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City First Bank: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 3.75 |
| CD | 3.75 |
| Money market account | 3.25 |
| Trustworthiness | 5 |
| Total: | 4 |
City First Bank: Pros and Cons
| Pros | Cons |
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City First Bank Personal Checking Account
The
City First also has an interest-bearing checking account, but you'll need to keep a minimum of at least $500 in the account to waive the account's monthly service fee.
City First Bank Personal Savings Account
The
The bright side to the account is that it's easy to waive the $2 monthly service fee — just maintain
City First Bank Certificate of Deposit
City First Bank has low CD rates. The bank doesn't post early withdrawal penalties online, and a customer support agent told Insider you'll need to visit the branch to withdraw funds early and find out what you'll pay in penalties.
City First Bank Personal Money Market Account
The
On the plus side, the account comes with paper checks, making it easy to tap into your savings. This is especially useful if you have a financial emergency and need to access money quickly.
How Does City First Bank Work?
City First Bank is designated as a minority-led financial institution (MDI) by the FDIC. The FDIC defines an MDI as "a federal insured depository institution for which (1) 51% or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority."
City First Bank has branches in Washington, DC, and the Los Angeles area. Each branch has an ATM where you can make free withdrawals and deposits. You can also withdraw money for free at Citibank branch, STAR, and Allpoint ATMs.
The bank's mobile app only has a few online reviews. If banking with a strong mobile app is important to you, you may want to look elsewhere.
You can call a live customer support agent Monday through Friday, 9 a.m. to 4 p.m. PT. Or call Saturday from 9:00 a.m. to 1:00 p.m. PT.
Your bank accounts are FDIC insured for up to $250,000, or $500,000 for joint accounts.
The Role of Black-led Financial Institutions
There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.
City First Bank is a part of the following organizations for its social and environmental impact:
- Global Alliance for Banking on Values
- B Corporation
- Federal Deposit Insurance Corporation's Minority Depository Program
- US Department of Treasury's Community Development Financial Institutions Fund
Over 70% of City First Bank loans also go toward multifamily affordable housing projects, non-profit organizations, and small businesses located in Washington, DC, and Los Angeles low-to-moderate income areas.
City First Trustworthiness and BBB Rating
BBB ratings show whether a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
The Better Business Bureau gives City First an NR ("No Rating") grade because the BBB doesn't have enough information to rate the business.
City First doesn't have any recent public scandals. You may decide you're more comfortable using this Black-owned bank with a clear history than some other banks in Los Angeles or DC. Both Wells Fargo and Bank of America are prevalent in these cities, but each faces accusations of racial discrimination.
City First Bank vs. OneUnited Bank
We've compared City First Bank to another Black-owned banks you can access in the Los Angeles area: OneUnited (Member FDIC).
You'll probably prefer City First if you're looking for a variety of CD options. City First offers CD terms from 3 months to 5 years. Meanwhile, OneUnited Bank only has a few term options — a 120-day CD, a 1-year CD, an 18-month CD, and a 2-year CD.
But OneUnited lets you receive paychecks up to two days early, which could useful if you often find yourself worrying about making payments on time.
City First Bank vs. Citizens Trust Bank
Citizens Trust Bank (Member FDIC) doesn't have branches in Los Angeles or DC, but you can bank online.
Citizens Trust has branches in other parts of the US, but not in Los Angeles or DC. You may like Citizens Trust if you prefer online banking, but you'll want to go with City First if you like banking in person.
Citizens Trust has multiple checking accounts to choose from, so you may find one that best suits your needs. But City First might be more appealing for dealing with monthly service fees. Its checking account offers more ways to waive the fee.
City First Bank: Frequently Asked Questions
What is City First Bank?
City First Bank is a Black-owned bank. It has one branch in Washington, DC, and three branches in the Los Angeles area.
Is City First Bank FDIC insured?
Yes, City First Bank is federally insured. You may keep up to $250,000 in an individual account or $500,000 in a joint account.
Is Broadway Federal Bank now City First Bank?
In April 2021, Broadway Federal Bank in California and City First Bank in DC merged into City First Bank.