Online Banking

Happy Birthday USA! Anchor Bank is open on Friday, July 3.  As our country celebrates its independence on Saturday, July 4, Anchor Bank and the Federal Reserve will be closed in observance of the holiday.

 

Private Banking


Elite Services, Customized Solutions

From daily transactions to big ventures, Anchor Private Banking is with you and your family every step of the way.

Our comprehensive capabilities include:

Personal Deposit Services

Anchor Private Checking

  • Minimum balance monthly service fee waived if qualifications are met1
  • Access to over 24,000 free nationwide MoneyPass® ATM locations2
  • Free personal checks
  • Higher earnings potential dependent on balance amounts4
  • Mobile and online banking
  • Free image statements, bill payment, gift cards, and small safe deposit box

 

Anchor Private Savings

  • Higher earnings potential dependent on balance amounts4
  • Minimum balance monthly service fee waived if qualifications are met1


Learn more about ATM/Debit Card Overdrafts and Anchor Advantage Overdraft Protection


1Ask a Private Banker for qualification details. A $25 minimum balance monthly service fee may apply if minimum balance requirement is not met.
2Fees reimbursed up to $25 monthly if use non-MoneyPass ATM.
4Variable interest earned on the daily collected balance and paid monthly. For current rate information on our interest bearing accounts, contact a Private Banker.
Debit Cards

The Platinum Debit Card gives you the convenience of a credit card without the finance charges and monthly bills. Unlike a credit card, payments for purchases are automatically deducted from your primary checking account, so it's a safe and easy way to access funds you need without keeping a lot of cash in your wallet.  You can even access up-to-the-minute transaction information via online banking.

Simply present the Platinum Debit Card at the time of purchase (anywhere MasterCard® cards are accepted). In most cases, you can select the credit (signature) option to make your purchases.  You may need to select the ‘credit’ or ‘cancel’ button for this option.  Some merchants may require a debit (PIN) for purchases.  If this occurs, you simply enter your PIN number to compete the transaction.  This PIN is the same four-digit code as your ATM PIN. If you are using the Platinum Debit Card at an ATM, simply enter your Personal Identification Number (PIN) to access your account.  You can even choose your own PIN. You may use all MoneyPass ATMs to withdraw cash surcharge free. MoneyPass network offers tens of thousands of ATMs coast to coast located where you live, work and travel. To locate a MoneyPass ATM go to www.moneypass.com.

Connect with our Private Banker to learn more

ATM/Debit Card Overdrafts

What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

1. We have standard overdraft practices that come with your account.
2. We also offer overdraft protection plans such as a link to a savings account, an
Overdraft Protection Line of Credit, and a link to a Home Equity Line of Credit which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:

• Checks and other transactions made using your checking account number
• Automatic bill payments

We will not authorize and pay overdrafts for ATM transactions or everyday transactions unless you ask us to (see below).

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.


What fees will I be charged if Anchor Bank pays my overdraft?
Under our standard overdraft practices:

• We will charge you a fee of $35 each time we pay a check, ACH or other item not listed below.
• We will charge you a fee of $35 each time we pay an ATM or everyday debit card transactions.
• There is a daily limit of $180 on the total fees we can charge you for overdrawing your account.
• There is no fee if your total overdrawn balance is less than $5.
• There is a daily fee of $5 on an account continuously overdrawn for 5 business days. The fee will be assessed starting on the 6th business day.

What if I want Anchor Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, either call a banker or complete this Opt-in Opt-out form and present it at one of our locations or mail it to:

Anchor Bank,
14665 Galaxie Ave., Suite 330
Apple Valley, MN 55124

 

Anchor Advantage

Anchor Advantage is a special service for your checking account. At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a costly, inconvenient and potentially embarrassing experience. At Anchor Bank, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. However, we want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned. That’s why we provide Anchor Advantage, a special overdraft service for Anchor Bank’s customers.
 

What is Anchor Advantage?
Anchor Advantage is a discretionary overdraft service requiring no action on your part that provides you a safety net up to an automatically assigned overdraft limit. Your Anchor Advantage limit may be available for checks and other transactions made using your checking account number or automatic bill payment and recurring debit card payment. Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit.
 
