FAQs

Answers you need to questions you have

The routing number for First American Bank is 071922777.

Visit our branch locations page to find location near you and to see the hours of operation.

Opening your new account is easy. You can open your account online or visit any of our branch locations.

Your account number can be found on your monthly account statement.

Please visit any of our branches closest to you to change the name on your account.

Please visit any of our branches to add someone to your account.

Please contact your nearest branch to close your account.

Yes, First American Bank offers foreign currency exchange services for purchase or buy-back after your trip. Visit any First American Bank location.

Yes, at certain branch locations. Please visit our Branch and ATM Locations page and search for the branch closest to you, then click on the branch name. If the safe deposit boxes are offered, you will see it listed there.

You can order checks within Online Banking. Log in to Online Banking and from the 'Account Summary' page, click on 'Order Checks' next to the account you'd like to order checks for. Or you can visit any of our branch locations to order checks.

If you inadvertently overdraw your checking account, First American Bank offers several easy-to-access, low-cost ways to protect your checking account against overdrafts. Visit Overdraft Protection page for more information.

You can place a stop payment on a check or series of checks from within Online Banking. Log in to Online Banking and select 'Stop Payments' next to 'Account Activity'. Choose the account that the check was written on and provide the check number(s) and check amount(s).

Please call us at (847) 952-3700 or stop into a branch. We will need to verify your identity so that we can provide you the correct information.

Your new debit card will arrive in 7-10 business days after your new account is funded.

Please call us at (847) 952-3700 or stop into a branch. We will need to verify your identity so that we can provide you the correct information.

You are able to review, and or change your PIN by calling our Debit Card Activation line at (800) 626-8020.

We offer multiple debit cards based on your account. Below are the purchase limits for each:

Account Type	Purchase Limit
Consumer	$3,000
HSA	$3,000
Fresh Start	$200
Business	$5,000

Yes, First American Bank debit cards may be used internationally. We ask that you notify the bank before your travel, this allows us to appropriately status the card. Additionally, please review our Schedule of Fees for Consumer Accounts .

Debit cards are reissued the month prior to its expiration date.

The chip contains your card number, name, and other account information. There is no other personal information stored on the chip. Due to security in the chip, every transaction you make is unique, which makes it extremely difficult for the card to be copied or counterfeited. Your chip card will also have the usual magnetic stripe on the back so that you can continue using your card while merchants are transitioning to new chip card terminals.

Every transaction with a chip card has unique data in it. Chip transactions are dynamic, not static like magnetic stripe cards. That is why if someone were able to intercept one of your chip transactions they would not be able to use that information again. This stops fraudsters from being able to create counterfeit chip cards.

The embedded microchip provides dynamic transaction security features and other capabilities not possible with traditional magnetic stripe cards. A chip card is extremely difficult to counterfeit.

We continuously monitor current fraud trends and typical card activity. When various factors indicate a transaction may be fraudulent, we’ll notify you to verify that the transaction was authorized or not.

No registration is necessary. As a First American Bank debit cardholder, you are automatically enrolled to receive alerts if suspicious debit card transactions occur.

The debit card fraud monitoring service will trigger communications to you as soon as potential fraud is detected. First, a text message will be sent to you. If you miss our text, you'll receive an automated phone call and/or email.

While you do not have the option to remove yourself from email or phone alerts, you can opt out of text alerts. Reply STOP to short code 22573.

If we do not receive a response from our text, phone call or email alerts, your card may be blocked from further use until you speak with a fraud specialist. During normal business hours, call our automated service at (800) 537-0496 to verify the transactions and to be connected to a fraud specialist.

Text message service is only required to receive text alerts. Email and automated phone calls will still be generated to notify you depending on what contact information we have on file for you.

No. Your debit card will be blocked and will not be available for further use. Our automated phone system will call you during normal business hours to verify the transaction(s) and connect you with a fraud specialist.

Nothing! We do not charge our customers for this service. However, for text alerts, message and data rates may apply.

Text alerts from short code 22573 will read similar to the language below:

First American Bank Fraud Dept.: Possible unauthorized transaction on card ending in xxx: $xxx.xx processed by MERCHANT NAME on DATE. If authorized reply YES, otherwise reply NO. Reply STOP to cancel, HELP for help 800-537-0496.

If you receive an automated phone call, the recorded voice will identify as being on behalf of the First American Bank Fraud Prevention Department.

If you receive an email, it will be from DoNotReply@FirstAmBank.com.

To update your contact information, please log in to Online Banking and click on Profile. Then, click on Change Email Address or Change of Address to review or update your contact information. Alternatively, you may contact Customer Service at (847) 952-3700 or visit your local branch.

Please click here to view the enrollment instructions.

First American Bank does not charge a fee for using any of our Digital Banking services, including Online Banking, Mobile Banking, Mobile Apps or Text Banking. However, message and data rates may apply for Text Banking.

You may reset your password by clicking the ‘Forgot Password’ link or you may contact us at 847-952-3700 so we can get this resolved.

