About bank
First Horizon Bank is a financial institution headquartered in Memphis, Tennessee, with branches across the southeastern United States. The bank was originally founded in 1864 as the First National Bank of Memphis, making it one of the oldest banks in the region.
Over the years, the bank underwent several mergers and name changes, becoming First Tennessee Bank in 1977 and First Horizon Bank in 2019. The bank has a long history of serving individuals, businesses, and communities in the southeastern United States.
Today, First Horizon Bank is owned by First Horizon National Corporation, a publicly traded financial services holding company. The company's shares are listed on the New York Stock Exchange under the ticker symbol FHN.
First Horizon Bank offers its customers various financial services, including personal and business banking, wealth management, mortgage services, and insurance products. The bank's personal banking offerings include checking and savings accounts, credit cards, loans, and online and mobile banking. Business customers can access various financial products and services, such as treasury management, merchant services, and business loans.
In addition to its traditional banking services, First Horizon Bank is committed to giving back to the communities it serves. The bank's community outreach initiatives include financial education programs, financial planning, volunteer work, and donations to charitable organizations.
Key features
First Horizon Bank is a financial institution with a long history of serving customers in the United States. The bank has its headquarters in Memphis, Tennessee, and operates around 400 branches across 12 states and territories. Some of the key features that make First Horizon Bank stand out include its wide range of financial products and services, its commitment to innovation and technology, and its focus on building long-term relationships with its customers.
- Personal and business banking services. Personal banking services include checking and savings accounts, credit cards, mortgages, personal loans, and wealth management services. In addition, the bank provides various services for businesses, such as commercial lending, cash management, merchant services, and international banking.
- Commitment to innovation and technology. The bank has made significant investments in technology to improve the customer experience and enhance its digital banking capabilities. Customers can access their accounts and conduct transactions through the bank's online and mobile platforms, which include features like mobile check deposit, bill pay, and person-to-person payments.
- Budgeting and spending tracking tools. Customers can set spending goals and receive alerts when they're getting close to their limit, making it easier to manage their finances and avoid overspending.
- Educational resources. First Horizon advisors strive to help customers improve their financial literacy. The bank's website includes articles and resources on various financial topics, such as budgeting, saving for retirement, and understanding credit.
- Long-term relationships with its customers. The bank's representatives work closely with customers to understand their individual financial needs and goals. This personalized approach allows the bank to provide tailored solutions that meet each customer's unique needs.
- Strong reputation for financial stability and security. The bank is FDIC-insured, which means that deposits are protected up to $250,000 per account. The bank also employs advanced security measures to protect customer information and transactions.
- Committed to supporting the communities it serves. The bank's community outreach initiatives include financial education programs, volunteer work, and donations to charitable organizations. The bank also partners with local organizations and businesses to support its communities' economic development and job creation.
Requirements
First Horizon Bank is a full-service financial institution that offers a range of personal and business banking products and services. The bank has specific requirements for borrowers and applicants to qualify for loans and other financial services. Here are the key requirements for borrowers and applicants of First Horizon Bank:
- Creditworthiness. One of the primary requirements for borrowers and applicants of First Horizon Bank is good creditworthiness. The bank typically requires a minimum credit score of 680 for personal loans and 720 for business loans. A higher credit score is more likely to result in loan approval and more favorable terms, such as lower interest rates.
- Debt-to-income ratio. First Horizon Bank also looks at an applicant's income and debt-to-income (DTI) ratio when evaluating their creditworthiness. The bank generally requires a minimum annual income of $30,000 for personal loans and $50,000 for business loans. The DTI ratio, which measures the percentage of an applicant's income that goes toward paying debts, is also a key factor. First Horizon Bank typically looks for a DTI ratio of 50% or lower for personal loans and 45% or lower for business loans.
- Employment history. First Horizon Bank also considers an applicant's employment history and stability when evaluating their creditworthiness. Borrowers who have been employed with the same employer for at least two years are typically viewed more favorably than those with a shorter employment history.
