Personal BankingChecking Plans Without Interest Savings and Money Market Plans Individual Retirement Accounts CHECKING PLANS WITHOUT INTERESTBasic Checking – • A detailed statement provides a listing of activity for the calendar month. Actual items are kept for you at the bank. Pay $.50 for each check written over 10. • This account allows for debit card and check writing access. Checking Plus – • A detailed statement provides a listing of activity for the calendar month. Actual items are kept for you at the bank. • Avoid checking fees by maintaining either a daily minimum balance of $500.00 or an average monthly balance of $1,500.00 in the checking account OR $3,000.00 in other savings or certificate products. • Maintenance Fee of $10.00 per month and $0.25 per check or withdrawal per statement period if balance requirements are not met. Image Checking – • A detailed statement provides a listing of activity for the calendar month. In addition to the statement, you receive images of the checks that cleared. • Avoid checking fees by maintaining either a daily minimum balance of $750.00 or an average monthly balance of $3,000.00 in the checking account OR $6,000.00 in other savings or certificates of deposit. • Maintenance Fee of $10.00 per month and $.25 per check or withdrawal per statement period if balance requirements are not met.
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| $ 0.00 | to $ 1,999.99 |
| $ 2,000.00 | to $ 4,999.99 |
| $ 5,000.00 | to $ 9,999.99 |
| $10,000.00 | to $24,999.9 |
| $25,000.00 | and over |
At our discretion, we may change the interest rate at anytime.
Interest will be compounded and credited to your account monthly.
Interest begins to accrue no later than the first business day after we receive credit for non-cash items (checks) and we use the daily balance method to calculate the interest, applying a periodic rate to the collected balance in the account each day using a 365 day basis.
PLATINUM MONEY MARKET
This account does earn interest. The rate and annual percentage yield depends on the applicable balance tiers which are as follows:| $ 0.00 | to $ 1,999.99 |
| $ 2,000.00 | to $ 4,999.99 |
| $ 5,000.00 | to $ 9,999.99 |
| $10,000.00 | to $24,999.9 |
| $25,000.00 | and over |
Consult with a Commerce State Bank representative for current rates.
$5,000.00 deposit required to open this account.
To avoid a monthly maintenance fee, maintain a daily minimum balance of $2,000.00 or an average monthly balance of $8,000.00. If you fail both requirements, there is a $12.00 maintenance fee plus $.25 for each check or withdrawal that month.
Checks* can be written against this account, $250.00 minimum per check. There is a $1.00 processing fee for checks written for less than $250.00.
*Activity Limits: You may make up to 6 pre-authorized, automatic, or telephone transfers per month. Only 3 of the 6 withdrawals may be by check to 3rd parties.
Regardless of balance, the following monthly activity limits and
charges will apply:
| More Than 5 Deposits | $.50 each |
| More Than 10 Items Deposited | $.10 each |
| More Than 6 Withdrawals | $.50 each |
Interest is calculated using the daily balance method and a 365 day basis. Interest is compounded and paid monthly.
Rates are subject to change.
CERTIFICATES OF DEPOSIT
Our certificates of deposit pay competitive interest rates. For your convenience, this account is represented by a receipt which allows for renewals, reinvesting, and redemptions which can be handled over the phone and through the mail.
• Minimum opening deposit - $10,000.00
• Maturity terms range from 30 Days to 5 Years.
• The fixed interest rate is determined by the term selected and is paid for the entire term of the investment.
• Interest begins to accrue on the business day you make deposits and we use the daily balance method to calculate the interest, applying a periodic rate to the principal balance in the certificate account each day using a 365 day basis.
• If interest compounding occurs during the term of the investment, the annual percentage yield disclosed assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
For investments that WILL automatically renew at maturity, you will have 10 calendar days after the maturity date to withdraw funds without penalty.
For investments that WILL NOT automatically renew at maturity, interest will not be paid after maturity.
Early Withdrawal Penalties for Certificates
The following penalty may be charged to your term investment if you withdraw any principal before the maturity date.1) For investments with an original term of less than 60 days the penalty will be the forfeiture of 30 days simple interest on the amount withdrawn.
2) For investments with an original term of 60 days to less than 3 months, the penalty will be the forfeiture of 60 days simple interest on the amount withdrawn.
3) For investments with an original term of three months up to 1 year, the penalty will be the forfeiture of three months’ simple interest on the amount withdrawn.
4) For investments with an original term of more than one year, the penalty will be the forfeiture of six months’ simple interest on the amount withdrawn.
The amount of the penalty will be calculated using the higher rate of: Current CD rate or new published rate. If sufficient interest has not accrued at the time of withdrawal, the principal will be reduced to the extent necessary to meet the required penalty.
Early withdrawals made because of the death or the judicially declared incompetence of the account owner will not be penalized.
IRA PRODUCTS
INDIVIDUAL RETIREMENT ACCOUNT
Commerce IRA
Our IRA account is designed to help you save for Retirement. It
is a variable rate account that you can make additional deposits
to. It will pay competitive rates so you will only need one IRA,
(“Commerce IRA”).
• Minimum Opening Deposit -$100.00.
• Maturity term is for 2 years.
• Interest is paid and compounded annually.
• A variable interest rate that may change at bank ’s discretion and at anytime.
• Additional Deposit Are Allowed.($1,000.00 minimum
unless ACH Credits then $25.00 minimum).
• Penalty for early withdrawal.
IRA Certificates
A fixed rate product ideal for IRA Transfers and Rollovers.
• Minimum opening deposit is $10,000.00
• Maturity Terms from 6 months to 5 years
• Interest Rate is determined by the term selected
• Penalty for early withdrawal
Additional IRA Information
Interest begins to accrue on the business day you deposit checks
and we use the daily balance method to calculate the interest, applying
a periodic rate to the principal balance in the certificate account
each day using a 365 day basis.
If interest compounding occurs during the term of the investment, the annual percentage yield disclosed assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Annual Fee of $10.00 if balance in total IRA Plan is less
than $500.00.
$50.00 Termination Fee of IRA Plan if termination is within the first 2 years of the application.
For your convenience, Commerce State Bank offers Internet Banking.
Check your account balance(s) anytime or anywhere and view the history
for your account(s). You can also transfer funds. Contact the bank
for more information!
Debit Card & Teller Fees
Fees and limits applicable to Personal Checking and Savings Products
that have Debit Card capabilities.
- Debit Card Issuance Fee One Card Free Per Account Owner
- Card or Pin Replacement Fee $5.00
- ATM Surcharge – Inquires & Withdrawals $.50/@if >6 total in a statement period
NOTICE REGARDING ATM FEES BY OTHERS: You may be
charged a fee by the operator of the machine and/or by an automated
transfer network.
International Transaction Assessment Fee: When you use your VISA debit card at a merchant that settles in currency other than U.S. dollars, the charge (i) will be converted into U.S. dollars using an exchange rate for the applicable processing date that is (a) selected by VISA from the range of rates available in wholesale currency markets (which rate may vary from the rate VISA itself receives) or (b) the government-mandated rate; and (ii) will assess an International Service Assessment Fee of 1% on all international transactions regardless of whether or not a currency conversion is involved. (Except in Puerto Rico and the US Virgin Islands.) We may pass this fee on to you.
