Deposit Products

 

Traditional Checking

 

This account provides the traditional checking account features.  There are no monthly maintenance or transaction fees as long as the account meets the balance requirements. 

 

Limitations:  You must deposit $100.00 to open this account.

 

Account Fees: There are no monthly maintenance or transaction fees if the account maintains a $500.00 average daily ledger balance.  If the account balance falls below the balance requirements, the monthly maintenance fee is $3.00, and each check or other debit is $0.10 each.  If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

55 Plus

 

This account is for persons 55 years old or older, for personal accounts only.  The account provides the traditional checking account features.  There are no monthly maintenance or transaction fees and no minimum balance required. 

 

Limitations:  You must deposit $50.00 to open this account.

 

Account Fees:   If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

Student Account

 

This account is for students, for personal accounts only.  This account provides the traditional checking features.  There are no monthly maintenance or transaction fees and no minimum balances required. 

 

Limitations:  You must deposit $50.00 to open this account.

 

Account Fees:  If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

The Club Plus Checking (Best Deal)

 

This account, for personal accounts only, provides the traditional checking account features plus much more, unlimited checking, $20,000.00 accidental death insurance, savers club discount book, emergency cash service, credit card protection service, lost key return service, semi-annual newsletter, membership card, free special member personalized checks, cashier’s checks and money orders, medical emergency data card, medical data source, home inventory log, safe deposit  box log, and travel advantage service. 

 

Limitations:  You must deposit $100.00 to open this account.

 

Account Fees:   There is a monthly maintenance fee of $6.00.  If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

The Club Checking (Better Than Free)

 

This account, for personal accounts only, provides the traditional checking account features, with unlimited checking, $5,000.00 accidental death insurance, savers club discount book, emergency cash service, credit card protection service, lost key return service, semi-annual newsletter, membership card, and your first order of special member personalized checks, all free when you keep a $100.00 minimum daily balance.

 

Limitations:  You must deposit $100.00 to open this account.

 

Account Fees:   There is a monthly maintenance fee of $9.00, should your balance drop below $100.00.  If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

Interest Checking

 

This account provides the traditional checking account features, along with competitive market interest rates. There are no monthly maintenance or transaction fees as long as the account meets the balance requirements.

 

Rate Information:  This Account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Chart.  The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on the account daily.  Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).  Interest will be compounded monthly and will be credited to the account monthly.  If the account is closed before interest is credited you will not receive the accrued interest.

 

Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  We will use an interest accrual basis of 365 (or 366 in leap year) for each day in the year.  You must maintain a minimum balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.  

 

Limitations:  You must deposit $500.00 to open this account.

 

Account Fees:   There are no monthly maintenance or transaction fees if the account maintains a $500.00 average daily ledger balance.  If the account falls below the balance requirements, the monthly maintenance fee is $5.00, and each check or other debit is $0.10 each.  If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

The Club Interest Checking

 

This account, for personal only, provides “The Club Plus” account features; unlimited checking, $20,000.00 accidental death insurance, savers club discount book, emergency cash service, credit card protection service, lost key return service, semi-annual newsletter, membership card, free special member personalized checks, cashier’s checks and money orders, medical emergency data card, medical data source, home inventory log, safe deposit  box log, and travel advantage service.  Plus it earns the competitive market interest rates of our Interest Checking account. 

 

Rate Information:   This Account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Chart.  The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on the account daily.  Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).  Interest will be compounded monthly and will be credited to the account monthly.  If the account is closed before interest is credited you will not receive the accrued interest.

 

Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  We will use an interest accrual basis of 365 (or 366 in leap year) for each day in the year.  You must maintain a minimum balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.  

 

Limitations:   You must deposit $500.00 to open this account.

 

Account Fees:  There is a monthly maintenance fee of $7.50.  If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

Money Market Checking

 

This account provides the features of both an Interest Checking account and a Certificate of Deposit, by providing both check writing ability and higher interest rates.  There is no monthly maintenance fee as long as the account meets the balance requirements. 

