BUSINESS CHECKING ACCOUNT DEFINITIONS

Transcription

1

2 ABILITY TO WITHDRAW FUNDS The following disclosure is provided pursuant to the Expedited Funds Availability Act and Regulation CC. Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 4:00 P.M. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 4:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open. If you make a deposit at an ATM before 6:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit at an ATM after 6:00 p.m. or on a day we are not open, we will consider that deposit was made on the next business day we are open. Longer Delays May Apply In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $200 of your deposits will be available on the first business day. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances: - We believe a check you deposit will not be paid. - You deposit checks totaling more than $5,000 on any one day. - You redeposit a check that has been returned unpaid. - You have overdrawn your account repeatedly in the last six months. - There is an emergency, such as failure of communications or computer equipment. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit. Special Rules For New Accounts If you are a new Customer, the following special rules will apply during the first thirty (30) days your account is open. 1) Funds from electronic direct deposits to your account will be available on the day we receive the deposit. 2) Funds from deposits of cash, wire transfers, and the first $5,000 of a day s total deposits of cashier s, certified, teller s, traveler s, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the seventh business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. 3) Funds from all other check deposits will be available on the seventh business day after the day of your deposit. Deposits At Automated Teller Machines Funds from any deposits (cash or checks) made at any automated teller machines (ATMs) we do not own or operate may not be available until the second business day after the day of your deposit. This rule does not apply at ATMs that we own and operate. Please see a Customer Service Representative for a complete listing of our ATMs. TeleCHIEF Phone Banking echief Internet Banking echief Bill Payment Mobile Banking QuickBooks Interface ecorp & ecapture Electronic Banking Options for all account types. for all account types. 3 Months ; $4.95 each month thereafter; Not available with MMDA Checking and Savings Accounts. Now you can access your Blackhawk Bank & Trust accounts securely and quickly with echief Mobile! View account balances & history Make transfers Safely manage your accounts anytime, anywhere QuickBooks will allow: No manual data entry Automatically reconcile by date No duplicate transactions Easy to use - Web Connect files may be automatically opened by QuickBooks directly from the Blackhawk Bank & Trust echief Internet Banking site, which eliminates the need for you to search for files that have been downloaded. Automatic account setup Available to Business and Small Business Checking accounts. Use ecorp to manage your business needs featuring direct deposit, ACH processing, wire transfers and more. ecapture is a Remote Deposit Capture feature of ecorp designed to electronically capture and deposit checks into Blackhawk Bank & Trust Ask for more information today! BUSINESS CHECKING ACCOUNT DEFINITIONS Minimum deposit to open account: $ AVERAGE BALANCE: the average daily balance of your account FLOAT: when foreign checks (checks not drawn on our bank) are deposited, time is needed to collect these checks before the money is available for withdrawal. The average time needed for collection is presently one (1) day after the date of deposit. AVERAGE FLOAT: The daily average of deposits in the process of collection. RESERVE: All banks are required to maintain non-interest bearing reserves against their demand deposits (customer checking accounts). CREDIT: An earnings credit is used to offset the basic service charge. The rate (presently 1.00% per annum) is calculated on the average available balance. The rate is subject to change. If a customer has a negative available balance, they will be charged the earnings credit rate plus 3% for the days when the available balance is negative. BASIC SERVICE CHARGE: This is the charge assessed for handling your account if your credit is not sufficient to pay the entire service charge assessed. Items used to compute the Total Monthly Charges Checks deposited not drawn on us $0.08 each Checks written on the account $0.10 each Monthly account maintenance fee $5.00 per month Interest is not paid on the Business Checking Account The Monthly Service Charge is calculated by comparing the total monthly Credit against the total monthly Charges. The difference may or may not result in a charge to the customer. If the total Credit exceeds the total Charges, then no service fee is assessed for the month. Conversely, if the total Charges are greater than the total Credit, then the monthly service charge equals the difference between the two figures. (Please refer to the following examples for a further illustration of our service charge calculation).

