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Benefit Banking

Deerwood Bank offers an exclusive and comprehensive banking package available to your employees at no cost to you. Benefit Banking consists of preferential pricing on products and services and discounts on interest rates. In addition to the products and services, your employees will receive direct deposit of payroll. Direct deposit can help your business save time eliminating the need to issue payroll checks. In addition, direct deposit eliminates the cancelling or reissuing of lost checks and reduces the risk associated with storing checks prior to payday.

Exclusive Benefits for your employees
Benefit Banking NOW Checking Account:
This checking account offers:
- No minimum balance requirements
- No service charges
- Earns interest - rates are variable and subject to change.
- Free 1st box of Deerwood Bank custom-style checks

Free debit card: With an Deerwood Bank debit card, you can benefit from the convenience of a credit card without paying a bill at the end of the month. Your debit card purchases are withdrawn directly from your checking account.

Free online bill pay: Deerwood Bank’s online bill pay system offers the convenience of scheduling automatic monthly payments to be withdrawn from your account. Save time and save a stamp!

Free Internet Banking and Tele-Bank access: Rest assured you have the ability to review your transactions, transfer funds or conduct other simple banking procedures whenever it’s convenient for you - 24 hours a day, 7 days a week.

Faster access to funds with direct deposit: Your payroll can be deposited directly into your Deerwood Bank account. You will still receive a payroll statement outlining your earnings, deductions and deposit amount.

QuikCredit Overdraft Protection Loan: Apply for QuikCredit and receive the safety of built-in overdraft protection.
(Subject to credit approval.)

Loan discount: Receive a 1/4% discount on select Deerwood Bank consumer loans when loan payments are automatically withdrawn directly from your Deerwood Bank account. (Subject to credit approval.)

Safe deposit box: Receive one-year’s free rent on a small safe deposit box* where available. 

For more information, please email us at solutions@americanbankmn.com

* Contents of safe deposit box not FDIC insured



American Bank of St. Paul is now Deerwood Bank as successor by merger with American Bank of St. Paul.

Deposits serviced at offices of the former American Bank of St. Paul and Deerwood Bank are NOT separately insured by the FDIC.

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