About bank
First Premier Bank is a South Dakota-based financial institution founded in 1986. It is a United National Corporation subsidiary headquartered in Sioux Falls, South Dakota. The bank offers a range of financial products and services to individuals, businesses, and organizations across the United States.
One of the unique features of First Premier Bank is its focus on serving customers who may have difficulty obtaining credit from other banks. This includes individuals with bad credit and those who may be new to credit and need to start rebuilding their credit profile. The bank offers a range of credit cards designed for these customers, with low credit limits and high-interest rates.
In addition to credit cards, First Premier Bank offers personal, auto, and home equity loans. The financial institution has a network of branches in South Dakota and a growing presence online, with a user-friendly website that allows customers to apply for loans, check account balances, and make payments.
First Premier Bank has faced criticism from some consumer advocacy groups for its high-interest rates and fees, which can be steep for customers who don't manage their accounts carefully. However, the bank has also received positive reviews for its customer service and willingness to work with customers who may be struggling to make payments.
Overall, First Premier Bank is a well-established financial institution with a unique focus on serving customers who may have difficulty obtaining credit elsewhere. While its products and services may not be suitable for everyone, the bank has built a loyal customer base over the years and continues to expand its offerings to meet the needs of its customers.
Key Features
First Premier Bank is a financial institution that offers customers a range of banking services. Some of the key features of First Premier Bank include the following:
- Checking Accounts. The bank offers a range of checking accounts to meet the needs of its customers, including basic, interest-bearing, and student accounts.
- Savings Accounts. Customers are provided with several savings account options, including basic savings, money market, and certificates of deposit (CDs).
- Credit Cards. First Premier Bank is known for its credit card offerings, including secured and unsecured credit cards. These cards often come with high-interest rates and annual fees, but they can be a good option for people with the less-than-perfect credit score.
- Online Banking. First Premier Bank provides online banking services, allowing customers to manage their accounts, pay bills, and transfer money online.
- Mobile Banking. It allows customers to access their accounts and perform transactions from their smartphones or other mobile devices.
- Loans. A variety of loan products includes personal loans, auto loans, and home equity loans.
- Overdraft Protection. First Premier Bank has overdraft protection services to help prevent customers from overdrawing their accounts and incurring fees.
- Customer Service. First Premier Bank offers customer support through multiple channels, including phone, email, and live chat.
- Ag Banking. Agricultural banking products and services help farmers and ranchers manage their finances and grow their businesses.
- Retirement Plans. They are designed to help individuals and businesses plan for their retirement. Some of the retirement plans offered by First Premier Bank include Individual Retirement Accounts, Simplified Employee Pensions, etc.
- Member FDIC. First Premier Bank is a member of the Federal Deposit Insurance Corporation (FDIC). This independent federal government agency provides deposit insurance to protect depositors in case of a bank failure. The FDIC provides up to $250,000 in deposit insurance per depositor, per insured bank, for each account ownership category. This means that if First Premier Bank were to fail, the FDIC would reimburse eligible depositors up to $250,000 per account ownership category. Being a member of the FDIC provides a level of safety and security for customers' deposits at First Premier Bank.
It's worth noting that while First Premier Bank offers a range of services, it's important to carefully review the terms and fees associated with each account or product to ensure that they are the right fit for your needs.
Requirements
The specific requirements for opening an account or obtaining a loan with First Premier Bank will vary depending on the type of account or loan you are interested in. However, there are some general requirements you should be aware of:
- Age. To open an account or obtain a loan with First Premier Bank, you must be at least 18 years old.
- Identification. You will need to provide a valid form of identification, such as a driver's license or passport, to open an account or obtain a loan.
- Address. You will need to provide proof of your current address, such as a utility bill or lease agreement.
- Social Security number. You must provide your Social Security number to open an account or obtain a loan.
- Credit history. Depending on the type of account or loan you are interested in, First Premier Bank may review your credit history. If you are applying for a credit card, your credit score will be essential in determining your approval and your credit limit.
- Income. Depending on the type of loan you are interested in, First Premier Bank may review your income and employment history to determine whether you qualify for the loan and what the loan terms will be.
It's important to remember that these are general requirements and that specific requirements may vary depending on the product or service you are interested in. It's a good idea to review the specific requirements for the product or service you are interested in and to contact First Premier Bank directly if you have any questions or concerns.
Access on the Go
First Premier Bank offers a variety of convenient ways for customers to access their accounts and services on the go, including:
- Mobile App. First Premier Bank has a mobile banking app available for iOS and Android devices. The mobile app allows you to check your account balances, view transaction history, transfer funds between accounts, pay bills, deposit checks, and more.