- Collateral. For certain types of loans, First Horizon Bank may require collateral to secure the loan. This can include assets such as real estate, vehicles, or other valuable property. The value of the collateral will be evaluated to determine the loan amount and interest rate.
- Loan purpose. First Horizon Bank may also evaluate the purpose of the loan when considering an application. For example, personal loans used for debt consolidation or home improvement may be viewed more favorably than those used for non-essential purchases.
Access on the go
First Horizon Bank's commitment to providing customers with access to their accounts and financial services on the go.
- Online banking. Customers can access their accounts and manage their finances through First Horizon Bank's online banking platform. This includes viewing account balances and transaction history, transferring funds between accounts, paying bills, and managing personal information.
- Mobile banking. First Horizon Bank's mobile app allows customers access to their accounts from anywhere at any time. In addition, the mobile app includes features like viewing account balances and transaction history, transferring funds between accounts, paying bills, and depositing checks remotely.
- Mobile deposit. Customers can deposit checks remotely by taking a photo of the check using their smartphone or tablet and uploading it through the mobile app.
- Zelle. First Horizon Bank is part of the Zelle network, which allows customers to send and receive money quickly and securely between bank accounts. In addition, customers can access Zelle through the First Horizon Bank mobile app.
- Online account. Customers can open new accounts online through the First Horizon Bank website or mobile app, including checking, savings, and money market accounts.
- Card controls. Customers can manage their debit and credit cards through the First Horizon Bank mobile app, including turning cards on and off, setting transaction limits, and monitoring account activity.
- Digital wallet. Customers can add their First Horizon Bank debit or credit card to their preferred digital wallet, such as Apple Pay or Google Pay, for easy and secure mobile payments.
Products
The bank provides various financial solutions that cater to different financial needs, from basic banking services to more complex financial products.
One of the primary products offered by First Horizon Bank is its checking account. This account is designed to help individuals and small businesses manage their day-to-day financial transactions. The account comes with features such as online banking, mobile banking, and debit card access. Customers can also enjoy unlimited check writing, free access to online bill pay, and overdraft protection.
The bank also provides savings accounts that allow customers to earn interest on their deposits. There are different savings accounts to choose from, including a basic savings account, a money market account, and a certificate of deposit (CD) account. Each account has different features and benefits, such as competitive interest rates, low minimum balance requirements, and flexible withdrawal options.
First Horizon Bank offers different types of loans to help customers finance their needs. The bank provides personal loans, home equity loans, and mortgage loans. The personal loan can be used to cover expenses such as home repairs, debt consolidation, or unexpected bills. The home equity loan allows customers to borrow against the equity in their homes to finance home improvements, education, or other significant expenses. Finally, the mortgage loan is designed to help customers finance the purchase of a new home or refinance an existing home loan.
For businesses, the bank provides a range of commercial banking services that help manage cash flow, pay bills, and grow the business. First Horizon Bank offers various solutions, such as business checking, merchant services, online banking, and business loans. These products are designed to meet the unique financial needs of different types of businesses, from small start-ups to large corporations.
Another product offered by First Horizon Bank is wealth management services. The bank provides investment advisory services, trust services, and retirement planning solutions to help customers achieve their financial goals. These services are designed to provide personalized financial advice and investment strategies that align with each customer's specific needs and risk tolerance.
Which associations does First Horizon Bank belong to?
First Horizon Bank is a financial institution that operates in the United States. As a member of the banking industry, First Horizon Bank belongs to several associations that serve to promote the interests of the banking industry and protect the rights of consumers.
One of the primary associations that First Horizon Bank belongs to is the American Bankers Association (ABA). The ABA is a national trade association that represents the interests of banks of all sizes across the United States. The ABA provides advocacy, training, and other resources to help banks succeed in the dynamic and rapidly-changing banking industry.
In addition to the ABA, First Horizon Bank also belongs to several state and regional banking associations. These associations serve to represent the interests of banks within their specific states or regions and provide local advocacy and support to help banks succeed in their unique marketplaces. Examples of regional banking associations that First Horizon Bank may belong to include the Tennessee Bankers Association, the North Carolina Bankers Association, and the South Carolina Bankers Association.
