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First Federal Community Bank Review

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First Federal Community Bank Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1898, First Federal Community Bank has $356 million in assets and deposits totaling $316 million, which makes it a small bank. First Federal Community Bank, whose headquarters are in Dover, Ohio, lacks premium access to customer service, 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. On the whole, First Federal Community Bank is a solid contender in your bank search, with a score of 4.2 out of 5 stars from the SmartAsset team. First Federal Community Bank provides customers with a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Federal Community Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, First Federal Community Bank offers an option without a monthly fee. Using a bank with no-fee checking, in addition to a high interest rate savings account is your best bet for gaining the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

First Federal Community Bank features a savings rate of 0.02%, which is fair in comparison to the national average. First Federal Community Bank's one-year CD has a rate of 0.50% and the five-year CD has a rate of 1.11%, while its highest-yielding money market account has an APY of 0.40%. Given its poor savings rate, you should think about looking at the competition to open savings accounts.

How First Federal Community Bank's Savings Rates Compare

First Federal Community Bank Savings 0.02 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Federal Community Bank generally has extremely low fees as compared against the national average. First Federal Community Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. First Federal Community Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll be required to find a First Federal Community Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

First Federal Community Bank is a brick-and-mortar bank, with six total branches in Ohio. It also offers access to mobile and web apps for simple access and banking on the go. First Federal Community Bank gets moderate feedback from customers for its mobile platform. With 190 ratings on iOS and Android platforms, the First Federal Community Bank mobile app has an overall rating of 3.9 out of 5 (compared to the national average of 3.8). You can use First Federal Community Bank's mobile app to manage your bank accounts by looking at monthly statements, transferring funds and reaching support representatives. First Federal Community Bank gets an exceptional consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

First Federal Community Bank ranks as a small bank owning assets totaling $356 million and deposits totaling $316 million. Its Texas Ratio is 6.46%, indicating that First Federal Community Bank is in good financial shape and far from failure. Additionally, First Federal Community Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.46%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare First Federal Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.65% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.11% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.4% APY $10000 $15000

First Federal Community Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Federal Community Bank does not have the best savings rate, which means you should consider looking elsewhere 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 Community Bank's CD rates are fair as compared against the national average.

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Find a First Federal Community Bank Near Me

First Federal Community Bank has six physical branches in the U.S.

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