We have compiled a list of our frequently asked questions regarding Certificate of Deposit Account Opening, Funding, Maturity and other relevant information that may be helpful.

 

CONTACT US:
By Phone:
517-679-6485
Monday-Friday from 8:30AM-5:00PM EST

By email:
ONLINEACCOUNTS@FNBA.COM

DISCLOSURES, RATES AND TERMS ARE AVAILABLE:

WHAT IS THE STATUS OF MY APPLICATION?

Please go to fnba.com/welcome

HOW DO I OPEN A CD ONLINE?

  • Go to fnba.com/welcome or click the Open Now button on our home page
    • For your security, you will be taken to a third-party site
      • Only the fields with an asterisk are required
  • After you review and submit your application, you will be asked questions to verify your identity by answering security questions
  • On the final Thank you page, click Return to Home
    • Here, you will click on View or Upload Documents to attach a photo of the ID for each applicant
  • Logout and a Banking Specialist will reach out to you within 1 business day via email

HOW DO I FUND MY NEW CD?

ACH

  • Most accounts are funded via an ACH transfer from a checking or savings account at another institution (please note we are not able to ACH transfer from a brokerage, annuity, or CD account).
    • Please provide the routing number and full account number, including any leading zeros on the funding page of our secure online account-opening platform
    • Please allow up to five business days for the funds to be withdrawn from your external account
    • ACH funding will be requested on the business day that the application is approved

Wire Transfer

  • Wire Instructions:

First National Bank of America
241 E Saginaw
East Lansing MI  48823

Routing #: 072412435
Account #: 233750
Reference: Your Last Name – Online Account

Mail a Check to our Traverse City, MI branch

  • Mailing Instructions:

First National Bank of America
Online Accounts
315 N. Division St., Suite 100
Traverse City, MI 49684

WHAT ARE THE BALANCE REQUIREMENTS FOR OPENING A CD?

There is a $1,000 minimum and a $1,000,000 maximum for all certificates of deposit.

WHAT IS THE EARLY WITHDRAWAL PENALTY?

FNBA does allow partial withdrawals. The penalty is charged only on the amount withdrawn. The penalty may result in a reduction of your principal balance.

  • 1-11 Months = 90 days of interest
  • 12-23 Months = 180 days of interest
  • 24-47 Months = 360 days of interest
  • 48-84 Months = 540 days of interest

Penalties are calculated based upon the number of months remaining on the certificate from when the withdrawal is made. Early withdrawal penalties are the same for online and in-branch CDs.

WHAT TYPES OF DEPOSIT ACCOUNTS CAN BE OPENED ONLINE?

Personal CDs are currently the only product available online.

    • We are unable to offer accounts held by small businesses, trusts, powers of attorney, custodial accounts or individual retirement accounts (IRAs) online

CAN MY TRUST BE MY PAYABLE ON DEATH BENEFICIARY?

Yes. On the “Beneficiary” screen of the online application, you are asked if the Payable on Death beneficiary is an Individual or a Trust. If you would like the Payable on Death Beneficiary to be a trust, you will need to provide either a Certificate of Trust or the full trust document.

  • Attach documents:
    • Select Return to Home on the Thank you page and then select View or Upload Documents to attach a copy of your Certificate of Trust
    • You may also email the Certificate of Trust to us directly at onlineaccounts@fnba.com.

ARE FIRST NATIONAL BANK OF AMERICA DEPOSIT ACCOUNTS FDIC INSURED?

Yes. First National Bank of America is a member of the FDIC. Your deposits are insured up to $250,000.00 per account holder, per ownership category. FDIC insurance calculation information is posted here: https://www5.fdic.gov/edie/

IS MY INTEREST RATE SET ON THE DAY OF APPLICATION?

As long as funding is received within five business days from application, we will honor the rate that was in effect on the date you submitted the application. If it takes more than 5 business days to fund your account, your rate may be subject to change.

THE APPLICATION SITE IS ASKING ME FOR A SIGNATURE CARD. WHERE IS THAT?

A Banking Specialist will review the application and reach out to you within 1 business day via email to have you electronically sign the required disclosures along with the signature card.

ARE THERE ANY MONTHLY MAINTENANCE FEES?

No, Certificates of Deposit do not have monthly maintenance fees.

WILL I GET A HARD COPY OF MY CERTIFICATE OF DEPOSIT?

Hard copies of CDs are provided upon request. If you would like a hard copy of your Certificate of Deposit, please email onlineaccounts@fnba.com to request one.

AM I NOTIFIED WHEN MY CD IS MATURING?

Yes. We will mail you a maturity notice approximately 30 days prior to the maturity date of your CD.

WHAT ARE MY OPTIONS WHEN THE CD MATURES?

There are multiple options available upon maturity:

  1. Take no action, your entire CD will rollover automatically for the same term at the rate currently offered
  2. Rollover your entire CD into a new term with the rates currently offered
  3. Withdraw part of your CD and roll the remainder over into a new term with rates currently offered
  4. Withdraw all of the funds in the CD

To request a withdrawal or rollover your existing CD:

CAN I ADD FUNDS TO MY CD?

You may only add funds to a regular CD within the 10-day grace period at the time of maturity.

CAN I GET INTEREST DISBURSEMENTS FROM MY CD?

Yes. You may have your interest mailed to you via check, deposited into a First National Bank of America deposit account, or sent to another institution via ACH.

For assistance, please email your request to onlineaccounts@fnba.com

HOW WILL I GET MY 1099-INT?

Your 1099-INT will be mailed using the United States Postal Service.

I HAVE AN EXISTING CD THAT I OPENED ONLINE, HOW DO I APPLY FOR AN ADDITIONAL ACCOUNT?

  • Go to fnba.com/welcome
  • Click Login
    • This will be the Username and Password for your original application
  • Click Start A New Application

WILL I GET A MONTHLY STATEMENT?

Statements are provided quarterly at the end of March, June, September, and December.