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| The Internet Account Portfolio provides information about the accounts Presidential Bank offers online. This should be read in conjunction with the “Deposit Account Rules and Regulations”, “Schedule of Fees”, “Internet Deposit Rates”, “Electronic Funds Transfer Act Disclosure and Agreement”, “Check Hold Policy” and any other materials provided for complete disclosure. |
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| Internet Checking |
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Minimum to Open:
$500.00
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 and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate will apply only to that portion of the daily balance that is within the applicable tier.
Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest is compounded and credited monthly on the last business day of the month.
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 $5.00 monthly service charge will be assessed if the daily balance in the account falls below $500.00 any day during the statement cycle. Related Account fees are found in the Schedule of Fees. Free Intro Pack of checks.
Special Features:
Monthly statement with check images. Email Deposit Receipt Notification. Online Historical Statements, Check & Deposit Images.
ATM or Visa® Check Card* |
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| Checking Plus |
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Minimum to Open:
$1,500.00
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 and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate will apply only to that portion of the daily balance that is within the applicable tier.
Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest is compounded and credited monthly on the last business day of the month.
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 $5.00 monthly service charge will be assessed if the daily balance in the account falls below $1,000.00 any day during the statement cycle. Related Account fees are found in the Schedule of Fees. Free Intro Pack of checks. Free BillPayer.
Special Features:
Monthly statement with check images. Email Deposit Receipt Notification. An electronic monthly deposit of $200.00 or more from payroll, pension, social security, or annuity is required. Each account must have a unique direct deposit source. Online Historical Statements, Check & Deposit Images. ATM or Visa® Check Card* |
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| Internet Money Market Checking |
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Minimum to Open:
$1,000.00
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 and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate of the applicable tier will apply to the entire daily balance in the account.
Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest is compounded and credited monthly on the last business day of the month.
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 $5.00 monthly service charge will be assessed if the daily balance in the account falls below $500.00 any day during the statement cycle. Excess withdrawal fees may apply when transaction limits are exceeded. Related Account fees are found in the Schedule of Fees. Free money market style checks.
Special Features:
Monthly statement with check images. Email Deposit Receipt Notification. Online Historical Statements, Check & Deposit Images.
ATM or Visa® Check Card*
Limitations:
Banking Regulations limit third party transactions or pre-authorized transfers (including overdraft transfers) or transfers made by personal computer (including online banking or bill payment services) or telephone (including facsimile or data transmission) to your other accounts or third party transactions to six (6) each statement cycle; no more than three (3) of these transactions can be by check, debit card, or similar order (including POS transactions), made by the accountholder and payable to third parties. If you exceed more than three (3) such transfers, we need not honor the item. If you exceed these withdrawal limitations, the bank may close the account and the funds placed in another account that you are eligible to maintain, or we may take away the transfer and draft capabilities. Transfers made in person, by messenger, or at an ATM are unlimited. |
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| Internet Statement Savings |
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Minimum to Open:
$100.00
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 and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate of the applicable tier will apply to the entire daily balance in the account.
Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest is compounded and credited monthly on the last business day of the month.
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 $.75 monthly service charge will be assessed if the daily balance in the account falls below $100.00 any day during the statement cycle. Excess withdrawal fees may apply when transaction limits are exceeded. Related Account fees are found in the Schedule of Fees.
Special Features:
Monthly statement. Email Deposit Receipt Notification. Online Historical Statements, Check & Deposit Images. ATM Card*
Limitations:
Banking Regulations limit third party transactions or pre-authorized transfers (including overdraft transfers) or transfers made by personal computer (including online banking or bill payment services) or telephone (including facsimile or data transmission) to your other accounts or third party transactions to six (6) each statement cycle; no more than three (3) of these transactions can be by check, debit card, or similar order (including POS transactions), made by the accountholder and payable to third parties. If you exceed more than three (3) such transfers, we need not honor the item. If you exceed these withdrawal limitations, the bank may close the account and the funds placed in another account that you are eligible to maintain, or we may take away the transfer and draft capabilities. Transfers made in person, by messenger, or at an ATM are unlimited. |
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| Premier Savings |
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Minimum to Open:
$5,000.00 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 and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate will apply only to that portion of the daily balance that is within the applicable tier.
Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest is compounded and credited monthly on the last business day of the month.
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:
Excess withdrawal fees may apply when transaction limits are exceeded. Related Account fees are found in the Schedule of Fees.
