Jeffrey Wade
First Financial Bank, headquartered in Terre Haute, Indiana, is a brick-and-mortar bank with 84 branches in Illinois and Indiana. It was founded in 1889 and has assets totalling $12.72 billion and $10.86 billion in deposits. The bank offers a range of financial products and services, including savings accounts, checking accounts, credit cards, loans, and retirement planning solutions. While it has received some negative reviews for its customer service, it is FDIC-insured and backed by the full faith and credit of the U.S. government.
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What You'll Learn
First Financial Bank is not insured by the FDIC or any government agency
First Financial Bank is a traditional brick-and-mortar bank with branches in Illinois, Indiana, Kentucky, Tennessee, Georgia, and Texas. It was founded in 1889 and is headquartered in Abilene, Texas, with assets totalling $12.72 billion and deposits of $10.86 billion. The bank offers a range of financial products and services, including savings accounts, checking accounts, credit cards, loans, and retirement planning solutions.
Despite its name and presence in the financial industry, First Financial Bank is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. This means that deposits made with the bank are not protected by the FDIC's insurance coverage, which typically guarantees deposits up to $250,000 per ownership category. It is important for customers to understand this distinction and the potential risks involved when depositing money with First Financial Bank.
The lack of FDIC insurance at First Financial Bank may be a concern for some individuals who prioritize the security and protection offered by FDIC-insured institutions. FDIC insurance provides depositors with peace of mind, knowing that their funds are backed by the full faith and credit of the U.S. government. In the unlikely event of a bank failure, FDIC insurance ensures that depositors can recover their money, up to the insured limit.
However, it is worth noting that the absence of FDIC insurance does not necessarily indicate that First Financial Bank is unsafe or unstable. The bank may have other measures in place to protect its customers' funds and maintain its financial stability. Additionally, it is important to consider the specific needs and preferences of each individual when choosing a financial institution.
While First Financial Bank may not offer the same level of deposit insurance as FDIC-insured banks, it is still subject to regulatory oversight and must comply with relevant laws and regulations. Customers considering opening an account with First Financial Bank should carefully review the bank's terms and conditions, as well as its financial stability and customer service reputation, before making a decision.
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The bank has a fair savings rate
First Financial Bank, headquartered in Terre Haute, Indiana, with 84 branches in Illinois and Indiana, offers a range of financial services, including savings accounts, checking accounts, CDs, IRAs, mortgage products, and credit cards. The bank has a fair savings rate, which means that other banks offer higher interest rates on savings accounts.
First Financial Bank's savings rate is 0.06%, which is below the average compared to other U.S. banks. The one-year CD rate is 0.90%, and the five-year CD rate is 1.10%. The highest-yielding money market account earns at a rate of 0.10%. While the bank's savings rate is not the highest, it is important to consider the full range of services and benefits offered by the bank.
First Financial Bank provides personalized financial services and strives to make banking simple, fast, and secure. The bank offers a basic checking account with no monthly fee, making it an attractive option for those seeking a simple and accessible account. Additionally, the bank provides various deposit products, including savings accounts, checking accounts, and CDs, offering flexibility in managing finances.
While First Financial Bank may not have the highest savings rate, it is still a decent choice for those seeking a traditional brick-and-mortar banking experience. The bank has a good consumer satisfaction rating, with relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB). However, it is worth noting that the bank's online and mobile banking platforms have received low ratings from users, with an average rating of 2.7 out of 5.
In conclusion, while First Financial Bank's savings rate is fair, it is essential to consider the bank's other features and services when making a decision. The bank offers a range of financial products, a no-fee checking account, and personalized service. Therefore, it can still be a competitive option for individuals seeking a comprehensive suite of banking services with convenience and accessibility.
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First Financial Bank has a good consumer satisfaction rating
First Financial Bank, headquartered in Terre Haute, Indiana, with 84 branches across Illinois and Indiana, has a good consumer satisfaction rating. The bank has been in operation since 1834, and its mission is to keep customers happy by offering simple, fast, and secure services.
First Financial Bank provides a full range of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products, and credit cards. The bank also offers loans, including mortgages, refinancing, and home equity lines. Notably, the bank's most basic checking account does not carry a monthly fee, making it an attractive option for those seeking a simple account.
