Introduction to First National Bank of Omaha (FNBO)
First National Bank of Omaha, or FNBO, has been a cornerstone of American banking since its establishment in 1857. Headquartered in Omaha, Nebraska, this bank has been serving its customers for over 150 years, offering a wide range of financial services and products. Although FNBO’s primary services are concentrated in eight U.S. states (Colorado, Illinois, Iowa, Kansas, Nebraska, South Dakota, Texas, and Wyoming), its online banking division, FNBO Direct, extends its reach nationwide, providing high-yield savings and money market accounts to customers across the country.
Checking Accounts Offered by FNBO
FNBO offers a variety of checking accounts, each designed to meet different customer needs. Here’s an overview of what you can expect from their primary checking accounts:
Access Debit Account
The Access Debit account is a basic, no-frills checking account with no monthly fees or minimum balance requirements. However, it doesn’t come with checks, and overdrafts are not allowed. This account is ideal for those who want a straightforward, low-maintenance checking solution.
Basic Checking Account
FNBO’s basic checking account has no monthly fees and doesn’t require a minimum balance. Although it doesn’t earn interest, it does come with free checks, making it a good option for everyday banking needs.
Premier Checking Account
The Premier Checking account offers a bit more, with the potential to earn 0.02% APY on your deposits, depending on your location. To avoid the $15 monthly fee, you need to maintain an average daily balance of $15,000 or more. This account includes free checks and overdraft protection, making it suitable for those who can meet the balance requirement and want more features from their checking account.
Savings Accounts and Money Market Options
For those looking to save, FNBO offers several options:
Savings Account
The Savings account earns interest if you also have an FNBO checking account. The interest rate varies based on your deposit amount and location. There are no monthly fees or minimum balance requirements, but note that you’re limited to six free withdrawals per month, with a $5 fee for each subsequent withdrawal.
Money Market Account
FNBO’s Money Market account also earns interest, with rates dependent on your deposit amount and location. While there’s no monthly fee or minimum balance requirement to maintain, you do need a minimum deposit of $1,000 to open the account. Similar to the savings account, you’re limited to six fee-free withdrawals per month, but this account comes with checks.
Flex Savings Account
The Flex Savings account is a unique offering, acting as a hybrid between a CD and a savings account. You can choose to lock in an interest rate for either three or six months, with the highest rate currently at 3.5% for a 3-month lock. This account comes with a $25 monthly fee, waived if you keep a balance of $1,000 or more. However, you’re limited to two free withdrawals per month.
Certificates of Deposit (CDs) and Loans
CDS
FNBO allows you to open a CD with as little as $500. The terms range from 91 days to five years, offering a range of rates. The APY can go up to 3.20% if you don’t have an FNBO checking account, or up to 3.7% APY if you do.
Loans
FNBO provides various loan options, including mortgages, personal loans, and auto loans. This means you can potentially manage all your banking and borrowing needs in one place. Their loan offerings include conventional mortgages, FHA and VA loans, home equity loans, personal loans, lines of credit, debt consolidation loans, and new and used car loans.
Credit Cards
FNBO offers four different credit cards with unique rewards and benefits. These include:
– Evergreen Credit Card: Offers unlimited 2% cash back, a $200 welcome bonus, and no annual fee.
– Getaway Credit Card: Provides up to three points per dollar, 0% APR for the first 12 months, and no annual fee, though there’s a 5% balance transfer fee.
– GreenSelect Credit Card: Features zero interest for the first 18 months, no annual fee, but a 5% balance transfer fee.
– Rewards Secured Credit Card: Available for deposits between $300 and $5,000, with purchases earning one point per dollar, a rare feature for secured credit cards.
Fees and Services
While FNBO offers accounts with no monthly fees, certain services or situations may incur fees. For instance, exceeding the allowed number of withdrawals from savings or money market accounts results in fees.
Pros and Cons of Banking with FNBO
Pros
– **Variety of Deposit Accounts**: FNBO offers several checking and savings options, allowing you to choose the account that best fits your needs.
– **Rate-lock on Savings**: The Flex Savings account’s rate-lock feature is a notable benefit, providing a level of predictability in your savings growth.
– **Rewards on Secured Cards**: The Rewards Secured Credit Card earns rewards, a rare perk for secured credit cards.
Cons
– **Interest Rates Vary by Location**: The rates on most deposit accounts vary based on where you live, which might result in lower earnings for some customers.
– **Below-market Rates**: Many of FNBO’s deposit accounts earn little to no interest, which could be a drawback for those seeking higher-yield options.
– **Limited Service Area**: FNBO’s banking services are limited to eight states, although FNBO Direct expands its reach for certain products.
Customer Support and Mobile Banking
FNBO provides 24/7 customer support via phone at 800-642-0014. While they don’t offer chat support through their website, you can also open an account or find additional information on FNBO.com. Their mobile banking apps for iPhone and Android include free FICO credit score monitoring and have received positive ratings from users, although some have reported issues with app functionality.
Community Impact and Environmental Sustainability
FNBO highlights its commitment to community impact and environmental sustainability. In 2024, the bank contributed over $7.5 million to nonprofit organizations. However, according to Bank.Green, FNBO falls short in climate responsibility. Additionally, past actions, such as the 2016 order by the Consumer Financial Protection Bureau to pay over $32 million to credit card customers for illegal charges, indicate a mixed track record.
Security and Insurance
FNBO is an FDIC-insured bank, meaning your deposits are protected up to the federal limits. Their routing number is 104000016, and they offer Zelle for easy money transfers.
Conclusion
First National Bank of Omaha is a reliable banking institution with a long history of serving its customers. While it offers a range of deposit accounts, loans, and credit cards with competitive features, its service area is limited, and interest rates on some accounts might be below market averages. By understanding the pros and cons, and considering your individual financial needs, you can make an informed decision about whether FNBO is the right bank for you.
