First Federal Savings Bank  » Finance  »
4.0
1 votes
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  • I have been banking at First Federal Savings Bank for almost two years, and for the most part, it has been a good experience, but I do have one complaint to mention as well
  • Thankfully, I had landed a temporary job at that time that took care of the problem
  • This is rather unpleasant to deal with, and I will probably consider changing banks at that point
  • I like the online banking option a lot - being able to log in to my accounts on the Internet at any time, check what payments went through, how much money is left, etc. First Fed offers online bill payment as well, but I have not been using it

    • by Lorianna
      TRUSTWORTHY

      all reviews
      I have been banking at First Federal Savings Bank for almost two years, and for the most part, it has been a good experience, but I do have one complaint to mention as well. The checking account at this bank is free as long as you have your pay direct deposited there. If you cannot arrange that, they will charge you $18 a month for the service. $18 a month is a rather steep fee, in my opinion, especially keeping in mind that interest rates the bank offers are very low. When I first opened my checking account with them, I worked as a freelancer / independent contractor, and none of the companies

      I was working for paid via direct deposit or offered such an option. Some were paying me via PayPal, and I hoped that having regular transfers from PayPal to my First Fed checking account would qualify as the required direct deposit – but, no, it did not. I got a call from the bank telling me they would start charging the service fee unless I get the direct deposit arranged from something other than PayPal. Thankfully, I had landed a temporary job at that time that took care of the problem. However, when the contract ends, I’ll have to worry about the service fee again. This is rather unpleasant to deal with, and ...

      • I will probably consider changing banks at that point.

        As to everything else, First Federal Savings Bank has been nice and professional to work with. I have both a checking and savings account with them, and I can easily transfer money between the two online. Ironically, the interest rate for the savings account is much lower than it is for the checking, so it makes little sense to keep money in there. However, I was recently informed that First Fed offers a different option for savings with a better interest rate; the only requirement is that you keep $1,000 on your savings account. If the balance gets lower than that, the interest rate will

        drop, but if you bring it up to the thousand again, it will go back as well. I am not sure whether I’ll use this option, but it is good to know that they have it.

        I have a debit card, so my money is easily accessible to me. I like the online banking option a lot - being able to log in to my accounts on the Internet at any time, check what payments went through, how much money is left, etc. First Fed offers online bill payment as well, but I have not been using it. Overall, I am pleased with this bank. I just wish they did something about that $18 service fee.




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    The review was published as it's written by reviewer in January, 2010. The reviewer certified that no compensation was received from the reviewed item producer, trademark owner or any other institution, related with the item reviewed. The site is not responsible for the mistakes made. 422601967721131/k2311a0126/1.26.10
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