|
Purpose: To provide affordable checking
services for all members of our community by offering free
checking without a minimum balance or direct deposit requirements.
Target Market: Individuals, nonprofit
organizations, small businesses (d/b/a accounts)
Minimum to Open: A deposit sufficient
to cover the cost of check order order up to $25.00
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 and
Loan.
Service Charges (Fees): A $10.00/month
inactivity fee is charged on accounts with no usage during
the cycle month. This inactivity fee will be waived for an account that maintains a $500 balance.
Statement: Rendered Monthly; Easy
Balances 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).
<< back to top
>>
Purpose: To provide an interest
bearing transaction account
Target Market: Individuals, 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): $5.00 minimum
balance fee will be imposed each month that 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).
<< back to top
>>
Purpose: To provide a high rate
Money Market checking account whose rates compete with the
various brokerage accounts but provides easier access (such
as ATMs, cash withdrawals, MasterCard debit) for higher balance
individuals.
Target Market: Individuals, nonprofit
organizations, small businesses (d/b/a accounts)
Minimum to Open: $5,000.00
Minimum to Avoid Fees: $5,000 or
a Fiserv Securities Brokerage Account that has direct debit/credit
to this account.
Features: FDIC Insured up to $100,000
per depositor; Interest compounded monthly; Interest credited
monthly; ATM/Debit card; unlimited check writing.
Service Charges (Fees): A monthly
maintenance fee of $10.00 will be assessed if the balance
falls below $5,000 any day of the statement cycle. This fee
will be waived if you have a discount brokerage account through
the U.S. clearing that settles by an ACH transaction through
Medina Savings & Loan.
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 $0.50 each.
The interest rate on this account will
change monthly with market conditions.
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).
<< back to top
>>
Purpose: To provide an interest-bearing
account that has day-to-day withdrawal capabilities and provides
a red passbook showing your deposit and withdrawals.
Target Market: Individuals, custodial
accounts (children), small businesses (d/b/a accounts), nonprofit
organizations.
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 $3.00 will be imposed every month if the balance
in the account falls below $200.00 any day of the month. No
fee will be imposed on accounts owned by minors (under age
18) or nonprofit organizations.
Statement: None issued.
We may change the interest rate on your
account at any time.
Daily Balance computation method:
We use the daily balance computation 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).
<< back to top
>>
Purpose: To provide a savings vehicle
with a higher interest rate than a checking account and day-to-day
withdrawal capabilities.
Target Market: Individuals, custodial
accounts (children), small businesses (d/b/a accounts), nonprofit
organizations.
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 $3.00 will be imposed every month if the balance
in the account falls below $200.00 any day of the month. No
fee will be imposed on accounts owned by minors (under age
18) or nonprofit organizations.
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).
<< back to top
>>
Purpose: To provide an accessible
investment account for higher balances. This account is NOT
a transaction account.
Target Market: Individuals seeking
a short term investment.
Minimum to Open: $2,500
Minimum to Avoid Fees: $2,500
Features: FDIC Insured up to $100,000
per depositor; Interest compounded daily; interest credited
monthly.
Service Charges (fees): A minimum
balance fee of $5.00 will be imposed if the balance in the
account falls below $2,500 any day in the statement period.
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).
<< back to top
>>
Purpose: To provide a savings vehicle
for college costs.
Target Market: Parents or other
relatives of minor children, children under age 18.
Minimum to Open: $10.00
Minimum to Avoid Fees: no fees
Features: FDIC Insured up to $100,000
per depositor; Interest compounded daily; interest credited
monthly; pays a 1% higher interest rate than passbook savings
account. Statements are rendered quarterly.
Service Charges (fees): A 1% penalty
will be assessed for any withdrawal not used for college expenses.
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 of non-cash deposits:
Interest begins to accrue on the business day we receive your
deposit of non-cash items (for example, checks).
<< back to top
>>
Purpose: To save for holiday expenses
in advance.
Target Market: All individuals
Minimum to Open: $10.00
Minimum to Avoid Fees: no fees
Features: FDIC Insured up to $100,000
per depositor; Interest compounded daily; interest credited
monthly; interest paid at same rate as passbook savings account.
Early Withdrawal Penalty: A $5.00
penalty will be imposed for withdrawals or for closing the
account before maturity.
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).
<< back to top
>>
Purpose: To pay a fixed interest
rate for a specific period of time.
Target Market: Individuals, nonprofit
organizations, small businesses (d/b/a accounts), commercial
accounts, funeral trust accounts, custodial accounts, trustee
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 compounded daily; interest credited
monthly and distributed at maturity or in a monthly check
or 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 you 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:
The 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.
<< back to top
>>
We offer traditional Individual Retirement Accounts (IRAs),
Roth IRAs and Education IRAs.
Purpose: To pay a fixed interest
rate for a specific period of time.
Target Market: Individuals desiring
a stable low-risk investment income opportunity to save for
retirement or fund future higher education expenses of a designated
minor beneficiary.
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 compounded daily; interest credited
monthly.
Withdrawals: Funds cannot be withdrawn
without penalty until age 59 1/2, except in the event of permanent
disability or death. Withdrawals are required to begin in
the year that the individual reaches the age of 70 1/2. Funds
withdrawn before age 59 1/2 not due to death or disability
may be subject to both IRS and bank penalties on the amount
withdrawn. Please consult your tax advisor.
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. You can
only withdraw interest credited in the term before maturity
of that term without penalty. You can withdraw interest any
time during the term of crediting after it has been credited
to your account.
Daily Balance computation method:
We use the daily blance 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.
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 amoount 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 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.
<< back to top
>>
Purpose: To provide an investment
account that can be opened with a smaller dollar amount.
Target Market: Individuals desiring
a stable low-risk investment income opportunity to save for
retirement or fund future higher education expenses of a designated
minor beneficiary.
Minimum to Open: $50.00
Features: FDIC Insured up to $100,000
per depositor; interest compounded daily; interest credited
monthly.
Withdrawals: Funds cannot be withdrawn
without penalty until age 59 1/2, except in the event of permanent
disability or death. Withdrawals are required to begin in
the year that the individual reaches the age of 70 1/2. Funds
withdrawn before age 59 1/2 not due to death or disability
may be subject to IRS penalties on the amount withdrawn. Please
consult your tax advisor.
Transaction Limitations: You may
make deposits into your account at any time during the year
up to a maximum of $2,000 per individual per year (see your
tax advisor).
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).
We may change the interest rate on your
account at any time.
<< back to top
>>
|
