FAQs

The routing number for First American Bank is 071922777.

The routing number for Health and Benefits Accounts (HSA, FSA, HRA, QTA) is 067015928.

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 More Info. 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
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. 

Contact us at 847-952-3700 so we can get this resolved. For security purposes, we can't assist via email.

If you have forgotten your password, the 'Forgot Password' feature will ask you to enter your Login ID and Date of Birth. Once you have entered the correct information, you will be prompted to validate your security by entering a One-Time Passcode via SMS text or phone call. Once your security has been validated, 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:

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

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

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

In order to change your email address, please:

1. Log in to Online Banking and from the Accounts Summary screen click on 'Profile'.
2. Click on 'My Contact Information'. 
3. Click on the Update button that corresponds with the Email Address section.
4. Enter and confirm your new email address, then click Submit.
5. Elect to receive a text message, to receive a voice call, or to answer questions in order to verify your identity.
6. 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: 

1. 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.
2. 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.
3. 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: 

1. 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.
2. 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.
3. Once the transaction is located, click on the deposit icon appearing next to it.
4. 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:

1. Log in to First American Bank’s desktop site using your Online Banking Login ID and Password.
2. Select the ‘Profile’ icon at the top of the page.
3. Select ‘Manage Biometric Authentication’.
4. 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:

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

Mobile Deposit is subject to eligibility requirements and deposit limits.

Android versions that are version 6.0 and above are 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 12 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:

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.

1. Log into Online Banking
2. Click on the 'Transfer Funds' tab at the top of the screen
3. Click 'External Accounts'
4. Click 'Add an account at another financial institution that is not listed above'
5. On the next screen, input the information requested for the account
6. Within a few days of submitting this information, two small deposits will be made to your external account
7. 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.

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.

An HSA is a special tax-advantaged savings account similar to a traditional Individual Retirement Account (IRA) but designated for medical expenses. An HSA allows you to pay for current eligible healthcare expenses and save for future qualified medical and retiree healthcare expenses on a tax-favored basis.

HSAs provide triple-tax advantages: contributions, investment earnings, and qualified distributions all are exempt from federal income tax, FICA (Social Security and Medicare) tax and state income taxes (for most states).

Unused HSA dollars roll over from year-to-year, making HSAs a convenient and easy way to save and invest for future medical expenses. You own your HSA at all times and can take it with you when you change medical plans, change jobs or retire.

Funds in the account not needed for near-term expenses may be able to be invested, providing the opportunity for funds to grow. Refer to the Consumer Portal to find out your investment options.

To be eligible to set up an HSA and to make contributions, you must be covered by a qualified high-deductible health plan, or HDHP.

1. To be eligible to contribute to an HSA, you must be covered by a qualified HDHP and have no other first dollar coverage (insurance that provides payment for the full loss up to the insured amount with no deductibles).
2. You may use your HSA to help pay for medical expenses covered under a HDHP, as well as for other common qualified medical expenses.
3. Unused HSA funds remain in your account for later, and may be able to be invested in a choice of investment options, providing the opportunity for funds to grow.

HSAs work in conjunction with an HDHP. All the money you (or your employer) deposit into your HSA up to the maximum annual contribution limit is 100% tax-deductible from federal income tax, FICA (Social Security and Medicare) tax, and in most states, state income tax. This makes HSA dollars tax-free. You can use these tax-free dollars to pay for expenses not covered under your HDHP until you have met your deductible.

The insurance company pays covered medical expenses above your deductible, except for any coinsurance; you can pay coinsurance costs with tax-free money from your HSA. In addition, you can use your HSA tax-free dollars to pay for qualified medical expenses not covered by the HDHP, such as dental, vision and alternative medicines.
 
Contributions
Tax-free contributions to your HSA can be made in a variety of ways, including:

1. Pre-tax payroll contributions, if available through your employer.
2. Online transfers — transfer funds directly to your HSA from your linked personal savings or checking account
3. Send a check to First American Bank Health Account Services for deposit into your HSA.
4. Rolling over or making a transfer from an existing IRA (Individual Retirement Account) to an HSA, but only once in your lifetime.

