Overview of First Bank
First Bank, also known as First Commercial Bank Taiwan, operates in an environment lacking significant regulatory oversight. This absence of oversight raises concerns about the bank's accountability and security measures, urging customers to exercise caution when engaging with the institution.
Despite this, First Bank provides a range of financial products and services, including deposit products, loans, credit cards, investment services, online banking, and market instruments. These offerings cater to diverse customer needs, although the reliability and trustworthiness of these services may be impacted by the lack of regulatory supervision.
While the bank offers some features like leverage for foreign exchange trades and favorable spreads on select financial instruments, customers should be aware of associated fees, including credit card annual charges and service-related costs. First Bank also offers various contact options for customer support, enhancing accessibility. Nevertheless, customers should carefully weigh the advantages and disadvantages of banking with First Bank, given the limited regulatory safeguards.
Pros and Cons
First Bank presents a set of advantages and drawbacks. On the positive side, the bank offers investment services, featuring low spreads and commissions, and provides a variety of credit card options. Moreover, it offers comprehensive customer support. However, the institution faces challenges due to a lack of regulatory oversight, limited information on fees, account types, and trading platforms, which could potentially hinder customer decision-making and transparency in financial operations.
Is First Bank Legit？
There is a distinct lack of regulatory oversight when it comes to First Bank, a factor that might potentially pose significant risks to customers. Without applicable regulations to maintain checks and balances, it leaves the bank's accountability and security measures in a questionable position. Therefore, it is of paramount importance to exercise vigilance and caution when dealing with such institutions.
Products & Services
DEPOSIT PRODUCTS: First Bank provides a range of deposit products such as savings accounts, time deposits, and checking accounts. It offers various deposit options including cash deposit, standing instructions, and online depositing.
LOANS: The bank provides different types of loan options including home loans, personal loans, and auto loans. Details regarding the loan rates, repayment options, loan amount and term can be found on their website.
CREDIT CARDS: They offer a variety of credit cards with various features like discounts, rewards, and different payment options such as single payment or installment.
INVESTMENT SERVICES: First Bank also provides a range of investment services, it offers options like domestic fixed income, equities, and mutual funds.
ONLINE BANKING: Their offerings also extend to online services. This includes facilities like online account management, bill payment, and funds transfer.
Pros and Cons
Market InstrumentsE
TF (Exchange Traded Funds): First Bank offers Exchange Traded Funds, also known as “指數股票型基金” in Chinese. These funds track specific market indices and are traded on stock exchanges. Investors can participate in the performance of market indices by investing in ETFs. Examples include ETFs tracking the S&P 500, Nasdaq-100, and FTSE 100.
FOREIGN STOCKS: First Bank facilitates the trading of foreign securities, including stocks, warrants, depositary receipts, and other approved investment instruments on foreign stock exchanges or over-the-counter markets. Examples include shares listed on the New York Stock Exchange (NYSE), Tokyo Stock Exchange (TSE), and London Stock Exchange (LSE).
FOREIGN BONDS: First Bank provides access to foreign bonds, allowing clients to invest in bonds denominated in various currencies and issued by foreign entities. Examples of foreign bonds available include bonds issued by the National Development Bank in Chinese Renminbi (CNY), Credit Suisse Bank's South African Rand (ZAR) bonds, and Morgan Stanley Financial Corporation's Renminbi bonds.
STRUCTURED PRODUCTS: First Bank offers structured products with varying characteristics. These products may have different issuers, currencies, and maturity dates. For instance, there are structured products issued by Swiss Bank with different maturities and underlying assets, such as the 6-month DRA non-principal-protected structured product.
FOREIGN CURRENCY EXCHANGE SERVICES: First Bank provides foreign currency exchange services to meet the diverse needs of clients, whether for travel, business, or education purposes. They offer foreign banknotes in multiple currencies, including USD, GBP, HKD, AUD, JPY, CAD, EUR, and CNY. The availability of specific currencies and denominations may vary, subject to exchange rate conditions at the time of the transaction.
INDEX INVESTMENTS: First Bank provides opportunities for clients to invest in market indices. Examples include the S&P 500 Index, NASDAQ Composite Index, and FTSE 100 Index. These investments allow clients to gain exposure to a broad market segment.
COMMODITY INSTRUMENTS: First Bank also offers market instruments related to commodities. Examples include Gold Futures, which enable clients to speculate on the future price of gold, and Crude Oil ETFs, providing exposure to the price movements of crude oil.
