First Federal Bank of California was founded in 1929.  First Federal Bank of California operates 39 retail bank branch offices in Southern California. The bank is the fourth largest Los Angeles-based financial institution with $7 billion in assets.

First Federal Bank of California offers a wide spectrum of bank products and services.  At the present time, First Federal Bank of California is offering a no minimum balance checking account that earns and interest rate of 3.99% APY.  This checking account is marketed as the Power Rewards Checking.  The checking account is a high yield interest-bearing account.  There is no minimum balance required or monthly service charge on this account.  The account earns variable rates of interest based upon the account balance and the interest tier in which the balance falls on the given day.  Receipt of the higher interest rate in each statement period is contingent upon the completion of activity requirements during the prior statement period, with Power Rewards interest paid on balances up to $25,000 and a reduced interest rate paid on balances greater than $25,000.  Accounts that do not meet the activity requirements are paid interest at 25 basis points on the total account balance.

New checking accounts in this promotion automatically qualify for the Power Rewards interest rate for the first two months, regardless of the account activity conducted.  There are several activity requirements for this interest rate to be earned on the checking account.  In order to be eligible for the Power Rewards interest rate, the following transactions must be conducted during each statement period.  18 POS Debit Card transactions, ATM transactions are excluded.  4 bill payment transactions.  1 Electronic transaction, ACH Debit or Direct Deposit.  In addition, bank customers must have a valid email account in order to be notified monthly of the account’s interest rate based on the activity in the account during the qualifying month.

Accounts which do not meet the activity requirements for three consecutive months will automatically be transferred to the bank’s Client Checking product and subject to all terms and conditions including applicable service fees. 

The following premium services are also included in the Power Rewards Checking package: Online Bill Payment, if the checking accountholder does not use Online Bill Payment Service for three consecutive calendar months, the bank reserves the right to discontinue access to their Online Bill Payment service without prior notice.  There is no First Fed fee for transactions performed at non-First Federal Bank of California ATMs.  ATM transactions performed at non-First Federal Bank of California ATMs may be subject to third party charges or surcharges.  When checking accountholders use a non-First Federal Bank of California ATM, the bank will refund the ATM usage charges, surcharge, assessed against the account by the third party processor, up to a maximum of $2.00 per transaction.  The refunded fee will be credited to your account on the business day after the transaction date.  The bank eStatements are standard with Power Rewards Checking accounts.  Bank checking account customers electing to receive a paper statement will be charged a processing fee of $23.00 per month.  Free Corporate image checks.  Free telephone banking.  Free online banking.  Standard fees apply for Courtesy Overdraft, Uncollected Funds and/or Overdraft Protection Lines.

The bank also has four CD accounts presently being promoted.  There is a 3 month CD that earns an interest rate of 2.15% APY.  The bank markets a 6 month CD that has an interest rate of 2.65% APY.  A 9 month CD that has a rate of 2.70% APY.  And one year bank CD that has an interest rate of 2.90% APY.  All of these CD accounts require a minimum deposit of $500.00. 

Interest rates are subject to change.  Additional conditions on the bank CD and checking accounts may apply.  Rates updated as of January 5, 2009.  A bank representative can be reached at 800.226.5332.  For additional information on the listed bank products and services, the bank website provides disclosures, descriptions and current interest rates.  The website can be located at www.firstfedca.com.

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