If you have forgotten your password, the 'Forgot Password' feature will ask you to enter your Login ID, Date of Birth, Email Address and Home Phone. Once you have entered the correct information, you will be allowed to change your password. Once your password has been changed, you will receive immediate access to your online accounts.

We constantly update our systems to ensure they incorporate the most recent security technology available. First American uses TLS technology that securely encodes data transmitted over the Internet between your computer or mobile device, and First American. This ensures that your information remains safe, secure, and confidential at all times.

Yes, under the 'Profile' tab in Online Banking you can change your contact information that we have on file at First American Bank.

In order to change your address for your profile, please:

Log in to Online Banking and from the Accounts Summary screen click on 'Profile'.
Click on 'My Contact Information'.
Click on the Update button that corresponds with the Address section.
You may select to change an In the U.S. address or an Outside U.S. address.
Fill in required fields and then click Submit.

In order to change your phone number for your profile, please:

Log in to Online Banking and from the Accounts Summary screen click on 'Profile'.
Click on 'My Contact Information'.
Click on the Update button that corresponds with the Phone Number section.
Fill in required fields and then click Submit.

In order to change your email address, please:

Log in to Online Banking and from the Accounts Summary screen click on 'Profile'.
Click on 'My Contact Information'.
Click on the Update button that corresponds with the Email Address section.
Enter and confirm your new email address, then click Submit.
Elect to receive a text message, to receive a voice call, or to answer questions in order to verify your identity.
Once the Identity Verification has been completed, your email address will have been updated.

To order checks online, please follow this step:
From the 'Account Summary' sub navigation tab (under the 'Accounts' section, click on the 'Order Checks' link associated with the checking account in which you wish to order checks.

Yes, under the 'Stop Payments' tab in Online Banking you can place a stop payment on a check. Fees may apply.

To view a check online, please follow these steps:

From the 'Account Summary' sub-navigation tab (under the 'Accounts' section), click on the appropriate account to be directed to the 'Account Activity' page for that account.
Locate the transaction on the 'Account Activity' page. You may search for the transaction by entering the check number or by narrowing down your search by date range, description, the amount of the transaction or transaction type.
Once the transaction is located, click on the check icon appearing next to it.

Once you have clicked on the check icon, the check image will appear in a separate window. If you have pop-up blocking software installed on your computer or if your browser includes a pop-up blocking feature, you will need to adjust the settings to allow pop-up windows.

Please note it can take 24-48 hours for a check to be viewable online after it has cleared and posted.

To view a checks that are part of a deposit, please follow these steps:

From the 'Account Summary' sub-navigation tab (under the 'Accounts' section), click on the appropriate account to be directed to the 'Account Activity' page for that account.
Locate the transaction on the 'Account Activity' page. You may search for the transaction by narrowing down your search by date range, description, the amount of the transaction or transaction type.
Once the transaction is located, click on the deposit icon appearing next to it.
Click the 'Deposit Item' link that displays below the image of the deposit slip.

The Current balance is the actual balance of your account. The current balance does not take into account any pending transactions (e.g. withdrawals, deposits, etc.) that have been presented for payment but have not yet posted to your account.

The Available balance is the amount of funds available for immediate withdrawal or use. The available balance is your current balance less any pending transactions (e.g. withdrawals, deposits, etc.) that have been presented for payment but have not yet posted to your account.

Deposits made at a teller window or via postal mail are coded as “deposit with float.” The float is the time period between when a deposit is made and when the funds become available in the account.

To learn more about First American Bank's Rules and Regulations Governing Deposit Accounts, please click here .

From the Account Activity tab, look under the Account Details section on the upper left side of the page. Click the word 'Change' beneath the current account nickname, enter your desired name, and click 'Save'.

You can view 15 months of your account statements online. If you need additional statements you can send a secure message to request the additional statements. Fees may apply.

From the Profile tab, you can access your personal secure message inbox and compose new secure messages to send to us with any issues or concerns you may have from within the online banking site. You can also securely attach files within the secure messaging Inbox.

If you see an account that you wish to hide, simply go to the 'Profile' tab and click Show-Hide Accounts. From there you can select the accounts you wish to hide.

The ‘Deposit-Only’ feature of Online Banking allows you to send money to another First American Bank account you are not the owner of. To set up a Deposit-Only transfer, please follow the steps below.

Select the Transfer Funds option.
Click Deposit-Only Accounts. This feature gives you the ability to have 'transfer to' access to any First

American Bank account.

Fill out required information under Deposit-Only Account Manager. Click Continue.

The Deposit-Only account will now be available for you to transfer funds to.

The following browsers are supported by Online Banking and should be used for optimal performance. Some areas of our site may require the use of Macromedia Flash or Adobe Acrobat Reader. Other browsers and operating systems may work effectively; however, we do not test against them and therefore your experience may vary. We regularly monitor and test browsers to ensure the highest security standards.

We support the two most recent versions of the following browsers*:

PC/Windows Browsers:

Internet Explorer
Firefox
Safari
Google Chrome

MAC Browsers:

Firefox
Safari

*Browsers must also support Transport Layer Security (TLS) version 1.2 or higher encrypted communication.

