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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

Founded in 1898, First Federal Community Bank has assets totaling $356 million and deposits totaling $316 million, which makes the institution a small bank. First Federal Community Bank, whose headquarters are in Dover, Ohio, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 out of 5 stars, First Federal Community Bank should be solidly in contention for your choice of bank. First Federal Community Bank provides customers with a full suite of product offerings, which include 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, the bank's most basic checking does not have a monthly maintenance fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for getting the most income from your deposits alongside 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

With a savings rate of 0.02%, First Federal Community Bank ranks poorly in comparison to other U.S. banks. 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 earns at a rate of 0.40%. Given its poor savings rate, you should consider looking elsewhere 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

On average, First Federal Community Bank charges customers extremely low fees compared to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. First Federal Community Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll need to locate a First Federal Community Bank ATM or eat the fee.

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. With mobile and web apps, First Federal Community Bank makes account access easy, even on the go. First Federal Community Bank gets moderate reviews from customers for its mobile banking services. With 190 ratings on both Apple and Android platforms, the First Federal Community Bank mobile app is scored at 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 checking monthly statements, sending and receiving funds and reaching support representatives. First Federal Community Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 is a small bank owning $356 million in assets as well as $316 million in deposits. First Federal Community Bank's Texas Ratio is 6.46%, denoting a small chance of 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 Account 0.15% APY $2500

First Federal Community Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Federal Community Bank does not have the best savings rate, which means you should think about taking a look 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 in comparison to the national average.

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Find a First Federal Community Bank Near Me

First Federal Community Bank has six locations across the U.S.

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