Special Features:
Monthly statement. Email Deposit Receipt Notification. Online Historical Statements, Check & Deposit Images. ATM Card*
Limitations:
Banking Regulations limit third party transactions or pre-authorized transfers (including overdraft transfers) or transfers made by personal computer (including online banking or bill payment services) or telephone (including facsimile or data transmission) funds transfers to your other accounts or third party transactions to six (6) each statement cycle; no more than three (3) of these transactions can be by check, debit card, or similar order (including POS transactions), made by the accountholder and payable to third parties. If you exceed more than three (3) such transfers, we need not honor the item. If you exceed these withdrawal limitations, the bank may close the account and the funds placed in another account that you are eligible to maintain, or we may take away the transfer and draft capabilities. Transfers made in person, by messenger, or at an ATM are unlimited. |
*ATM/Visa Check Card is subject to application and Bank approval. Refer to Electronic Funds Transfer Act Disclosure and Agreement for terms and conditions.
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| Certificates of Deposit |
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Minimum to Open:
$1,000.00
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 and annual percentage yield will not change for the term of the Certificate of Deposit.
You must maintain a minimum balance of $1,000.00 to obtain the disclosed annual percentage yield. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Interest is compounded and credited monthly on the last business day of the month for certificates with a maturity of one year or more. Interest is compounded and credited at maturity for certificates with a maturity of less than one year. The rate for each renewal term will be determined by us on or just before the renewal date. You may call us on or after the maturity date and we can tell you the what the interest rate will be for the next renewal term.
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.
Limitations:
You may not make additional deposits into this account during a term (other than credited interest). You cannot withdrawal principal from the account until the maturity date. If you withdraw any of the principal before the maturity we will impose a penalty. The penalty will vary depending upon the term of the certificate.
Certificate Term
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Penalty |
| 30 - 60 days |
30 days |
| 90 - 182 days |
3 months |
| 1 year |
6 months |
| 2 year |
12 months |
| 5 year |
24 months |
The early withdrawal penalty equals the amount of interest that would have been earned during the number of penalty months shown, at the Certificate interest rate, on the amount withdrawn (whether or not such interest has actually been earned).
In certain circumstances such as the death or incompetence of an owner of the account, law permits, or in some cases requires, the waiver of the early withdrawal penalty.
Special Features:
Certificates will automatically renew. Each renewal term will be the same as the original term, beginning on the maturity date (unless we notify you, in writing, before a maturity date, of a different term for renewal). You must notify us in writing before, or within the specified grace period, after the maturity date if you do not want the certificate to automatically renew.
Interest earned during one term that is not withdrawn during or immediately after the term is added to principal for the renewal term. Interest will accrue after final maturity.
Certificate Term
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Grace Days |
| 30 days |
1 business day |
| greater than 30 days |
7 calendar days |
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| Email Deposit Notification |
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If you have an Internet Checking, Checking Plus, Internet Money Market, Internet Savings, or a Premier Savings Account you will receive deposit receipt notification via email instead of by US postal mail.
Paperless notifications are a great way to make your life easier. No more waiting for the mail to confirm that a deposit was received. No more calls to see if your direct deposit posted. The email notification contains a link to our password protected Online Banking service where using your customer ID and password you can login to your account to view the deposit details. The email does not contain any account related or personal information. HOW TO VERIFY, DESIGNATE, OR CHANGE THE EMAIL ADDRESS THE RECEIPT NOTIFICATION IS SENT TO:
The primary owner's email address is provided at account opening and can be verified through the Online Banking, Current Account Activity service. Login to Current Account Activity, select User Options then Email Address and view the email address in the email address field.
- To change this email address: Enter the new email address in the email address field and click on Change E-mail Address. Within 2 business days deposit receipt notifications will be directed to the new email address.
- To accept this email address: No action is necessary.
Email address information can also be updated by contacting Customer Service at 800-383-6266.
If you wish to continue to receive paper deposit receipts you must "opt-out" of email deposit receipt notification by calling Customer Service at 800-383-6266
or by sending a signed written request to:
Presidential Bank
Attn: Email Deposit Notification/Opt-Out
4520 East-West Hwy
Bethesda, MD 20814 |
Of course you can switch back to email receipt notification at any time!
For more details visit the Deposit Receipt Notification page at www.presidential.com.
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