 

Rate Information:   This Account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Chart.  The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on the account daily.  Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).  Interest will be compounded monthly and will be credited to the account monthly.  If the account is closed before interest is credited you will not receive the accrued interest.

 

Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  We will use an interest accrual basis of 365 (or 366 in leap year) for each day in the year.  You must maintain a minimum balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.  

  

Limitations:   You must deposit $1,000.00 to open this account.  You may make six (6) transfers from your account each four (4) week or similar period, if by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction.

 

Account Fees:   There is no monthly maintenance fee if the account maintains a $1,000.00 minimum daily ledger balance.  If the account falls below the balance requirements, the monthly maintenance fee is $5.00, and each check or debit is $0.10 each.  Each additional transfer from your account over the six (6) allowed is $7.50 each.  If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

The Club Money Market Checking

 

This account, for personal accounts only, provides “The Club Plus” account features; unlimited checking, $20,000.00 accidental death insurance, savers club discount book, emergency cash service, credit card protection service, lost key return service, semi-annual newsletter, membership card, free special member personalized checks, cashier’s checks and money orders, medical emergency data card, medical data source, home inventory log, safe deposit  box log, and travel advantage service.  Plus it earns the competitive market interest rates of our Money Market Checking account. 

 

Rate Information:   This Account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Chart.  The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on the account daily.  Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).  Interest will be compounded monthly and will be credited to the account monthly.  If the account is closed before interest is credited you will not receive the accrued interest.

 

 Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  We will use an interest accrual basis of 365 (or 366 in leap year) for each day in the year.  You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield.  

 

Limitations:  You must deposit $1,000.00 to open this account.  You may make six (6) transfers from your account each four (4) week or similar period, if by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction.

 

Account Fees:   There is a monthly maintenance fee of $7.50.  Each additional transfer from your account over the six (6) allowed is $7.50 each.  If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

Commercial Checking

 

This account is for business or organizations. 

 

Limitations:   You must deposit $100.00 to open this account.

 

Account Fees:  There is a $5.00 monthly maintenance fee, $0.10 per transaction fee, $0.05 per deposited item fee.  Earnings credit of $0.10 per $100.00 average balance for the statement cycle.  If the account is overdrawn, interest will be assessed against the overdrawn balance at the rate of eighteen percent (18%) per year.

 

 

Traditional Savings

 

This account provides the traditional savings account features.

 

Rate Information:   This Account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Chart.  The interest rate and annual percentage yield will not change for at least thirty (30) calendar days.  We agree to give you thirty (30) days advance written notice prior to decreasing the rate.  Interest begins to accrue no later than the business day we receive credit of for the deposit of noncash items (for example, checks).  Interest will be compounded quarterly and will be credited to the account quarterly.  If the account is closed before interest is credited you will not receive the accrued interest.

 

Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  We will use an interest accrual basis of 365 (or 366 in leap year) for each day in the year.  You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.   

 

Limitations:  You must deposit $100.00 to open this account.  You may make six (6) transfers from your account each quarter.

 

Account Fees:   There is no quarterly maintenance fee if the account maintains a $100.00 average quarterly ledger balance.  If the account falls below the balance requirements, the quarterly maintenance fee is $2.50.  Each additional transfer over the six (6) allowed is $1.00 each. 

 

Member

FDIC

 

Bank of Cordell has chosen not to participate in the FDIC’s Transaction Account Guarantee Program.  Customers of Bank of Cordell with non-interest bearing transaction accounts will continue to be insured through December 31, 2013, for up to $250,000 under the FDIC’s general deposit insurance rules.

 

NOTICE: CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

 

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012.  This temporary unlimited coverage is in addition to, and separate from, the coverage of a least $250,000.00 available to depositors under the FDIC'S general deposit insurance rules.

 

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest.  It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest.  NOW accounts, money-market deposit accounts, and Interest on Lawyers Trust Accounts (IOLTAs").

 

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

Bank of Cordell, 808 North Glenn English. PO Box 440 Cordell, OK 73632 . Phone 580.832.5600 . Fax 580.832.5605