Spanish-American Bank, low fees

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Overall rating of the bank

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.05% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • No monthly service fees
    • Minimum opening deposit of $ 25
    The inconvenients
    • Low APY
    • Interest compounded quarterly, not daily
    • owned by Hispanic Americans
    • Bank with 17 branches (plus one to come) in Texas
    • Interest compounded quarterly, paid quarterly
    • No monthly maintenance fees
    • FDIC member

    The Falcon International Bank Statement savings account is a good option if you want to avoid monthly service charges. You only need a minimum deposit of $ 25 and no minimum balance is required. However, the interest rate is low and other savings accounts may offer better rates. For example, high yield savings accounts have higher rates.

    Verification

    Annual percentage return (APY)

    Nothing

  • Advantages and disadvantages

  • Details


  • Benefits
    • No monthly service fees
    • MasterCard Debit Card Offer
    The inconvenients
    • Minimum opening deposit of $ 100
    • $ 35 overdraft fee
    • $ 5 fee for paper statements
    • $ 4 transaction fee for off-network ATMs
    • $ 5 fee if you don’t use your account after 90 days
    • owned by Hispanic Americans
    • 22 ATM locations, $ 4 transaction fee for off-grid ATMs
    • With overdraft protection, a fee of $ 35 applies
    • 17 branches in Texas (plus one to come)
    • FDIC member

    Falcon International Bank’s regular checking account is a good option if you are looking for an easy-to-manage checking account. There is no monthly service charge and no minimum balance required for this account.

    However, if you frequently use off-network ATMs, overdraft your account, or stop using the account for more than 90 days, additional charges may accrue for you.

    CD

    Annual percentage return (APY)

    0.01% – 0.20% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    The inconvenients
    • Minimum opening deposit of $ 1,000
    • Early withdrawal penalties
    • Bank owned by Hispanic Americans
    • 17 branches (plus one to come) in Texas
    • The terms vary from 30 days to 5 years
    • Interest compounded monthly
    • FDIC member
    • Early withdrawal penalties: depend on the amount deposited and the duration of the mandate

    Falcon International Bank offers a wide range of CD term options, from 30 days to 5 years. However, CDs require a minimum opening deposit of $ 1,000.

    If you decide to withdraw your money earlier, you will also face withdrawal penalties depending on the amount deposited and the time remaining.

    Money market account

    Annual percentage return (APY)

    0.05% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • MasterCard Debit Card Offer
    • Possibility to waive monthly maintenance fees
    The inconvenients
    • Low APY
    • Minimum opening deposit of $ 2,500
    • $ 10 monthly maintenance fee
    • Interest compounded monthly
    • Bank owned by Hispanic Americans
    • 17 branches in Texas
    • To waive the monthly $ 10 maintenance fee, keep $ 2,500 in your account daily
    • Interest compounded monthly, deposited monthly
    • FDIC member

    The Falcon International Bank Money Market account is a decent option, if you want an account with a debit card option or if you can deposit a minimum of $ 2,500 upfront. There is a monthly maintenance fee of $ 10, but it can be waived if you keep $ 2,500 in your account daily.

    How Falcon International Bank Works

    Falcon International Bank is a Hispanic American bank in Texas. There are 17 branches (plus one more to come) scattered throughout the state and two representative offices in Monterrey, Mexico, and Guadalajara, Mexico.

    You can find branches in the following cities:

    • Laredo
    • Del Río
    • Eagle Pass
    • San Antonio
    • Brownsville
    • Buda
    • McAllen
    • Zapata (coming soon)

    Twenty-two free ATMs are available in nine cities in Texas. If you are using an off-network ATM, a transaction fee of $ 4 applies.

    Customer service hours vary by branch. However, most locations are available 9:00 a.m. to 5:00 p.m. CT on weekdays and 9:00 a.m. to 1:00 p.m. CT on Saturdays. There is also a cashier available 24/7. The 24/7 cashier has a phone number for branches in Laredo and a different phone number for other branches, so be sure to call the correct one based on your location.

    If you accidentally lose your debit card or have it stolen, Falcon International Bank has separate contact details.

    The Falcon International Bank mobile app has 4.3 out of 5 stars on the Apple Store and 3.9 out of 5 stars on Google.

    The bank’s website also has the option to translate the page into Spanish if you prefer.

    Since Falcon International Bank is a member of the FDIC, deposits are insured up to $ 250,000 for individuals and up to $ 500,000 for joint accounts.

    Is Falcon International Bank Trustworthy?

    Falcon International Bank executives and staff have volunteered locally with the American Cancer Society, Leadership Laredo, South Texas Food Bank, and more. The bank has also not been the subject of public controversy in recent years.

    We use Better Business Bureau assessments to help you better understand how these institutions handle customer disputes. Falcon International Bank has a Note A + of the BBB.

    Keep in mind that a good BBB rating does not guarantee that your relationship with a bank will be great. Also, be sure to get feedback from friends, families, or reviews online to see if a bank is right for you.

    How Falcon International Bank Compares to Similar Institutions

    Below we have compared Falcon International Bank with two other Hispanic American institutions based in Texas: Bank of South Texas and Texas National Bank.

    Falcon International Bank v Bank of South Texas

    Falcon International Bank has more branches but fewer ATMs than Bank of South Texas.

    Bank of South Texas offers more checking account options, including one that accumulates interest and one that is designed for clients 55 and over. However, if you want a checking account with no monthly fees, you might be more interested in Falcon International Bank. Depending on your needs, a bank may be a better choice.

    Falcon International Bank v Texas National Bank

    Texas National Bank offers higher rates for savings, money market, and CD accounts. However, if you are looking for an account with a lower opening deposit or with a greater variety of term options for CDs, then Falcon International Bank may set you apart more.

    You should also keep in mind the locations and offers of branches. Falcon International Bank has more branches and offers longer customer service hours. However, the Texas National Bank has more ATMs available.


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