- Online Banking. First Premier Bank's online banking platform allows you to manage your accounts from your computer or mobile device. You can view account balances, transfer funds, pay bills, and more.
- ATMs. First Premier Bank has a network of ATMs that you can use to withdraw cash, deposit checks, and check your account balances.
- Telephone Banking. First Premier Bank also offers telephone banking services, which allow you to check account balances, transfer funds, and more by calling a toll-free number.
- Text Banking. First Premier Bank's text banking service allows you to check your account balances and view recent transactions by sending a text message.
To access these services, you must enroll in online banking and download the mobile app if you haven't already. You can also visit First Premier Bank's website or contact their customer support team for more information on how to access their services on the go.
First Premier Bank products
First Premier Bank offers a variety of banking products and services to meet the needs of its customers. Some of the products offered by First Premier Bank include:
- Checking accounts. First Premier Bank offers various checking accounts, including basic, interest-bearing, and student accounts. In addition, these accounts come with a debit card, online and mobile banking, and optional overdraft protection.
- Savings accounts. First Premier Bank offers several savings account options, including basic savings, money market, and certificates of deposit (CDs). These accounts allow you to earn interest on your savings and may have different requirements and restrictions.
- Credit cards. First Premier Bank is known for its credit card offerings, including secured and unsecured credit cards. These cards often come with high-interest rates and annual fees, but they can be a good option for people working to build or rebuild their credit. For example, your PREMIER bankcard credit card featuring an APR of 19.9% to 36% will help you boost your credit and increase your credit limit in 12 months.
- Loans. First Premier Bank offers a variety of loan products, including personal loans, auto loans, home equity loans, and mortgages.
- Investment products. First Premier Bank offers investment products, such as retirement accounts and mutual funds, to help customers grow their wealth.
- Business banking products. First Premier Bank also offers a range of products and services for business owners, including checking accounts, savings accounts, loans, and merchant services.
It's worth noting that the specific products and services offered by First Premier Bank may vary depending on your location and other factors. Therefore, it's a good idea to review the bank's website or speak with a customer service representative to learn more about the products and services that are available to you.
Which associations does First Premier Bank belong to?
First Premier Bank is a member of several industry associations and organizations, including:
- Federal Deposit Insurance Corporation (FDIC). First Premier Bank is a member of the FDIC. This independent federal government agency provides deposit insurance to protect depositors in the event of a bank failure.
- American Bankers Association (ABA). First Premier Bank may be a member of the ABA, a trade association for the banking industry that provides advocacy, training, and networking opportunities for its members.
- South Dakota Bankers Association (SDBA). First Premier Bank may be a member of the SDBA, a trade association for banks in South Dakota that provides advocacy, education, and other services to its members.
- Mastercard. FirstPremier Bank issues credit cards that are part of the Mastercard network, which are global payment networks that process transactions between merchants and cardholders.
These associations and organizations help to shape the banking industry and provide valuable resources and support to banks like First Premier Bank.
Bank Reliability
First Premier Bank has been in business since 1986 and is headquartered in Sioux Falls, South Dakota. The bank is a member of the Federal Deposit Insurance Corporation (FDIC), which provides deposit insurance and helps ensure the safety and stability of the U.S. banking system. As a member of the FDIC, First Premier Bank is subject to federal regulations and oversight, which helps ensure that the bank operates safely and safely.
Regarding financial stability and reliability, First Premier Bank has a strong capital position and consistently received a 5-star rating from BauerFinancial, a bank rating and research firm.
Overall, First Premier Bank is considered reliable and stable, with a strong commitment to serving its customers and communities. However, as with any financial institution, it is important for customers to do their own research and due diligence when selecting a bank and to carefully review the terms and conditions of any products or services they may be considering.
First Premier Bank vs. Premier Bank
First, Premier Bank and Premier Bank are two different banks that are not related to each other. Here are some key differences between the two:
- Ownership and Location. First Premier Bank is based in Sioux Falls, South Dakota, and is a subsidiary of United National Corporation, while Premier Bank is based in Defiance, Ohio. The two banks have different ownership structures and are located in different regions of the country.
- Products and Services. While both banks offer a range of banking products and services, the specific offerings may differ. For example, First Premier Bank is known for its credit cards, while Premier Bank offers a wide range of commercial and personal banking products.
- Size. First Premier Bank is a larger bank than Premier Bank in terms of assets and branch locations. As of 2023, First Premier Bank has over $3 billion in assets and 16 branches. According to the most recent data available, Premier Financial Corp has approximately $2.6 billion in assets and operates 75 branches in Ohio, Michigan, Indiana, and Pennsylvania.
