Your New Accounts Overview

Transcription

1 Your New Accounts Overview Important information for Bank of America customers Account conversion date: October 20, 2014 Debit & ATM card conversion date: October 17, 2014 Additional details are in this booklet.

2 Welcome to First Tennessee! We re excited to welcome you as a new First Tennessee customer. And we want you to know that we ve been working to make this transition as easy as possible for you. This booklet is designed to help you get to know your new accounts and services at First Tennessee Bank. We wanted to get this to you as soon as possible, so some details may not have been finalized by the printing of this booklet. For updates, please visit ftb.com/welcome where you ll find a web version of this booklet, as well as other helpful information. And we ll be adding new information to the web site as it becomes available. Many of the banking associates you already know from Bank of America will continue to deliver the financial services you need and the customer service you deserve. If you have any questions, please feel free to contact your current Bank of America banking center. Beginning on October 20, 2014, you can get information about your accounts at any First Tennessee location or by calling First Link at

3 TABLE OF CONTENTS Consumers Important Consumer Account Information Consumer Checking Accounts Checking-Related Products & Services Consumer Savings Consumer CDs Consumer IRAs Online Services Other Consumer Products Business Customers Important Business Account Information Business Checking & Savings Accounts Business Checking & Savings Product Features Business Online Services Business Lending & Other Business Services Financial Center Locations 21 1

4 Important Consumer Account Information In the coming days and weeks, you may have questions about the conversion of your Bank of America accounts to First Tennessee accounts. This booklet is designed to help walk you through the products, features, and services that will soon be available to you. The information in this booklet is being provided to you based on your active accounts as of August 8, Your checking account number and routing number will change. You will receive an initial supply of welcome checks before the conversion with your new account and routing number, along with a coupon to order complimentary personalized checks. Your Bank of America checks can be used until October 20, Please begin using your First Tennessee welcome checks on October 20. If older Bank of America checks are still outstanding (previously written but not cashed), they will be honored until January 8, You will receive your new savings account number on the first statement following conversion. For CDs and IRAs, your account number will appear on your next maturity/renewal notice or year-end statement. Note: The routing number for all Bank of America accounts will change. Please refer to the chart below to find your new routing number. You will need your First Tennessee routing number to establish any future direct deposits or automatic debits. IMPORTANT: Please wait until October 20 to use your new account number and routing number. Using the new numbers prior to October 20 may result in your transaction(s) being rejected. If your Bank of America banking center is located in Columbia, TN Lewisburg, TN Lawrenceburg, TN On October 20, 2014, your new First Tennessee routing number will be Rockwood, TN Kingston, TN Sparta, TN Waverly, TN Johnson City, TN Greeneville, TN Kingsport, TN Bristol, TN For your current direct deposits or automatic debits (ACH) on your checking or savings accounts, you do not need to make any changes. We will send notice of the new account number and routing number to each business posting a deposit or withdrawal. You can begin using First Tennessee s Banking Online service on October 20. Most customers will keep their current Bank of America Online Banking User ID with First Tennessee s Banking Online service. If you have a User ID that is already in use at First Tennessee, your User ID will need to be changed. You will be notified via with further instructions. For security reasons, new passwords will be ed to you via the address you have on file with Bank of America. There will be other differences that we want you to know about. Please see Online Services beginning on page 9 for additional important information, and also visit ftb.com/welcome for the most current details about your online experience. All account information, including any fees or charges listed in this booklet, is accurate as of July 22, Features and fees are subject to change with appropriate notice. Please also see the enclosed Bank Depositor Agreement and Fee Schedule for additional details. 2

5 Consumer Checking Accounts Consumer Checking Comparison Chart If your consumer Bank of America checking account is On October 20, 2014, your new First Tennessee checking account will be Enhanced Checking Premium Checking Interest Checking Classic Interest Checking (all relationships) Regular Checking (all relationships) Advantage with Tiered Interest Checking Advantage for Seniors Senior Economy Checking ebanking CampusEdge Core Checking Essentials Checking SafeBalance Premier Checking Select Checking Express Checking Classic Checking Access Checking For former Bank of America checking accounts converted to First Tennessee accounts, monthly service charges will be waived for twelve months, until your September 2015 monthly statement cycle. Features that apply to all First Tennessee consumer checking accounts in this booklet: Free Banking Online with Bill Pay Free Mobile Banking and Mobile Deposit 1 Free standard First Tennessee Visa debit card with First Tennessee Cash Rewards. Visit ftb.com/cashrewards for more information. CD rate bonus. Visit ftb.com/cdratebonus for more information. 2 Four available overdraft protection plans. Visit ftb.com/protect for more information. 3 Free electronic statements Specialty checking options including: Big Orange Banking, Blue Raider Checking, Grizzlies Checking and Tiger Checking. 1 Mobile Deposit is subject to eligibility requirements. There may be charges by your cellular provider associated with data usage on your phone. Check with your cellular provider for more information. 2 CD must have a minimum term of 12 months and a minimum opening deposit of $1,000. This term requirement is accurate as of July 22, 2014, and is subject to change. Bonus cannot be combined with any other special offer, including promotional rates and other bonus rate offers. Renewing CDs will earn the then-current standard rate. To continue to receive the rate bonus on a renewing CD, contact a Financial Services Representative within seven (7) days of your renewal date. The rate bonus is available with a new or existing First Tennessee personal checking account. Customers who close their checking account will no longer be eligible for a CD rate bonus. Early withdrawal penalty varies by CD type. We reserve the right to change or discontinue the rate bonus program at any time, without notice, but the bonus will apply through your then-current term. 3 Please visit a financial center to apply. Overdraft protection plans covered by an Overdraft Services Agreement are subject to bank and credit approval. A $15 overdraft protection transfer fee applies. This fee is charged each day that a transfer is made and is limited to once per day per type of plan. No fee is charged if the transfer is less than $5. The fee will be waived for the first year, beginning October 20, 2014, for Bank of America customers converting to First Tennessee. 3