Mobile Banking allows you to perform everyday banking functions using a mobile device. For example, you can access your account balances and review your most recent account activity without being tied to a computer. Since you can have your mobile device with you all the time, you can receive Mobile Alerts at any time. Used in combination, Mobile Banking and Mobile Alerts can provide enhanced service and security.

Mobile Banking can be used in two different modes:

Mobile Text/SMS Banking: Using Short Message Service (SMS), this service enables you to retrieve information about your bank accounts from a mobile device using text messaging.
Mobile Web/Mobile App Banking: Using your mobile device’s data connection, this service provides you with a friendlier interface and a login with password feature.

First American Bank is very concerned about the safety and privacy of your information and is committed to security. To ensure the security of your account information, a number of security features have been built into our Digital Banking service: Accounts enrolled in First American Bank’s Snapshot Service will show the registered account’s balances that is accessible from a registered device without knowing your unique Login ID and Password. For your protection, only limited information such as your device ID is stored on your device. All of your account data resides at First American Bank. All data placed into local storage on the mobile device is encrypted. This ensures that if the mobile device is lost or stolen, the data stored by the mobile application in local storage is unreadable.

View our Digital Banking page.

Biometric Authentication is an optional authentication method offered by First American Bank to sign into First American Bank’s Mobile Banking app from a supported Android™ or Apple® device using your fingerprint or Face ID rather than your Login ID and Password.

When you launch the First American Bank Mobile Banking app, you will be prompted to scan your fingerprint or Face ID on your Android™ or Apple® device.

If your mobile device is lost or stolen, you can delete your device at any time from Biometric Authentication by following these steps:

Log in to First American Bank’s desktop site using your Online Banking Login ID and Password.
Select the ‘Profile’ icon at the top of the page.
Select ‘Manage Biometric Authentication’.
Select the delete icon associated with the lost or stolen device.

You may also contact us at 847-952-3700 during normal business hours.

Information necessary to recognize your fingerprint or Face ID is stored on your device. First American Bank’s Mobile Banking app leverages this functionality when you log in. First American Bank does not store your fingerprint or Face ID information.

Biometric Authentication will be disabled when new fingerprints are registered to your device. You will be required to log in with your Login ID and Password in order to re-enroll in Biometric Authentication.

Your Login ID and Password information are not stored on your mobile device upon enrollment in Biometric Authentication. You’ll always have the option to access your accounts by entering your Login ID and Password.

If a change to Face ID is detected on the device, Face ID will be disabled and you will need to re-enable it after logging in with your Login ID and Password.

Yes. You can still log in with your Login ID and Password at any time.

Mobile Deposit is convenient and easy to use. Login to the First American Bank mobile app, and follow these simple steps:

Select the ‘Deposit’ menu option.
Choose the eligible account where you want to deposit your check.
Sign the back of your check and write “For Mobile Deposit at First American Bank” below your signature.
Place your check on a dark-colored, plain surface that’s well lit.
Position your camera directly over the check (not at an angle).
Take a picture of the front and back of your endorsed check with your mobile device.
Fit all 4 corners in the guides of your mobile device’s camera screen.
Enter the check amount.
Submit your deposit.

Mobile Deposit is subject to eligibility requirements and deposit limits. Please see Remote Deposit Addendum for details.

Android versions that are version 4.4 and above (KitKat Code Name) and above are supported. This includes the following Android versions.

Code Name	Version Number	Initial Release Date	API Level	Support Status
KitKat	4.4-4.4.4	October 21, 2013	19	Supported
Lollipop	5.0-5.1.1	November 12, 2014	21-22	Supported
Marshmallow	6.0-6.0.1	October 5, 2015	23	Supported
Nougat	7.0-7.1.2	August 22, 2016	24-25	Supported

Android versions prior to releases of 2013 are not supported. This includes the following Android versions.

Code Name	Version Number	Initial Release Date	API Level	Support Status
(No codename)	1.0	September 23, 2008	1	Unsupported
(Internally known as "Petit Four")	1.1	February 9, 2009	2	Unsupported
Cupcake	1.5	April 27, 2009	3	Unsupported
Donut	1.6	September 15, 2009	4	Unsupported
Eclair	2.0-2.1	October 26, 2009	5-7	Unsupported
Froyo	2.2-2.2.3	May 20, 2010	8	Unsupported
Gingerbread	2.3-2.3.7	December 6, 2010	9-10	Unsupported
Honeycomb	3.0-3.2.6	February 22, 2011	11-13	Unsupported
Ice Cream Sandwich	4.0-4.0.4	October 18, 2011	14-15	Unsupported
Jelly Bean	4.1-4.3.1	July 9, 2012	16-18	Unsupported

iOS versions 5 and up are supported.

iOS versions 1-4 are not supported.