- Branding. While both banks use the word "premier" in their names, the branding and marketing of the two banks are different. First Premier Bank is known for its "The First Premier Bank Card" brand, while Premier Bank's branding focuses on its community involvement and customer service.
Overall, while the two banks share a similar name, they are two separate institutions with different ownership structures, products and services, sizes, and branding.
First Premier Bank vs. First Citizens Bank
First Premier Bank and First Citizens Bank are two different banks with different histories and business models. Here are some key differences between the two:
- Location and Size. First Premier Bank is based in Sioux Falls, South Dakota, and has 16 branches located in South Dakota, while First Citizens Bank is based in Raleigh, North Carolina, and has over 550 branches across the United States. First Citizens Bank is a larger bank than First Premier Bank in terms of assets, with over $100 billion in assets as of 2022.
- Product Offerings. Both banks offer a wide range of banking products and services, including checking and savings accounts, loans, and credit cards. However, the specific products and services may differ. For example, First Premier Bank is known for offering credit cards to individuals with less-than-perfect credit. In contrast, First Citizens Bank provides a wider range of investment and wealth management services.
- Fees and Rates. Each bank's fee structure and interest rates may differ depending on the specific products and services. However, First Citizens Bank generally has a more transparent fee structure than First Premier Bank, with fewer fees for essential banking services.
- Customer Focus. Both banks prioritize customer service, but the specific customer focus may differ. First Premier Bank has historically focused on providing access to banking services to individuals who may have been excluded from traditional banking services. In contrast, First Citizens Bank has a broader customer base and focuses on building long-term relationships with its customers.
Overall, while both banks offer a wide range of banking products and services and prioritize customer service, there are differences in location, size, product offerings, fees and rates, and customer focus. Therefore, customers should carefully review the terms and conditions of any products or services they may be considering and do their own research to determine which bank may be the best fit for their specific needs.
First Premier Bank vs. Capital One
First Premier Bank and Capital One are two different banks with different histories and business models. Here are some key differences between the two:
- Size and Location. Capital One is a larger bank with over 750 branches across the United States, while First Premier Bank has 16 branches primarily located in South Dakota. Capital One is also a Fortune 500 company with over $440 billion in assets, while First Premier Bank has less than $3 billion in assets as of 2022.
- Product Offerings. Both banks offer a range of banking products and services, including checking and savings accounts, loans, and credit cards. However, Capital One offers a broader range of credit cards with different rewards programs and benefits. At the same time, First Premier Bank is known for providing credit cards to individuals with less-than-perfect credit.
- Fees and Rates. Both banks charge fees and offer different interest rates depending on the specific products and services. However, in general, Capital One has a more transparent fee structure and offers lower fees for basic banking services.
- Digital Banking. Capital One is known for its strong digital banking capabilities, including its online banking platform and mobile app, while First Premier Bank has more limited digital banking offerings.
- Reputation. Capital One has received numerous awards for its customer service and innovation, while First Premier Bank has had a controversial history related to high fees and interest rates.
Overall, while both banks offer a range of banking products and services, there are differences in size and location, product offerings, fees and rates, digital banking capabilities, and reputation. Therefore, customers should carefully review the terms and conditions of any products or services they may be considering and do their own research to determine which bank may be the best fit for their specific needs.
First Premier Bank vs. Chime
First, Premier Bank and Chime are two different types of financial institutions. Here are some key differences between the two:
- Type of Institution. First Premier Bank is a traditional bank that offers a wide range of banking products and services, including checking and savings accounts, loans, and credit cards. On the other hand, Chime is a neobank that operates entirely online and offers a mobile-focused banking experience.
- Fees. First Premier Bank charges various fees for its banking products and services, including monthly maintenance fees for some checking and savings accounts, ATMs, and overdraft fees. On the other hand, Chime has a fee-free banking model that does not charge monthly maintenance, overdraft, or foreign transaction fees.
- Physical Locations. First Premier Bank has physical branches and ATMs in South Dakota. On the other hand, Chime is an online-only bank with no physical branch locations.
- Access to Credit. First Premier Bank is known for offering credit cards to individuals with less-than-perfect credit, while Chime does not offer credit cards. Instead, Chime provides access to credit through its Credit Builder feature, which allows customers to build their credit history with a secured credit card.
Overall, the main differences between First Premier Bank and Chime are the type of institution, fee structure, physical locations, and access to credit. First Premier Bank is a traditional bank with physical branches, while Chime is an online-only neobank with a fee-free banking model. As a result, customers looking for a traditional banking experience with physical branches may prefer First Premier Bank. In contrast, those looking for a mobile-focused, fee-free banking experience may prefer Chime.
