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Purpose: To
provide a non-interest bearing checking account for commercial
customers.
Target Market: Corporations, Partnerships
and other small businesses (d/b/a accounts)
Minimum to Open: $50.00
Minimum to Avoid Fees: Compensating
balance. (Earnings credit.)
Features: FDIC Insured; Auto pay
collection feature; Account is analyzed. This means you will
receive an earnings credit for balances maintained. The service
charges outlined below will be deducted from this earnings
credit. If the service charges exceed the earnings credit,
you will incur a service charge for the difference.
Service Charge (Fees): $6.00 monthly
maintenance fee, withdrawal charge of $0.12 per check, deposit
charge of $0.40 per deposit, deposit item charge of $0.10
per item and ACH transaction charge of $0.25 each.
Statement: Rendered monthly, cycle
at the end of month.
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Purpose:
To provide affordable checking services by offering
free checking without a minimum balance or direct deposit
requirements.
Target Market: Nonprofit organizations,
small business (d/b/a accounts)
Minimum to Open: A deposit sufficient
to cover cost of check order
Minimum to Avoid Fees: None
Features: FDIC Insured up to $100,000
per depositor; no monthly maintenance fees; no per check charges;
unlimited deposits and withdrawals at no charge; overdraft
line of credit available to qualified credit; MasterCard ATM/Debit
card; unlimited ATM withdrawals; 24-hour use at our ATM or
any other ATM without a service charge by Medina Savings &
Loan.
Service Charges (Fees): A $5.00/month
inactivity fee is charged on accounts with no usage during
the cycle month.
Statement: Rendered Monthly; Easy
Balance Summary (Numeric listing, Running balance, and Identification
of missing checks); Check images are available as needed on
request. Two images per month are free. Additional images
will be provided at a cost of 50 cents each.
Other: Direct Deposit available;
Telephone Banking available (1-866-735-8811).
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Purpose:
To provide an interest bearing transaction account.
Target Market: Nonprofit organizations,
small businesses (d/b/a accounts)
Minimum to Open: $700.00
Minimum to Avoid Fees: $700.00
Features: FDIC Insured up to $100,000
per depositor; Interest compounded monthly; Interest credited
to account monthly; unlimited deposits and withdrawals at
no charge; overdraft line of credit available to qualified
credit; MasterCard ATM/Debit card; unlimited ATM withdrawals
Service Charges (fees): $4.00 minimum
balance fee will be imposed any month if the daily balance
falls below $700.00 any day of the month,
Statement: Rendered Monthly; Easy
Balance Summary (Numeric listing, Running balance, and Identification
of missing checks); Check images are available as needed on
request. Two images per month are free. Additional images
will be provided at a cost of 50 cents each.
We may change the interest rate on your
account at any time.
Daily balance computation method: We
use the daily balance method to calculate the interest on
your account. This method applies a daily periodic rate to
the principal in the account each day.
Accrual of interest on non-cash deposits:
Interest begins to accrue on the business day we receive your
deposit of non-cash items (for example, checks).
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Purpose:
To provide an interest-bearing account that has day-to-day
withdrawal capabilities and provides a red passbook showing
your deposits and withdrawals.
Target Market: Nonprofit organizations,
small businesses (d/b/a accounts)
Minimum to Open: $10.00
Minimum to Avoid Fees: $200.00
Features: FDIC Insured up to $100,000
per depositor; interest compounded daily, interest credited
quarterly or upon closing of the savings account.
Service Charges (fees): A minimum
balance fee of $2.00 will be imposed every month if the balance
in the account falls below $200.00 any day of the month.
Statement: None issued.
We may change the interest rate on your
account at any time.
Daily Balance computation method: We
use the daily balance method to calculate the interest on
your account. The method applies a daily periodic rate to
the principal in the account each day.
Accrual of Interest on non-cash deposits:
Interest begins to accrue on the business day we receive your
deposit of non-cash items (for example, checks).
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Purpose: To
provide a savings vehicle with a higher interest rate than
a checking account and day-to-day withdrawal capabilities.
Target Market: Nonprofit organizations,
small businesses (d/b/a accounts)
Minimum to Open: $10.00
Minimum to Avoid Fees: $200.00
Features: FDIC Insured up to $100,000
per depositor; interest compounded daily, interest credited
quarterly or upon closing of the savings account; ATM card;
telephone banking transfers available.
Service Charges (fees): A minimum
balance fee of $2.00 will be imposed every month if the balance
in the account falls below $200.00 any day of the month.
Statement: Rendered monthly; easy
balance summary.
We may change the interest rate on your
account at any time.
Daily Balance computation method:
We use the daily balance method to calculate the interest
on your account. The method applies a daily periodic rate
to the principal in the account each day.
Accrual of Interest on non-cash deposits:
Interest begins to accrue on the business day we receive
your deposit of non-cash items (for example, checks).
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6 Month, 1 Year, 2 Year, 3 Year, 4 Year, 5 Year, 7
Year, 10 Year
Purpose:
To pay a fixed interest rate for a specific period of time.
Target Market: Nonprofit organizations,
small businesses (d/b/a accounts), commercial accounts.
Minimum to Open: $1,000.00
Minimum to Earn Interest: You must
maintain a minimum balance of $1,000 in the account each day
to obtain the disclosed annual percentage yield.
Features: FDIC Insured up to $100,000
per depositor; interest compounds daily; interest credited
monthly and distributed at maturity or in a monthly transfer
to another Medina Savings & Loan account.
Early Withdrawal Penalty: A penalty
may be imposed for withdrawals before maturity, as follows:
- If your account has an original maturity
of six months or less: The fee we may impose will equal
three months' interest on the amount withdrawn subject to
penalty.
- If your account has an original maturity
of one year or two years: The fee we may impose will be
equal to six months' interest on the amount withdrawn subject
to penalty.
- If your account has an original maturity
of three, four, five or six years: The fee we may impose
will be equal to 12 months' interest on the amount withdrawn
subject to penalty.
- If your account has an original maturity
of seven, eight, nine or ten years: The fee we may impose
will be equal to 24 months' interest on the amount withdrawn
subject to penalty.
In certain circumstances such as the death
or incompetence of an owner of this account, the law permits,
or in some cases requires, the waiver of the early withdrawal
penalty. See your plan disclosure if the account is part of
an IRA or other tax qualified plan.
Withdrawal of interest prior to maturity: The annual percentage
yield assumes interest will remain on deposit until maturity.
A withdrawal will reduce earnings.
Transaction Limitations: You may
not make any deposits into your account before maturity. You
may make withdrawals of principal from your account before
maturity. Principal withdrawn before maturity is included
in the amount subject to early withdrawal penalty.
Daily Balance computation method: We
use the daily balance method to calculate the interest on
your account. The method applies a daily periodic rate to
the principal in the account each day.
Accrual of Interest on non-cash deposits:
Interest begins to accrue on the business day we receive
your deposit of non-cash items (for example, checks).
Automatically renewable time account: This
account will automatically renew at the close of business
on the initial maturity date or the maturity date of any Renewal
Term unless you withdraw the funds within the grace period
mentioned below. We can prevent renewal if we mail a notice
to you at least 30 calendar days before maturity.
Each renewal term is the same as the original term, beginning
on the maturity date. The interest rate will be the same we
offer on new time deposits on the maturity date which have
the same term, minimum balance and other features as the original
deposit.
You will have seven calendar days after maturity to withdraw
the funds without a penalty.
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