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Deposit Products

The Bank of Prescott offers a wide variety of deposit products, all of which are insured by the Federal Deposit Insurance Corporation (FDIC) . For more information about insured deposits, coverage amounts, etc. click the logo. Or, go to the FDIC's on-line version booklet of Your Insured Deposits .  It has many examples that make the issue of deposit insurance easier to understand.  Also, please feel free to call one of the knowledgeable employees of the Bank of Prescott.

REGULAR CHECKING ACCOUNT - A non-interest bearing checking account which requires $250 to open.  A monthly service charge fee of $7.50 is imposed if the average daily balance¹ during the statement cycle falls below $750.00.

DIRECT62 CHECKING ACCOUNT - A non-interest bearing checking account for our senior citizens 62 years of age or older who have a government reoccurring direct deposit.  This account requires $250 to open.  A monthly service charge fee of $3.75 is imposed if the average daily balance¹ during the statement cycle falls below $750.00.

FREEDOM CHECKING ACCOUNT - A non-interest bearing checking account which requires $250 to open. A monthly service charge fee of $5.00 is imposed if the average daily balance¹ during the statement cycle falls below $500.00. Account holders of FREEDOM CHECKING do not receive images of their checks with their monthly statement.  Images are retained by the bank and are available for a fee of $1 each.

NOW ACCOUNT - An interest bearing checking account which requires $500 to open.  A monthly service charge fee of $12.50 is imposed if the average daily balance¹ during the statement cycle falls below $750.00.  The current interest rate and annual percentage yield are listed on the Rate Sheet .  At the bank's discretion, the interest rate on this account can be changed at any time.

SUPER NOW ACCOUNT - An interest bearing checking account which requires $1,500 to open.  A monthly service charge fee of $15.00 is imposed if the average daily balance¹ during the statement cycle falls below $1,500.00.  The current interest rate and annual percentage yield are listed on the Rate Sheet .  At the bank's discretion, the interest rate on this account can be changed at any time.

MONEY MARKET DEPOSIT ACCOUNT - An interest bearing demand account which requires $1,500 to open.  A monthly service charge fee of $15.00 is imposed if the average daily balance¹ during the statement cycle falls below $1,500.00.  The current interest rate and annual percentage yield are listed on the Rate Sheet .  At the bank's discretion, the interest rate on this account can be changed at any time.  There are governmental restrictions as to the number of checks that can be drawn against this type of account during each monthly cycle.  Check with New Accounts for details of this restriction.

COMMERCIAL CHECKING ACCOUNT - A checking account for business or commercial customers which requires $250 to open.  A monthly service charge fee of $15.00 is imposed if the average daily balance¹ during the statement cycle falls below $1,500.00.  This can be either an interest bearing or non-interest bearing account.   There are government restrictions as to what entities can have interest bearing accounts.  Check with New Accounts for details of this restriction.

COMMERCIAL CHECKING ACCOUNT (account analysis) - A checking account for business or commercial customers which requires $250 to open.  This is a non-interest bearing account.  An account maintenance fee of $15.00 will be charged each statement cycle.  A debit or credit transaction fee of $0.10 will be charged for each debit or credit transaction.  A deposit item fee will be charged for each item deposited.  There will be an earnings credit applied to this account that will reduce or totally offset any fee.  This earnings credit will be calculated by applying the Bank of Prescott's 6-month certificate of deposit rate as of the statement cycle to the average daily collected balance for the monthly statement cycle.  There are government restrictions as to what entities can have interest bearing accounts.   Check with New Accounts for details of this restriction.

STATEMENT SAVINGS ACCOUNT - An interest bearing savings account which requires $250 to open.  The current interest rate and annual percentage yield are listed on the Rate Sheet .  At the bank's discretion, the interest rate on this account can be changed at any time.  There will be a $2.00 fee per withdrawal in excess of three withdrawals per quarter.

CHRISTMAS CLUB ACCOUNT - A non-interest bearing savings account which requires $5.00 to open.  Withdrawals are permitted on the Club payout date only.   Account holders will automatically receive the account balance on that date.

INDIVIDUAL RETIREMENT ACCOUNTS - Deposits for Individual Retirement Accounts (IRAs) can be put in a Statement Savings Account (Variable rate IRA) or any Certificate of Deposit.   The current interest rate and annual percentage yield for any IRA are listed on the Rate Sheet .

CERTIFICATE OF DEPOSIT - Certificate of Deposits (Time Deposits) are offered in time periods from 30 days through 5 years.  $1,000 is required to open any Certificate of Deposit (CD).  The interest on any CD of one year or more may be added back (compounded) to the principal of the CD.  Interest may be paid tot he account holder by separate check or automatically deposited in another Bank of Prescott account.   Interest may be paid or credited as frequently as monthly.  For additional details, including an penalty for early withdrawal, contact the CD Department.

¹Many financial institutions impose a monthly service charge fee based on the minimum monthly cycle balance.  Therefore, your account balance could drop below this minimum balance by a small amount, and for only a short period of time, thus causing a monthly service charge fee when the average balance of your account was higher.  The Bank of Prescott strongly feels that you should not be penalized just because your account balance was below a certain amount by a small amount and for a short period of time.

 

 

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