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Personal Advantage Checking - What's the advantage? It's FREE! |
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NO Service Charge | ||
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NO Minimum Balance ($100 to open) | ||
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Unlimited Check Writing | ||
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First order of 50 checks are FREE | ||
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Check Safekeeping (checks held securely at bank) | ||
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FREE Instant Cash or Instant Cash & Check Card | ||
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Senior Advantage Checking (Individuals age 55 and over) |
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$100.00 Opening deposit | ||
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NO minimum balance | ||
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NO monthly service charge | ||
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FREE Special non-duplicate checks | ||
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FREE Instant Cash or Instant Cash & Check Card | ||
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First order of 50 checks are FREE | ||
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Student Advantage Checking (Students and young adults ages 16 to 24) |
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$50.00 Opening Deposit | ||
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$50.00 minimum balance to avoid a monthly maintenance/service charge of $3.00 | ||
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10 cents per debit (check) charge when more than 10 debits occur during a statement cycle. | ||
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NO charge for electronic debits (ATM, ACH, & debit card transactions) | ||
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FREE Instant Cash or Instant Cash & Check Card | ||
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FREE Special non-duplicate checks; $5.00 discount on all other check styles | ||
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First order of 50 checks are FREE | ||
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Service Plus Checking |
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$100.00 Minimum opening Deposit | ||
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NO minimum balance or check activity charge | ||
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NO issue charge for Travelers Checks and Personal or Bank Money Orders | ||
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FREE Special non-duplicate checks; (maximum of 200 checks per order) $5.00 discount on all other check styles | ||
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FREE Instant Cash or Instant Cash and Check Card | ||
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First order of 50 checks are FREE | ||
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$8.00 monthly service charge | ||
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Personal Checking |
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$100.00 Minimum opening deposit | ||
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NO monthly service charge if daily balance exceeds $300.00 | ||
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A $3.00 service charge plus 15 cents per debit if the balance falls below $300.00 anytime during the statement cycle | ||
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First order of 50 checks are FREE | ||
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Canceled checks returned with monthly statement | ||
| Now Checking | |||
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$900.00 Opening Deposit | ||
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Interest paid on balances above $900.00 each statement cycle | ||
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Tier 1 |
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Interest paid on balances from $900.00 to $2,499.99 | ||
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Tier 2 |
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Interest paid on balances from $2,500.00 and above | ||
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A $9.00 service charge if the balance falls below $900.00 any day during a statement cycle and is not tied to a savings account with a balance greater than $3,000.00 | ||
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Unlimited check writing | ||
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First order of 50 checks are FREE | ||
| Small Business Checking (Some small businesses may be eligible for this account) | |||
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$100.00 Minimum opening Deposit | ||
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NO monthly service charge if daily balance exceeds $300.00 | ||
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$5.00 service charge plus .20 cents for the first 30 check/drafts and .25 per check/draft over 30 if the balance falls below $300.00 any day of the statement cycle | ||
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Commercial Checking (Designed for all the business activity routinely used by corporate and partnership owners) |
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$100.00 Opening deposit | ||
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Maintenance fee of $7.00, Debits .20, On us Deposit item .05, Clearing Items .07, and Transit Deposit Items .08. Earnings credit given on average monthly collected balance to offset any fees incurred. An analysis is provided with the monthly statement. | ||
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Two night deposit lock bags and an endorsement stamp available at no charge. | ||
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| Savings |
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Regular Savings |
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$25.00 Opening deposit | ||
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Quarterly statements | ||
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Interest compounded semi-annual | ||
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A service charge of $3.50 is assessed each quarter IF the balance falls below $25.00 (Senior Citizens, nonprofit organizations are exempt) or $.75 if the balance falls below $10.00 any day of the statement cycle and the account holder is under 19 years of age. | ||
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$3.50 minimum balance to keep account open | ||
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Instant Cash Cards are available for this account | ||
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Money Market Savings |
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$2,500.00 Opening Deposit | ||
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Quarterly statements | ||
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Interest compounded monthly | ||
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Interest rate is higher than a regular savings account | ||
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A service charge of $3.50 is assessed each quarter if the balance falls below $2,500.00 any day of the statement cycle. Account will convert to a Regular Savings | ||
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Instant Cash Cards are available for this account | ||
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Prime Savings (High yield savings account for individuals and businesses that carry large account balances) |
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$15,000.00 minimum balance to open the account | ||
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Tier 1 |
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Interest paid on balances from $15,000.00 to $49,999.99 | ||
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Tier 2 |
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Interest paid on balances from $50,000.00 to $99,999.99 | ||
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Tier 3 |
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Interest paid on balances from $100,000.00 and above | ||