Pros and Cons
Account Types
SAVINGS ACCOUNTS: First Bank offers a number of savings accounts to its customers. Products include basic savings accounts, certificates of deposit, and youth savings accounts. Some of these accounts come with various options like passbook updates and monthly statements.
CHECKING ACCOUNTS: There are multiple types of checking accounts provided by the bank. These involve different features like check-writing privileges, paper statements, and online account management.
TIME DEPOSITS: First Bank includes options for time deposits. Consumers can avail of fixed deposit accounts of differing tenures. The interest rates and terms of these deposits show variations as indicated on the bank's portal.
FOREIGN CURRENCY ACCOUNTS: The bank offers accounts in different foreign currencies. These involve options for holding, sending, or receiving money in a multitude of foreign currencies.
Cards
義享天地聯名卡: First Bank offers the 義享天地聯名卡, a co-branded card that provides various benefits. New cardholders can choose from three welcome gifts, and the card offers up to 10% cashback on designated dining expenses. Additionally, it comes with the option to attach an一卡通.
一卡通聯名卡: The 一卡通聯名卡 from First Bank offers a digital application incentive of up to NT$950 for new cardholders. Cardholders can earn unlimited 1% cashback on domestic transactions and 3% cashback on overseas transactions. The card also offers cashback on insurance premium payments and can be linked with an一卡通.
iLEO信用卡: The iLEO信用卡 provides up to 10% cashback on designated mobile payment transactions and up to 11% cashback on overseas spending. Cardholders can enjoy a 3-month 0% interest installment plan for their purchases. The card can also be linked with a 悠遊卡 for added functionality.
桃園市市民卡聯名卡/桃園市認同卡: First Bank offers the 桃園市市民卡聯名卡 and 桃園市認同卡, with digital application rewards of up to NT$750 for new cardholders. Cardholders can earn up to 5% cashback on categories such as fuel, food delivery, dining, and select shopping malls. The card also provides cashback for foreign currency transactions and can be linked with both a 悠遊卡 and an 一卡通.
御璽商旅卡: The 御璽商旅卡 offers a 5% cashback incentive for new cardholders who apply digitally. Cardholders can earn up to 3% cashback on selected spending categories. New cardholders can also receive up to NT$2,600 in card spending rewards.
Living Green綠活卡: New cardholders of the Living Green綠活卡 can receive up to NT$1,000 as a digital application reward. The card offers up to 10% cashback on health and wellness expenses and 5% cashback on automatic value reloads, Taiwan Railways, and High-Speed Rail expenses. It can be linked with both a 悠遊卡 and an 一卡通.
Pros and Cons
Leverage
First Bank offers a leverage of up to 1:50 on foreign exchange trades. This means that for every $1 you deposit, you can trade up to $50 worth of currency. For example, if you deposit $100, you could trade up to $5,000 worth of currency.
Spreads
The spreads and commissions for these bonds vary based on the specific bond and currency, starting from 0. For example, the spread for the OAB0 bond in USD is 0.99809, and the spread for USD is 0.1%.
Fees
First Bank's credit card fees include annual charges for primary and supplementary cards, with precise amounts for each card type. For example, the GLORY+世界卡 imposes an annual fee of 10,000 NT dollars for the primary card and 5,000 NT dollars for supplementary cards, with a first-year fee waiver. Cardholders can have the subsequent year's primary card fee waived by achieving either a 300,000 NT dollar cumulative spending in the previous year (combined for primary and supplementary cards) or accumulating 30,000 NT dollars in regular spending (combined for primary and supplementary cards) in the preceding year, which can offset the current year's primary card fee by 1,000 NT dollars. Similar fee structures apply to other cards, including the 義享天地聯名卡 and 一卡通聯名卡, with primary card annual fees of 10,000 NT dollars and 300 NT dollars, respectively, along with supplementary card fees and first-year fee waivers based on spending criteria. Additionally, specific fees are associated with various services, such as lost card handling, bill payment through automated devices, and refunding overpayments, each with designated amounts, and cashback benefits on select cards, along with charges for international ATM withdrawals with varying fees depending on the location and card type, such as 75 NT dollars plus 1.55% for VISA PLUS cross-border withdrawals, with minimum charges in specific regions like Japan and Hong Kong.
Deposit & Withdrawal
First Bank provides a comprehensive deposit and withdrawal system, including Taiwan Pay and international payment services. Taiwan Pay covers financial and credit card transactions with a common QR code payment standard for both remote and proximity transactions. It offers mobile payment options like Samsung Pay, Apple Pay (compatible with First Bank credit cards), and Google Pay. Additionally, the bank offers HCE mobile credit card payments for contactless transactions nationwide without the need for application forms or SIM card changes. These services provide with multiple payment acceptance methods, including credit and financial cards, UnionPay cards, and QR code payments.
