First Bank's Checking Account Offerings and Fees

First Bank offers several checking account options, but whether any of them are truly free depends on which account you choose and how you use it. The bank's main checking products include the First Bank Essentials Checking and First Bank Preferred Checking, each with different fee structures and minimum balance requirements.

The Essentials Checking account has no monthly maintenance fee if you maintain a minimum daily balance or set up direct deposit. If you fall below the minimum balance and don't have direct deposit, the account incurs a monthly fee. Preferred Checking carries a higher minimum balance requirement but may waive fees under different conditions. The specific amounts and conditions vary by branch location and change periodically, so you'll need to check with your local First Bank branch or their website for current terms.

Beyond the monthly maintenance fee, First Bank charges for specific transactions and services: overdraft fees when you spend more than your balance, out-of-network ATM fees, wire transfer fees, and stop payment fees. These charges can add up quickly if you're not careful about how you use the account.

Key Takeaways

  • First Bank's Essentials Checking has no monthly fee if you maintain a minimum daily balance or set up direct deposit, but the minimum amount varies by location.
  • Preferred Checking requires a higher minimum balance but may offer different fee-waiver options and additional benefits.
  • You can avoid monthly fees by meeting balance or direct deposit requirements, but overdraft fees, ATM fees, and other transaction charges still apply.
  • Fee structures and minimum balance amounts change and may differ between First Bank branches, so contact your local branch directly for current terms.

How to Avoid Monthly Maintenance Fees

The easiest way to avoid paying a monthly fee on First Bank Essentials Checking is to set up direct deposit of your paycheck or other regular income. Direct deposit typically waives the monthly maintenance fee regardless of your account balance. This is the path most people take because it requires no ongoing effort once it's set up.

If direct deposit isn't an option for you, maintaining the minimum daily balance works as an alternative. The minimum varies—some locations require $500, others $1,000 or more. The balance must be maintained every day of the month; if it dips below the threshold even once, you'll be charged the monthly fee for that statement period.

Preferred Checking has a higher minimum balance requirement but may waive fees if you maintain it. This account is designed for people who keep larger sums in checking and want additional perks like higher interest rates or fee waivers on certain services.

Transaction Fees That Add Up Beyond Monthly Charges

Even if you avoid the monthly maintenance fee, First Bank charges for many common transactions. Overdraft fees apply when you spend more than your available balance—First Bank typically charges per overdraft occurrence. If you make multiple purchases that overdraw your account on the same day, you could face multiple fees.

ATM fees are charged when you use an ATM that doesn't belong to First Bank's network. First Bank has its own ATM network, so using their machines is free, but out-of-network ATM fees can range from $2 to $3 per transaction depending on the ATM operator. Over time, this adds up if you frequently need cash from ATMs outside the network.

Wire transfers, stop payments on checks, and expedited card replacements all carry separate fees. These aren't charges you'll face every month, but they're worth knowing about if you need these services.

Comparing First Bank to Other Banks' Free Checking Options

Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement—period. Banks like Ally, Charles Schwab, and Discover have no monthly maintenance fees and no minimum balance, making them genuinely free to maintain. Some credit unions also offer free checking with no strings attached.

First Bank's Essentials Checking is free only if you meet a condition: direct deposit or a minimum balance. This is different from accounts that are free regardless of how you use them. If you travel frequently, use ATMs often, or prefer to keep minimal balances, First Bank's fee structure may cost you more than an account with no conditions.

The trade-off is that First Bank has physical branches in multiple states, which matters if you value in-person banking. Online banks have no branches but offer 24/7 customer service by phone and chat. Credit unions vary—some have extensive branch networks, others operate primarily online.

First Bank's ATM Network and Surcharge Avoidance

First Bank operates its own ATM network across its branch locations. Using a First Bank ATM is free for account holders. The bank also participates in shared branching networks and surcharge-free ATM alliances, which means you can use certain partner ATMs without paying a fee.

To find surcharge-free ATMs near you, log into your First Bank account online or call customer service. They can tell you which ATMs in your area are part of the network. If you live or work near a First Bank branch, this is a major advantage because you'll rarely pay ATM fees.

If you're in an area with few First Bank branches, the out-of-network ATM fees could become a regular expense. This is worth considering when deciding whether First Bank's checking account is truly free for your situation.

How to Open a First Bank Checking Account

You can open a First Bank checking account in person at any branch or online through their website. For in-person opening, bring a government-issued ID and your Social Security number. The process takes about 15 to 20 minutes.

Online opening is faster—you can complete it in a few minutes from your computer or phone. You'll need the same identification information, and First Bank will verify your identity electronically. Once approved, you can start using the account immediately for transfers and bill pay, though it may take a few business days for your debit card to arrive by mail.

When you open the account, ask about current fee structures and minimum balance requirements at your specific branch location. These details matter for determining whether the account will actually be free for you.

Frequently Asked Questions

Does First Bank charge a monthly fee if I set up direct deposit?

No, direct deposit typically waives the monthly maintenance fee on Essentials Checking. Once your employer or benefit provider deposits money directly into your account, the monthly fee is waived for that statement period. You don't need to maintain a minimum balance if direct deposit is active.

What happens if my balance drops below the minimum for one day?

You'll be charged the monthly maintenance fee for that statement period. The minimum balance must be maintained every day of the month. If it dips below the threshold even once, the fee applies. This is why direct deposit is often easier than trying to maintain a specific balance.

Can I avoid overdraft fees at First Bank?

Yes, by monitoring your balance and not spending more than you have. First Bank offers overdraft protection options that link your checking account to a savings account or credit line, which can cover overdrafts automatically. Ask about these options when you open your account, as they may reduce overdraft fees.

Does First Bank offer interest on checking accounts?

Some First Bank checking accounts earn interest, particularly Preferred Checking, but the rates are typically very low—often less than 0.01 percent. Interest-bearing checking accounts usually require higher minimum balances. Check with your local branch for current rates and requirements.

What if there's no First Bank branch near me?

First Bank has branches in multiple states, but if you're not near one, the lack of in-person access combined with out-of-network ATM fees may make their checking account less practical for you. Online banks or credit unions with broader ATM networks might be a better fit.