the previous tax year. |
|
2.
|
The employer
must provide each eligible employee with
the SEP summary, which outlines the specific
eligibility and contribution requirements. |
| 3. |
Once the plan agreement is completed and provided to each eligible employee (including the employer), the individuals may establish their Traditional IRAs, setting them up to receive the SEP contributions. |
| 4. |
The employer
determines the contribution percentage each
year by the due date of the federal income
tax return, including extensions, and makes
the contribution. These contributions are
called employer discretionary contributions. |
|
|
A:
|
Once the SEP contributions
are made to the IRA for the benefit of the employee,
the employee owns the IRA. The employer has no
control, access, or ownership to the funds. |
|
|
|
A:
|
No. Eligible employees
under the SEP plan do not have the option to waive
receipt of a discretionary employer SEP contribution.
The employer can establish an IRA and execute
any necessary documents for an employee who is
not able or willing to establish the Traditional
IRA. |
|
|
|
A:
|
Yes, in fact SEP
contributions are required for eligible employees
even after attaining age 70 ½. |
|
|
|
A:
|
Yes. Remember, SEP contributions are deposited
into a Traditional IRA for each eligible employee.
Even if the eligible employee is still receiving
SEP contributions, distributions from the IRA
must begin in the year that the IRA holder turns
age 70 ½. These distributions are generally
based on your IRA account balance divided by
your life expectancy. Since the purpose of an
IRA is to provide for retirement, not to be
a tax shelter, IRA holders who fail to take
their required distributions are subject to
IRS penalties.
How
do I calculate my Required Minimum Distribution
(RMD)?
|
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|
