Savings

Pan American Bank knows how hard it has become in recent years to save for the future.  As such, Pan American Bank has developed several flexible and consumer-friendly savings products to help families save.  From regular savings accounts to youth savings accounts to the long-forgotten Christmas Club Account.  Take a look below to find the savings product that best meets your needs.

Regular Savings Account (Consumer Savings Account)

Description
The Consumer Savings Account provides savers with a great tool to set aside funds, earn interest while extremely flexible to meet everyday demands.

Benefits

  • Free ATM Card
  • Free ATM transactions at any Pan American ATM and participating Allpoint Network ATMs
  • Free Internet Banking
  • Free 24 hour Automated phone banking
  • No deposit limitations (you may make an unlimited number of deposits into your account!)
  • COMING SOON:  Mobile banking!!!

Other Features

  • Interest is compounded daily
  • Interest is credited into the account quarterly
  • Interest is NOT credited to the account if the account is closed PRIOR to the statement date
  • Interest is calculated using the daily balance method
  • Interest begins to accrue on the business day that a deposit is made

Minimum Balance / Requirements
The minimum opening balance for this account is $100.  A minimum daily balance of $100 must be maintained to  avoid a service charge (see below).

Service Charge
This account will be assessed a $6 service charge per month.  The service charge is waived if the account maintains a minimum daily balance of $100.

Limitations on Frequency of Transfers
During any calendar month you may not make more than six (6) withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, whether initiated by check, draft, debit card (if applicable)  or similar order to a third party.  If you exceed the transfer limitations set forth above in any calendar month you account may be subject to closure.  This includes online banking account transfers and bill payments.   The Excessive Debit Fee for each debit in excess of six per month is $3.

Childrens Savings Account

Description

Studies have found that youth that have a savings account in their name are seven times (7x) more likely to go to college than youth without an account in their name.  In an effort to encourage saving at a young age, Pan American Bank created the youth savings account.  The Childrens Savings Account eliminates the barriers to saving by providing youth under-18 with a savings account with a low opening requirement ($5) and no service charge fees.

Benefits

  • Open account with $5
  • Free Internet Banking
  • Free 24 hour Automated phone banking
  • No deposit limitations (you may make an unlimited number of deposits into your account!)

Other Features

  • Interest will begin to accrue on the first business day after the banking day of deposit
  • Interest is compounded daily
  • Interest is credited into the account quarterly
  • Interest is NOT credited to the account if the account is closed PRIOR to the statement date
  • Interest is calculated using the daily balance method

Minimum Balance / Requirements
The minimum opening balance for this account is $5.

Service Charge
None.

Limitations on Frequency of Transfers
During any calendar month you may not make more than six (6) withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, whether initiated by check, draft, debit card (if applicable)  or similar order to a third party.  If you exceed the transfer limitations set forth above in any calendar month you account may be subject to closure.  This includes online banking account transfers and bill payments.   The Excessive Debit Fee for each debit in excess of six per month is $3.

 

Money Market Savings Account

Description
Consumers looking for a savings account with competitive rates and easy access should consider the Consumer Money Market Account.

Benefits

  • Free ATM Card
  • Free ATM transactions at any Pan American ATM and participating Allpoint Network ATMs
  • Free Internet Banking
  • Free 24 hour Automated phone banking
  • No deposit limitations (you may make an unlimited number of deposits into your account!)
  • COMING SOON:  Mobile banking!!!

Other Features

  • Interest is compounded daily
  • Interest is credited into the account monthly
  • Interest is NOT credited to the account if the account is closed PRIOR to the statement date
  • Interest is calculated using the daily balance method
  • Interest begins to accrue on the business day that a deposit is made

Minimum Balance / Requirements
The minimum opening balance for this account is $2,500.  A minimum daily balance of $2,500 must be maintained to  avoid a service charge (see below).

Service Charge
This account will be assessed a $5 service charge per month.  The service charge is waived if the account maintains a minimum daily balance of $2,500.

Limitations on Frequency of Transfers
During any calendar month you may not make more than six (6) withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, whether initiated by check, draft, debit card (if applicable)  or similar order to a third party.  If you exceed the transfer limitations set forth above in any calendar month you account may be subject to closure.  This includes online banking account transfers and bill payments.   The Excessive Debit Fee for each debit in excess of six per month is $5.

 

Christmas Club Account

Description
The Christmas Club Account is not really a “club” at all.  The Christmas Club Account is simply a special short-term savings account set up to help consumers save for the holidays.

Benefits

  • Free Internet Banking
  • Free 24 hour Automated phone banking
  • No deposit limitations (you may make an unlimited number of deposits into your account!)

Other Features

  • Interest will begin to accrue on the first business day after the banking day of deposit
  • Interest is compounded daily
  • Interest is credited into the account annually
  • Interest is NOT credited to the account if the account is closed PRIOR to the statement date
  • Interest is calculated using the daily balance method

Minimum Balance / Requirements
The minimum opening balance for this account is $5.

Service Charge
None

Limitations on Frequency of Transfers
You may make an unlimited number of deposits into your account.

Withdrawal Limitations
No withdrawals are allowed without closing the account.

 

Certificates of Deposits (CDs)

Description
A full range of FDIC-insured certificates of deposit are available with a variety of annual percentage yields and maturities. For rates and terms please contact one of our friendly New Account representatives.

Contact us at (323) 264-3310 to request the current Annual Percentage Yield (“APY”) as well as to request a copy of the complete account disclosure.

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