Minimum to Open

$500.00 (Personal Accounts only)

Rate Information

This account is an interest-bearing account. The interest rate and annual percentage yield are included in the Rate Schedule. The interest rate/tier and annual percentage yield may change daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest will apply only to the portion of the daily balance within the applicable tier. Interest begins to accrue on the first business day of your deposit. Interest is compounded and credited monthly on the last business day of the month. Deposit and withdrawal requirements are waived for the first month the account is in this product. The statement posting date will be used to determine transaction qualification.

Account Requirements

An electronic monthly deposit of $500 or more from payroll, pension, social security, or annuity is required. Each account must have a unique direct deposit source. At least seven (7) electronic withdrawals per month are required (electronic withdrawals include: ATM, POS, ACH and Bill Payments.) Accounts that do not meet the minimum deposit and withdrawal requirements will earn a lower interest rate as disclosed on the Rate Schedule.

After the first month the account is open, accounts that do not meet the minimum deposit and withdrawal requirements, including the monthly direct deposit requirement and the requirement for a minimum number of electronic withdrawals each month, will earn a substantially lower interest rate for the month. That lower rate is as disclosed on the Rate Schedule. Fees could reduce earnings.

Balance Information

We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day.

Account Fees

A monthly service charge will be assessed if the daily balance in the account falls below $500.00 any day during the statement cycle. Other related fees are found in the Schedule of Fees.

Limitations

Write up to three (3) checks per month. Additional checks charged a fee. The statement posting date will be used to determine per check fees. Online Historical statements are required. Email deposit notifications are required.

Automatic-Transfer Overdraft Protection

The automatic overdraft transfer service enables funds transfers between your checking and/or savings accounts when one is overdrawn. Use your savings, checking or money market accounts to protect your other checking or money market accounts from insufficient funds (NSF) or overdraft situations.

Authorize Presidential to transfer funds from your deposit accounts to your checking or money market account with insufficient funds. Transfers will be debited in priority order in multiples of $100.00 until the overdraft is covered, providing funds are available in the selected account. There is only one fee of $5.00 per transfer, regardless of the amount required for the overdraft. Complete the automatic overdraft transfer authorization form and submit it through secure email in online banking, U.S. mail or simply bring it to a branch.