6 Premier Checking After the 12-month waiver, a $9 monthly service charge (or the fee then in effect) will apply. This fee will be waived if combined deposit balances are more than $5,000 (including checking, savings, CDs, and bank IRAs). Balances are determined on the closing date of the checking account s monthly statement cycle. Free ATM use in the United States. We rebate the foreign ATM fee charged by the ATM owner and waive our own surcharges. 1 Free standard wallet checks 2 overdraft fees waived per calendar year 2 Free cashier s checks 50% discount on safe deposit box (subject to availability) Earns tiered interest Select Checking After the 12-month waiver, a $9 monthly service charge (or the fee then in effect) will apply. This charge is rebated if your account has at least one direct deposit and 15 customer-initiated debit transactions (includes checks, ATM withdrawals, debit card transactions and online bill payment (except for recurring payments does not include ACH) per monthly statement cycle. After the 12-month waiver, a $2 paper statement fee will apply. However, online statements are free. No minimum balance requirement 1 overdraft fee waived per calendar year 2 Express Checking After the 12-month waiver, a $5 monthly service charge (or the fee then in effect) will apply. This charge is rebated if your account has at least one direct deposit per monthly statement cycle. No minimum balance requirement Electronic/online statements are required Student Fee Waiver: 12-month waiver placed on service charge each year for students showing proof with student ID, maximum age 23 Classic Checking After the 12-month waiver, a $6 monthly service charge (or the fee then in effect) will apply. No minimum balance requirement Access Checking After the 12-month waiver, a $3 monthly service charge (or the fee then in effect) will apply. A $2 paper statement fee will apply, but online statements are free. Paper checks are not available for Access Checking. An ATM card will be issued. NOTE: If you currently have an automatic transfer set up between two consumer accounts (i.e. $25 transferred every Friday from your checking to your savings account), no changes are needed. This will continue to post as it does today. This assumes that both accounts convert to First Tennessee accounts. 1 When using ATMs outside the U.S., a 1% International Service Assessment Fee will apply. 2 A $35 fee may be assessed, limited to four per day, for paying overdrafts that result in an overdrawn balance of $5 or more. Also, a $25 fee is charged on the 15th and 35th day that an account remains continuously overdrawn. Fees may be imposed for covering items created by check, in-person withdrawal, ATM withdrawal, or other electronic means. When your account is overdrawn, you are obligated to bring it to a positive balance immediately. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts. 4

7 Checking-Related Products & Services Debit & ATM Cards A new Visa -branded debit card will be issued prior to the conversion. These cards will automatically be activated for use beginning at midnight on the morning of October 17. You can begin using your First Tennessee debit card at that time and destroy your Bank of America card. If you do not receive your new debit card, a new one can be issued at any First Tennessee financial center on or after October 20. If you have an ATM card on your checking account, a new card will be issued prior to October 17. These cards will automatically activate at midnight on the morning of October 17. You can begin using your First Tennessee ATM card at that time and destroy your Bank of America card. If your primary account with Bank of America is a savings account, you will not receive a new card from First Tennessee. Come visit us at any of our financial centers to open a new checking account along with a debit or ATM card. If your primary account with Bank of America is not a checking account, you will not receive a new debit or ATM card from First Tennessee. You will receive a new PIN for your First Tennessee debit or ATM card, mailed separately from your card. If you would like to change your PIN, you can do so at any First Tennessee ATM or by calling on or after October 17. You may also visit any First Tennessee financial center to change your PIN on or after October 20. When using your PIN, your First Tennessee debit or ATM card will have a daily cash withdrawal limit of $600 per card each business day. Purchases made using your PIN from Visa merchants who accept our card will be limited to $2,500 per card each business day. When you receive your new card, you will have a new card number, CVV number (3-digit code on back), and a new expiration date. If you have any automatic debits set up through your previous card, you will need to update your card number, CVV, and expiration date with the merchant or the transaction will not be processed. A complete debit cardholder agreement will be included with the new card. If you are enrolled in Bank of America s Keep the Change savings program, any purchases made after 10:30 p.m. EST on October 17 will no longer be rounded up and transferred to your savings account. You will automatically be enrolled and can enjoy the benefits of First Tennessee Cash Rewards on October 17, Visit ftb.com/cashrewards for more information. Consumer Statements A final statement dated October 17, 2014, will be produced by Bank of America for all checking and savings accounts. This final statement will reflect your transaction activity and ending balance for your Bank of America account before it is converted to First Tennessee s deposit system. The ending account balance on this statement will be the beginning balance on your next statement from First Tennessee. Going forward, First Tennessee will provide your checking account statement as close as possible to the date you regularly receive your Bank of America checking account statements. Savings account statements are sent monthly when there are ATM or other electronic transactions. Otherwise, you will receive your savings account statement quarterly. Certificates of Deposit (CD) receive a maturity notice but do not receive additional statements. Individual Retirement Accounts (IRA) receive a year-end statement and maturity notice, if applicable, but do not receive additional statements. If you received online monthly statements instead of paper statements, you will continue to receive online statements after the conversion date. More information about this and other First Tennessee Banking Online features is provided elsewhere in this booklet. 5

