First American Trust?

 
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Old 04-12-2016, 06:14 PM
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Has anyone had any experience in dealing with "First American Trust"? They have an office in The Villages and one in Ocala. They frequently advertise attractive CD rates in the newspaper.
 
Old 04-12-2016, 07:06 PM
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I have given up on CDs. I have an Ameriprise financial advisor, and regularly do much better then CDs rates with very little risk. Have not dealt with the company mentioned, but I have dealt with Citizens First and Community Bank and Trust and was treat well from both.
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Old 04-13-2016, 07:11 AM
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I have given up on CDs. I have an Ameriprise financial advisor, and regularly do much better then CDs rates with very little risk. Have not dealt with the company mentioned, but I have dealt with Citizens First and Community Bank and Trust and was treat well from both.


I'm assuming muni's ?
 
Old 04-13-2016, 11:18 AM
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No, stocks and various other funds to spread the risk to an acceptable level. Very few bonds, and no CDs.
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Old 04-13-2016, 11:46 AM
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Has anyone had any experience in dealing with "First American Trust"? They have an office in The Villages and one in Ocala. They frequently advertise attractive CD rates in the newspaper.
Caveat Emptor. Make sure you understand why the rates are attractive.

Are they with an FDIC insured bank? Are there onerous restrictions?
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Old 04-13-2016, 11:59 AM
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Has anyone had any experience in dealing with "First American Trust"? They have an office in The Villages and one in Ocala. They frequently advertise attractive CD rates in the newspaper.


///
 
Old 04-14-2016, 08:16 PM
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Thanks for all the feedback thus far.

I did received a communication in writing stating that the funds are FDIC insured.
 
Old 04-15-2016, 05:51 AM
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Thanks for all the feedback thus far.



I did received a communication in writing stating that the funds are FDIC insured.


Insured against company fraud or bankruptcy, not loss of principal. Devil is in the details. Do your due diligence or consult someone with a fiduciary relationship with you.
 
Old 04-29-2016, 09:57 AM
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Thanks for all the feedback thus far.

I did received a communication in writing stating that the funds are FDIC insured.
It is a promotional deal to get new customers. You are issued a CD for the going rate (around 1 %) and First American Trust cuts you a check for the rest. You can only buy a 20,000 one, or less I assume, and only one per household. So you buy a 6 mo CD with 2% APY will net you 200 bucks for 20,000. I bought one...200 bucks is 200 bucks.

Don't expect to walk in and walk out. They want to show you their annuities.
 
Old 04-29-2016, 04:36 PM
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Who ever you use pay attention to costs and does the investment your needs. Be sure to research products with other sources.

What percent of your annual income do you have to pay them? If you are taking 4% from your investments each year and they charge 1% you are paying 25% of your income for what? Are they investing your money so that it earns more than when you invested it?
 
Old 05-11-2016, 02:45 PM
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Disclosure: I am a financial advisor. I had an acquaintance up there who asked me about the CD rate. First gut check, there is no rate like the one he gave me. My friend was adamant when I told him it can't be a CD. It's what he told them he was looking for when he called. It took a bit of digging. They have no web page which is also odd. They are First American Trust of Central Florida, not to be confused with Central American Trust, which I imagine happens often. I didn't find a CD anywhere close to what my friend was telling me so he sent me a copy of the ad. It is an annuity, not a CD. It is issued by ELCO Life and Annuity, a B rated company. Second Opinions are a must, as is Broker check!
 
Old 05-11-2016, 03:32 PM
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Originally Posted by wasdtfl View Post
Disclosure: I am a financial advisor. I had an acquaintance up there who asked me about the CD rate. First gut check, there is no rate like the one he gave me. My friend was adamant when I told him it can't be a CD. It's what he told them he was looking for when he called. It took a bit of digging. They have no web page which is also odd. They are First American Trust of Central Florida, not to be confused with Central American Trust, which I imagine happens often. I didn't find a CD anywhere close to what my friend was telling me so he sent me a copy of the ad. It is an annuity, not a CD. It is issued by ELCO Life and Annuity, a B rated company. Second Opinions are a must, as is Broker check!


I suppose a name like First American Trust would elicit all sorts of warm fuzzy feelings with people not accustomed to reading about financial topics. I could never understand that mindset, still don't.
 
Old 05-11-2016, 04:17 PM
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Quote:
Originally Posted by wasdtfl View Post
Disclosure: I am a financial advisor. I had an acquaintance up there who asked me about the CD rate. First gut check, there is no rate like the one he gave me. My friend was adamant when I told him it can't be a CD. It's what he told them he was looking for when he called. It took a bit of digging. They have no web page which is also odd. They are First American Trust of Central Florida, not to be confused with Central American Trust, which I imagine happens often. I didn't find a CD anywhere close to what my friend was telling me so he sent me a copy of the ad. It is an annuity, not a CD. It is issued by ELCO Life and Annuity, a B rated company. Second Opinions are a must, as is Broker check!
Thanks for the heads up (and honest disclosure).
 

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