Pros and Cons
Trading Platforms
First Bank Online Trading Platform: This platform is available to all customers and allows you to trade forex, stocks, and options. The platform has a user-friendly interface and offers a variety of features, including charting tools, newsfeeds, and research tools.
First Bank Mobile Trading App: This app is available for iOS and Android devices and allows you to trade forex, stocks, and options on the go. The app has a similar interface to the online trading platform and offers the same features.
Educational Tools
First Bank provides educational tools in the form of financial news updates and reports. These tools include the “國際金融行情日訊” for international financial market updates and trends. On September 7th, the report highlighted the impact of strong U.S. data on rising bond yields and its effect on non-U.S. currencies. Additionally, there are updates on economic trends in the “經濟情勢動向” section, such as the revised second-quarter GDP growth rate announced by the U.S. Department of Commerce. The bank also offers a “全球投資週報,” which provides insights and information on global investment trends. These educational resources offer valuable information for clients seeking to stay informed about financial markets and economic developments.
Customer Support
For Customer Support, First Bank provides multiple contact options. You can reach them at their headquarters located at 30 Chongqing South Road, Section 1, Taipei City. They offer 24-hour customer service for both banking and credit card inquiries through (02)2181-1111 or 0800-031-111 for local calls. Additionally, there's a helpline for senior and friendly service inquiries at 0800-505-696. Customers can also connect with the bank through their Line official account, Facebook page, Instagram account, YouTube channel, and the iLEO platform.
Conclusion
In conclusion, First Bank, also known as First Commercial Bank Taiwan, presents both advantages and disadvantages for potential customers to consider. On the positive side, the bank offers a variety of financial products and services, including deposit products, loans, credit cards, investment services, online banking, and access to various market instruments. Moreover, it provides leverage for foreign exchange trades and a range of trading platforms, making it accessible to a broad audience. However, it is essential to note the lack of regulatory oversight, which raises concerns about the bank's accountability and security measures. Additionally, customers should be mindful of the fees associated with their services, including credit card fees and international ATM withdrawal charges. To navigate First Bank's offerings safely, exercising vigilance and caution is of utmost importance.
FAQs
Q: Is First Bank a legitimate financial institution？
A: First Bank operates with limited regulatory oversight, which may raise concerns about its accountability and security. Customers should exercise caution when dealing with such institutions.
Q: What types of products and services does First Bank offer？
A: First Bank provides deposit products, loans, credit cards, investment services, and online banking facilities for its customers.
Q: What market instruments can I trade through First Bank？
A: First Bank offers a range of market instruments, including ETFs, foreign stocks, foreign bonds, structured products, foreign currency exchange services, index investments, and commodity instruments.
Q: What are the account types available at First Bank？
A: First Bank offers savings accounts, checking accounts, time deposits, and foreign currency accounts to cater to different banking needs.
Q: What credit cards does First Bank offer, and what are their benefits？
A: First Bank offers various credit cards, each with unique benefits such as cashback rewards, digital application incentives, and the option to link with transportation cards
Q: What leverage does First Bank provide for foreign exchange trades？
A: First Bank offers leverage of up to 1:50 on foreign exchange trades, allowing customers to trade a higher value of currency with a smaller deposit.
Q: What are the spreads and commissions associated with First Bank's bonds？
A: The spreads and commissions for First Bank's bonds vary based on the specific bond and currency, starting from 0.
Q: What fees are associated with First Bank's credit cards and services？
A: First Bank charges annual fees for primary and supplementary credit cards, with fee waivers based on spending criteria. Additional fees apply for various services, including lost card handling and international ATM withdrawals.
Q: What deposit and withdrawal options are available at First Bank？
A: First Bank provides comprehensive deposit and withdrawal services, including Taiwan Pay, international payment services, and various mobile payment options.
Q: What trading platforms are offered by First Bank？
A: First Bank offers an online trading platform and a mobile trading app for forex, stocks, and options trading, both with user-friendly interfaces and essential features.
Q: Does First Bank provide educational tools for its customers？
A: Yes, First Bank offers educational tools such as financial news updates, reports on international financial markets, economic trend updates, and insights on global investment trends.
Q: How can I contact First Bank's customer support？
A: You can reach First Bank's customer support through their headquarters, phone lines, Line official account, social media platforms, and the iLEO platform, which offers multiple contact options for assistance.
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