Review: Is First Citizens BancShares Reputable? A Look at a Well-Established Regional Bank
First Citizens BancShares, Inc. (FCNC) is a prominent banking institution in the Southeast and Mid-Atlantic regions of the United States. Here's a breakdown of the factors influencing their reputation.
Financial Strength and Geographic Focus
On the positive side, First Citizens boasts a solid financial foundation. They hold a "Buy" rating from some analysts, and their focus on a specific geographic region allows them to tailor their services to the needs of those communities. This regional concentration can foster a sense of familiarity and potentially lead to more personalized customer service. Additionally, First Citizens boasts a large branch network within their footprint, offering convenient in-person banking for customers who prefer face-to-face interactions.
Mixed Customer Reviews
Customer reviews paint a somewhat mixed picture. DepositAccounts praises First Citizens for their business banking services, highlighting the dedication of experienced bankers. However, other review platforms showcase a range of experiences. Some users appreciate the lack of monthly fees on checking accounts with online statements, while others express frustration with limited ATM availability outside their branch network.
What About Online Banking?
While information on First Citizens' online banking platform is limited, some user reviews suggest it might be less feature-rich compared to competitors. For customers who prioritize a robust and user-friendly online banking experience, this could be a drawback.
So, Is First Citizens BancShares Reputable? A Qualified Yes
First Citizens BancShares is a legitimate financial institution with a strong presence in the Southeast and Mid-Atlantic regions. Their financial stability and focus on these specific areas can be appealing.
The Verdict: Consider Your Needs
Here's what to consider before choosing First Citizens BancShares:
- Location: Do you reside within their branch network? If not, limited ATM availability outside their footprint could be inconvenient.
- Banking Habits: Are you a small business owner seeking personalized service? First Citizens might be a good fit. However, if you prioritize a feature-rich online banking platform, you might want to explore other options.
- Compare Rates and Fees: Research interest rates on deposit accounts and compare fees associated with various services offered by First Citizens against competitors.
Who Might Benefit from First Citizens?
- Individuals and small businesses within their branch network: They can leverage the convenience of in-person banking and potentially receive personalized service.
- Customers who value fee-free checking with online statements: First Citizens offers some checking accounts without monthly maintenance fees if you utilize online statements.
The Bottom Line:
First Citizens BancShares is a reputable regional bank with a focus on the Southeast and Mid-Atlantic areas. Their financial strength and branch network can be appealing. However, consider your location, banking habits, and the need for a robust online banking platform before making a decision. It's always wise to compare rates and fees with other banks to ensure you're getting the best possible deal.