To enroll in Text/SMS Banking, follow the instructions below: Log into Online Banking, Mobile Web or the Mobile App and select Profile. On the ‘My Profile’ page, select Text Banking. You will enter your mobile phone number twice and agree with the terms and conditions of Text Banking. Select Add. You will receive a text message on your mobile device containing an Activation Code (arrival time may take up to 1 minute). Enter this code in the Activation Code input box on the Register Phone Number page and select Submit. After entering the Activation Code, you will be automatically redirected to the Mobile Nicknames page and you will see all of your accounts. You will be prompted to Enable accounts for Text Banking and assign a nickname for each account. Next, select Save. Tip: Mobile nicknames may only be a maximum of four characters (alphanumeric only). Choose short nicknames that are easy to type on your mobile device, as you will be entering them regularly while using the Mobile Text Alerts service. (eg: CH1, CH2, SAV, etc.) You can change your primary account by selecting an account in the Make Primary column and then selecting Submit at the bottom of the page. After enabling your account(s) and establishing a primary account, you will be brought to the Text Banking page. You will be able to view your mobile phone numbers enrolled in Text Banking. You will also have the option to view your mobile nicknames or add additional mobile phone numbers for Text Banking.

If you have not received your activation code, please make sure your mobile device’s phone number is entered correctly. If it is, please follow the steps below: Verify your mobile phone is turned on, has an adequate signal and is able to receive text messages. Check the list of Supported Carriers for your mobile device. If you didn't receive an activation code via text message on your mobile device while registering your mobile device, use the Resend Activation Code button under the Activation Code input box to re-send the text activation code. Contact your mobile carrier and make sure your mobile device is not blocked from sending and receiving SMS messages to and from shortcodes (First American Bank's shortcode is 85524, which is the number you will be sending texts to). Confirm that you have text messaging service with your mobile carrier. If you still have not received an activation code, you will need to re-register your mobile device. Select the Profile tab, select Text Banking and go through the enrollment process again. If you still do not receive the activation code, please contact us at 847-952-3700 during normal business hours.

b, bal: Retrieve your primary account balance (Note: the available balance for deposit accounts is the balance of funds available for withdrawal or transfer excluding any overdraft protection products you may have; certain pending transactions, such as deposits that contain checks, may not be immediately available and wouldn’t be included in the available balance.)

b all, bal all: Retrieve all account balances (Note: the available balance for deposit accounts is the balance of funds available for withdrawal or transfer excluding any overdraft protection products you may have; certain pending transactions, such as deposits that contain checks, may not be immediately available and wouldn’t be included in the available balance.)

b [nickname] or bal [nickname]: Retrieve the available balance of the nicknamed account

t [from acct nickname 1] [to acct nickname 2] [amount]: Transfer funds between two accounts

h, hist: Last 5 most recent transactions

h [nickname] or hist [nickname]: Last 5 most recent transactions for the nicknamed account

More: Next 5 transactions

Nick: List of your account nicknames

HELP: List of available commands

STOP: Unsubscribe from mobile text banking

Mobile Text/SMS Banking does not send any confidential security information about you or your accounts, either to or from your mobile device. Similar to ATM receipts, full account numbers are never displayed. Mobile Web/Mobile App Banking uses encryption to keep your information secure and confidential. It does not store any confidential information on your mobile device.

With ANY type of Mobile Banking service you should follow these guidelines: Keep First American Bank's contact number (shortcode: 85524) in your address book so that when you get a text message from us, you will see First American Bank’s name. Make sure you know who has sent you any message – if in doubt, delete it. Never click on any links if you are not sure of the sender. Never send any confidential information to anyone – First American will never ask you to “go here and fill in this information” or “please send us this information.”

As you would normally do, contact your mobile device company and they will suspend your service. Next, log into First American Bank's Online Banking from your desktop computer to remove your phone from Text Banking. There is no confidential information stored on the mobile device that could be used by another person. Note: You should NOT store confidential information on your mobile device at any time. Do not store passwords or PIN numbers on your mobile device. For extra security, you can enable the “LOCK” feature on your mobile device.

As a security precaution, you will not be able to get alerts or use Mobile Text/SMS Banking until you log into Online Banking or Mobile Banking to re-establish your mobile device number.

The following Alerts are automatically sent to your email address (including Transaction Verification). You can add additional email or SMS/Text notifications:

Customer Alert

Action


Login ID Disabled

Notify me when my Online and Mobile Banking Login ID is disabled due to failed attempts to log in.


Login ID Enabled

Notify me when my Online and Mobile Banking Login ID has been enabled so I can regain access to my account.

Notify me when my Online and Mobile Banking Login ID has been changed.

Password Changed

Notify me when my Online and Mobile Banking Password has been changed.

Debit Card Ordered

Notify me when a new debit card has been ordered.

Contact Information Changed

Notify me when my contact information has changed.

The following Alerts are available to send notifications via email or SMS/Text Banking:

Account Alert	Action	Checking	Savings	Money Market
Transaction Verification	When there are any suspicious transactions made on the account.	x	x	x
Low Balance	When the balance in the account is below your requested limit.	x	x	x
Overdraft Notice	When your account is overdrawn.	x	x	x
Deposit Confirmation	When a deposit is made to the account.	x	x	x
ATM Withdrawal Confirmation	When an ATM withdrawal is made from the account.	x	x	x
Card Transaction Confirmation	When a card transaction is made from the account.	x	x	x
Check Confirmation	When check is cleared from the account.	x	x	x
Withdrawal Confirmation	When any withdrawal is made from the account. (excluded ATM and card transactions)	x	x	x
Statement Notice	When the statement is available for the account.	x	x	x

Under the Profile tab, click 'Alerts'.

