First Federal Bank of Louisiana Review

Overview

Founded in 1949, First Federal Bank of Louisiana has $823 million in assets along with $636 million in deposits, classifying it as a medium-size bank. First Federal Bank of Louisiana, whose headquarters are in Lake Charles, Louisiana, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a commendable 4.1 stars out of 5, First Federal Bank of Louisiana is a respectable bank that should be given a look. First Federal Bank of Louisiana offers an array banking products, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product carries a $3.00 monthly fee, which is not too high compared to the national average. Banks that offer free checking and a high interest rate savings account are the best option for accruing the highest income on your deposits while having convenient access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

First Federal Bank of Louisiana has a savings rate of 0.15%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 1.25% and the five-year CD has a rate of 2.25%. Given its below average savings rate, you should think about looking at the competition to open savings accounts.

How First Federal Bank of Louisiana's Savings Rates Compare

First Federal Bank of Louisiana generally has average fees in comparison to the average U.S. bank. At $3.00/month, First Federal Bank of Louisiana is less than great for those who want a basic checking account. For those who will need cash in a pinch, First Federal Bank of Louisiana is good because it has an out-of-network ATM fee of $1.00, which is good compared to the national average. First Federal Bank of Louisiana does not reimburse out-of-network ATM charges, which means you will have to find a First Federal Bank of Louisiana ATM or pay the cost of withdrawal.

First Federal Bank of Louisiana is a brick-and-mortar bank, with 16 total bank locations in Louisiana. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. First Federal Bank of Louisiana's online and mobile banking platforms get fairly high ratings from customers. Out of 50 customer reviews across iOS and Android platforms, the First Federal Bank of Louisiana mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). You can access First Federal Bank of Louisiana's app to manage your accounts by monitoring current statements, sending and receiving money as well as reaching support representatives. First Federal Bank of Louisiana gets a superb consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

First Federal Bank of Louisiana is currently a medium-size bank with assets totaling $823 million and $636 million in deposits. First Federal Bank of Louisiana has an excellent Texas Ratio of 2.32%, signifying that the bank is in terrific financial well-being and unlikely to fail. Additionally, First Federal Bank of Louisiana is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

First Federal Bank of Louisiana offers several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. First Federal Bank of Louisiana does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Federal Bank of Louisiana's CD rates are fair in comparison to the national average.

Find a First Federal Bank of Louisiana Near Me

First Federal Bank of Louisiana has 16 branches in the U.S.