While the bank's savings rates are considered fair, its CD rates are competitive compared to the national average. For example, its one-year and five-year CD rates are 0.25% and 3.29%, respectively, while its highest-yielding money market account has a rate of 0.10%.
First Financial Bank also provides mobile and web app services, allowing customers to manage their finances on the go. However, the mobile app has received relatively low ratings from users, with an average of 2.7 out of 5 stars across iOS and Android platforms.
Despite some negative reviews, with complaints about customer service and online banking, the bank has an overall positive reputation. It is worth noting that the bank is not insured by the FDIC or any other government agency.
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The bank offers a full suite of banking products
First Financial Bank, headquartered in Terre Haute, Indiana, with 84 branches across Illinois and Indiana, offers a comprehensive suite of banking products and services to meet the diverse needs of its customers. The bank's history dates back to 1834, and it currently holds assets totalling $12.72 billion and deposits of $10.86 billion.
First Financial Bank provides a wide range of deposit products, including savings accounts, checking accounts, and certificates of deposit (CDs). These options empower customers to effectively manage their money and work towards their financial goals. The bank's savings rate is considered fair, ranking below the average of other U.S. banks. However, its CD rates are more competitive, with one-year and five-year terms offering rates of 0.25% and 3.29%, respectively.
In addition to deposit accounts, First Financial Bank offers a variety of loan products. The bank is known for its efficient in-house loan processing, enabling customers to secure funding for their next vehicle or home purchase quickly. First Financial Bank provides mortgages, refinancing options, and home equity lines of credit, catering to those seeking flexible financing solutions.
The bank also offers credit cards, investment options, retirement planning services, and business banking solutions. Their retirement specialists assist customers in planning for their golden years, offering tailored advice to maximise their financial security. First Financial Bank's business services include business loans, lines of credit, merchant services, and customised support to help businesses thrive.
First Financial Bank combines traditional brick-and-mortar banking with digital convenience. Customers can access their finances through online and mobile banking platforms, allowing them to review account balances, transfer funds, and connect with support representatives on the go. The bank prioritises security, offering features like Card Valet to enhance customers' peace of mind.
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The bank has been accused of poor customer service
First Financial Bank, headquartered in Terre Haute, Indiana, has been accused of poor customer service. The bank, which was founded in 1889, has received criticism from customers for its lack of premium access to customer support. While it offers traditional in-person services at its 84 branches across Illinois and Indiana, as well as online and mobile app services, users have expressed dissatisfaction with their experiences.
Reviews on SmartAsset suggest that First Financial Bank falls short in terms of customer service accessibility, with no live chat or 24-hour service options available. The bank's mobile app, which is intended to provide on-the-go banking convenience, has received low ratings from users. Out of 690 customer reviews on iOS and Android platforms, the app has an overall rating of 2.7 out of 5, significantly lower than the national average of 3.8.
WalletHub, another review platform, features comments from users who have had negative experiences with First Financial Bank's customer service. One user expressed disappointment with the bank's "abysmal customer service," describing the staff as "dismissive, unhelpful, and downright rude." This reviewer also mentioned that the bank does not offer Gap insurance, leaving customers unprotected in certain situations. Another WalletHub user shared a similar sentiment, stating that the bank has "become terrible" and that the loan recovery department agent was rude and hung up on them while they were speaking.
In addition to these complaints, some customers have reported issues with the bank's handling of their finances. One user mentioned that their car payment was misallocated twice to another loan, resulting in late payment notifications despite having proof of payment. Others have shared experiences of multiple loan rejections and negative impacts on their credit scores due to excessive credit score checks by the bank.
While First Financial Bank offers a range of financial products and services, the criticisms highlight areas where improvements could be made to enhance the customer experience and restore trust in the institution.
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Frequently asked questions
No, First Financial Bank is not insured by the FDIC or any other government agency.
First Financial Bank has received mixed reviews for its customer service. While some customers have praised the bank for its personalized service and commitment to improving lives and helping communities thrive, others have complained about rude and unhelpful staff, as well as issues with online banking and loan processing.
First Financial Bank offers a range of financial products, including savings accounts, checking accounts, CDs, IRAs, mortgage products, credit cards, and business loans.
