Account Portfolio

The Account Portfolio provides information about the accounts Presidential Bank offers through its branches and/or website. This should be read in conjunction with the Deposit Account Rules and Regulations, Schedule of Fees, Deposit Rates, Electronic Funds Transfer Act Disclosure and Agreement, Check Hold Policy and any other materials provided for complete disclosure.

 

Checkless Checking (Branch & Internet)

Minimum to Open

$500.00 (Personal Accounts only)

 

Rate Information

This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Schedule. The interest rate/tier and annual percentage yield may change daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest will apply only to the portion of the daily balance within the applicable tier. Interest begins to accrue on the first business day of your deposit. Interest is compounded and credited monthly on the last business day of the month.  An electronic monthly deposit of $500.00 or more from payroll, pension, social security, or annuity is required.  Each account must have a unique direct deposit source. Seven (7) electronic withdrawals per month are required (electronic withdrawals include: ATM, POS, ACH and BillPayments). Accounts that do not meet the deposit or withdrawal requirements will earn a lower rate as disclosed on the Rate Schedule. Deposit and withdrawal requirements are waived for the first month the account is in this product.  The posting date will be used to determine transaction qualification.
 

Balance Information

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

Account Fees

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

 

Features

Free Online Banking, Mobile Banking with Remote Deposit, BillPayer VISA® Debit Card or ATM card*. Unlimited deposit and withdrawal transactions. Online Historical Statements, Check & Deposit Images and Money Management.  Monthly statement with check images. ATM Surcharge Fee Rebate up to $8 is credited each statement cycle for surcharges by other domestic ATM owners. Direct deposit available.
 

Limitations

No check writing. Checks will not be honored. Online Historical statements are required. Email deposit notifications are required.
 

Checking Plus (Branch & Internet)

Minimum to Open

$1,500.00 (Personal accounts only)

 

Rate Information

This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Schedule. The interest rate/tier and annual percentage yield may change daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate will apply only to the portion of the daily balance that is within the applicable tier.  Interest begins to accrue on the first business day of your deposit.  Interest is compounded and credited monthly on the last business day of the month.

 

Balance Information

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

 

Account Fees

A monthly service charge will be assessed if the daily balance in the account falls below $1,000.00 any day during the statement cycle. Related Account fees are found in the Schedule of Fees.

 

Features

Free Online Banking, Mobile Banking with Remote Deposit, BillPayer VISA® Debit Card or ATM card*. Unlimited deposit and withdrawal transactions. Online Historical Statements, Check & Deposit Images and Money Management.  Monthly statement with check images. Accounts opened online are provided electronic statements. Direct deposit available. Email Deposit Receipt Notification. 

Free initial check order. 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. 
 

Super Checking (Branch only)

Minimum to Open

$500.00 (Personal Accounts only)

 

Rate Information

This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Schedule. The interest rate/tier and annual percentage yield may change daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate will apply only to the portion of the daily balance that is within the applicable tier.  Interest begins to accrue on the first business day of your deposit.  Interest is compounded and credited monthly on the last business day of the month. 

 

Balance Information

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

 

Account Fees

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

 

Features

Free Online Banking, Mobile Banking with Remote Deposit, BillPayer VISA® Debit Card or ATM card*. Unlimited deposit and withdrawal transactions. Online Historical Statements, Check & Deposit Images and Money Management.  Monthly statement with check images. Accounts opened online are provided electronic statements. Direct deposit available. Email Deposit Receipt Notification. An electronic monthly deposit of $200.00 or more from payroll, pension, social security, or annuity is required.
 

Internet Checking (Internet only)

Minimum to Open

$500.00 (Personal accounts only)

 

Rate Information

This account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Schedule. The interest rate/tier and annual percentage yield may change daily.  The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate will apply only to the portion of the daily balance that is within the applicable tier.  Interest begins to accrue on the first business day of your deposit.  Interest is compounded and credited monthly on the last business day of the month.

 

Balance Information

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

 

Account Fees

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

 

Features

Free Online Banking, Mobile Banking with Remote Deposit, BillPayer VISA® Debit Card or ATM card*. Unlimited deposit and withdrawal transactions. Online Historical Statements, Check & Deposit Images and Money Management.  Monthly statement with check images. Accounts opened online are provided electronic statements. Direct deposit available. Email Deposit Receipt Notification. Free initial check order. 

 

Special Checking (Branch only)

Minimum to Open

$500.00 (Personal accounts only)

 

Rate Information

This account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Schedule.  The interest rate/tier and annual percentage yield may change daily.  The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate of the applicable tier will apply to the entire daily balance in the account.  Interest begins to accrue on the first business day of your deposit.  Interest is compounded and credited monthly on the last business day of the month.