8 Overdraft Services Regarding ATM and Everyday Debit Card Purchases First Tennessee offers customers a choice regarding the payment of overdraft transactions involving ATM or everyday debit card transactions, if these transactions are subject to a fee. First Tennessee does not decline all transactions that would overdraw an account. Therefore, when your Bank of America consumer checking account is transferred to First Tennessee, it will be subject to the Opt Out terms below unless you wish to make a change that permits us to authorize and pay items that could result in an overdraft. (Some customers may have a separate form of overdraft protection for their Bank of America account. More information follows regarding that service.) First Tennessee offers two options regarding payment of ATM or everyday debit card transactions. Your choices: Opt In and Opt Out If you DO choose to Opt In to the payment of these overdrafts: You will allow us the opportunity to authorize and pay items presented against your account even though you may not have the funds available at the time. 1 However, we pay overdrafts at our discretion, which means we do not guarantee that these items will always be paid. You will also receive alerts at First Tennessee ATMs if the withdrawal transaction may cause you to overdraft your account, giving you the choice on how you prefer to proceed. If you allow your account to remain in Opt Out status, then you DO NOT consent to the payment into overdraft of ATM and everyday debit card transactions. Any transactions in excess of your account balance may be declined at the ATM or at a merchant/store when using your debit card, and we will not charge a fee. Changing your Opt In/Opt Out election: You can change your Opt In/Opt Out election at any time after the October 20 conversion by visiting a First Tennessee financial center, calling , or going to ftb.com/overdraft, where you can also learn more about our standard overdraft practices and various overdraft protection plans. Opt In/Opt Out rules do not include checks or automatic bill payments you may have set up for paying bills such as your mortgage, rent, or utilities. First Tennessee may still pay these types of overdraft transactions and charge overdraft fees. Overdraft Protection for Consumers If you currently have your savings account linked to your checking account to cover overdrafts, that service will convert to First Tennessee s savings-to-checking overdraft plan. Please note, however, that both the checking and savings accounts must convert from Bank of America to First Tennessee, or this form of overdraft protection will not be available. All other forms of Bank of America overdraft protection will be terminated and no longer in effect after October 17. First Tennessee offers several options for overdraft protection: First Banking Reserve A special line of credit available upon approval that covers overdraft items by transferring funds to your checking account. Credit Card link uses your First Tennessee credit card as a source of funds when you overdraw your checking account. Home Equity Line of Credit links easily to your checking account and gives you an added source of funds for overdrafts. Savings Account link connects your checking account to your First Tennessee savings account. Visit a financial center or ftb.com/protect to learn about First Tennessee s overdraft protection. 2 1 A $35 fee may be assessed, limited to four per day, for paying overdrafts that result in an overdrawn balance of $5 or more. Also, a $25 fee is charged on the 15th and 35th day that an account remains continuously overdrawn. Fees may be imposed for covering items created by check, in-person withdrawal, ATM withdrawal, or other electronic means. When your account is overdrawn, you are obligated to bring it to a positive balance immediately. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts. 2 Please visit your local financial center to apply. Overdraft protection plans covered by an Overdraft Services Agreement are subject to bank and credit approval. A $15 overdraft protection transfer fee applies, but these plans may save you money compared to standard overdraft fees. This fee is charged each day that a transfer is made and is limited to once per day per type of plan. No fee is charged if the transfer is less than $5. The fee will be waived for the first year, beginning October 20, 2014, for Bank of America customers converting to First Tennessee. 6

