First Federal Bank

Introduction

First Federal Bank can be regarded as one of the leading banks which provides some basic services including investments, loans, credit cards, savings, checking, merchant services etc. First Federal bank divides it’s banking activities into four operative units. These units comprise personal banking, business banking, investment service. Beside these three units, First Federal bank also maintains a unique activity, which is calculator facility.

Operational division

First Federal bank upholding it’s banking activities into three major operative units including personal banking, business banking, investment services, beside it’s other activities which are related to providing latest rates, credit cards, loans and a unique one, i.e., facility of calculation by calculators.

Personal banking:

This functional unit of First Federal bank provides some common services including investment facility, checking, loans, savings etc.

• Loans facility:

  Two types of loans facilities are available, which are consumer loans and home loans. Consumer loan facility deals with three popular loan facilities including personal loan, home equity loan, and auto loan. Home loan deals with construction loan, federal housing administration (FHA) loan, rural development loan, conventional loan, etc. This costruction loan type of home loan handles the construction activities, whereas the FHA loan provides customers to build their home with minimum down payment facility.

• Checking facility :

  Customers can opt for any of the three cheking options as provided by First Federal bank. These are free checking, one and done checking and smart checking. The opening balance that should be maintained in these three checking accounts are $100, $1,000 and $100 respectively. No interest is given for free checking account. Interests are given for the remaining two checking accounts with a condition that if customers maintain a higher account balance, they will get higher interest rates.

• Savings facility:

  First Federal bank provides two types of savings account facilities. These are savings and money market account and Certificates of Deposits account. One of the beneficial savings account facility is health savings account, which provides an affordable health coverage facility to the customers, so that they can protect themseleves and their famility members and will be able to save their money from taxes. Savings and money market account provides the facility to the customers to acquire attractive quarterly interest rates. The other facility of this special type of account is customers do not require to pay quarterly service charge if they able to maintain an average daily balance of $100 in their accounts.

Business banking section:

This operative section of First Federal banks primarily deals with everyday business banking activities and provides some beneficial, convenient and frequent banking services like savings, checking, credit cards, loans, merchant service, etc.

Investment facilities:

Customers can manage their wealth and at the same time can get valuable wealth related information, if they opt for this. Some of the prominent investment facilities include fixed rate annuities, variable annuities, mutual funds, Brokerage Services. Among these investment options, fixed rate annuities option is appropriate for retirement planning.

Calculators:

This is a unique service provided to the customers of First Federal bank to enable them reexamining their financial problems. Some of the common problems the business owners face are during refinancing their mortgage loan, during renting their houses or which will be the most beneficial loan type for their business etc. These sort of common problems can be solved with this unique calculator facility option of First Federal bank.