First Citizens Bank: What You Need to Know 🏦

When you're looking for a bank, First Citizens Bank is a regional option worth understanding—not because it's the right choice for everyone, but because whether it makes sense depends entirely on your specific needs, location, and banking priorities. This guide walks you through what First Citizens Bank is, how it operates, and the factors that determine whether it's worth exploring for your situation.

What Is First Citizens Bank?

First Citizens Bank is a regional bank headquartered in Raleigh, North Carolina, with a long operational history. It operates as a full-service bank offering checking and savings accounts, loans, credit cards, wealth management, and business banking services.

The key distinction: First Citizens is a regional bank, not a national megabank like Chase or Bank of America, and not an online-only bank like Ally. That middle position matters because it shapes what you'll experience as a customer—both advantages and trade-offs.

Regional vs. National vs. Online Banks

First Citizens fits the regional profile: it maintains physical branches (primarily in the Southeast and select other regions), offers personal service, and provides a full range of banking products.

Where First Citizens Bank Operates

First Citizens Bank has branches concentrated in the southeastern United States, with a secondary presence in other regions. If you live in North Carolina, South Carolina, Virginia, or neighboring states, branch access is straightforward. If you're in other parts of the country, you'd need to check current branch locations—they do exist outside the Southeast, but availability is less dense.

This geography matters practically: a bank without nearby branches limits your ability to deposit cash, speak to someone face-to-face, or access safe deposit boxes. Many customers offset this through ATM networks (First Citizens is part of shared ATM networks that extend beyond its own branches) and digital banking, but proximity still influences convenience.

Account Types and Services 💰

Like most regional banks, First Citizens offers:

• Checking and savings accounts with varying features (minimum balances, fee structures, interest rates)
• Money market accounts and certificates of deposit (CDs) for savings goals
• Personal and auto loans
• Mortgages and home equity products
• Credit cards
• Investment and wealth management services
• Business banking (checking, lending, payroll services)

The specifics—which accounts pay interest, what fees apply, what minimum balances are required—change over time and sometimes vary by location or account type. Before opening an account, you'd need to review current terms directly, as advertised rates and fees shift.

Key Variables That Affect Your Experience

Whether First Citizens Bank is a good fit depends on several factors:

1. Your Location

If you have a nearby branch, you can access in-person service. If not, you're relying on ATM access and digital banking. This is a threshold question: branch access either matters to you or it doesn't.

2. How You Bank

Some people still need to deposit cash, withdraw large amounts, or discuss complex financial decisions face-to-face. Others handle everything digitally and never step foot in a branch. First Citizens can serve both profiles, but the experience differs.

3. Account Type and Balance

First Citizens, like most banks, may offer premium accounts with higher interest rates or waived fees if you maintain a minimum balance or set up direct deposits. Smaller balances or minimal activity might mean standard (sometimes higher-fee) accounts. Your profile determines what's available to you.

4. Fee Sensitivity

Regional banks typically charge monthly maintenance fees unless you meet certain conditions—direct deposit, minimum balance, or linked accounts. If you're comparing banks, fee structures matter significantly. Online banks often have no monthly fees; national banks may have higher fees. First Citizens likely falls somewhere in the middle, but you'd need current fee schedules to compare.

5. Interest Rates

Savings and money market accounts at any bank earn interest set by the bank—rates vary widely. First Citizens' rates may be competitive or below market depending on the product and timing. Checking accounts typically earn little to no interest at regional banks.

6. Loan Availability

If you need a mortgage, auto loan, or personal loan, regional banks often have more flexible lending criteria than some alternatives. But your ability to qualify depends on your credit, income, and financial profile—not on the bank itself.

How First Citizens Compares to Alternatives

Your realistic comparison set depends on your situation:

If you value in-person service and are in the Southeast: First Citizens competes with other regional banks (like Bank of America's regional footprint, regional credit unions) and national banks.

If you're location-independent and want low fees: Online banks (Ally, Charles Schwab Bank, etc.) often beat regional banks on rates and fees because they have no branch costs.

If you want convenience and don't mind paying for it: National banks offer broad branch networks, but fees are often higher.

If you prioritize relationship banking: Credit unions (if you're eligible) and regional banks often cultivate closer customer relationships than megabanks.

First Citizens occupies a middle ground: better personal service potential than online banks, lower fees than some national banks, but less geographic reach than Chase or Bank of America.

What to Evaluate Before Opening an Account

Rather than recommending whether you should use First Citizens, here's what you'd want to assess:

1. Branch and ATM access: Are there convenient locations where you live or work? Does their ATM network match your needs?

2. Current fees and rates: Check their published fee schedule and current interest rates. Compare these directly to other banks you're considering. Rates and fees change, so you need current information.

3. Account features: Do the account types offered match what you need? (For example, if you want rewards on debit card purchases, confirm they offer that.)

4. Digital banking platform: Review their online and mobile app. Can you do what you need remotely, or will you rely on branch visits?

5. Customer service reputation: Look at recent reviews and ratings, understanding that any bank gets mixed feedback.

6. Minimum balance requirements: Could you comfortably maintain any required minimums, or would fees apply?

7. Loan rates and terms: If you're borrowing, get quotes in writing and compare to other lenders.

The Bottom Line

First Citizens Bank is a viable option if:

• You live in or near its branch footprint and value in-person service
• Its current fee structure and rates are competitive for your needs
• Its product offerings match what you're looking for

It may be less suitable if:

• You have no nearby branch and strongly prefer in-person banking
• Online banks' rates and fee structure better serve your profile
• You want the broadest national branch network

The right choice isn't about First Citizens Bank being objectively "good" or "bad"—it's about alignment between what the bank offers and what you need. That assessment is yours to make with current information.