9 Consumer Savings Consumer Savings Comparison Chart If your consumer Bank of America savings account is On October 20, 2014, your new First Tennessee savings account will be Minor Savings Regular Savings Custom Savings Traditional Savings Money Market Savings GWIM Money Market Savings Select Money Market Savings Growth Money Market Savings Personal Money Market Savings Platinum Money Market Savings Rewards Money Market Savings Money Market Savings For former Bank of America savings accounts converted to First Tennessee accounts, monthly service charges will be waived for twelve months, until your September 2015 monthly statement cycle. Features that Apply to Consumer Savings Accounts Unlimited ATM withdrawals (when linked to a First Tennessee checking account) Funds transfer by ATM, phone, and Banking Online/Mobile Banking Monthly statements are sent when there are ATM or other electronic transactions. Otherwise, statements are sent quarterly. Federal law requires that we convert a savings account to a checking account if you exceed six preauthorized or automatic debits or withdrawals per month, including transactions by check or similar order payable to a third party. Traditional Savings Features After the 12-month waiver, a $5 per quarter service charge (or the fee then in effect) will apply. This service charge is waived if a $250 daily balance is maintained all quarter. Variable interest is paid quarterly. Money Market Savings Features After the 12-month waiver, a $9 monthly service charge (or the fee then in effect) will apply. This fee is waived if your total combined balance in First Tennessee accounts is at least $5,000. Variable money market rates; interest paid monthly Check writing privileges 7

10 Consumer CDs Consumer CD Comparison Chart If your consumer Bank of America CD is On October 20, 2014, your new First Tennessee CD will be 18 month CD Opt Up Rate CLIMBER SM CD Risk Free CD Featured CD Long Term CD Short Term CD Fixed Term CD Regular CD Features that Apply to All CDs All CDs will earn the current Bank of America rate for the remaining term, as determined at account opening. Shortly before maturity, you will receive a renewal notice with updated rate information and will have a 7-day grace period to withdraw the CD funds or make changes in terms. All current methods of interest payments will remain the same with the exception of x-payments. Any CD currently set up for x-payments with Bank of America will be converted to monthly interest capitalizing at maturity. First Tennessee Rate CLIMBER SM CD This CD allows you to increase your rate one time during the term of the CD. So, if interest rates go up, your earnings can, too. Please visit your local financial center for rate increases. Consumer IRAs Consumer IRA Comparison Chart If your consumer Bank of America IRA is On October 20, 2014, your new First Tennessee IRA will be* Fixed Term IRA 18 Month IRA Opt Up Risk Free IRA Featured IRA Promo IRA Regular IRA Money Market IRA Variable Rate IRA Floating IRA 8

11 Features that Apply to Regular IRAs Shortly before maturity, you will receive a renewal notice with updated rate information and will have a 7-day grace period to withdraw the IRA funds or make changes in terms. Fixed Rate (will earn the current Bank of America rate for the remaining term, as determined at account opening) Fixed Term Early Withdrawal Penalty applies Features that Apply to Floating IRAs This type of IRA will not receive a renewal notice as there is no set term. Year-end statement Variable interest rates, subject to change daily No set term Contributions allowed up to max IRS limitations Unlimited distributions, not subject to bank early withdrawal penalty *All IRAs are subject to IRS Rules and Regulations. Online Services First Tennessee s Online Services are safe, secure online portals that let you: View balances and transactions View check and deposit images View statements Initiate account transfers Pay bills And much more Banking Online Bank of America Online Banking customers will not have access to history nor statements as of 6 p.m. Eastern time on October 17. We suggest that you download your history and statements prior to this time. If you ve logged in to Bank of America s Online Banking or Mobile Banking recently, or have future-dated or recurring transfers or bill payments, your Online Banking access will be converted to First Tennessee s Banking Online. Any recurring or scheduled payments and transfers you may have set up with Online Banking at Bank of America will be transferred to First Tennessee s Banking Online. And although we do not currently offer ebills, all of your ebills will be set up as payees so that you can immediately begin making payments. If you currently receive online monthly statements instead of paper statements, that will continue after conversion. You can begin using our Banking Online service on October 20. Most customers will keep their current Bank of America Online Banking User ID with our Banking Online service. If you have a User ID that is already in use at First Tennessee, your User ID will need to be changed. You will be notified via with further instructions. For security reasons, a new password will be ed to you via the address you have on file with Bank of America. 9

12 Logging In When you first log in, you will be prompted to accept our Banking Online Agreement (Terms and Conditions). Next, you will be prompted to complete the Security Enrollment. This will consist of selecting four security questions and answers, a Trust Image, and a Trust Word. Finally, you will be prompted to update your contact information, which will allow you to update any phone numbers and addresses, add new phone numbers and addresses, and select one or more verification methods. Mobile Banking with Mobile Deposit Using the same credentials as your Banking Online credentials, you can access Mobile Banking via our mobile site or our iphone, Android, ipad, Android tablet and Kindle apps. The first time you access Mobile Banking, you will be asked to accept our Terms and Conditions and type in the mobile device s phone number. Mobile Deposit is subject to eligibility requirements. If you are eligible for the service, the Mobile Deposit option will be available to you after logging in to the Mobile Banking app. For more details and possible changes, visit ftb.com/welcome. Other Consumer Products Safe Deposit Box If you currently have a safe deposit box, your service will continue without interruption at most locations. (Important information follows below.) Your annual fee will remain the same through your current rental period, and then First Tennessee s safe deposit box fees will apply. For any additional questions you might have regarding your safe deposit box lease, contact the financial center where your box is located. Please note that the Bank of America in Johnson City will close on October 17, and the locations in Kingsport and Greeneville will close on December 10. Safe deposit box customers at those locations should have received information on closing out their boxes and possibly relocating them to a nearby First Tennessee financial center. 10

