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First Citizens Bank

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LAST UPDATED: April 6th, 2021

First Citizens Bank is a subsidiary of the First Citizens Bancshares, Incorporated. The other subsidiary is IronStone Bank. First Citizens Bank operates in 18 states and the District of Columbia. A merger is in place, that if it goes through, will make it the sixth largest bank in the Southeast. First Citizens Bank operates over 575 branches. 

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The Good

  • Great services and products
  • Checking accounts
  • Loan options

Great Services and Products

First Citizens Bank provides banking, lending, investment, and insurance products to individuals and businesses. All clients will be able to choose from a variety of accounts and enjoy the benefits that come upon enrollment. Additionally, First Citizens Bank clients can obtain credit cards and plan for their retirement.

Checking Accounts

For personal clients, there are a wide variety of checking accounts available to enroll in. All accounts include a free visa debit card, free online banking with unlimited Bill Pay, free mobile banking and alerts, and access to over 475 ATMs. The accounts can be broken down as follows:
  • Free Checking: a full-service checking with no minimum balance, free online and mobile banking, optional overdraft protection, and a Together Card account for only $3 a month.
  • Select Checking: an account with more convenience and flexibility with free e.statements (or paper statements), no monthly service fee with low direct deposit or balance requirement, optional overdraft protection, and a Together Card account for only $3 a month.
  • Premier Checking: an account that allow clients to earn more based on the banking relationship. This account includes preferred rates on EquityLines and select CDs, free cashier's checks, money order and traveler's checks, option to enroll in complimentary financial programs, and interest on the checking account.
  • Prestige Checking: this account includes exclusive rates and benefits with all of the benefits of the premier checking plus more. Other benefits include: higher purchase and ATM limits on Visa Debit Card, no overdraft transfer fees, free safe deposit box, and unlimited use of non-First Citizens ATMs.

Loan Options

The lending portion of the First Citizens Bank client offers includes a number of financing options. While there are credit cards, the actual loan capabilities of First Citizens Bank is impressive. The following are loans available through First Citizens Bank: home equity loans, home ownership loans, auto loans, personal loans, and lines of credit.

The Bad

  • Not available nationwide
  • Limited options

Not Available Nationwide

First Citizens Bank is does not service on a national level. This dramatically impact those that do not reside in one of their states of operation. While they have over 500 individual branches, that does not change the fact that their services cannot be used in a majority of states. The following are states in which First Citizens Bank operates in:
  • Arizona
  • California
  • Colorado
  • Florida
  • Georgia
  • Kansas
  • Maryland
  • Missouri
  • New Mexico
  • North Carolina
  • Oklahoma
  • Oregon
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Washington
  • West Virginia

Limited Options

While there are credit cards available to First Citizens Bank clients, there are only four options to choose from. None of them require an annual fee or rewards program fee (except for the Optimum Rewards Card) and they are considered secure. The only credit card types available include the following: First Citizens Optimum Rewards Visa Card (11.24%-22.24% variable APR), First Citizens Rewards Visa Card (11.24%-22.24% variable APR), First Citizens Cash Back Rewards Visa Card (11.24%-22.24% variable APR), and First Citizens Smart Option Visa Card (8.24%-19.24% variable APR).

The Bottom Line

First Citizens Bank has helped their clients for years better manage their money and reach financial goals. Their dedicated and knowledgable employees help each client set clear financial standards and finance their dreams. Those that decide to bank with First Citizens Bank can expect the following from their service:
  1. Variety of checking and savings account
  2. Military, senior, and student solutions
  3. Customized opportunities
  4. Limited service areas
  5. Small credit card sample size
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