F&M Bank Platinum Checking Reviews (July 2021)

Highlights
Monthly Fee	$0 - $50
ATM Fee: Out-of-Network	$0
Minimum Balance to Avoid Monthly Fee	$15,000
APY (Annual Percentage Yield)	0.03% - 0.05%

F&M Bank Platinum Checking Review

F&M Bank Platinum Checking is offered by F&M Bank, a bank founded in 1907 and based in Long Beach, CA. F&M Bank Platinum Checking is available in 1 state across the USA.

Key Takeaways

Higher than average APY. F&M Bank Platinum Checking has an annual percentage yield of up to .05%, which is higher than the national average interest rate on savings accounts.
Charges a monthly fee. This account charges a monthly service fee of up to $50, but the fee is waived if you keep a minimum balance of $15,000.
$100 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.
No ATM fees. F&M Bank Platinum Checking does not charge fees on ATM transactions.
ATM fee reimbursements. This account will reimburse you for ATM fees (see terms and conditions for details).
Bill pay. Pay your bills to practically anyone in the United States through F&M Bank.

Farmers and Merchants Bank checking account Pros & Cons

Pros	Cons
Interest-yielding account. Access to physical branches. Free debit card No charge on incoming domestic or international wire transfers.	No signup bonus. No ATM access to F&M Bank Platinum Checking. Only available in one state. Higher than average wire transfer fees. Monthly service charge.

Farmers and Merchants Bank checking account FAQ

Are checking accounts from F&M Bank federally insured?

Yes, your F&M Bank checking accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What APY does Farmers and Merchants Bank checking account offer?

Farmers and Merchants Bank checking account offers an APY starting at .03% and ranging up to .05% (APY stands for annual percentage yield, rates may change).

Farmers and Merchants Bank checking account Rates and Terms
Rates	Amount
APY (Annual Percentage Yield)	.03% - .05%

What are the account minimums for Farmers and Merchants Bank checking account?

Farmers and Merchants Bank checking account requires a minimum initial deposit of $100 to open an account.

Farmers and Merchants Bank checking account Account Minimums
Description	Amount
Minimum Opening Deposit	$100
Minimum Combined Balance to Avoid Monthly Service Fee	$100,000
Minimum Balance to Avoid Monthly Service Fee	$15,000

What fees does Farmers and Merchants Bank checking account charge?

This account charges a monthly service fee of up to $50.

F&M Bank Platinum Checking Fees
Description
ATM Fee: In-Network	$0
Bank Teller Fee	$0
Check Cashing Fee	$0
Check Copy	$3
Early Account Closure	$20
Foreign Transaction Fee (Debit Card)	3%
Monthly Fee	$0 - $50
NSF Fee	$30
Online Bill Pay Fee	$0
Overdraft Item Fee	$30
Paper Statement Fee	$3
Returned Deposit Fee (Domestic)	$30
Stop Payment Fee	$0
Wire Transfer Fee - Domestic (Incoming)	$0
Wire Transfer Fee - Domestic (Outgoing)	$60
Wire Transfer Fee - International (Incoming)	$0
Wire Transfer Fee - International (Outgoing)	$60
ATM Fee: Out-of-Network	$0

Does Farmers and Merchants Bank checking account charge overdraft fees?

Yes, Farmers and Merchants Bank checking account charges a $30 fee for every overdraft.

What features and perks does Farmers and Merchants Bank checking account offer?

This account includes the following features:

ATM reimbursement - This account will reimburse you for any domestic ATM fees.
Fraud monitoring - Farmers and Merchants Bank checking account monitors transactions for potentially unauthorized activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.
Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
Mobile Banking Services - Farmers and Merchants Bank checking account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
Nationwide ATM network - Conveniently transact at a nearby ATM.

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