How does Anchor Advantage work?*
As long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Anchor Advantage limit as a non-contractual courtesy. For overdraft privilege consideration, your account is in “good standing” if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of Anchor Advantage as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.  Please note that the amount of the overdraft plus our paid item overdraft fee of $35 for each item and any continuous overdraft fees of $5.00 per day after 5 business days will be deducted from your overdraft limit. If the item is returned, the returned item non-sufficient funds fee of $35 will be deducted from your account. No interest will be charged on the overdraft balance. If your account is overdrawn and continues to have a negative balance after 5 business days a continuous overdraft fee of $5 per day will be charged.

* Please refer to the Anchor Advantage Program for additional details.

What does my Anchor Advantage cost?
There is no additional cost associated with this privilege unless you use it. You will be charged our paid item overdraft fee of $35 for each overdrawn item created by a traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction, or a recurring debit card payment. Also, if you have requested us to do so, we may authorize and cover ATM transfers or withdrawals and everyday debit card purchases. For example, three paid items in one day will result in $105 in paid item overdraft fees.  If your account is overdrawn and continues to have a negative balance after 5 business days a continuous overdraft fee of $5 per day will be charged. To help you manage your account, the total fees you have paid for items (both paid and returned) during the current month and for the year-to-date will be reflected on your monthly checking statement. 

How quickly must I repay my Anchor Advantage?
You should make every attempt to bring your account to a positive end-of-day balance as soon as possible, and must do so within 30 calendar days. If you are not able to do so, you will receive a letter from Anchor Bank informing you that your Anchor Advantage limit has been suspended and additional items will be returned.

How do I know when I use the overdraft limit?
You will receive an overdraft notice each time items are paid, including fees. You will need to subtract the total fees when balancing your checkbook.

What is my Anchor Advantage limit? If I have two checking accounts, can I get Anchor Advantage on both?
Locate your account type below and make note of the corresponding limit. If you have multiple accounts for your household, you may have a limit on all eligible accounts.

Anchor Checking $300
Interest Checking $900
Reward Checking $600
Merit Plus Checking $900


The chart below shows the different ways you can access your Anchor Advantage limit and indicates whether or not this limit will be reflected in the balance provided.

Access Points Is my Anchor Advantage available? Does the balance provided reflect
my Anchor Advantage limit?
Teller Yes No
Writing A Check Yes NA
Debit Card (recurring) Yes NA
Debit Card (everyday) No** NA
ATM Withdrawal No** No
ACH-Auto Debit Yes NA
AnchorLink® Online Banking Yes No
Bill Pay Yes NA
AnchorLine® Telephone
Banking
Yes No
Mobile Banking Yes No

 ** Anchor Advantage service will be made available for ATM or everyday debit card transactions upon your request. Visit one of our banks to arrange for your ATM and debit card coverage or call a banker at one of our locations.

How do I know when I use the overdraft limit?
You will receive an overdraft notice each time items are paid, including fees. You will need to subtract the total fees when balancing your checkbook.

What if I go beyond my Anchor Advantage limit?
Overdrafts above and beyond your established Anchor Advantage limit may result in checks or other items being returned to the payee. The returned item non-sufficient funds fee of $35 will be charged per item and assessed to your account. A non-sufficient funds notice will be sent to notify you of items paid and/or returned.

How soon can I use my Anchor Advantage?
If you are a new customer, you may be able to use the Anchor Advantage service 30 days after your account is opened, assuming your account is in “good standing” as defined in this brochure.

What if I do not want to have Anchor Advantage on my checking account?
The best way to avoid overdrafts and fees is to keep track of your account balance by entering all checks, debit card purchases and ATM withdrawals in your check register, reconcile your check book regularly and manage your finances responsibly. However, if a mistake occurs, Anchor Bank offers additional ways to cover overdrafts in addition to Anchor Advantage.