13 Important Business Account Information In the coming days and weeks, you may have questions about the conversion of your Bank of America business accounts to First Tennessee business accounts. This booklet is designed to help walk you through the products, features, and services that will soon be available to you. The information in this booklet is based on your active accounts as of August 8, Your checking account number and routing number will change. You will receive an initial supply of welcome checks before the conversion with your new account and routing number. We will also include a coupon good for a future check order. You will be contacted by our check provider, Harland Clarke, to assist you with ordering your new check and deposit supplies. Your Bank of America checks can be used until October 20, Please begin using your First Tennessee welcome checks on October 20. If older Bank of America checks are still outstanding (previously written but not cashed), they will be honored until January 8, You will receive your new savings account number on the first statement following conversion. Note: The routing number for all Bank of America business accounts will change. Please refer to the chart below to find your new routing number. You will need your First Tennessee routing number to establish any future automatic credits or automatic debits. IMPORTANT: Please wait until October 20 to use your new account number and routing number. Using the new numbers prior to October 20 may result in your transaction(s) being rejected. If your Bank of America banking center is located in Columbia, TN Lewisburg, TN Lawrenceburg, TN On October 20, 2014, your new First Tennessee routing number will be Rockwood, TN Kingston, TN Sparta, TN Waverly, TN Johnson City, TN Greeneville, TN Kingsport, TN Bristol, TN For your current automatic credits or automatic debits (ACH) on your checking or savings accounts, you do not need to make any changes. We will send a notification of the new account number and routing number to each business posting an automatic credit or automatic withdrawal. You can begin using First Tennessee s Business Banking Online service on October 20. Most customers will keep their current Online Banking User ID with First Tennessee s Business Banking Online service. If you have a User ID that is already in use at First Tennessee, your User ID will need to be changed. You will be notified via with further instructions. For security reasons, new temporary passwords will be ed to all current business online banking and business mobile banking customers via the address you have on file with Bank of America. There will be other differences that we want you to know about. Please see Business Online Services beginning on page 16 for additional important information, and also visit ftb.com/welcome for the most current details about your online experience. All account information, including any fees or charges listed in this booklet, is accurate as of July 22, Features and fees are subject to change with appropriate notice. Please also see the enclosed Bank Depositor Agreement and the appropriate Fee Schedule applicable to your business account for additional details. 11

14 Business Checking & Savings Information Business Checking & Savings Comparison Chart If your Bank of America checking account is Full Analysis Business Checking On October 20, 2014, your new First Tennessee checking account will be Business Checking Fee Schedule Analyzed Fee Schedule* Public Service Trust Account IOLTA Waived Analyzed Business Interest Checking Business Economy Checking Business Fundamentals Checking Business Interest Checking BizEssentials Checking Basic Analyzed Fee Schedule* Non-Analyzed Fee Schedule** Business Interest Checking Business Investment Account BizEssentials Interest Checking Non-Analyzed Fee Schedule** Business Advantage Checking Simple Analysis Checking BizEssentials Checking Standard Non-Analyzed Fee Schedule** Commercial Select Business Interest Max Commercial Business Interest Max Select Business Interest Maximizer Business Interest Maximizer Business Investment Account BizEssentials Savings Waived If your Bank of America business accounts were billed through Account Analysis, your accounts will be automatically converted to First Tennessee s Account Analysis system. Please see the enclosed Analyzed Fee Schedule for pricing, which will go into effect with your new account. Note: Bank of America s Small Business accounts will be converted to First Tennessee s BizEssentials Checking accounts. Please see the enclosed Non-Analyzed Fee Schedule for features and pricing. Visit or call a Bank of America banking center if you have any questions prior to the October 17 conversion date. * See Analyzed Fee Schedule for service charge details. ** Non-analyzed business customers will have their service charges waived for 12 months, until September

