Commercial Checking and Savings

Commercial Business Checking

Purpose: To provide a non-interest bearing checking account for commercial customers.
Target Market: Corporations, Partnerships, LLC, and other small businesses (d/b/a accounts)
Minimum to Open: $50.00
Minimum to Avoid Fees: None
Features: FDIC Insured; Statements rendered monthly, cycle at end of month. E-Statements available.
Service Charge (Fees): There are no service charges.

Small Business Checking

Regular

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 $250,000 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).

NOW Checking

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 $250,000 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).

Business Savings

Passbook Savings

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 $250,000 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).

Statement Savings

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 $250,000 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).

Business Certificate of Deposit

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 $250,000 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.