 

Balance Information

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

 

Account Fees

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

 

Features

Free Online Banking, Mobile Banking with Remote Deposit, BillPayer VISA® Debit Card or ATM card*. Unlimited deposit and withdrawal transactions. Online Historical Statements, Check & Deposit Images and Money Management.  Monthly statement with check images. Accounts opened online are provided electronic statements. Direct deposit available. Email Deposit Receipt Notification. 
 

Regular Checking (Branch & Internet)

Minimum to Open

$100.00 (Personal Accounts only)

 

Rate Information

This account is not an interest bearing account.

 

Account Fees

A monthly service charge will be assessed if the daily balance in the account falls below $100.00 any day during the statement cycle. Related Account fees are found in the Schedule of Fees.

 

Features

Free Online Banking, Mobile Banking with Remote Deposit, BillPayer VISA® Debit Card or ATM card*. Unlimited deposit and withdrawal transactions. Online Historical Statements, Check & Deposit Images and Money Management.  Monthly statement with check images. Accounts opened online are provided electronic statements. Direct deposit available.

 

Money Market Plus Checking (Branch & Internet)

Minimum to Open

$100,000.00 (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/tier and annual percentage yield may change
daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate will apply only to the portion of the daily balance that is within the applicable tier.
Interest begins to accrue on the first business day of your deposit. Interest is compounded and credited monthly on the last business day of the month. Money Market Plus Checking accounts have an average daily balance requirement of $100,000.00 to earn the highest rate. Accounts that do not meet this balance requirement will earn a lower rate as disclosed on the Rate Schedule.

 

Balance Information

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

Account Fees

A monthly service charge will be assessed if the daily balance in the account falls below $25,000.00 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.
 

Features

Free Online Banking, Mobile Banking with Remote Deposit, BillPayer, VISA® Debit Card or ATM card*, Online Historical Statements, Check & Deposit Images and Money Management. Monthly statement with check images. Accounts opened online are automatically provided electronic statements and Email Deposit Receipt Notification.
 

Limitations

One account per Tax ID number. Federal banking regulations limit withdrawals to six (6) each monthly statement period for all third party transactions (check, direct debit, debit card, or similar payment order including POS transactions), or pre-authorized transfers (including overdraft transfers) or transfers made by computer (including online banking or bill payment services) or telephone (including facsimile) to initiate funds transfers to third party payees or to your other accounts. If you routinely exceed more than six (6) such transfers per month, we need not honor the item and the bank may elect to close the account and place the funds in another account that you are eligible to maintain, or we may disable your payment and transfer privileges. However, transfers or withdrawals made in person, by messenger or mail or at an ATM are
unlimited.


Money Market Checking (Branch & Internet)

Minimum to Open

$1,000.00 (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/tier and annual percentage yield may change 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 first business day of your deposit.  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 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.

 

Features

Free Online Banking, Mobile Banking, BillPayer & Money Management. Monthly statement with check images. Accounts opened online are provided electronic statements. VISA® Debit Card or ATM card*. Email Deposit Receipt Notification.  Online Historical Statements, Check & Deposit Images.

 

Limitations

Federal banking regulations limit withdrawals to six (6) each monthly statement period for all third party transactions (check, direct debit, debit card, or similar payment order including POS transactions), or pre-authorized transfers (including overdraft transfers) or transfers made by computer (including online banking or bill payment services) or telephone (including facsimile) to initiate funds transfers to third party payees or to your other accounts.  If you routinely exceed more than six (6) such  transfers per month, we need not honor the item and the bank may elect to close the account and place the funds in another account that you are eligible to maintain, or we may disable your payment and transfer privileges. However, transfers or withdrawals made in person, by messenger or mail or at an ATM are unlimited.

 

Premier Savings (Branch & Internet)1

1 Commercial Internet Accounts may be limited to MD, DC & VA
 

Minimum to Open

$5,000.00 (Personal and commercial accounts)

 

Rate Information

This account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Schedule. The interest rate/tier and annual percentage yield may change daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate will apply only to the portion of the daily balance that is within the applicable tier. Interest begins to accrue on the first business day of your deposit.  Interest is compounded and credited monthly on the last business day of the month.

 

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.

 

Features

Free consumer Online Banking, Mobile Banking with Remote Deposit, and ATM card*. Online Historical Statements, Deposit Images and Money Management.  Monthly statement. Direct deposit available. Email Deposit Receipt Notification.

 

Limitations

One account per Tax ID number. Federal banking regulations limit withdrawals to six (6) each monthly statement period for all third party transactions (check, direct debit, debit card, or similar payment order including POS transactions), or pre-authorized transfers (including overdraft transfers) or transfers made by computer (including online banking or bill payment services) or telephone (including facsimile) to initiate funds transfers to third party payees or to your other accounts.  If you routinely exceed more than six (6) such  transfers per month, we need not honor the item and the bank may elect to close the account and place the funds in another account that you are eligible to maintain, or we may disable your payment and transfer privileges. However, transfers or withdrawals made in person, by messenger or mail or at an ATM are unlimited.
 