Yes, you may set up personal reminders to be delivered to you via email. Personal reminders can be established as one-time alerts. There is no limit as to how many personal reminders can be scheduled.

First American Bank will process any scheduled recurring transfers at 7 a.m. on the day the transfer is scheduled. If the funds are unavailable at the time of the transfer, the transfer will fail.

The external transfer feature of Online Banking allows you to send money to another bank or to request money from another bank to be deposited into your First American Bank account. To set up an external transfer, please follow the steps below.

Log into Online Banking
Click on the 'Transfer Funds' tab at the top of the screen
Click 'External Accounts'
Click 'Add an account at another financial institution that is not listed above'
On the next screen, input the information requested for the account
Within a few days of submitting this information, two small deposits will be made to your external account
To complete the setup of your external account, return to the 'Manage external accounts' page and verify the amount of the deposits. Once the External Account has been verified, you will be able to schedule transfers to and from the account.

Upon your first time logging in to Online Banking, you may enroll for Bill Pay. Once logged in, click on the 'Pay Bills' tab, then click on the 'Sign up for Bill Pay' button to enroll.

When you add a payee that offers eBills, you will be presented with a ‘Get eBills’ icon. Once you select the icon, you will be prompted to enter required info to request eBills, and we send your request to the company. When you complete the request for one company, you can sign up for eBills from other companies that offer them.

If the payment was sent electronically, contact Customer Service at (847) 952-3700 and a representative will be able to assist you. We will provide you with proof of payment. If the bill payment was sent via check, you will be able to access a copy of the check in the account history. Once you have logged in to Online Banking, you can click on the funding account for the payment. If the check has been paid, it will appear in the account history. Click on the check icon next to the payment to view the front and back of the check.

No, businesses should enroll in our Ca$hTrac Digital Service. Ca$hTrac for commercial online banking customers makes business banking faster and easier by directly linking your organization with a complete range of First American Bank Treasury Management services.

Popmoney® is a fast and easy way to send and receive money between people. It is a service that moves money directly between your bank account and theirs. It works with virtually any bank or credit union.

To use Popmoney, log in to Online Banking, click ‘Pay Bill’ and select ‘Popmoney’.

After you enter your Eligible Transaction Account information, you can send or request money from your contacts. They will be notified by email or text message that you wish to send money or are requesting money from them. You and your contacts will never need to exchange financial account information.

A Health Savings Account (HSA) is a tax-exempt trust or custodial account you set up with a qualified HSA trustee (First American Bank) to pay or reimburse qualified medical expenses you and your family incur. You must be an eligible individual to qualify for an HSA.

To be an eligible individual and qualify for an HSA, you must meet the following requirements. 1) You are covered under a high-deductible health plan (HDHP) on the first day of that month 2) You covered under an HSA qualified High Deductible Health Plan (HDHP) and have no other health coverage except what is permitted under “Other health coverage” 3) You are not enrolled in Medicare 4) You cannot be claimed as a dependent on someone else’s tax return.

A high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Being covered by an HDHP is also a requirement for having a health savings account. To view limits, visit our HSA page.

Deductibles and out-of-pocket expenses index annually, adjusting for inflation. All qualified medical expenses are used to reduce the plan's deductible, before the insurer starts paying claims (preventive care excluded). HSAs help reduce the overall cost of the plan's deductible due to their tax advantages and long-term savings/potential growth.

Yes. The HDHP must limit out-of-pocket expenses. To view these limits click here.
These amounts index annually, adjusting for inflation.

It is a checking account.

If you would like to close your HSA account at another financial institution and have that bank send the funds directly to First American Bank, you will need to complete and return the Health Savings Request for Transfer Form for processing. The form can be found here.

If you would like to send funds a financial institution has sent you from an HSA that has been closed and it is within 60 days of closing that account, you may complete a Rollover Review form. The form can be found by clicking here:

You may send the completed form and check to:
First American Bank
Attn: HSA Department
P.O. Box 0794
Elk Grove Village, IL 60009.

In order to credit the funds back to the account correctly, please send the check and the HSA Tax Form Correction Request form to First American Bank. Once received, we will deposit the funds into your account in a way it will not affect your tax reporting. You may find the Tax Form Correction Request form by clicking here :

Once completed, please send the form via USPS to:
First American Bank
Attn: HSA Department
P.O. Box 0794
Elk Grove Village, IL 60009.

In order to add or change a beneficiary on your HSA, you will need to complete our Change of Beneficiary form. The Change of Beneficiary form can be accessed by clicking here .

