Personal Banking
Checking
Free Checking
No account maintenance fees checking account for new or existing customers.
- FREE account with no account maintenance fees or minimum balance required
- FREE unlimited check writing
- FREE Initial Check Order
- FREE internet banking and phone banking
- ATM/Debit card has no card fee for the first year
Interest Checking
Personal checking account that earns interest
- Service fee assessed below $100.00.
- FREE check images
- FREE initial check order
- FREE unlimited check writing
- FREE internet banking and phone banking
- ATM/Debit card has no card fee for the first year
- Customers over 50 years of age qualify for additional benefits.
Now Checking
An account for individuals who want to earn higher interest on their checking account balance
- FREE unlimited check writing
- FREE check images
- FREE internet banking and phone banking
- FREE initial check order
- Higher interest earned when a minimum balance of $1000.00 is maintained
- ATM/Debit card has no card fee for the first year
- Customers over 50 years of age qualify for additional benefits
Requirements
- Initial Deposit of $100.00 required
- Valid state issued driver’s license or state issued I.D. card
- One of the following:
- Social security card
- Social security number on valid driver’s license
- Social security number on health insurance card
- Social security number on payroll stub
- Social security number on IRS tax form 1040
Savings
Personal Savings
An interest-bearing savings account for adults
- Interest is credited to your account MONTHLY
- Statement is issued Quarterly
- ATM card has no card fee for the first year
- FREE internet banking and phone banking
Health Savings
Health Savings Account (HSA)
- FREE account with no maintenance fees
- FREE initial order of checks or FREE Debit card for main account holder
- FREE automatic deposits from your employer
- FREE unlimited check writing
- FREE internet banking and phone banking
Money Market
An account for individuals who want to earn higher interest on their checking account balance
- Limited check writing per banking regulation
- FREE check images
- FREE internet banking and phone banking
- FREE initial check order
- Higher interest earned when a minimum balance of $2500 is maintained
- ATM/Debit card has no card fee for the first year
Senior Savings
An account for individuals who want to earn higher interest on their checking account balance
- FREE savings accountant with no monthly maintenance fee
- Interest is credited to your account MONTHLY
- Statement is issued Quarterly
- ATM card has no card fee for the first year
- FREE internet banking and phone banking
Minor Savings
An account for individuals who want to earn higher interest on their checking account balance
- FREE savings accountant with no monthly maintenance fee
- Interest is credited to your account MONTHLY
- Statement is issued Quarterly
- ATM card has no card fee for the first year
- FREE internet banking and phone banking
Requirements
- Initial Deposit of $100.00 required (only $25.00 for minor savings)
- Valid state issued driver’s license or state issued I.D. card
- One of the following:
- Social security card
- Social security number on valid driver’s license
- Social security number on health insurance card
- Social security number on payroll stub
- Social security number on IRS tax form 1040
CDs
CD
Certificates of Deposit offer low-risk investment opportunities and higher interest rates by locking in your deposits for a specified period of time.
This is a single-deposit account and the interest rate is fixed at the date of deposit for the term of the account. Interest earned can be credited back into the account, or transferred monthly or quarterly to another Park State Bank & Trust account, or paid by check. CDs range in terms from 3 to 60 months.
Jumbo CDs have a starting balance of at least $100,000 and earn a higher rate of interest with terms ranging from 1 – 12 months.
Traditional IRA
An Individual Retirement Account (IRA) is a savings plan that allows you to defer taxes on the interest you earn until retirement age. In many cases, the money you contribute is tax-deductible.
- Who is eligible for a Traditional IRA?
Anyone with earned income may open or add to a Traditional IRA up to age 70 1/2. There is no minimum age requirement as long as the IRA contribution comes from earned income. - What is a Spousal IRA?
A Spousal IRA is designed to allow a married person to make an IRA contribution for their spouse who may not have earned income. - What amount is tax-deductible?
The amount that is tax-deductible varies depending on marital status, income, and whether you have a retirement plan at work. Please review the guidelines in this brochure or consult your tax advisor to determine how much of your IRA contribution is tax-deductible. - When may funds be withdrawn?
You may withdraw funds when you reach 59 1/2 years of age. Because withdrawals are taxed as ordinary income, some people prefer the tax advantage of taking withdrawals in installments. However, you may withdraw the entire amount in one lump sum. - When must funds be withdrawn?
The year in which you turn 70 1/2, you must begin to take required minimum distributions (RMDs) or tax penalties will be imposed. - Are there penalties for early withdrawals?
If you withdraw funds before age 59 1/2, there is a 10% early distribution penalty unless you qualify for an exemption. Exemptions are allowed for disability, qualified medical expenses, qualified education expenses, qualified first time home purchase, qualified health insurance expenses, or death. The bank may impose an early withdrawal penalty depending on the type of account.
Roth IRA
A Roth IRA is funded with after-tax dollars. Although contributions are not tax-deductible, distributions, including earnings, are income tax-free and IRS penalty-free when taken for qualified reasons.
- Who is eligible to contribute to a Roth IRA?
Individuals whose income does not exceed the modified adjusted gross income (MAGI) limits may contribute to a Roth IRA. The MAGI is derived by taking your adjusted gross income figure and adding certain deductions or adjustments to this number on your federal tax return. - What is a Spousal IRA?
A Spousal IRA is designated to allow a married person to make an IRA contribution for their spouse who may not have earned income. - Are there penalties for early withdrawal?
Withdrawals of earnings for reasons are subject to taxation and a 10% IRS penalty on the amount withdrawn. The IRS penalty may be waived for these exceptions:- Substantially equal periodic payments
- Eligible medical expenses
- Medical insurance premiums for eligible unemployed individuals
- Qualified education expense
- When may funds be withdrawn from a Roth IRA?