15 Business Checking & Savings Product Features Features that apply to all business checking and savings accounts: Business Banking Online with Bill Pay Business Mobile Banking Dedicated support through the Business Service Center First Tennessee Visa Business debit card with First Tennessee Cash Rewards. Visit ftb.com/cashrewards for more information. Business Checking (Analyzed Fee Schedule) Designed for companies with medium- to high-volume activity, First Tennessee rewards your business by giving credit for the balances your business maintains to offset your monthly activity charges. A detailed monthly Account Analysis Statement provides an activity summary of checking and Treasury Management Services for the previous month so you can easily manage your usage of banking services. Checking and Treasury Management fees are assessed through Account Analysis, with the account summary and fees rolling up to a Master/Key account. Features include: Cost efficiency Get rewarded for your banking services and high checking balances. Treasury Management enhancement Detailed monthly statements provide a comprehensive view of your monthly cash position. This checking account cycles at the end of the month, with online checking and analysis statements available by the third business day of the next month. Fees are deducted on (or around) the 19th of the following month. For example, your Analysis statement for the month of July would be available on the third business day of August, and Analysis fees would be deducted from the checking account on (or around) August 19. The Earnings Credit Rate (ECR) will be set to the First Tennessee standard ECR as of the time of conversion. The ECR may change from month to month without prior notice. First Tennessee s standard ECR as of August 1, 2014 is 0.20%. See the Analyzed Fee Schedule for additional details. IOLTA Checking (Waived) An IOLTA (Interest on Lawyers Trust Account) is a checking account specifically for lawyers that earns interest on the funds in the account. First Tennessee will report and pay the interest to each state s IOLTA board on your behalf. Please note: Communication will be sent to each state s IOLTA board notifying them that the interest accrual and payment will be processed by First Tennessee beginning on October 20, The first interest payment from First Tennessee will occur in November Business Interest Checking (Analyzed Fee Schedule) A Business Interest Checking account is an interest-bearing account that combines the benefits of an Analyzed Checking account with the interest-earning feature of a savings account. Benefits include: Competitive interest earned on collected balances Monthly Account Analysis Statement This checking account cycles at the end of the month, with online statement available by the third business day of the next month. Please note that the online statements are standard; paper statements are available but will incur a fee. Account fees are assessed on or around the 19th day of the month please see the enclosed Analyzed Fee Schedule for details. Interest is accrued daily and paid on the last day of the month, but if the account balance is negative at any point in the month, the interest is forfeited. The interest rate will be set to the First Tennessee standard interest rate as of the time of conversion. The interest rate may change from month to month without prior notice. First Tennessee s standard interest rate as of August 2014 is 0.05%. 13

16 BizEssentials Checking & Savings Accounts BizEssentials Basic Checking (Non-Analyzed Fee Schedule) A BizEssentials Basic Checking account is a low-volume transaction account. It offers you convenient checking services at competitive rates. Benefits include: Business Banking Online with Bill Pay Business Mobile Banking Sweep to Savings Feature available to help earn interest on idle funds Auto Advance Feature 1 through linking to a BizEssentials Line of Credit Dedicated support through the Business Service Center BizEssentials Interest Checking (Non-Analyzed Fee Schedule) A BizEssentials Interest Checking account is an interest-bearing account that combines the benefits of a BizEssentials Checking account with the interest-earning feature of a savings account. Benefits include: Competitive interest earned on collected balances No minimum balance requirement Business Banking Online with Bill Pay First Check SM Visa Business Debit card with First Tennessee Cash Rewards Business Mobile Banking Dedicated support through the Business Service Center This checking account cycles at the end of the month, with online statement available by the third business day of the next month. Please note that the online statements are standard; paper statements are available but will incur a fee. Account fees are assessed on the last day of the month please see the enclosed Non-Analyzed Fee Schedule for details. Interest is accrued daily and paid on the last day of the month, but if the account balance is negative at any point in the month, the interest is forfeited. The interest rate will be set to the First Tennessee standard interest rate as of the time of conversion. The interest rate may change from month to month without prior notice. First Tennessee s standard interest rate as of August 2014 is 0.05%. BizEssentials Checking Standard (Non-Analyzed Fee Schedule) BizEssentials Checking is an account designed for companies with low transaction volume. It offers you convenient checking services at competitive rates. Benefits include: Business Banking Online with Bill Pay Business Mobile Banking Sweep to Savings Feature available to help earn interest on idle funds First Check SM Visa Business Debit card with First Tennessee Cash Rewards Auto Advance Feature 1 through linking to a BizEssentials Line of Credit Dedicated support through the Business Service Center 1 $15 transfer fee per advance from a Business Line of Credit to a BizEssentials Checking account applies. 14

17 BizEssentials Checking Comparison Chart BizEssentials Basic Checking BizEssentials Checking Standard BizEssentials Interest Checking Transactions Per Month Monthly Service Charge $7.50 (Can be waived with a minimum daily collected balance of $5,000) $17.00 (Waived with $10,000 minimum daily collected balance or combined balances of $25,000 2 ) $17.00 Earns Interest No No Yes 1 $0.50 charge per transaction over transaction limit. Transactions include: paper checks, checks deposited, and deposit slips. Electronic transactions, other than mobile deposits, are not included in paper transaction totals. Each $250 increment of cash deposit counts as one paper transaction. 2 Accounts eligible for combined balances must be reported under the same tax identification number or Social Security number associated with the BizEssentials Checking account and include business loans, lines of credit, business savings, certificate of deposit and personal checking and savings accounts. BizEssentials Savings All Bank of America business savings accounts will be converted to First Tennessee BizEssentials Savings accounts with competitive rates and no fees. You will receive your new savings account number on the first statement following conversion. With BizEssentials Savings, you can link to your BizEssentials Checking account to take advantage of an automatic sweep feature that allows you to earn interest on excess funds. You set the peg a pre-determined dollar amount (minimum $5,000) in your checking account and any excess funds are transferred to your business savings account when the peg is reached. If needed, funds will sweep back into your business checking account. The interest rate will be set to the First Tennessee standard interest rate as of the time of conversion. The interest rate may change from month to month without prior notice. First Tennessee s standard interest rate as of August 2014 is 0.05%. Federal law requires that we convert a savings account to a checking account if you exceed six preauthorized or automatic transfers or transactions by check (or similar order payable to a third party) per month. Overdraft Transactions For your business checking account, your current setting at Bank of America will carry over to First Tennessee. If your account currently has an Accept All setting, First Tennessee will extend our standard overdraft practices to your account. You will allow us the opportunity to authorize and pay items presented against your account even though you may not have the funds available at the time. 3 However, we pay overdrafts at our discretion, which means we do not guarantee that these items will always be paid. You will also receive alerts at First Tennessee ATMs if the withdrawal transaction may cause you to overdraft your account, giving you the choice on how you prefer to proceed. If your account currently has a Decline All setting, any transactions that exceed the available balance in your account will be declined. However, an Insufficient Funds Fee may be charged. 3 A $25 fee is charged on the 15th and 35th day that an account remains continuously overdrawn. Fees may be imposed for covering items created by check, in-person withdrawal, ATM withdrawal, or other electronic means. When your account is overdrawn, you are obligated to bring it to a positive balance immediately. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts. 15