Once completed, please send the form to via USPS at:
First American Bank
Attn: HSA Department
P.O. Box 0794
Elk Grove Village,IL 60009

Or via fax to (847) 890-6733

Or via email to HSA@firstambank.com

Or via secure message within Online Banking.

Qualified distributions are excludable from your gross income. Any other distributions will be included in your gross income and are subject to an additional 20% in addition to the amount included, except in the following cases: Your death; Your disability; You reach the age of 65. Any HSA distributions that are not rolled over will be taxed as income in the year they are distributed, unless used for qualified medical expenses. HSA custodians/trustees are not required to determine whether HSA distributions are qualified. The qualified medical expenses must be incurred only after the HSA has been established. You may find a listing of qualified medical expenses through IRS Publication 502 by clicking here.

If you are married and your spouse is your beneficiary, the HSA will be transferred into an HSA in their name. If your beneficiary is not your spouse, the HSA ceases to be an HSA effective on the date of your death. The proceeds will be included in the beneficiary’s gross income for the year of death.

It is your responsibility to be sure that you are paying qualified health care expenses from your Health Savings Account. The best way for you to be sure if your expenses are qualified is to refer to Section 213 of the IRS Code, under Publication 502: Medical and Dental Expenses. To order IRS Publication 502, call 1-800-TAX-FORM (1-800-829-3676), or go to www.irs.gov. Please consult with your tax advisor regarding these matters. First American Bank is not responsible for determining if your distributions qualify, nor do we provide tax advice. If you would like more information about Health Savings Accounts and HDHPs, go to www.irs.gov.

HSA Distribution Forms will be mailed in January. You should expect this form if you opened an HSA and took distributions, including rollover distributions, or had a taxable event in the prior tax year.

HSA Contribution Forms will be mailed in May. You will receive this form if you made any contributions, including rollover contributions, into your HSA for the prior tax year. The form will not be available until May because prior year contributions are allowed until the tax filing deadline.

State trust law determines when an HSA is established. Accounts are typically considered established when they are funded. IRS Notice 2008-59: General HSA Guidance Q&A 38 & 29.

For HSA purposes, expenses incurred before you establish you HSA aren’t qualified medical expenses. State law determines when an HSA is established. Please consult with a qualified tax preparation specialist or legal counsel to confirm your state specific law.

The First American HSA PLUS account allows you to invest a portion of your HSA in a variety of different mutual funds. These mutual funds may provide higher yields than you would otherwise earn if your funds were left solely in your HSA. The Health SavingsPLUS Account is composed of two parts: A checking portion – This is an interest bearing account that works just like our traditional HSA. You can write checks, make deposits, and use your debit card to pay any qualified medical expenses. The checking portion is an FDIC insured deposit account. The investment portion gives you the ability to invest in a variety of nationally recognized mutual funds. Savings held in the investment portion are not insured by the FDIC, not bank guaranteed and may lose value.

Every investor should be able to design an investment plan to meet their individual needs and goals. We have selected several nationally recognized mutual funds. See current fund offerings by clicking here.

No. However, you need to have a balance in excess of $2,000 in the checking portion of your account prior to making any investments. While your balance may fall below $2,000 as you pay for qualified medical expenses, you will need to bring your balance back above $2,000 before you can make any future investments.

Yes. A flat $4.95 monthly service fee applies to all First American Bank Health SavingsPLUS account owners. You may make an unlimited number of reallocations between funds and/or an unlimited number of transfers to and from the checking portion of your account with no additional fees from First American Bank. However, please note that some mutual funds may charge fees and expenses as stated in the fund's prospectus. Mutual fund exchange fees may apply for funds held less than the length of time specified in the fund's prospectus and annual trading limits may apply. For complete information on the Health SavingsPLUS Account mutual funds, including fees and expenses, please read our interactive fund prospectus by clicking here .

Read carefully each fund's prospectus, which includes information on the fund's investment objectives, risk, charges, and expenses along with other information before investing or sending monies. You may also choose to consult with your financial advisor to determine appropriate investment options .

An investment in the Health SavingsPLUS mutual funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the funds seek to preserve the value of your investment, it is possible to lose money by investing in the funds. Investors should consider these and other relevant facts when choosing among investment options under an HSA, particularly if the need arises to have to finance short-term medical costs out of an investment account.

Devenir, LLC is a registered investment advisor and Broker Dealer member NASD/SIPC that was chosen by First American Bank to research and select the Health SavingsPLUS Account investment options. Devenir's investment selection methodology screens the plan's mutual fund options on a number of criteria, which includes, but is not limited to, total fund performance, category ranking by Morningstar® and track record. Devenir will periodically review and may recommend changes in the program's group of mutual funds if a particular fund no longer meets the investment selection criteria. You will not be given separate notice of these changes; however, the Current Funds page will always list the current group of mutual funds and provide access to fund prospectuses. Any change in the group of mutual funds will not affect amounts you have previously invested and you may continue to hold that fund. However, you will not be able to make any new investment into that fund.

In order to invest monies into the investment portion of your HSA Plus account, click here to sign in. You can now select 'Set Future Invest Selections' to change the allocation of future contributions to your investment account or select 'Realign HSA Investments' to change your current holdings.

