First Citizens Bancshares, Ltd. is an unincorporated bank holding firm located in Raleigh, North Carolina which runs First Citizens Bank. First Citizens serves eighteen states and the District of Columbia, concentrating primarily in the Southeastern U.S., Southern California, and the Puget Sound area of Washington. It was founded in 1970 and was previously known as First National Bank of Raleigh. It has its branches throughout the eastern half of the state.
The firm was started by two brothers who wanted a way to start a new business venture while still working at the University of North Carolina. They decided to use their bank account to provide loans to individuals and businesses. Later, they began offering a cash advance payday loan business.
The bank is incorporated in Delaware but conducts all of its banking activities out of the United States. It maintains its main headquarters on South Tryon Street in Raleigh. Banks in Wilmington, NC are some of its customers.
The bank was one of five that participated in an initiative by the Federal Deposit Insurance Corporation (FDIC) to increase the amount of capital that it required from a number of banks participating in the program to be eligible for government funds. The FDIC will require participating banks to have up to $1.25 billion of “equity” in order to receive the funds.
Banks and financial institutions will not qualify to participate in this initiative unless they can demonstrate a financial plan that would assure that they would be able to continue to operate during and after the program ends. In addition, any bank or financial institution that would not have enough capital on hand to cover all of the expenses of operating the bank during the program’s duration may not be considered for the program. The FDIC requires these banks to pay for costs of advertising and outreach efforts in order to attract new customers.
To date, the FDIC has approved funds to help six banks to remain in operation in Florida, Illinois, Maryland, Oklahoma, Colorado, Arizona, and Nevada. Other states that could receive funding include California and Hawaii. The program also targets “large” banks and commercial financial institutions that provide banking services to families, credit unions, and other organizations. It does not affect credit unions.
First Citizen has a variety of products and services. Some of them include overdraft protection, money market accounts, CDs, credit cards, cash advance payday loans, home equity lines of credit, and other loans. Some of their services allow borrowers to deposit checks online or use automatic teller machines. Others may include business checks and money orders. They also offer a free online banking service.
This bank works closely with members of the North Carolina State Credit Union to help them stay in operation. The state credit union has a variety of loan programs. In addition, this bank has an online savings account.
One of the best features of First Citizens is its low interest rates and terms. They have a zero percentage APR, a twenty-year loan term, an introductory APR of fifteen years, and no prepayment penalty for any balance due. on a checking or savings account. These favorable rates are an incentive for people to keep their account open.
Most credit unions charge annual fees for loans and charge late fees for withdrawals. and overdraft fees for transfers. First Citizens does not charge an annual fee for either a checking or a saving account. and they have no overdraft fee for a savings account. Their overdraft fee is a percentage of your account balance.
A good idea is to set up a new account with this bank if you’ve had a checking or savings account with them in the past. You’ll need to prove your income level to qualify. Then you can apply online. Be prepared for a lengthy application process, however, and do not delay.