FNBO (First National Bank Omaha), the nation’s largest privately owned bank, has been a pioneer since its founding in 1857 by a group of Iowa settlers. A family-owned company for six generations, First National Bank of Omaha is a subsidiary of the First National Bank of Nebraska. The bank has 30 branches in Iowa, Nebraska and Texas and is the largest provider of financing for the ethanol industry. It is the nation's fourth largest agricultural lender.
The bank is a leader in Internet banking with 6.6 million customers in all 50 states via FNBO Direct. Throughout its history, First National has been innovative. The bank established a “Ladies Department” staffed entirely by women in 1913 to cater to female account owners, and was one of the first banks to offer credit cards in the 1950s. While the Ladies Department has unfortunately closed, First National Bank of Omaha has continuously ranked as one of the best employers for working mothers since 2002 by Working Mother magazine.
Old School and New School Banking
FNBO encompasses two divergent methods of service for customers. The first, a more branch-centric approach, caters to clients who prefer the brick and mortar service of a bank staffed by friendly tellers and managers. The second line of business, FNBO Direct, aims for customers who prefer to use online tools as frequently as possible to manage their accounts using online banking.
Established customers appreciate the Midwestern charm FNBO lends to its branches in an age where automated dialing systems and impersonal emails are increasingly the norm. Keys to the bank’s online banking success are competitive interest rates, low fees and the convenience of opening accounts on the web.
First National’s Options
While reviews regarding the bank’s credit card offerings are mixed, reception has remained largely favorable to the bank’s online and traditional account offerings. The standard checking account tiers represent the core of First National’s lineup, with a few modifications.
The bank offers a “50 and up” account called Customer Classic First Checking. The 50 refers to age, not thousands of dollars, and can be a nice option for baby boomers – it offers interest bearing checking with no monthly service fees and no minimum balance with a $100 opening deposit. The standard “free” no frills checking, high net worth checking and a “complete” checking account with added services are also offered.
Savings accounts at FNBO are a little tricky. A nice account addition is the minors’ savings account, which encourages kids to save money from an early age. However, customers should know that opening an account at First National Bank of Omaha vs. FNBO Direct will result in a different interest rate. The bank technically operates as two distinct lines of business, so it’s up to consumers to make a judgment call on which account fits their needs. A higher interest rate with very little customer service may be right for some, while a lower interest rate with added services may be worth it for others.
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