Statement Savings (Branch & Internet)1

1 Commercial Internet Accounts may be limited to MD, DC & VA 
 

Minimum to Open

$100.00 (Personal and commercial accounts)

 

Rate Information

This account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Schedule. The interest rate/tier and annual percentage yield may change daily.  The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate of the applicable tier will apply to the entire daily balance in the account. Interest begins to accrue on the business day of your deposit.  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 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.

 

Features

Free consumer Online Banking, Mobile Banking with Remote Deposit, and ATM card*. Online Historical Statements, Deposit Images and Money Management.  Monthly statement. Direct deposit available. Email Deposit Receipt Notification.

 

Limitations

Federal banking regulations limit withdrawals to six (6) each monthly statement period for all third party transactions (check, direct debit, debit card, or similar payment order including POS transactions), or pre-authorized transfers (including overdraft transfers) or transfers made by computer (including online banking or bill payment services) or telephone (including facsimile) to initiate funds transfers to third party payees or to your other accounts.  If you routinely exceed more than six (6) such  transfers per month, we need not honor the item and the bank may elect to close the account and place the funds in another account that you are eligible to maintain, or we may disable your payment and transfer privileges. However, transfers or withdrawals made in person, by messenger or mail or at an ATM are unlimited.

 

Commercial Checking (Branch & Internet)1

1Internet accounts may be limited to MD, DC & VA

 

Minimum to Open

$500.00

 

Rate Information

This account is not an interest bearing account.

 

Account Fees

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

 

Features

Online Business Banking with Mobile and Remote Deposit (fees may apply). VISA® Business Debit Card*. Monthly statement with check images. Email Deposit Receipt Notification. Online Historical Statements, Check & Deposit Images. Payable Through Draft (requires prior Bank setup).
 

Commercial Money Market Plus Checking (Branch & Internet)1

1 Commercial Internet accounts may be limited to MD, DC & VA


Minimum to Open

$100,000.00


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/tier and annual percentage yield may change daily. The interest rate and annual percentage yield depend upon the applicable rate tier. The interest rate will apply only to the portion of the daily balance that is within the applicable tier. Interest begins to accrue on the first business day of your deposit. Interest is compounded and credited monthly on the last business day of the month. Commercial Money Market Plus Checking accounts have an average daily balance requirement of $100,000.00 to earn the highest rate. Accounts that do not meet this balance requirement will earn a lower rate as disclosed on the Rate Schedule.

 

Balance Information

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

 

Account Fees

A monthly service charge will be assessed if the daily balance in the account falls below $25,000.00 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.

 

Features

Online Business Banking with Mobile and Remote Deposit (fees may apply). VISA® Business Debit Card*. Monthly statement with check images. Email Deposit Receipt Notification. Online Historical Statements, Check & Deposit Images.
 

Limitations

One account per Tax ID number. Federal banking regulations limit withdrawals to six (6) each monthly statement period for all third party transactions (check, direct debit, debit card, or similar payment order including POS transactions), or pre-authorized transfers (including overdraft transfers) or transfers made by computer (including online banking or bill payment services) or telephone (including facsimile) to initiate funds transfers to third party payees or to your other accounts. If you routinely exceed more than six (6) such transfers per month, we need not honor the item and the bank may elect to close the account and place the funds in another account that you are eligible to maintain, or we may disable your payment and transfer privileges. However, transfers or withdrawals made in person, by messenger or mail or at an ATM are unlimited.

** If not linked to a commercial checking account (sweep).

Note: Commercial customers are prohibited from participating in unlawful Internet gambling.

 

Commercial Money Market Checking (Branch & Internet)1

Commercial Internet accounts may be limited to MD, DC & VA

 

Minimum to Open

$5,000.00

 

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/tier and annual percentage yield may change 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 first business day of your deposit.  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 monthly service charge will be assessed if the daily balance in the account falls below $1,000.00 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.

 

Features

Online Business Banking with Mobile and Remote Deposit (fees may apply). VISA® Business Debit Card*. Monthly statement with check images. Email Deposit Receipt Notification. Online Historical Statements, Check & Deposit Images.

 

Limitations

Federal banking regulations limit withdrawals to six (6) each monthly statement period for all third party transactions (check, direct debit, debit card, or similar payment order including POS transactions), or pre-authorized transfers (including overdraft transfers) or transfers made by computer (including online banking or bill payment services) or telephone (including facsimile) to initiate funds transfers to third party payees or to your other accounts.  If you routinely exceed more than six (6) such  transfers per month, we need not honor the item and the bank may elect to close the account and place the funds in another account that you are eligible to maintain, or we may disable your payment and transfer privileges. However, transfers or withdrawals made in person, by messenger or mail or at an ATM are unlimited.