18 Business Online Services Business Banking Online First Tennessee s Business Online Services are safe, secure online portals that let you: View balances and transactions View check and deposit images View statements Initiate account transfers Pay bills Initiate ACH transactions (includes Payroll, Tax, and Child Support) Initiate wire transactions Manage user entitlements Access Business Mobile Banking If you ve logged in to Bank of America s Online Banking recently, or have future-dated or recurring transactions, your Online Banking access will be converted to First Tennessee s Business Banking Online service. Most customers will keep their current Bank of America Online Banking User ID with First Tennessee s Business Banking Online service. If you have a User ID that is already in use, your User ID will need to be changed. You will be notified via with further instructions. For security reasons, new temporary passwords will be ed to all current Bank of America business online banking and business mobile banking customers via the address you have on file with Bank of America. If you use Wire Transfer or ACH services, you will be contacted by a First Tennessee Relationship Manager to ensure continued service. Prior to conversion, you may want to download any statements for historical purposes, as well as any ACH/Wire Transfer templates that you may need to refer to after conversion. Logging In You can begin using First Tennessee s Business Banking Online service on October 20. When you first log in, you will be prompted to accept First Tennessee s Business Banking Online Agreement (Terms and Conditions). Next, you will be prompted to complete the Security Enrollment. This will consist of selecting four security questions and answers, a Trust Image, and a Trust Word. Finally, you will be prompted to update your contact information, which will allow you to update any phone numbers and addresses, add new phone numbers and addresses, and select one or more verification methods. For ACH and Wire Transfer clients, a security token will be mailed to each administrator to distribute to each individual user. Business Mobile Banking Using the same credentials as your Business Banking Online credentials, you can access Business Mobile Banking securely and conveniently through your mobile web browser. This time-saving service allows you or any employees you designate to conduct key business banking functions on the same account securely and conveniently from the web browser of a mobile phone. For more details and possible changes, visit ftb.com/welcome. 16

19 Business Lending You should have received a separate communication about this conversion. Please refer to the related correspondence. Visit or call a Bank of America banking center if you have any questions prior to the October 17 conversion date. Other Business Services Treasury Management First Tennessee Treasury Management products are designed to help businesses control their cash flow needs. Services include: Accounts Receivable and Cash Concentration Accounts Payable and Fraud Prevention Control and Information Services If you previously used any Treasury Management products, such as Automated Clearing House, Direct Deposit for your employees, Wire Transfer services, or Remote Deposit Capture, you will be contacted by a First Tennessee Relationship Manager to ensure you continue to receive your preferred services going forward. If you have questions, please call the Business Service Center at Automated Clearing House (ACH) The Automated Clearing House (ACH) network is a nationwide funds transfer system for handling electronic credit and debit transactions exchanged between customers at the same or different financial institutions. ACH transactions are similar to that of a check, but instead of paper, financial institutions send each other electronic files via ACH. ACH is commonly used for Direct Deposit (payroll), tax payments, vendor payments, child support payments, cash concentration, etc. Here s some important information regarding your ACH services: If we have not done so already, a First Tennessee Relationship Manager will meet with you to sign a First Tennessee ACH Services Contractual Agreement or a BizEssentials Cash Management Services Agreement. The new agreement will be effective on October 20, 2014, and needs to be executed and in place by October 1, After we receive the executed agreement, we will provide you walkthrough training on First Tennessee s Business Banking Online product and the ACH Module. First Tennessee s web-based Business Banking Online ACH Module has the ability to 1) upload a NACHA formatted file, 2) build templates and participants online, and 3) import non-nacha data into existing templates. Our Business Service Center will mail a security token to each administrator for distribution to the individual users who will have access to the Business Banking Online ACH Module. We also want to update you on First Tennessee s security controls and system capabilities; First Tennessee utilizes several layers of security to prevent fraud. Training will be scheduled prior to conversion to help you understand the nuances of the system. Pricing will apply according to the terms of your new agreement. 17

