Welcome to American Bank of Commerce
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ABC SAVINGS

Account DescriptionSavings accounts are an easy and safe way to save for the future and may be tied to your checking account to protect you from accidental NSF charges.
Account BenefitsEasy access to money
Can be tied to your checking for overdraft protection
Can set up monthly transfers to savings for worry free saving
InterestYes
Statement Service Fee$3.00 if balance drops below $100 during the statement cycle
Additional Fees & LimitationsRegulations restrict the number of transfers and withdrawals by check, debit card, or similar order to third parties to no more than 6 per month. For quarterly statement cycle - $2 per withdrawal over 6
Minimum Daily balance required (to waive monthly service fee)Fee waived with a minimum balance of $100
Minimum Opening Deposit$100.00
More BenefitsFree secure Online Banking
Free 24/7 Telebank access
ATM Card
Branches located in Texas and Colorado

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ABC YOUTH SAVINGS

Account DescriptionThis account is set up for individuals age 0 to 18. Teach your child money management.
Account BenefitsSave for college
Save for a new car
Teach children money saving basics
InterestYes
Statement Service FeeNone
Additional Fees & LimitationsRegulations restrict the number of transfers and withdrawals by check, debit card, or similar order to third parties to no more than 6 per month. For quarterly statement cycle - $2 per withdrawal over 6
Minimum Daily balance required (to waive monthly service fee)Not applicable
Minimum Opening Deposit$25.00
More BenefitsUniform Transfer to Minors Act (UTMA) account may be opened in the child's interest with a custodian controlling the funds
Free 24/7 Telebank access
ATM with the authorization of the joint owner
Branches located in Texas and Colorado

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HEALTH SAVINGS ACCOUNT (HSA)

Account DescriptionWhile your High Deductible Health Plan (HDHP) pays for serious injury or illness an HSA can help with the smaller medical expenses.
Account BenefitsDistributions may be TAX FREE if used for qualified medical expenses
Not a "use it or loose it plan" - Contributions remain in account and rolls over each year if not used, making this a tax free savings account
Easy access to funds by utilizing an HSA designated debit card
InterestYes
Statement Service Fee$2.00 per month
Additional Fees & LimitationsEligibility requirements and annual contribution limits apply
Minimum Daily balance required (to waive monthly service fee)Fee waived with a minimum balance of $1000
Minimum Opening Deposit$0.01
More BenefitsMonitor your account via online banking
After age 65 unused funds may be withdrawn ‘penalty’ free, even for non-medical expenses
Makes medical record-keeping easy – listing transactions all in one place on your monthly statement
Anyone can make a contribution to your HSA, while staying within annual contribution limits

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INDIVIDUAL RETIREMENT ACCOUNTS (IRA)

Account DescriptionAn individual retirement arrangement, or IRA, is a personal savings plan which allows you to set aside money for retirement, while offering you tax advantages. You may be able to deduct some or all of your contributions to your IRA. Amounts in your IRA, including earnings, generally are not taxed until distributed to you. IRA's cannot be owned jointly. However, any amounts remaining in your IRA upon your death can be paid to your beneficiary or beneficiaries.
Account BenefitsIndividual Retirement Accounts
ROTH Accounts
CESA (Coverdell Education Savings Account)
SEP (Simplified Employer Plan)
InterestYes - Please contact banking center location for current IRA Rates
Statement Service FeeNone
Additional Fees & LimitationsEligibility requirements and annual contribution limits apply
IRA Plan Investment OptionsFixed Rate CDs – With this investment option the contribution stays in the CD for a determined amount of time
Variable Rate CD – Once opened initially, will allow for smaller contributions anytime during the term
Minimum Opening Deposit$1000.00
More BenefitsPrior tax year contributions may be made until the tax filing deadline – usually April 15th (does not include extensions)
Traditional IRA – earns tax-deferred income
ROTH IRA – earns tax-free income

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CERTIFICATES OF DEPOSIT

 
Account DescriptionA Certificate of Deposit from American Bank of Commerce allows you to maximize your savings with added benefits of liquidity and safety. Depending on your needs, you can choose a term from one month to five years. And it doesn't take a lot of money to invest in a CD either.
Account Benefits

Partial withdrawals of Interest only are allowed
Automatic Renewals
10 Day grace period

InterestYes - Please contact banking center location for current CD Rates
Statement Service FeeStatements not provided
Additional Fees & LimitationsEarly Withdrawal Penalties apply and additional Deposits are not allowed
Minimum Opening DepositUnder $100,000 = $1,000   Over $100,000 = $100,000
More Benefits

Flexible interest disposition options: check, add back to Certificate, deposit to your ABC checking or direct deposit to another financial institution


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