True Relationship Banking with the benefits you want. Maintain a relationship balance of $750,000.00 in all your deposit and loan accounts and in addition to the great features already listed you will receive the following benefits.
- Monthly interest earned when you maintain a minimum balance of $25.00
- Higher interest rates on certificates of deposit
- No fee for money orders and treasurer’s checks
- A .25% discount on interest rates on consumer loans
- Free VIP account checks for the life of the account
- Low service charge of $30.00 per month. This fee is waived if you maintain a relationship balance of $750,000.00 or more
MINIMUM BALANCE TO OPEN THE ACCOUNT You must deposit $50.00 to open this account.
RELATIONSHIP PRICING
The VIP Checking account is an interest bearing transaction account designed to reward you with certain benefits, including no monthly maintenance fee, if you maintain a daily Relationship Balance with us of $750,000.00 or more. Relationship Balance is defined as the total of all of your other personal and business deposit and loan account balances, on which you are either the named tax reporting owner or an additional owner. In addition, we may aggregate the balances from other accounts that you are related to as a miscellaneous owner. The decision to aggregate these account(s) to your Relationship Balance will be done at the sole discretion of the Bank.
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.
COMPOUNDING AND CREDITING
Interest will be compounded daily and will be credited to your account monthly.
EFFECT OF CLOSING AN ACCOUNT
If you close your account before interest is credited, you will not receive the accrued interest.
INTEREST RATE AND ANNUAL PERCENTAGE YEILD
See current rate sheet for rate and annual percentage yield (APY) information
MINIMUM BALANCE TO OBTAIN THE ANNUAL PERCENTAGE YIELD DISCLOSED
You must maintain a minimum daily balance of $25.00 in the account each day to obtain the annual percentage yield. You will earn interest every day during the period that your account equals or exceeds the minimum daily balance requirements.
DAILY BALANCE COMPUTATION METHOD
We use the daily computation balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL ON NON-CASH DEPOSITS
Interest begins to accrue on the business day you deposit non-cash items (Example: checks).
CALCULATION OF RELATIONSHIP BALANCE
Your relationship balance is calculated by adding the previous month average balance of your Retail VIP Checking account, plus the previous month average balance of your other aggregated deposit account(s), plus the current balance of your aggregated loan account(s).
MINIMUM BALANCE TO AVOID IMPOSITION OF FEES
A maintenance service charge of $30.00 will be imposed every statement cycle if the Relationship Balance falls below $750,000.00 at any point during the statement period. Please note you may also forfeit other benefits if your Relationship balance falls below $750,000.00.
Please refer to the separate fee schedule provided to you with this disclosure for information about fees and charges associated with this account. A fee schedule will be provided to you at the time you open an account, periodically when fees or charges change, and upon request.
CONVERSION OF AN EXISTING EQUITABLE BANK CHECKING ACCOUNT OT A RETAIL VIP CHECKING ACCOUNT
If you convert your existing Equitable Bank checking account to a Retail VIP Checking Account during any statement period, you will not incur monthly service fee during the conversion statement cycle provided that your Relationship Balance at the time the account is converted is at least $750,000.00. Your Relationship Balance must remain at this level at all times during the conversion statement cycle and subsequent statement cycles to avoid the imposition of the monthly maintenance fee.
PREFERRED VIP CERTIFICATE OF DEPOSIT INTEREST RATES
If your Relationship Balance is $750,000.00 or more you will be eligible to receive a preferred interest rate on select certificate of deposit (CD’s) accounts. This benefit applies to new CD’s as well as rollovers. If your Relationship Balance is below $750,000.00 at the time you open or rollover your CD, you will not be eligible for the preferred VIP interest rate.
PREFFERRED VIP CONSUMER LOAN INTEREST RATES
Retail VIP Checking account holders will receive a .25% discount from the standard consumer loan rate for the following consumer loan types: new and used automobile loans, unsecured personal loans, loans secured by deposit accounts and overdraft protection plan. All consumer loans are subject to normal underwriting criteria. In addition to maintaining a relationship balance of $5,000.00 you must have the payment for your consumer loan automatically deducted from your Retail VIP Checking Account. If your Relationship Balance is below $750,000.00 at the time you submit your application you will not be eligible for Preferred VIP consumer loan rate.
NO FEE MONEY ORDERS AND TREASURER’S CHECKS
Retail VIP Checking account holders are eligible to receive no fee money orders and treasurer’s checks. Customers must identify themselves as VIP account holders to the Equitable Bank employee processing their transaction to receive this benefit.
VIP ACCOUNT CHECKS
Retail VIP Checking Account holders are eligible to receive standard VIP Account Checks at no cost during the life of their Retail VIP Checking Account. Check orders are limited to one (1) order of 200 standard VIP Account checks in each twelve (12) month period.
PROCESSING ORDER
All credit transactions are processed first. Debits or withdrawals from your account will be processed in the order they are received.
BONUSES
You will receive a free gift as a bonus at account opening, the value of the gift is considered a bonus. Bonuses may be reported as interest on Form 1099-INT in the year received.