Generally, you will be able to have online access to your invested funds the day after you've activated that portion of your account. Click here to log in .

You may only access funds in the checking portion of your Health SavingsPLUS Account. If you wish to use the assets from your investment portion to pay for your qualified medical expenses, you must redeem your mutual fund holdings and transfer the proceeds to the checking portion of your account. The assets from the investment portion can only be accessed by transferring to the checking portion of your Health SavingsPLUS account. Funds will not be available on a same day basis. Please allow up to 5 business days for the funds to be available in the checking portion of your account.

Yes. You can only make deposits into the checking portion of your account. Once the funds are available in the checking portion and your balance exceeds $2,000, you may transfer money to the investment portion.

You can direct excess money into the investment portion of your account by logging onto www.firstambank.com and selecting Online Banking from the Login to Services menu. After you have logged on to your account, please select 'Funds Transfer' and follow these steps: Select your HSA PLUS Account in the 'From' field and select HSA PLUS Investment Account in the 'To' field. Enter in the amount of money you would like to invest in your mutual funds. Remember your checking balance must exceed $2,000 and you may only invest the funds in excess of the $2,000 balance. The funds will be allocated to the different mutual funds, based upon the investment allocations you have set up. You can change these allocations or realign your current portfolio at any time by logging onto the 'HSA PLUS Investment' site. Please note that once you have made your allocations, any future contributions to the investment portion will be distributed according to the allocations you've selected.

You can request a distribution through the 'Transfer Back to Base Account' link under the 'Move Money' on the investment site. Please allow at least 2-3 business days in order for the money to be transferred into your account.

At any time you may log onto the HSA PLUS Investment site from our website to change your allocations. If you have a question that was not answered please contact us by Email or call our Toll Free HSA Help Line at 866-449-1150 or call us at 847-952-3700 (press 2 then press 4).

There are several ways to make deposits easily to your First American HSA account. You can: Set up an automatic deposit from your employer; Wire funds to your account; Transfer funds from another First American Account; Mail your deposit to: First American Bank, Attn: HSA Department, P.O. Box 0794, Elk Grove Village, IL 60009

Once you have met the requirements, anyone may make a contribution to your HSA, regardless of your employment status. Pre-tax contributions are the most beneficial way to contribute to an HSA due to the immediate tax savings pre-tax contributions offer.

To view limits, visit our HSA page .

If you discover you have exceeded the maximum contribution limit for the year, please contact our HSA Customer Service team at (866) 449-1150. Our representatives will guide you through the process of correcting the account.

Please confirm the amount you were eligible to contribute with a tax advisor. Once you have confirmed the amount you were eligible to contribute, please contact our HSA Customer Service team at (866) 449-1150. Our representatives will guide you through the process of correcting the account.

If you are an eligible individual who is age 55 or older at the end of your taxable calendar year, your contribution limit is increased by $1,000. (Certain exceptions apply.)

Any contributions made by you and any other person on your behalf are deductible as long as they do not exceed the annual federal contribution limits. Employer contributions are not deductible. However, any employer contributions do not count as wages for federal income tax purposes.

Any contributions for the taxable year can be made in one or more payments, at the convenience of the individual or the employer, at any time prior to the time prescribed by law (without extensions) for filing the eligible individual’s federal income tax return for that year, but not before the beginning of that year. For calendar year taxpayers, the deadline for contributions to an HSA is generally April 15 following the year for which the contributions are made.

Debit cards are issued to the primary account holder and the authorized signer on the account. HSAs are allowed one authorized signer. If you would like to add a signer or confirm who the signer may be on your First American Bank HSA, please contact our HSA Customer Service team at (866)-449-1150.

Your debit card will be issued following the first successful contribution processed into any new account.

Please visit any of our branch locations or contact our Business Experts to discuss your business financial needs. A few additional documents will be needed to open the account.

Please contact our Treasury Management department at (847) 952-3701 to discuss Ca$hTrac for businesses.

Please visit our U.S. Banking for Foreign Corporation page for more information or contact a Business Expert.

To adhere to RESPA requirements, you must include the following items with each submitted application:

Loan Submission Form (with all of the sections completed, all of the questions addressed, and signed and dated by the originator)
1003 (with the terms of the second mortgage)
1008
Flood hazard determination
Income verification
Signed Applicant’s Authorization

No. You must perform and send us a new search with every application you submit.

You will receive a phone call and an email from one of our liaisons. If the application was pre-approved, the email will include a pre-approval letter with a list of any remaining documents that are needed to process the application. If the application is declined, the liaison will call and notify you of the decision.

Yes. Once the application is pre-approved, a liaison will call your client to introduce themselves and ask for any documents that are still needed.

First American Bank always requires some type of independent income verification directly from the applicant, even though we require income from a third party.

The liaison will work with you and your customer to obtain any documents needed. If at any time you want an update on the application, please contact your liaison.

Yes, on title company transactions only. Prior to closing you must provide First American Bank the POA to be reviewed. We also require title insurance to be purchased on the transaction. The costs will be passed on to the client.