3 Business & Corporate Products Availability Business Checking Small Business Checking NOW Checking SuperNOW Checking MMDA Checking Savings Account Available to non-profits, municipalities & sole proprietorships. Not Available to Businesses. Available to non-profits, municipalities & sole proprietorships. Not Available to Businesses. Minimum Opening Deposit $ $1.00 $ $2, $2, $ Monthly Maintenance Fee $5.00 None None None None None If the total earnings credit exceeds the total charge against the account for the month, there None $5 plus $0.10 for each check written (charged if your balance falls $5 plus $0.10 for each check written (charged if your minimum daily $5 (charged if your minimum daily balance for the monthly statement $5 per quarter (charged if your balance falls below $100 any day of Service Fee is no monthly fee. If the total charges against the below $500 any day of the month or the balance for the monthly cycle falls below $2,500). the quarter). account for the month exceeds the earnings credit, average daily balance must be $1,500 for statement cycle falls below $2,500). then the monthly service charge assessed is the the monthly statement cycle). difference between the two amounts. Balance Required to Waive Service Fee Per Debit Charge This fee is calculated by comparing the total monthly credit against the total monthly charges. The difference may or may not result in a charge to the customer. $0.10 per check written (including but not limited to each check, ATM withdrawal, debit memo, ACH or POS withdrawal). $1.00 minimum balance to keep account open. The minimum daily balance must be over $500 or the average daily balance must be $1,500 for the monthly statement cycle. $2,500 $2,500 $100 None if within allowed limitations. None if within allowed limitations. None if within allowed limitations. None if within allowed limitations. None if within allowed limitations. Per Deposit Charge None None None None None None Per Deposit Item Charge $0.08 each item not drawn on us. None if within allowed limitations. None None None None Per Check $4.50 (this fee does not apply to $4.50 (this fee does not apply to None None None None Returned Unpaid non-profits & municipalities). non-profits & municipalities). Interest Paid on Balances Not applicable Not applicable. Monthly; Variable Rate Monthly; Variable Rate Monthly: Variable Rate; Tiered Quarterly; Variable Rate Interest Accrual Method Not applicable Not applicable. Daily (365/365) Daily (365/365) Daily (365/365) Daily (365/365) Compounding Frequency Interest is not paid on this account. Interest is not paid on this account. Monthly Monthly Monthly Daily Transaction Limits Transaction Fee Dormant Fee Unlimited check writing privileges (subject to the total monthly service charge & earnings credit computation) 200 total transactions including ACH, ATM, POS, checks paid, deposits, and checks deposited. This includes every debit or credit made on the account. Not applicable $0.25 per item in excess of 200 transactions per month. $3.00 monthly after 12 months of no activity. $3.00 monthly after 12 months of no activity. Unlimited check writing privileges Unlimited check writing privileges 6 pre-authorized transfers, withdrawals, checks or a combination of such per monthly statement cycle. There is no transaction fee if the required minimum balance is maintained. (see service charge) $500 after 12 months of no activity. No charge if minimum balance is met. There is no transaction fee if the required minimum balance is maintained. (see service charge) $2,500 after 12 months of no activity. No charge if minimum balance is met. $5.00 fee per transaction if more than 6 transfers, withdrawals, checks or a combination of such transactions are made during the monthly statement cycle. $2,500. No charge if minimum balance is met. 13 withdrawals allowed per quarter. $1.00 per withdrawal; including regular withdrawals, ATM transactions, debit memo, ACH or POS withdrawal in excess of 13 per quarter. $2.00 after 2 years of no activity if the minimum balance is less than $100. CHIEFChek Debit Card & THE CHIEF ATM Card Debit card holders will be assessed a charge of $0.10 for each debit transaction. Available to Sole Proprietorships with a Available to Sole Proprietorships with a ATM card only available. Check Printing Fee Varies with check style. A $5 fee applies for single part deposit slips for all Business checking accounts Kit Not available. Images Available to all checking account types. Front only check images available. Not applicable. NSF Paid Item or Returned Item Fee $29.00 each, Max of 4 paid and/or returned item fees. (Fee applies to Business, Small Business, NOW, SuperNOW and MMDA Checking Accounts) Not applicable. ATM Fees 3 Free foreign transactions per month, then $1.00 each; (Fee applies to Business, Small Business, NOW, SuperNOW and MMDA Checking Accounts) 9 free foreign transactions per quarter, then $1.00 each. Overdraft Loan: Available to any business account owner. Line of Credit, $60.00 annual fee; $5.00 access fee. Transfers will be in increments of $100. May be attached to any checking account type % Annual Percentage Rate (APR); $50 minimum monthly payment. Cash Management Account: Available to any business account owner. Min. deposit to open account is $50,000; Monthly maintenance fee is $75, which can be billed monthly, annually or offset by a compensating balance. Account earns interest. Please consult a Commercial Loan Officer for details.