First Horizon Bank is also a member of the Federal Deposit Insurance Corporation (FDIC), which is a government agency that provides insurance for bank deposits up to a certain amount. The FDIC serves to protect consumers by ensuring that their bank deposits are safe and secure, even in the event of a bank failure.
First Horizon Bank's reliability
Several factors must be considered when considering the reliability of First Horizon Bank.
- History and reputation. First Horizon Bank has been in operation for over 150 years and has established a solid reputation as a trustworthy and reliable financial institution. The bank has received high ratings from various rating agencies, including a"BBB" Foreign Currency LT credit rating from Standard and Poor's.
- Financial stability. The bank is well-capitalized and has consistently reported strong financial results over the years. As of December 2022, First Horizon Bank had total assets of approximately $79 billion and deposits of approximately $64 billion. The bank has also been recognized for its financial stability by Bauer Financial, which has awarded First Horizon Bank a five-star rating for its financial strength and stability.
- Commitment to customer service. The bank offers a wide range of banking products and services to meet the needs of its diverse customer base. These services include personal banking, business banking, wealth management, and mortgage lending. The bank also provides various online and mobile banking options to make banking more convenient for its customers.
- Security and privacy. The bank has implemented various security measures to protect its customers' personal and financial information, including encryption and multi-factor authentication. The bank also provides its customers with fraud monitoring and alerts to help detect and prevent fraudulent activity.
First Horizon Bank vs. Chase
First Horizon Bank and Chase are two different financial institutions that offer different products and services to their customers. While both banks provide various banking products, they differ in terms of their size, location, and target customers.
First Horizon Bank is a regional bank based in Tennessee. It offers various banking services, including personal banking, small business banking, wealth management, and capital market services. The bank has more than 400 branches and 675 ATMs across the Southeastern United States. First Horizon Bank has a strong focus on small businesses and personal banking. It offers customers checking accounts, savings accounts, loans, mortgages, and credit cards.
The bank supports many charitable organizations and non-profit groups that operate within the areas it serves. First Horizon Bank also partners with small businesses to provide them with financial resources and expert guidance.
Chase, on the other hand, is a large national bank with a wide range of banking products and services. It offers personal banking, small business banking, credit cards, mortgages, investment services, and more. In addition, Chase is known for its vast network of branches and ATMs across the country, with over 4,700 branches and 16,000 ATMs nationwide.
Chase is known for its innovative banking products, such as its mobile app and online banking portal. In addition, it offers a wide range of credit card options, including co-branded credit cards with popular travel and retail companies. Chase also provides mortgages, auto loans, and business loans.
While both First Horizon Bank and Chase offer personal and small business banking products, they differ in size and geographical reach. First Horizon Bank is a regional bank serving customers in the southeastern United States, while Chase is a national bank serving customers across the country. Additionally, First Horizon Bank strongly focuses on community involvement and supporting small businesses. At the same time, Chase is known for its innovative banking products and vast network of branches and ATMs.
First Horizon Bank vs. Fifth Third Bank
First Horizon Bank and Fifth Third Bank are both regional banks in the United States, but there are some key differences between them. Here are some of the main differences:
- Geographical Coverage. First Horizon Bank is primarily based in the Southeastern United States, with a presence in 12 states, while Fifth Third Bank is based in the Midwest, with a presence in 11 states.
- Asset Size. As of 2022, First Horizon Bank had total assets of approximately $89 billion, while Fifth Third Bank had total assets of roughly $205 billion.
- Services offered. Both banks provide various personal and commercial banking services, including checking and savings accounts, loans, credit cards, and investment services. However, Fifth Third Bank also offers additional services, such as insurance and wealth management, which are not available through First Horizon Bank.
- Fees and Rates. Both banks charge fees for certain services and have different rates for loans and deposits. However, the specifics of these fees and rates can vary based on the type of account and geographic location.
- Customer Base. First Horizon Bank has a large customer base in the Southeast, including individuals, small businesses, and larger corporations. Fifth Third Bank has a similar customer base across its 11-state footprint, including individuals, small and medium-sized businesses, and larger corporations.
