Taking a Personal Interest in You and Your Business

Disclosures

Business Deposit Accounts Disclosure
Personal Deposit Accounts Disclosure

Business Deposit Accounts Disclosure

Business Basic Checking

Minimum balance to avoid imposition of fees: 
A service charge fee of $18.00 may be imposed every monthly statement cycle. See the schedule of Fees and charges for additional services and their costs.

Business Interest Checking (Sole proprietorships and non-profit organizations only)

Minimum balance to obtain the annual percentage yield disclosed: You must maintain a minimum balance of $2,500.00 in the account each day in order to obtain the disclosed annual percentage yield.

Rate information: The interest rate and annual percentage yield on your account may change.

Frequency of rate changes: At our discretion, we may change the interest rate on your account at any time.

Compounding and crediting frequency: Interest will be compounded every month. Interest will be credited to your account every month.

Effect of closing an account: If you close your account before interest is credited, you will not receive the accrued interest.

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 no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Business Money Market

Minimum balance to avoid imposition of fees:
A service charge fee of $15.00 will be imposed every monthly statement cycle if the balance in the account falls below $2,500.00 any day of the cycle.

Transaction limitations/Fees:
Transfers from this account to another account or to third parties by preauthorized, automatic, telephone or computer transfer (including bill payments) are limited to six per month with no more than three by check, draft, point-of-sale (POS), debit card or similar order to third parties. An excess transfer fee of $25.00 per item applies if these limits are exceeded. Transfers that exceed the allowable limit may require account closure.

Additional fees may apply for other bank services, such as stop payments and wire transfers. Please refer to the Schedule of Fees and Charges for additional fee information.

Business Savings

Minimum balance to avoid imposition of fees 
A service charge fee of $5.00 will be imposed every statement cycle if the balance in the account falls below $500.00 any day of the cycle.

Fees:
Additional fees may apply for other bank services, such as automatic sweeps to/from a checking account and wire transfers. Please refer to the Schedule of Fees and Charges for additional fee information.

Business Certificate of Deposit

Rate Information:
Your interest rate is fixed for the term. Interest will be paid until the maturity date of the certificate. The interest rate is based on the rate in effect at the time we receive the deposit. The disclosed annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Minimum balance to open the account:
You must deposit $10,000.00 to open this account.

Time requirements: Your account will mature on the maturity date of the certificate.

Early withdrawal penalties:
If you withdraw part or all of your funds in a Certificate of Deposit prior to the maturity date listed on the Certificate, the following loss of interest will be assessed:

  • If your account has an original maturity of 90 days or less: The fee we may impose will equal 30 days’ interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of 91 days through one year: The fee we may impose will equal 90 days’ interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of more than one year: The fee we may impose will equal 180 days’ 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 this account is part of an IRA or other tax-qualified plan.

Automatically renewable time account:
This account will automatically renew at maturity unless we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity, or within the grace period mentioned below. We can elect not to renew your Certificate by mailing a notice to you at least 30 calendar days before maturity. Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same rate we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit.

You will have ten calendar days after maturity to withdraw the funds without a penalty. Should you do so, interest will be paid through the maturity date of the Certificate.

Withdrawal Notice: We may require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.

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Personal Deposit Accounts Disclosure

Personal Checking

Minimum balance to avoid imposition of fees:
A service charge fee of $10.00 will be imposed every statement cycle period when the balance in the account falls below $1,000.00 any day of the cycle.

Interest earned:
This account does not earn interest.

Personal Interest Checking

Minimum balance to avoid imposition of fees:
A service charge fee of $15.00 will be imposed every statement cycle period when the balance in the account falls below $2,000.00 any day of the cycle.

Rate information: Your interest rate and annual percentage yield may change.

Frequency of rate changes:
We may change the interest rate on your account at any time.

Determination of rate:
At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency:
Interest will be compounded every month. Interest will be credited to your account every month.

Effect of closing an account:
If you close your account before interest is credited, you will not receive the accrued interest for that statement cycle period.

Personal Money Market

Minimum balance to avoid imposition of fees:
A service charge fee of $15.00 will be imposed every monthly statement cycle period when the balance in the account falls below $2,500.00 any day of the cycle.