You will be notified by a liaison that the loan has been approved. If it’s a stand-alone we will contact the applicant to schedule the closing. If it’s a simultaneous closing we will work with you to get the closing details.

At the beginning of every month, we will deliver a check for all the applications that you submitted which closed and funded in the previous month.

The IRS requires 20% withholding on all qualified plan distributions eligible for rollover to an IRA or another qualified plan. You will report the distribution as ordinary income on your personal tax return. Depending on your personal tax bracket, you may be required to pay additional taxes on the distribution or you may be entitled to a refund. If the additional amount of tax due is substantial, you may be required to make estimated tax payments. You may also be required to pay state income taxes. You should consult your personal tax advisor before making decisions regarding your distribution.

In general, Required Minimum Distributions (RMDs) from your retirement accounts (including IRAs) need to begin by April 1 following the year in which you attain age 70½. Thereafter, the plan must issue RMDs annually on or before December 31. Note that two required distributions will be issued your first year (April 1 and December 31) if you wait until April 1 to begin your distributions. You may avoid two taxable distributions in the first year by taking your first withdrawal by December 31 of the year in which you attain age 70½.

However, if you are still working, you are not required to begin RMDs from your employer sponsored plan until April 1 of the year following the year in which you terminate employment. This exception does not apply if you own more than 5% of the employer, nor does it apply to IRAs.

The annual deferral may not exceed the lesser of:

a. $19,000 for 2019;

b. the maximum deferral amount allowed under the terms of the plan; or

c. the amount that allows the plan to meet the required nondiscrimination tests.

In addition, if you attain age 50 or older by December 31, you may defer an additional $6,000 catch up contribution.

If a plan accepts rollover distributions from other qualified plans, it may also allow for employees to make a rollover contribution before they meet the plan's minimum age and service eligibility requirements. These employees would be considered 'limited participants' in the plan.

Yes, the additional 10% tax applies, with limited exceptions. Exceptions include distributions that are made to a participant after termination of employment after attainment of age 55, distributions that are attributable to an employee being disabled, and distributions that are made to cover deductible medical expenses.

Click on the link, contribution limits.

The Department of Labor (DOL) requires that 401(k) contributions and loan repayments deducted from participant’s pay should be deposited into participant accounts as soon as possible after the payroll date of withholding. For Plans with fewer than 100 participants, the DOL guideline requires deposits to be made no later than seven business days after the payroll date of the withholding. For Plans with more than 100 participants, the DOL will require that the deposits are made as soon as possible. As an example, if the company has shown that it can deposit 401(k) contributions within 3 business days, the DOL will expect all deposits to be made in that timeframe.

No, 401(k) deferrals may only be made from pay while the participant is an employee of the plan sponsor. Severance pay that is received after termination of employment is not eligible for deferral.

Not necessarily. Since a hardship distribution is not eligible to be rolled over to an IRA or other qualified plan, participants may elect to have no withholding on their hardship withdrawal. The withdrawal is reported on a Form 1099-R as taxable income. If no withholding is elected, the participant may be required to make estimated tax payments and should consult a tax professional before making this decision. Absent the written election not to withhold taxes, 10% withholding is required.

The plan administrator is the individual or entity designated in the plan document as such, and is responsible for interpreting the plan and adhering to its terms. The plan administrator is often the employer sponsoring the plan or the trustees of the plan. We are not the plan administrator. Rather, we are an administrative service provider engaged to assist the plan administrator in fulfilling its responsibilities. We are sometimes called a third party administrator (TPA).

A Summary Plan Description (SPD) is a booklet for plan participants that describes the plan provisions in a manner that can be understood by the average individual.

It must be distributed within 90 days of the date an individual becomes a plan participant.

A Summary Annual Report (SAR) is a narrative which contains basic plan and financial data for the plan as a whole. A participant must receive a SAR for each plan year.

A Secure Email is a type of encrypted email message. To ensure privacy, you should never send sensitive information through standard email where it is susceptible to unauthorized access. Secure Email uses encryption to protect sensitive email messages so that you can send and receive them safely across the Internet. Secure Email delivers email to your inbox in any standard email system. You can use a web browser to open the secure email; no special software is required. Secure emails will be available to access for 90 days. If you wish to keep the attachment after 90 days you will need to save the attachment.

No, only the emails that contain confidential information will be sent through Secure Email.

Secure emails will expire in 90 days.

You can open a secure email that was sent to you and hit reply. Or, login with your registered email address and password to our secure email portal.

Yes, there is a 25 MB limit.

Click on the ‘Forgot Password’ link on the login page for Secure Email. We will send you an email with a link to reset your password. The link will only by active for 30 minutes.

No. You can only send a Secure Email using the Bank’s Secure Email system to First American Bank employees.

Secure emails can only be sent to a Firstambank.com email address for security reasons.

If the email address is incorrect or no longer valid, you will receive a delivery failure in your personal email inbox.

If you have any additional questions, please contact us at (847) 952-3700 or contact your First American Bank Representative that you are working with.