Distributions
Distributions from your HSA are used to pay for qualified medical expenses. This can be done by the following methods:

1. Paying for purchases and medical services using your First American Bank Health Account Services prepaid Mastercard^® debit card.
2. Using online bill pay through your online Consumer Portal.
3. Requesting self-reimbursement through the Consumer Portal when you have already paid out-of-pocket for qualified expenses.
4. Paying with an HSA check (fees may apply).

How It Works
Your HSA allows you to save pre-tax income that you can use to pay for qualified short- and long-term medical expenses. It complements your HDHP, giving you an additional method to save specifically for healthcare costs.

For 2020, the maximum contribution for an eligible individual with self-only coverage is $3,550 and the maximum contribution for an eligible individual with family coverage is $7,100. Individuals who are eligible individuals on the first day of the last month of the taxable year (December for most taxpayers) are allowed the full annual contribution (plus catch up contribution, if 55 or older by year end), regardless of the number of months the individual was an eligible individual in the year.

• HSA accountholders can choose to save up to $3,550 for an individual and $7,100 for a family (HSA holders 55 and older get to save an extra $1,000 - and these contributions are 100% tax deductible from gross income.
• Minimum annual deductibles are $1,400 for self-only coverage or $2,800 for family coverage.

Annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) cannot exceed $6,900 for self-only coverage and $13,800 for family coverage.

You can 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 HSA is composed of two parts: A checking portion – This is an interest bearing account. You can 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.

Please refer to the Consumer Portal for a listing of investments available to you along with their return rate. Via Consumer Portal, you may choose which mutual funds you wish to purchase and sell. You may use Consumer Portal to review your investments as well as update the percentage allocated to each mutual fund you have chosen. 

At age 65 and older, your funds continue to be available without federal taxes or state tax (for most states) for qualified medical expenses; for instance, you may use your HSA to pay certain insurance premiums, such as Medicare Parts A and B, Medicare HMO, or your share of retiree medical coverage offered by a former employer. Funds cannot be used tax-free to purchase Medigap or Medicare supplemental policies.

If you use your funds for qualified medical expenses, the distributions from your account remain tax-free. If you use the monies for non-qualified expenses, the distribution becomes taxable, but exempt from the 20 percent penalty. With enrollment in Medicare, you are no longer eligible to contribute to your HSA. If you reach age 65 or become disabled, you may still contribute to your HSA if you have not enrolled in Medicare.
 

A Healthcare Flexible Spending Account (FSA) is a pre-tax benefit account that you can use to pay for eligible medical, dental, and vision care expenses that aren’t covered by your health insurance plan. FSA accounts are exempt from federal taxes, Social Security (FICA) taxes and, in most cases, state income taxes. The money in an FSA can be used for eligible health and/or dependent care expenses that are incurred while you are participating in the plan.

• Healthcare FSA: Covers medical, prescription, dental and vision expenses
• Dependent Care FSA: Covers dependent care expenses including daycare, nursery school and day camp for children (up to the age of 13), and services for adult dependents who cannot care for themselves
• Limited Health Care FSA: Covers dental and vision expenses only (for compliance with a Health Savings Account)

Your FSA becomes effective on the date you enroll. Unlike other plans, an FSA does not start on your hire date. Contributions to your account begin as soon as administratively possible after you enroll.

The FSA Grace Period (if applicable per your plan design) provides you an additional 2 ½ months after the end of the plan year to spend down money that is left in your FSA healthcare account. This means that you have until March 15, 2021 to incur claims against your 2020 FSA. This extension of time to incur expenses reduces the chance for any forfeitures, as every 12 month plan year is, in essence, 14 ½ months.

Only those who have FSA coverage through December 31, 2020 can continue to incur claims against the 2020 plan year for services provided through March 15, 2021.

All FSA claims for services provided January 1, 2020 through March 15, 2021 will automatically be applied and processed from the 2020 plan year first if filed by the claims filing deadline for that plan year. If your claim exceeds the available funds from the 2020 plan year, any excess will be automatically applied to the 2021 plan year.