- Technology and Digital Services. Both banks offer online banking and mobile banking services, but the specifics of these services can vary based on the location and account type. However, Fifth Third Bank offers a broader range of digital banking tools and services, such as mobile deposit, bill pay, and personal financial management tools.
In summary, while both First Horizon Bank and Fifth Third Bank offer a range of banking services, some key differences exist in their geographic coverage, asset size, services offered, fees and rates, customer base, and technology and digital services. Therefore, it's important to research and compare each bank's specifics to determine which is the best fit for your banking needs.
First Horizon Bank vs. BMO Harris
First Horizon Bank and BMO Harris are two regional banks in the United States, but they have some key differences. Here are some of the main differences:
- Geographical Coverage. First Horizon Bank operates primarily in the Southeastern United States, with branches in 12 states, while BMO Harris has a larger footprint.
- Asset Size. As of 2022, First Horizon Bank had total assets of approximately $89 billion, while BMO Harris had total assets of roughly $169 billion.
- Services Offered. Both banks offer various personal and commercial banking services, including checking and savings accounts, loans, credit cards, and investment services. However, BMO Harris provides additional services, such as private banking and trust services, unavailable through First Horizon Bank.
- Fees and Rates. Both banks charge fees for certain services and have different rates for loans and deposits. However, the specifics of these fees and rates can vary based on the type of account and geographic location.
- Customer Base. First Horizon Bank has a large customer base in the Southeast, including individuals, small businesses, and larger corporations. BMO Harris has a broader customer base across its nine-state footprint, including individuals, small and medium-sized businesses, and larger corporations.
- Technology and Digital Services. Both banks offer online banking and mobile banking services, but the specifics of these services can vary based on the location and account type. BMO Harris offers a broader range of digital banking tools and services, such as mobile deposit, bill pay, and personal financial management tools. He has invested heavily in technology in recent years.
In summary, while both First Horizon Bank and BMO Harris offer a range of banking services, some key differences exist in their geographic coverage, asset size, services offered, fees and rates, customer base, and technology and digital services. Therefore, it's important to research and compare each bank's specifics to determine which is the best fit for your banking needs.
First Horizon Bank vs. Ally Bank
First Horizon Bank and Ally Bank are two banks that offer different types of services and cater to different types of customers. Here are some key differences between them:
- Physical Presence. First Horizon Bank has a physical presence with branches and ATMs in 12 southeastern United States, while Ally Bank is an online-only bank with no physical branches.
- Product offerings. First Horizon Bank offers a wide range of banking products and services, including personal and business checking and savings accounts, loans, mortgages, credit cards, and investment services. On the other hand, Ally Bank focuses mainly on consumer banking services, including online checking and savings accounts, certificates of deposit, money market accounts, and auto loans.
- Fees and Rates. Both banks offer competitive rates, but their fee structures may differ. Ally Bank, for example, does not charge maintenance, monthly, or ATM fees and reimburses customers for fees incurred at other banks' ATMs. First Horizon Bank, on the other hand, First Horizon Bank may charge various fees for certain services, including monthly account maintenance and ATM fees.
- Technology and Digital Services. Ally Bank is an online-only bank offering a broader range of digital banking tools and services, such as mobile deposit, bill pay, and personal financial management tools. First Horizon Bank also provides online and mobile banking services, but its digital capabilities may not be as extensive as Ally's.
- Customer base. First Horizon Bank serves a broad customer base, including individuals, small businesses, and larger corporations in the southeastern United States. Ally Bank primarily serves individuals who prefer to do their banking online.
In summary, First Horizon Bank and Ally Bank have different strengths and serve different types of customers. First Horizon Bank has a physical presence and offers a wide range of banking products and services, including checking and savings accounts, loans, mortgages, credit cards, and investment services, primarily in the southeastern United States. Ally Bank, on the other hand, is an online-only bank that offers a narrow range of consumer banking services, including online checking and savings accounts, certificates of deposit, money market accounts, and auto loans. Therefore, it's essential to research and compare each bank's specifics to determine which is the best fit for your banking needs.