Transaction limitations/Fees:
Transfers from this account to another account or to third parties by preauthorized, automatic, telephone or computer transfer (including bill payments) are limited to six per month with no more than three by check, draft, point-of-sale (POS), debit card or similar order to third parties. An excess transfer fee of $25.00 per item will be charged if these limits are exceeded. See the Schedule of Fees and Charges for details. If you exceed the above limitations your account may be transferred to a transaction account which does not earn interest.

Additional fees may apply for other bank products and services, such as stop payments and wire transfers. Please refer to the Schedule of Fees and Charges for additional fee information.

Personal Savings

Minimum balance to avoid imposition of fees:
A service charge fee of $5.00 will be imposed every statement cycle when the balance in the account falls below $500.00 any day of the cycle.

Personal Certificate of Deposit

Rate information:
Your interest rate is fixed for the term you select. Interest will be paid through the maturity date of the certificate. The interest rate is based on the rate in effect at the time we receive the deposit. The disclosed annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal is subject to loss of interest and will reduce earnings.

Crediting frequency:
Interest will be credited to your account at maturity or paid according to the interest payment option you selected at time of account opening.

Minimum balance to open the account: You must deposit $10,000.00 to open a non-IRA account. An IRA Certificate of Deposit requires a minimum opening deposit of $7,500.00.

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 you deposit non-cash items (for example, checks).

Transaction limitations:
You may make three deposits into your account before maturity. You may not make withdrawals of principal from your account before maturity without the imposition of an interest penalty. You cannot withdraw interest from your account before maturity.

Time requirements:
Your account will mature on the maturity date of the certificate.

Automatic renewal:
Your account will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any). If we decide not to renew your account, we will mail notice to you at least 30 calendar days before maturity.

Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new certificates of deposit on the maturity date which have the same term, minimum balance requirements and other features as the original certificate of deposit.

Grace period:
You will have ten calendar days after maturity to withdraw the funds without a penalty. If you withdraw the funds during the 10-day grace period, no interest will be paid from the maturity date until the date of withdrawal.

Early withdrawal penalties:
If your account has an original maturity of 90 days or less: The fee we may impose will equal 30 days’ interest on the amount withdrawn that is subject to penalty.

If your account has an original maturity of 91 days through one year: The fee we may impose will equal 90 days’ interest on the amount withdrawn that is subject to penalty.

If your account has an original maturity of more than one year: The fee we may impose will equal 180 days’ interest on the amount withdrawn that is subject to penalty.

Under 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. In cases where incompetency is used as the reason for waiving the penalty, the Bank may require, at its option, a certified copy of a court or administrative order. To waive the early withdrawal penalty due to disability, the Bank may, at its option, require a physician’s statement. See your plan disclosure if this account is part of an IRA or other tax qualified plan.

IRAs: Withdrawals, Penalties and Fees

1st Enterprise Bank recommends that you consult with a tax specialist prior to withdrawing funds from your IRA account. The Bank does not provide professional tax advice to its customers.

Withdrawals made prior to age 59½: These withdrawals may be subject to an IRS pre-mature distribution penalty and possible state taxes. Additionally, if the funds are held in a Certificate of Deposit and the withdrawal occurs prior to maturity, early withdrawal penalties may apply.

Withdrawals made from age 59½ to 70½ years of age: Withdrawals are not subject to IRS pre-mature distribution penalty. These withdrawals are subject to ordinary income taxes and are reported on form 1099R to the IRS. The Bank will allow one distribution per year with no penalty; all other distributions are subject to early withdrawal penalties.

Withdrawals made upon obtaining 70½ years of age:
The IRS requires IRA owners to take minimum distributions each year starting with the year they turn age 70 ½. These withdrawals are subject to ordinary income taxes and are reported on form 1099R to the IRS. The Bank will waive the early withdrawal penalty on these distributions and will report such distributions on form 1099 to the IRS.

Fees: An annual custodial fee of $30.00 will be assessed if you keep a balance of less than $25,000.00 in your plan. A $50.00 custodial account transfer fee will be charged for all IRAs that transfer to another financial institution or close prior to maturity.

Withdrawal Notice:
We may require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Withdrawals from a certificate of deposit prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See above for the penalty for early withdrawal.

Copyright 2012, 1st Enterprise Bank, Inc. All rights reserved.