For FSAs with Rollover, on October 31, 2013, the U.S. Department of Treasury changed the policy on remaining funds in FSA’s. You are now able to roll over remaining funds into your next plan year up to $500.00. This rollover means enrollment in an FSA is much less risky. This gives you more flexibility to spend your FSA money when you need it. You can use it for necessary out-of-pocket healthcare expenses, rather than feeling pressured to engage in last minute and potentially unnecessary spending at the end of the year.

Generally, contributions you make to your FSA are not subject to federal or social security taxes. In most instances, there are no state taxes taken out either. The amount you may save depends upon:

• The amount you put into your FSA
• The tax percentage you would normally pay on that money (tax bracket)

Let's say you want $2,000 taken out of your paycheck this year to put into your FSA. The money you direct to your FSA is taken out of your check before taxes are taken out. That reduces your taxable income by $2,000.

Let's say you normally pay 30 percent in federal, social security and state taxes on your income. In this example, you would enjoy a tax savings of 30% of the $2,000. In other words, you could get a $600 tax savings on the $2,000 you directed to your FSA.

QTA accounts allow employees to allocate pre-tax dollars to pay for eligible work-related transit and parking expenses, governed by IRC Section 132. Consumers can have both a parking account and a transit account, each account is separate, and funds cannot be transferred from one to the other. These pre-tax dollars will continue to rollover month to month, year to year, as long as you’re still with your employer.

For 2020, you can set aside up to $270 per month on transit expenses and up to $270 per month on parking expenses. Under IRS regulations, total contributions (consumer and employer) for a transit or parking plan cannot exceed the pretax monthly contribution limit.

• Parking: Expenses for parking at or near your work location or at or near a location from which you commute using mass transit.
• Transit: Expenses include public transportation such as train, bus, monorail, streetcar, subway, ferry. This also includes services such as UberPool and Lyft Shared. Vanpool expenses are eligible, but the highway vehicle must seat at least six adults, excluding the driver.

Funds are available as they are contributed to your account each payroll cycle. If you are placing a Smart Commute order, then your ordered funds will be available on your transit authority smart card by the first of the month you selected.

First American Bank makes it easy for your employees to pay for eligible transit and parking services with our Health Account Services prepaid debit card. Employees will also have access to manage their commuter benefits with the First American Bank Health Account Services Consumer Portal.

If available for your region, you can also place a Smart Commute order to load your transit authority smart card from the Consumer Portal. See the Smart Commute section for more information. When you use the prepaid debit card or Smart Commute, you don’t need to submit receipts to substantiate your expenses.

For parking and vanpool expenses, you can pay out-of-pocket and request reimbursement for your expenses on the Consumer Portal or mobile app. Reimbursement can be issued via direct deposit to your bank account or check. Mass transit expenses are not eligible for reimbursement per the IRS, when an eligible method such as the benefit debit card or Smart Commute are available.

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 TreasuryMgmtSales@firstambank.com 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.

Prior to 2020, you were required to start taking Required Minimum Distributions (RMDs) by April 1 of the year following the year in which you attained age 70 ½. That rule still applies if you attained age 70½ by the end of 2019. Once you are required to begin taking RMDs, you must continue. For 2020, the SECURE Act increased the age to begin RMDs to age 72. The same April 1st deadline applies. Thereafter, you must take RMDs annually on or before December 31. Note, two required distributions will be issued your first year if you wait until the period January 1 to April 1 to begin your RMDs. You may avoid two taxable distributions in the first year by taking your first withdrawal on or before December 31 of the year in which you attain age 72.
 
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.
 
Special Note:  For 2020 the CARES Act temporarily suspended the RMD requirements from IRAs and qualified retirement plans provided the employer sponsoring the plan adopts the CARES Act provisions. Check with the sponsor of your retirement plan to confirm if you must take an RMD for 2020.

The annual deferral may not exceed the lesser of:

a. $19,500 for 2021;

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 $6,500 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 here to view 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 be 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.

You can view our current openings here: Employment Opportunities.

You will receive a confirmation email when we receive your application.  We will reach out to you if we decide to move forward with your application.