First National Bank Texas (FNBT) is a good choice if you’re looking for a long-established community bank that provides stability. It offers a basic business checking account for small businesses, non-interest-earning and interest-earning commercial accounts, and a free checking account for nonprofit organizations. All of its business checking accounts require in-person account opening.
The bank also provides analyzed checking accounts, commercial money market accounts, Small Business Administration (SBA) loans, commercial loans, business insurance, and small business and commercial digital banking.
How FNBT operates: It has been serving customers since 1901. It is Federal Deposit Insurance Corp. (FDIC)-insured and has branches in Texas, Arizona, Arkansas, and New Mexico. First Convenience Bank (FCB) and First Heroes National Bank (FHNB) are affiliates of FNBT.
Pros
- No account opening deposit and required minimum balance
- No monthly fees and transaction limits for nonprofits
- Highly rated mobile banking app
Cons
- Branches limited to Texas, Arizona, Arkansas, and New Mexico
- Free transaction limit of 50 per month for basic account
- No online account opening option for business checking accounts
Features
- Free business debit card
- Digital banking for small and commercial businesses
- Multiple business checking account options, including interest-earning products
- Business credit cards, commercial money market accounts (MMAs), SBA loans, commercial loans, and business insurance
How First National Bank Texas Stacks Up With Its Competitors
When First National Bank Texas Is a Good Fit
- You have low monthly transactions: FNBT’s Business First Checking offers a monthly transaction limit of 50 and cash deposit limit of $5,000 before charging fees, making it ideal for business owners who are just starting out.
- You run a nonprofit organization: FNBT’s nonprofit checking account doesn’t charge for checks/debits paid and items deposited, including monthly maintenance fees, to help organizations save more.
- You want access to more business banking products: FNBT provides money market accounts, business credit cards, SBA and commercial loans, and business insurance.
When To Choose a First National Bank Texas Alternative
- Your business is outside the bank’s service areas: FNBT’s branches are confined to four states (Texas, Arizona, Arkansas, and New Mexico). If your business isn’t based in those areas, you can opt for Chase, which has branches in all 48 mainland states. Our Chase business checking review provides details of the bank’s checking accounts to help you decide.
- You want to earn a higher annual percentage yield (APY): Although FNBT’s Commercial Checking with Interest and Analyzed Commercial Checking let you earn interest, the APY rates are lower than what competitors offer. Consider Bluevine’s standard checking account, which provides as much as 2.0% APY for qualifying balances up to $250,000. Check out our review of Bluevine Business Checking to see how it can benefit your business.
- You rely on wire transfers: FNBT charges $10 for receiving domestic wires and $25 for sending domestic wires. However, you can only receive and send international wires at selected branches. An excellent alternative is Mercury, which provides fee-free inbound and outbound domestic and international wire transfers. Read our Mercury Business Checking review to learn more about its cost-saving features.
First National Bank Business Checking Overview
First National Bank Texas Business Checking Requirements
The list of First National Bank Texas business checking requirements is not listed on the website, and to open a business checking account, you must visit a branch, as all the bank’s business checking products require in-person account opening. Its website provides a list of its branches in every state.
First National Bank Texas Business Checking Features
Business Debit Card
FNBT provides a free Business Debit Mastercard® you can use at more than 20 million worldwide locations. Through this card, you can receive automatic rebates on purchases made at participating retailers, but you need to enroll for the Mastercard Easy Savings program on the bank’s website.
Digital Banking
FNBT offers small business digital banking and commercial digital banking.
Under small business digital banking, you can:
- Transfer funds between FNBT/FCB accounts
- Pay bills
- View and manage debit cards with card controls
- Manage and edit alerts
- Apply for a loan
- View e-statements and notices
- Send a service request
With commercial digital banking, you can access advanced digital banking services aside from conducting balance inquiries and fund transfers, such as:
- Perform stop payment orders/check reorders/change of address
- Access various reports, including Bank Administration Institute (BAI)
- Email or send secure messages
- Use Bill Pay services
- Make loan payments
- Perform ACH origination, business express deposit, and wire transfers (these are all subject to an additional agreement)
- Assign an administrator who can add subusers
Clients can download FNBT’s mobile banking app to deposit checks through their mobile devices. The FNBT app received a rating of 4.7 on the App Store[1] (based on around 85,000 reviews) and a 4.6 on Google Play[2] (based on over 35,000 reviews).
Customers stated that FNBT’s app is reliable, easy to use, and devoid of issues compared to other banks. However, a handful of Android users claimed that they encountered difficulties logging in and that the app is slow and crashes often.
Customer Service
FNBT has two customer service contact numbers, (254) 554-6699 and (800) 677-9801. It also has live chat customer support on its website. Customers can contact FNBT’s customer service team via live chat from Mondays to Fridays from 8:30 a.m. to 5:30 p.m. CT and on Saturdays from 10 a.m. to 5 p.m. CT. You can also visit any of its brick-and-mortar branches in Texas, Arizona, Arkansas, and New Mexico.
Other First National Bank Texas Business Products
FNBT has analyzed checking accounts, money market accounts, business credit cards, SBA loans, commercial loans, and business insurance.
Created for larger businesses with higher balances and greater cash management needs, this account provides monthly analyzed statements and an APY of 0.15% if you maintain a 1-cent daily balance. An earnings credit can also offset fees if you meet certain balances. You need to contact customer support or visit an FNBT local branch to learn about your account activity charges.
This interest-bearing account pays higher rates when you maintain higher balances. It has no required opening deposit, and the first 20 items deposited are free per statement cycle.
FNBT’s Commercial Money Market account has tiered APY rates:
- 1 cent to $2,499.99 earns 0.02%
- $2,500 to $24,999.99 earns 0.25%
- $25,000 to 49,999.99 earns 0.50%
- $50,000 to $99,999.99 earns 0.75%
- $100,000 to $249,999.99 earns 1.26%
- $250,000 earns 1.51%
The interest is compounded daily and credited monthly. The APY rates are subject to change at any time.
FNBT provides SBA loans to help clients acquire inventory, access working capital, or refinance their business debt.
The main requirements to be eligible for an SBA loan are:
- Be a for-profit business
- Be based in the United States
- Meet SBA size standards
- Have invested equity
- Do not qualify for conventional financing
For commercial lending services, FNBT provides business customers with:
- Interim construction loans for commercial or custom homes, single and multifamily complexes, medical offices, churches, and retail centers
- Real estate loans
- Equipment or commercial vehicle loans
- Business working capital loans
- Real estate debt refinancing
- Professional loans
FNBT offers business insurance for specific needs through First Community Insurance Services. The rates are competitive, and the coverage is broad and comes with various options.
First National Bank Texas Business Checking Reviews From Users
FNBT has a 2.6-star rating on WalletHub[3] (based on over 100 reviews). There are no First National Bank Texas Business Checking reviews, and comments about the bank itself are few and revolve around its personal loan products and customer service.
Satisfied clients said that they found FNBT’s staff helpful, friendly, and willing to go the extra mile. However, some complained about getting charged overdraft fees and being put on hold when they called customer service. One customer said that they also disliked the lack of support for rolled coin deposits.
Bottom Line
FNBT’s low-tier account, Business First Checking, is a decent choice if you rely on making cash deposits in person and your business is based within its service area. Meanwhile, its nonprofit checking product is recommended for nonprofits seeking a free checking account.
Overall, the bank has solid digital banking services designed for small and commercial businesses. However, if your business needs can be satisfied through online banking, you can opt for alternatives that provide a free checking account with unlimited transactions for all business entities.
User review resources:
[1]App Store
[2]Google Play
[3]WalletHub