Withdrawals of earnings are income tax-free and IRS penalty-free if you satisfy two conditions. First, the plan must have been opened for at least five years, and second, the withdrawal must be made for one of the following reasons:- Qualified first-time home purchase
- You attain age 59 1/2
- Death
- Disability
- When must funds be withdrawn?
Unlike the traditional IRA, the Roth IRA does not require you to withdraw funds at age 70 1/2. There are special requirements when these plans pass to beneficiaries.
Coverdell ESA
An ESA (Education Savings Accounts) is an investment tool designed to pay for a child’s education. The plan allows total contributions of $2,000 per year for each child until the age of 18, or older if the child has special needs.
The contributions are not tax-deductible, but the interest earned and subsequent withdrawals are income tax free and IRS penalty-free when used for qualified educational expenses, including tuition, fees, books, supplies, and equipment.
- Who may contribute to Coverdell Education Savings Accounts?
Almost anyone may contribute including parents, grandparents, other relatives, even friends. - How much may be contributed to Coverdell Education Savings Accounts?
There are two key limitations:- Each child can receive a total of $2,000 per year from all contributors combined. Contributions may be made to a single account or to multiple accounts benefiting the same child, but the total cannot exceed $2,000 per child.
- The amount that may be contributed is reduced if the Modified Adjusted Gross Income (MAGI) is over $95,000 for an individual tax return filer, or over $190,000 for joint filers. No contribution is allowed for single filers with MAGI over $110,000 and joint filers with MAGI over $220,000.
- How do I open a Coverdell Education Savings Account?
At this time, IRA accounts can only be opened at our branch locations.
Loans
Auto Loans
If you are planning to purchase a new or used vehicle or are refinancing your existing auto loan, we offer very competitive loan programs.
- 90% financing is available on new cars.
- On used automobiles, we can lend up to 80% of the value of the car or purchase price, whichever is lower.
- Terms range from 24 to 72-months.
- Pre-arranged financing is available.
- Automatic payments from your Park State Bank & Trust account may be arranged.
For more information please contact us, or visit our Woodland Park location to apply. We are happy to come to you by appointment.
Ready Reserve
Protect your account from overdrafts, make purchases, or obtain cash when you need it with a Ready Reserve from Park State Bank & Trust.
The Cash Reserve is a personal line of credit attached directly to your checking account. If your checking account runs short of available funds to cover transactions, funds are automatically advanced from the available credit in your Ready Reserve.
In addition to avoiding service charges on returned checks, your Ready Reserve gives you increased purchasing power and greater flexibility. You can write checks or use your Park State Bank & Trust Debit Card to make purchases or withdraw cash with the funds in your account plus the credit available on your Ready Reserve.
Interest only accrues on outstanding Ready Reserve balances. If there is an outstanding balance, minimum monthly payments will be automatically deducted from your checking account. Please contact us for current interest rates.
For more information please contact us, or visit our Woodland Park location to apply. We are happy to come to you by appointment.
Construction Loans
You are building a home and need financing for construction. We have several loan types to consider.
- Lot Loans
You want to build your dream home and you need to buy the land. Park State Bank & Trust offers a variety of programs to help you buy land for future development. We’ll help you in every phase of the transaction, from land acquisition through construction to your permanent loan. - Consumer Construction Loans
At Park State Bank & Trust, you can borrow up to 80% of the costs associated with building your new home. The loan is structured as a draw down line of credit with interest only payments, keeping your monthly payments as low as possible. Call one of our loan officers today to discuss a custom designed construction loan to help you build your dream. - Single Close Construction Loans
This product allows you to construct and permanently finance your new single family, owner occupied primary or secondary residences with just one loan. You save money by avoiding two loan closings and the associated duplication of loan fees, closing costs, appraisals, etc… In addition, the uncertainty and interest rate risk incurred with two loans is eliminated since you are fully qualified and the interest rate is locked prior to beginning construction.
At Park State Bank & Trust, we understand that each loan applicant has different needs. We do not have a “one-size-fits-all” loan structure. Instead, we focus on listening to your ideas and coming up with a solution. We provide one-on-one customer service that you cannot get at larger institutions.
For more information please contact us, or visit our Woodland Park location to apply. We are happy to come to you by appointment.
Services
Phone Banking
24/7 Voice Access
- Toll-free number for you to use while traveling: 1-866-966-9772.
- Access to balance and transaction information updated in real time.
- Locally, you may still reach our Voice Access system at 719-687-6056.
- 24/7 call to obtain account information on your checking, savings, CD, IRA, and loan accounts.
You can click on the following link to view the Voice Access Instructions*.
* Adobe Acrobat format. If you do not currently have Adobe’s Acrobat Reader, click here to download a free copy from the Adobe web site.
Online Banking
Online Banking Features:
- Your balance and transaction information is updated in “real time” during our business hours.
- Funds Transfers you initiate on this site between your accounts with us will be sent to the bank within minutes, during our business hours.
- You may change the display names or “nicknames” on your accounts by clicking on “Preferences”, then “Accounts”.
- You may communicate directly with us through Secure Messaging. Find this option by clicking “Services”, and then “Messages”.
- If you forget your password, simply click the “Forgot Password” box, type in your login ID, and click the Login button. A secure access code will be delivered to you by your choice of phone or email, so that you can access your online banking. NOTE: This must be done before your third incorrect login attempt.
- New Bill Pay pricing: beginning January 1st, 2008, Bill Pay customers will be able to pay 6 bills for FREE each month. The service charge for additional bills will be only $0.75 each.
Access Online Banking Now!