What are some other ways I can cover overdrafts at Anchor Bank?
The best way to avoid overdrafts and fees is to keep track of your account balance by entering all checks, debit card purchases and ATM withdrawals in your check register, reconcile your check book regularly and manage your finances responsibly. However, if a mistake occurs, Anchor Bank offers additional ways to cover overdrafts in addition to Anchor Advantage.

 

Ways to cover overdrafts
at Anchor Bank
Example of associated fees
Good account management $0
Overdraft Protection 18% APR1
Link to savings account2 $11.00 transfer fee
Anchor Advantage Paid item overdraft fee of $35 for each item

1 Annual Percentage Rate subject to change without notice. 18% APR applies to outstanding balances on the line.

2During any calendar month you may not make more than six 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, computer transfer, or by check, draft, debit card or similar order to a third party.

3Does not include any applicable ATM fees charged by ATM owner.

4Monthly service fee waived on Personal Savings for our customers under age 18.

Anchor Advantage Program
An insufficient balance can result from several events, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) bank service charges; or (5) the deposit of items which, according to the bank’s Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds.

As long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Anchor Advantage limit as a non-contractual courtesy. For overdraft privilege consideration, your account is in “good standing” if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of Anchor Advantage as a continuing line of credit; and (3) have no legal orders, levies or liens against your account.

In the normal course of business, we generally pay electronic transactions first and then checks in serial number order, per the bank’s policy. We reserve the right to change the order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account. Also, please be aware that the order of item payment may create multiple overdraft items during a single banking day for which you will be charged our paid item overdraft fee of $35 for each overdraft item paid. If your account is overdrawn and continues to have a negative balance after 5 business days a continuous overdraft fee of $5 per day will be charged. There is no overdraft fee if your total overdrawn balance is less than $5.

You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve an overdraft for you in excess of the predetermined amount assigned to your account type. So as not to exceed your limit, please note that the amount of the overdraft plus the bank’s paid item overdraft fee of $35 per item and any continuously overdraft fees of $5 per day after 5 business days will be deducted from the overdraft limit.

We may refuse to pay an overdraft item at any time even though we may have previously paid overdrafts for you. For example, we typically do not pay overdraft items if your account is not in good standing as defined above, or, if based upon our review of your account management, we determine that you are using Anchor Advantage excessively or seem to be using Anchor Advantage as a regular line of credit. You will be charged a returned item NSF fee of $35 for each item returned.

You will be promptly notified of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft including our paid item overdraft fee of $35 and/or a returned item non-sufficient funds fee of $35 that you owe us shall be due and payable upon demand, but if no demand is made, no later than 30 calendar days after the creation of the overdraft. If there is an overdraft on an account with more than one owner on the signature card, each owner and agent, if applicable, shall be jointly and severally liable for all overdrafts inclusive of fees.

Anchor Advantage should not be viewed as an encouragement to overdraw your account. To avoid fees, we encourage you to keep track of your account balance by entering all items in your check register, reconcile your check book regularly, and manage your finances responsibly. If you would like to have this service removed from your account, please call a banker at one of our locations.

Please note that your Anchor Advantage limit may be available for each item paid under the limit created by checks and other transactions made using your checking account number, such as a teller withdrawal, an automatic payment (ACH) transaction, or automatic bill payment and recurring debit card payment. Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit. The limit will not be included in the balance provided during an inquiry.
 

Limitations
Anchor Advantage is a non-contractual courtesy that is available to individually/jointly owned accounts in good standing for personal or household use. Anchor Bank reserves the right to limit participation to one account per household and to suspend, revoke or discontinue this service without prior notice.
 

