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Falcon International Bank review: Hispanic American-owned bank with zero monthly service fees

Overall bank rating

Pros and cons

Savings

  • Pros & Cons
  • Details

  • Pros
    • No monthly service fee
    • $25 minimum opening deposit
    Cons
    • Low APY
    • Interest compounded quarterly, not daily
    • Hispanic American-owned
    • Bank with 17 branches (plus one more coming soon) in Texas
    • Interest compounded quarterly, paid quarterly
    • No monthly maintenance fee
    • Member FDIC

    The Falcon International Bank Statement Savings Account is a good option if you want to avoid monthly service fees. You only need a $25 minimum deposit, and there’s no minimum balance required. However, the interest rate is low, and other savings accounts could provide better rates. For example, high-yield savings accounts have higher rates. 

    Checking

    Annual Percentage Yield (APY)

    None

  • Pros & Cons
  • Details

  • Pros
    • No monthly service fee
    • MasterCard debit card offering
    Cons
    • $100 minimum opening deposit
    • $35 overdraft fee
    • $5 fee for paper statements
    • $4 transaction fee for out-of-network ATMs
    • $5 fee if you don’t use your account after 90 days
    • Hispanic American-owned
    • 22 ATM locations, $4 transaction fee for out-of-network ATMs
    • With overdraft protection there is a $35 charge
    • 17 branches in Texas (plus one more coming soon)
    • Member FDIC

    The Falcon International Bank Regular Checking Account is a good option if you’re looking for a checking account that is easy to maintain. There are no monthly service fees and no minimum balance needed for this account.

    However, if you frequently use out-of-network ATMs, overdraw from your account, or stop using the account for more than 90 days, then additional fees may stack up for you. 

    CD

    Annual Percentage Yield (APY)

    0.01% – 0.20% APY

  • Pros & Cons
  • Details

  • Pros
    Cons
    • $1,000 minimum opening deposit
    • Early withdrawal penalties
    • Hispanic American-owned bank
    • 17 branches (plus one more coming soon) in Texas
    • Terms range from 30 days to 5 years
    • Interest compounds monthly
    • Member FDIC
    • Early withdrawal penalties: depends on the amount deposited and term length

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

    If you decide to withdraw your money early, you’ll also have to deal with withdrawal penalties based on the amount deposited and the term length left.

    Money market account

    Annual Percentage Yield (APY)

    0.05% APY

  • Pros & Cons
  • Details

  • Pros
    • MasterCard Debit Card offering
    • Possible to waive the monthly maintenance fee
    Cons
    • Low APY
    • $2,500 minimum opening deposit
    • $10 monthly maintenance fee
    • Interest compounded monthly
    • Hispanic American-owned bank
    • 17 branch locations in Texas
    • To waive $10 monthly maintenance fee, maintain $2,500 in your account daily
    • Interest compounded monthly, deposited monthly
    • Member FDIC

    The Falcon International Bank Money Market Account is a decent option, if you want an account with a debit card option or can deposit a minimum of $2,500 initially. There is a $10 monthly maintenance fee, 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-owned bank in Texas. There are 17 branch locations (plus one more coming soon) scattered throughout the state and two representative offices in Monterrey, Mexico, and Guadalajara, Mexico.

    You can find branch locations in the following cities:

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

    Twenty-two free ATMs are available in nine Texas cities. If you use an out-of-network ATM, there is a $4 transaction fee. 

    Customer service hours vary by branch. However, most locations have availability from 9:00 a.m. to 5:00 p.m. CT on weekdays and from 9:00 a.m. to 1:00 p.m. CT on Saturdays. There’s also a 24/7 teller available. The 24/7 teller has one phone number for the Laredo branches and a different phone number for other branches, so make sure to call the right one depending on your location. 

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

    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 of translating the page to Spanish if you’d prefer.

    Since Falcon International Bank is an FDIC member, 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 leaders and staff have volunteered locally at the American Cancer Society, Leadership Laredo, South Texas Food Bank, and more. The bank also hasn’t gone through any public controversies in recent years. 

    We use ratings from the Better Business Bureau to help you better understand how these institutions deal with customer disputes. Falcon International Bank has an A+ rating from the BBB. 

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

    How Falcon International Bank compares to similar institutions

    Below, we’ve compared Falcon International Bank with two other Hispanic American-owned institutions based in Texas: Bank of South Texas and Texas National Bank

    Falcon International Bank vs. Bank of South Texas

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

    Bank of South Texas offers more checking account options, including one that accumulates interest and another that is designed for customers age 55 and older. However, if you want a checking account that has zero monthly fees, then you may be more interested in Falcon International Bank. Depending on your needs, one bank may be a better choice.

    Falcon International Bank vs. Texas National Bank

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

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

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