Basic Checking is a non-interest-bearing account.Ĭompared to Basic Checking, this account offers a few additional benefits but requires a higher minimum opening deposit of $500. An ATM and ATM/Debit card are included with this account. There is no fee for the first eight checks cleared per statement period, but any additional checks will incur a $1 fee per check. Basic Checking requires a $25 minimum opening balance and charges a $3 monthly service fee. This is First Republic’s checking account for customers who don’t intend to keep a large balance and don’t need to make many monthly transactions. But you have to maintain a minimum balance of $3,500 to earn interest, for which the APY is only 0.001%. This is an interest-bearing checking account. And, if you have a linked money market account, you’ll get overdraft protection. The account also provides a complimentary first order of checks. This means you can get cash from virtually any ATM without incurring a fee. You also receive a rebate for any ATM fees charged by other financial institutions. This checking account doesn’t charge ATM access fees at First Republic Bank ATMs. Account details and annual percentage yields (APYs) are accurate as of August 26, 2021.įirst Republic Bank offers four checking accounts with varying minimum balance requirements, features and benefits. This review focuses on First Republic Bank’s personal banking services. All 84 First Republic Bank locations are now branches of Chase Bank.Īs a full-service bank, First Republic Bank offered a wide range of personal and business banking products and services with a focus on private banking. Like SVB, First Republic Bank was a Bay Area-based bank focused on serving wealthy clients whose deposits often exceeded the $250,000 FDIC insurance limit.įirst Republic Bank deposits have been transferred to JPMorgan Chase Bank, so former First Republic clients can bank as usual at Chase Bank. history: Silicon Valley Bank (SVB) and Signature Bank. The collapse of First Republic Bank occurred just seven weeks after two of the largest bank failures in U.S. banks by assets at the time of failure, with over $229 billion in assets and 84 offices in eight states. The failed bank’s deposits and assets were sold to JPMorgan Chase Bank in a purchase agreement with the FDIC.įounded in 1985, First Republic Bank was one of the largest U.S. First Republic Bank was shut down on May 1, 2023.

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