20 Remote Deposit Capture (RDC) Remote Deposit Capture (RDC) enables the customer to make their deposit without leaving their office. Instead of gathering checks each day and physically delivering them to the bank, the customer actually scans the deposit in the convenience of their office. Software will prompt the operator through the entire deposit process, beginning with selecting the scan location, the deposit account and entering the total amount of the deposit to balancing confirmation. The check scanner will capture an image (front and back) and MICR data from the original checks. Once balanced, the deposit is transmitted as a digital image file to the bank, using secure encryption software to do so. Here s some important information regarding your RDC services: The RDC service agreement you currently have in place for Remote Deposit Services originated at Bank of America will expire effective October 17, A First Tennessee Bank Relationship Manager will be contacting you soon to discuss the option to use our RDC services. This would require you to sign a new agreement with First Tennessee Bank for Remote Deposit Capture services. We will also want to verify that your operating system is compatible with our application. After we receive the executed agreement, we will provide you with the necessary instructions for installation and training. First Tennessee Bank will not be converting any RDC deposit history from your prior bank. Your bank account statements will serve as your reference to historical information about deposits you have made using the service. Wire Transfer First Tennessee offers the ability to create both Domestic and International wires through the Business Banking Online Wire Module. The Wire Module has the ability to create tax payments, drawdown wire requests, provide information on incoming and outgoing wires, provide user access or audit reports in a real-time manner, and enable you to establish varying approval or release controls. Here s some important information regarding your Wire Transfer services: If we have not done so already, a First Tennessee Relationship Manager will meet with you to sign a First Tennessee Wire Transfer Authorization and Agreement. The new agreement will be effective on October 20, 2014, and needs to be executed and in place by October 1, After we receive the executed agreement, we will provide you walkthrough training on First Tennessee s Business Banking Online product and the Wire Module. First Tennessee s web-based Wire Module has the ability to 1) initiate Domestic, International, and Foreign Exchange transactions and 2) view reports of incoming and outbound transactions in a real-time environment. Our Business Service Center will mail a security token to each administrator for distribution to the individual users who will have access to the Business Banking Online Wire Module. In addition, prior to October 20, you will receive a PIN to be used when initiating wire transfer requests. We also want to update you on First Tennessee s security controls and system capabilities; First Tennessee utilizes several layers of security to prevent fraud. Training will be scheduled prior to October 20 to help you understand the nuances of the system. Pricing will apply according to the terms of your new agreement. 18

21 Automated Line of Credit (Analyzed Fee Schedule) A First Tennessee Automated Line of Credit is a way to automatically move funds between your checking account and line of credit by linking them together. This link allows the line of credit to automatically deposit funds from an advance on the line of credit into the associated checking account. It will optionally allow for automatic payments to the line of credit as idle funds become available in the checking account. Benefits include: Payments Payments to the line of credit are based on Collected Balance in the checking account. Advances Advances from the line of credit are based on the Ledger Balance in the checking account. Peg Balance A peg balance (a predetermined dollar amount) can be established in the checking account so amounts over the peg balance will pay down the line of credit. Daily Process The process runs each business day. If the checking account linked to your line of credit is an Analyzed Business Checking account, your checking account can make payments and receive advances from your line of credit. Also, the Analyzed Fee Schedule applies. If the checking account linked to your line of credit is a Non-Analyzed BizEssentials Checking or Business Interest Checking account, your checking account can only receive advances from the line of credit. Payments to the line of credit must be made manually. Also, a $15 per advance fee will apply. If we have not done so already, a First Tennessee Relationship Manager will meet with you to sign a First Tennessee Automated Transfer Facility agreement. The new agreement will be effective on October 20, 2014, and needs to be executed and in place prior to October 1, For Analyzed Business Checking accounts, an Automated Line of Credit can be combined with a Business Investment Account to maximize your cash flow and income potential. Business ATM Cards Business ATM cards will not be reissued. Come visit us at any of our financial centers if you would like a business debit card for your checking account. Business Debit Cards A new Visa -branded debit card will be issued prior to October 17. These cards will automatically be activated for use beginning at midnight on the morning of October 17. You can begin using your First Tennessee debit card at that time and destroy your Bank of America card. If you do not receive your new debit card, a new one can be issued at any First Tennessee financial center on or after October 20. You will receive a new PIN for your First Tennessee business debit card, mailed separately from your card. If you would like to change your PIN, you can do so at any First Tennessee ATM or by calling on or after October 17. You may also visit a First Tennessee financial center to change your PIN on or after October 20. When using your PIN, your First Tennessee business debit card will have a daily cash withdrawal limit of $600 per card each business day. Purchases made using your PIN from Visa merchants who accept our card will be limited to $2,500 per card each business day. When you receive your new card, you will have a new card number, CVV number (3-digit code on back), and a new expiration date. If you have any automatic debits set up through your previous card, you will need to update your card number, CVV, and expiration date with the merchant or the transaction will not be processed. A complete debit cardholder agreement will be included with the new card. You will automatically be enrolled and can enjoy the benefits of First Tennessee Cash Rewards. Visit ftb.com/cashrewards for more information. 19