Choosing between FCMB or FirstBank account can be a very easy decision for some. But for others it can be a very difficult one. Truth is there are different things people look for before deciding to choose a bank.
Ever wanted to get a Nigerian Bank Account and you are confused as to which Nigerian Bank is good. Well in this article we’ll do a quick comparison between FCMB and FirstBank to see which one is better.
Please note that this comparison is not meant to make any of Bank look bad. Both FCMB and FirstBank are very good Nigeria Banks that provide wonderful services. There are some things you should take into consideration before you open an Account with any bank.
The comparisons will be from how easy it is to open a Bank Account in these banks. Their customer service and response rate. The mobile banking and internet banking among others.
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Table of Contents
Comparison Between FCMB And FirstBank of Nigeria
To begin lets start with the different means of opening a Bank Account in both of these banks
Ways To Open Bank Account
FCMB Nigeria(First City monument Bank)
There are about 4 ways to open Bank Account with FCMB of Nigeria. The ways are as listed below
- FCMB Mobile App.
- Through the internet using the FCMB website. You can read this Step by Step Guide on how to open the FCMB account using their website.
- Using the FCMB short code.
- Visit any FCMB branch in Nigeria.
There are about 4 ways to open Bank Account with FirstBank of Nigeria. The ways are as listed below
- FirstBank Mobile App.
- Through the internet using the FirstBank website. You can read this Step by Step Guide on how to open the FirstBank account using their website.
- Using the FirstBank short code.
- Visit any FirstBank branch in Nigeria.
Both Banks have same ways of opening bank account. They also offer instant savings account that allows you to get a savings account with only your passport. See complete list of all Nigeria Banks USSD Code for banking in This Article.
Available Debit Cards For Customer
There are varieties of debit cards available in these banks. Velve cards, Visa cards and MasterCards are issued by these banks. Another interesting feature of the FCMB and FirstBank debit cards is customization.
Your preferred card can be customized to meet your design. And all debit cards are issued immediately if they are available when you applied.
Internet And Transaction Process
FCMB is second to Access Bank when it comes to fast internet processing and transaction processing in Nigeria. They have good internet and online presence. Almost all processes and even loan application are fully automated. The complete process to open an account is fully automated in their website.
FirstBank is yet to automate some of its process online. And they have relatively slow transaction process as it takes time to send Debit or Credit notifications most times.
We give this to FCMB Bank as they have upper hand when it comes to internet and transaction processing. This does not mean that FirstBank don’t have good transaction processing. It just means that FCMB Bank have a better transaction processing speed.
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Making Cashless Withdrawals In Designated ATM’s In Nigeria
It seems that both FCMB Bank and FirstBank currently supports this feature. You can make withdrawals from any ATM without your Debit Cards. This is the next generation of Withdrawals as only few banks supports this feature currently in Nigeria. We already have a step by step guide on how to set up your Cardless Banking in your Mobile Banking App.
Customer Care And Support System
We’ll have to give this to FirstBank of Nigeria. Although FCMB Bank have good online presence and good response rate, but the FirstBank customer support system is better. FirstBank even have the #YouFirst hashtag that they use on Twitter and Instagram to attend to its customers.
The FirstBank Customer support system respond to almost every complaints on Twitter. You can see the screenshot below to see response rate.
Cost Of Maintaining A Bank Account
Surprisingly the cost of banking with these two banks are relatively reasonable. For example, they both require a minimum of N5,000 to open a standard Current Account. Both Banks also allow for zero banking and maintenance fee for Debit Card is still N52.
So when it comes to cost of maintaining account, both banks are on same level. They offer easy ways to maintain the bank account.
Number Of Savings And Current Account
Both Banks have numbers of Savings and Current Accounts that you can select from. Below are list of account from both Banks that fits the needs of every one
- Evergreen Savings Account for the elderly.
- Kid Savings Account for children below 16 years(and even unborn children)
- Premium Savings Account.
- Instant Savings Account.
- Student Savings Account.
- Student Savings Account.
- Target Savings Account.
- Premiere Current Account.
- Business Current Account.
- Personal Current Account
If you need fast internet processing then FCMB bank is you best choice. But if you prefer quick customer support then FirstBank is your best choice.
The line of difference between FCMB and FirstBank is a very thin one. This means that you can easily which one to bank with. Both banks are best suited for business owners.