4 Example #1: This is an illustration of a typical Business Checking Account where the monthly credit is greater than the total charges to the account. No service charge would be assessed. Average Balance $50,000 Less: Average Float ($3,000) Equals: Average Collected Balance $47,000 Less: Reserve (10%) ($4,700) Equals: Average Available Balance $42,300 TOTAL CREDIT = Average Available Balance ($42,300) calculated by the credit percentage (presently 1.00%) = $35.25 Charges Items Cost Total Foreign checks deposited 300 $0.08 ea. $24 Plus: Checks on us 60 $0.10 ea. $6 Plus: Monthly Account $5.00 $5 Maintenance Fee Equals: TOTAL CHARGES $35 No service charge would be assessed. Monthly credit ($35.25) is greater than total charges ($35.00) Example #2 This is an illustration of a typical Business Checking Account where the total charges to the account exceed the monthly credit. The difference between the two figures is the Service Charge that would be assessed to the account. Average Balance $10,000 Less: Average Float ($3,000) Equals: Average Collected Balance $7,000 Less: Reserve (10%) ($700) Equals: Average Available Balance $6,300 TOTAL CREDIT = Average Available Balance ($6,300) calculated by the credit percentage (presently 1.00%) = $5.25 Charges Items Cost Total Foreign checks deposited 100 $0.08 ea. $8 Plus: Checks on us 30 $0.10 ea. $3 Plus: Monthly Account $5.00 $5 Maintenance Fee Equals: TOTAL CHARGES $16 A $10.75 service charge would be assessed. Total charges ($16.00) are greater than monthly credit ($5.25) FEE SCHEDULE Account transfer by phone (performed by a bank Teller or CSR) Account transfer by TeleCHIEF Phone Banking or echief Internet Banking Balancing customers checkbook $ Months: Over 2 Months: $20.00 per hour Canadian item fee Per item: $5.00 Cashier s check Customer: $3.00 Checks deposited returned unpaid Per check: $4.50 Dormant Savings Account Fee $2.00 per quarter inactive for two (2) years. Dormant Checking Account Fee Applicable when account is inactive for twelve (12) months. Non-interest bearing checking accounts: $2.00 per month if balance falls between $ and $ $3.00 per month if balance falls below $ All other no minimum balance checking accounts: $3 per month Interest bearing checking accounts: $5.00 per month if monthly minimum balance is not maintained. (Minimum balance requirements shown in graph) Business accounts/free Small Business is $3.00 monthly regardless of balance after 12 months of no activity. Duplicating services Per copy: $0.25 Facsimile services First page: $5.00 Each additional page: $1.00 Hard copy statement printout Each page: $1.00 Incoming collections $15.00 echief Internet Banking Basic Services: echief Internet Banking Bill Pay (not available to MMDA checking and Savings Account holders) Electronic image inquiries via echief Internet Banking estatements First 3 months: Over 3 months: $4.95 per month; unlimited payments EDI monthly fee $10.00 License Plate renewal sticker Per sticker: $5.50 Microfilm search Per hour: $20.00 Per copy: $2.00 Minimum charge: $20.00 Money Orders (customers only) $2.00 Night depository bag with lock Initial cost: $10.00 Yearly fee for first bag: $6.00 Yearly fee for each additional bag: $4.00 NSF paid item fee (max. 4 per day) Per item: $29.00 NSF returned item fee (max. 4 per day) Per item: $29.00 FEE SCHEDULE Processing of Levies or Garnishments $30.00 Purchase of Treasury Bills or Notes At market: $70.00 At auction: $35.00 Safe Deposit Boxes Dimensions Annual Rental Rate 3 x 5 x 22 $ x 5 x 22 $ x 5 x 22 $ x 10 x 22 $ x 10 x 22 $ x 10 x 22 $70.00 Safe Deposit Box late fee* $10.00 *overdue/delinquent safe deposit box rental accounts 30 days or more past due will be charged a $10.00 one (1) time fee per year. Safe Deposit Box lost keys Per key: $30.00 Safe Deposit Box Drilling Cost of Drilling Special statement $5.00 Stop Payment request: with information Stop Payment request: without information Per request: $29.00 Per request: $34.00 Visa Travel Cards Per card: $5.00 Minimum Load: $ Maximum Load: $5, Visa Gift Cards Per card: $3.00 Minimum Load: $10.00 Maximum Load: $ Wire Transfer: Domestic Incoming Customer: Non-customer: $12.00 Wire Transfer: Domestic Outgoing $20.00 Wire Transfer: Foreign/International $57.00 Zipper/Velcro bag First bag: Each additional bag: $3.00 Service fee for any account closed within sixty (60) days of opening: $ This fee is assessed as a hold on your account and will reduce your available account balance. A NSF fee applies to overdrafts created by check, in-person withdrawal or other electronic means. VISA Credit Cards and Overdraft Protection services are available. Please ask a Customer Service Representative for details and related fees on those products and services. Fees charged to Iowa customers will be subject to state and local sales tax. Rates effective as of 10/01/2012

5