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Six preauthorized withdrawal/transfers allowed each month of which three may be by check | ||
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NO LIMIT ON WITHDRAWALS MADE IN PERSON, BY MESSENGER, BY MAIL OR AT AN ATM |
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FREE Instant Cash card | ||
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First order of 40 checks are FREE | ||
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FREE leather checkbook cover | ||
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Monthly statement with canceled checks | ||
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$10.00 service charge if the account falls below $15,000.00 and Money Market savings rate will be paid. | ||
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$25.00 early withdrawal penalty if the account is closed within 90 days of opening. | ||
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**BONUS: You will receive a small safe deposit box FREE for 1 year when you open any of the above accounts with us. |
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Higher Education Time Savings (Designed to save for a child's post secondary education expenses) |
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$100.00 Opening Deposit | ||
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A deposit (of any amount) is required at least once per calendar year. Deposits are due by January 31st of each subsequent year or a $5.00 penalty will be assessed. | ||
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Deposits can be made by automatic transfer, direct deposit, or in person at the bank | ||
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Quarterly statements are provided | ||
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Interest is compounded semi-annual | ||
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A twelve month interest penalty is imposed for any withdrawals before maturity | ||
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The maturity date on this account will be July 1st of the year in which the student graduates from high school. | ||
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Typically, the account is set up under the Minnesota Uniform Transfer to Minors Act with the parents or guardians acting as custodians | ||
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NO service charge | ||
| Santa's Savings (A new way to save at a higher rate for Christmas throughout the year) | |||
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$25.00 Opening Deposit | ||
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Quarterly statements are provided | ||
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Interest compounded and credited quarterly | ||
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A check is issued the first week of November for the current balance plus interest | ||
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Account remains in an "open" status each year | ||
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Interest rate matches the high tier of Money Market Savings on all balances | ||
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Cash cards are NOT allowed | ||
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Rate is subject to change monthly | ||
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$10 early withdrawal penalty | ||
| Looney Tunes for Kids (Fun savings program for children through age 18) | |||
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$10.00 Opening Deposit | ||
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FREE membership folder, card, Looney Tunes pencil, special savings book, and Looney Tunes gift | ||
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A service charge of .75 cents is assessed each quarter if the balance falls below $10.00 | ||
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Quarterly statements | ||
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Interest compounded semi-annual | ||
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Variable Passbook IRA |
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$100.00 Opening Deposit |
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Maximum deposits per year are based on the current IRS guidelines |
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Interest compounds semiannually | ||
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Rate is subject to change monthly | ||
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$35.00 penalty if the account is closed within six months of opening, plus IRS penalties | ||
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Transfer to Successor Custodian $20.00 | ||
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$10.00 annual maintenance is waived if: | ||
| 1) depositing a minimum of $100.00 per year or | |||
| 2) carrying a total balance of at least $25,000 in all IRA's held with us | |||
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FDIC insured | ||
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35 Month IRA C.O.D. |
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$1,000 Opening Deposit | ||
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Maximum opening deposits are based on current IRS guidelines | ||
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Interest compounds semiannually | ||
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Rate is fixed for each 35 month term | ||
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6 month interest penalty if a withdrawal is made before maturity, plus IRS penalties | ||
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$10.00 annual maintenance fee can be avoided by carrying at least $25,000 in all IRA's held with us | ||
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FDIC insured | ||
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Health Savings Account (Tax-favored savings account for individuals and families) |
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$100 Opening Deposit | ||
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First order of 50 checks are FREE | |
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FREE Instant Cash and Check Card | ||
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Check Safekeeping (checks held securely at bank) | ||
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Interest compounds monthly | ||
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Rate is subject to change monthly | ||
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Maximum deposits per year are based on the current IRS guidelines | ||
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$20.00 account opening fee | ||
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$20.00 annual administrative fee (after 1st year) | ||
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Transfer to Successor Custodian $20.00 | ||
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$35.00 penalty if the account is closed within six months of opening | ||
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FDIC insured | ||
| Other Account Fees (The following fees apply to all checking and savings accounts including NOW and Money Market) | |||
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Overdraft Charge: $15.00 PER ITEM. Automatic Transfer Fee: $1.00 | ||
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Return Item Charge: $20.00 PER ITEM | ||
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Continuous Overdraft Charge: $15.00 will be charged each 7th day the account is overdrawn | ||
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Stop Payment: $10.00 | ||
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ACH Stop Payment: $15.00 | ||
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Check Printing: Varies depending on the style and amount of checks ordered. | ||
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Bookkeeping Services: First 1/2 hour is free, $10.00 per hour over 1/2 hour | ||
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FIRST NATIONAL BANK IN
WADENA |
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© Formanek Designs & First National Bank in Wadena |
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Formanek Designs www.formanekdesigns.com |