Savings Accounts

Our savings accounts are designed with our customers' needs in mind. They offer tailored options to suit your individual needs and can help you manage your cash conveniently, efficiently, and effectively. Please refer to the options listed below for detailed information regarding the product features and fees:

  Anchor Savings Money Market Savings
  A convenient account for your money while it earns interest. A high yield money market account with the option to write checks.
Earns interest1 $0 - $4,999.99
$5,000 +

$0 - $9,999.99

$10,000 - $49,999.99

$50,000 - $74,999.99

$75,000 +

Free eStatement X X
Use for Overdraft Protection on Checking2 $11.00 per transfer $11.00 per transfer
Free Online Banking X X
Free Email Account Alerts X X
Free Mobile Banking X X
Free access at all MoneyPass ATMs X X
ATM fees at non-MoneyPass ATMs3 $2.00 $2.00
Check access2   X
Withdrawal fee after first 6 per month $10.00 per withdrawal $10.00 per withdrawal
Minimum Balance Requirement $300 minimum $10,000 minimum
Monthly Service fee if balance requirement
not met4
$6.00 $15.00

 

1Variable interest earned on the daily collected balance and paid quarterly on Anchor Savings and paid monthly on Personal Money Market Savings. For current rate information on our interest bearing savings accounts, please contact a banker at one of our locations.

2During any calendar month you may not make more than six 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, computer transfer, or by check, draft, debit card or similar order to a third party.

3Does not include any applicable ATM fees charged by ATM owner.

4Monthly service fee waived on Personal Savings for our customers under age 18.

CDARs

Whether your CD is large or small, we know FDIC insurance is important to you. That's why Anchor Bank offers CDARS, the most convenient way to access FDIC insurance on Certificates of Deposit of up to $50 million.

The benefits of obtaining CDARS through Anchor include having:

  • Peace of Mind. Using the CDARS service, you can access multi-million-dollar FDIC insurance on CD investments.1
  • One Relationship. You work directly with a local CDARS Network member – a financial institution you know and trust.
  • One Rate. You negotiate one interest rate per maturity on CD investments placed through CDARS. With CDARS, there is no need to negotiate multiple rates per maturity or manually tally disbursements for each CD.
  • One Statement. You receive one regular statement detailing your CD investments. You no longer need to manually consolidate statements at the end of each month, quarter, or year.
  • No Hidden Fees. You will not be charged annual fees, subscription fees, or transaction fees for using CDARS. The rate you see is the rate you get.
  • No Ongoing Collateralization. Because CDARS deposits are eligible for FDIC protection, you may not need to continually collateralize your deposits. This can eliminate the time-consuming task of tracking changing collateral values on a recurring basis.2
  • A Wide Variety of Maturities. You can select from various maturities – ranging from 4 weeks to 260 weeks (5 years) – and choose the terms that best suit your investment needs.
  • Community Investment. Your funds can support lending initiatives that strengthen your local community.3


1Limits apply. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with a CDARS participating institution. This agreement contains important information and conditions regarding the placement of funds.

2If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor's funds through CDARS or a particular CDARS transaction satisfies those restrictions.

3When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the CDARS Network, the relationship institution can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors' local investment goals or mandates. Alternatively, with a depositor's consent, the relationship institution may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.  CDARS is a registered service mark of Promontory Interfinancial Network, LLC.

Personal Borrowing Strategies

Credit Cards

  • Embedded chip technology makes overseas purchases seamless with the Visa® Signature® Elite Credit Card and Travel Rewards3 American Express® Credit Card

 

Real Estate Financing

  • Customized credit and lending solutions
  • Residential mortgages
  • Home construction loans

 

Home Equity Loans and Lines of Credit


We work with you one-on-one to meet your financing needs

 

3Subject to credit approval. The creditor and issuer of these cards is Elan Financial Services, pursuant to separate licenses from Visa U.S.A. Inc. and American Express. American Express is a federally registered service mark of American Express.
Safe Deposit Boxes

With Safe Deposit Boxes from Anchor Bank, you can rest assured knowing that your valuable possessions are in a secure location. We offer varying sizes to suit the many needs of our customers.

Size Price*
2" x 5" $34.00
3" x 5" $38.00
4" x 5" $48.00
5" x 5" $57.00
5" x 8" $63.00
3" x 10" $67.00
5" x 10" $88.00
10" x 10" $175.00
10.5" x 11" $185.00
10" x 15" $200.00

 

*Prices are per year and reduced $5.00 when payments are automatically debited from an Anchor Bank account. Prices are doubled for customers who do not have a deposit or loan account with Anchor Bank. Sizes vary by location.