** If not linked to a commercial checking account (sweep)

Note: Commercial customers are prohibited from participating in unlawful Internet gambling.
 

 

Certificates of Deposit (Branch & Internet)1

CDs available for Personal and Commercial Accounts
1 Commercial Internet Accounts may be limited to MD, DC & VA

IRA Certificates of Deposit Available
 
 

Minimum to Open

$1,000.00

 

Special Features

Bump Up Rate Option, Free Online Banking & Mobile Banking


Bump Up Rate Option:

During the term of a 1, 2, 3 or 5 year Certificate of Deposit (CD), opened or renewed on or after August 10, 2015, you may choose to Bump Up (adjust) the interest rate to the prevailing interest rate for the same maturity CD without changing the maturity date or incurring a penalty.   The Bump Up option can only be exercised once during the term of the CD.

For example, if the rate on your Bump Up CD, at the time you opened the account was 1.50%, and the rate on that product rises to 2.00% at some point prior to maturity of the account, you may request the interest rate on your account be increased by the .50% to that then current rate.
Your request to Bump Up your interest rate must be submitted to Presidential Bank (the Bank) in writing or via Secure Email within Personal Online Banking. Written requests can be delivered to a bank branch location, faxed to 301-951-3582 or mailed to the following address: Presidential Bank, 4520 East-West Highway, Bethesda, MD 20814, Attention:  Deposit Operations.

The Bump Up interest rate will become effective within three (3) business days after we receive your request.  The Bump Up interest rate will be paid for the remaining term of your CD. A one-time interest rate increase will not extend the original maturity date of your CD.  Interest Rates are not tied to any index and are established at the sole discretion of Presidential Bank.  There is no guarantee that the CD offering rates will increase prior to the maturity of your CD.   The Bump Up feature offering can be terminated at any time.


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 unless you exercise the one-time rate Bump Up option.  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 of your deposit.  Interest is compounded and credited monthly on the last business day of the month for CDs with a maturity of one year or more.  Interest is compounded and credited at maturity for CDs with a maturity of less than one year.

The rate for each renewal term will be determined by the Bank on or just before the renewal date. You may call us on or after the maturity date and we can tell you what the interest rate will be for the next renewal term.

 

Balance Information

The Bank uses 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 withdraw principal from the account until the maturity date except for annual IRA required minimum distributions for customers 70 1/2 or older.

If you withdraw any of the principal before the maturity, the Bank will impose a penalty. The penalty will vary depending upon the term of the CD.

 
CD Term Penalty Grace Days
30 days 30 days 1 business day
60 days 30 days 7 calendar days
90-182 days 3 months 7 calendar days
1 year 6 months 7 calendar days
2 year 12 months 7 calendar days
3 year 18 months 7 calendar days
5 year 24 months 7 calendar days

The early withdrawal penalty equals the amount of interest that would have been earned during the number of penalty months shown, at the CD interest rate, on the amount withdrawn (whether or not such interest has actually been earned). In certain circumstances such as an IRA account where the owner is 70 1/2 or older, the death or incompetence of an owner of the account, law permits, or in some cases requires the waiver of the early withdrawal penalty.

 

Renewal Policy:

CDs 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). The prevailing rate of the equivalent product at the time of renewal will apply for each renewed CD. You must notify us in writing before, or within, the specified grace period if you do not want the CD to automatically renew.

Interest earned during the term that is not withdrawn during the term or the grace period is added to principal for the renewal term. Interest will accrue after final maturity. No maturity notices will be mailed for 30 day CDs.  Upon request the Bank may email a Certificate of Deposit maturity notice.

 

Email Deposit Notification

If you have Commercial Checking, Premier Savings, Checking Plus or other consumer account(s), you may receive deposit receipt notification via email instead of by US postal mail (email address required).

 

Paperless receipts 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 username and password, you can login to your account to view deposit details. The email does not contain any account details or personal information.

 

HOW TO VERIFY, DESIGNATE, OR CHANGE THE EMAIL ADDRESS YOUR RECEIPT NOTIFICATION IS SENT TO:

The primary owner's email address provided at account opening can be verified through the Online Banking service. Login to Online Banking and select My Settings located at the top of the page. View the email address in the Primary email address field.

 
  • To change this email address: Enter the new email address in the email address field and click on Update. Within 2 business days deposit receipt notifications will be directed to the new email address.
  • To accept this email address: No action is necessary.
 

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. You may switch back to email receipt notification at any time!

 

For more details, visit our Email Deposit Notification page.



*Visa® Debit/ATM Card is subject to application and Bank approval. Refer to Electronic Funds Transfer Act Disclosure and Agreement or Visa Business Debit Card Application for terms and conditions. An affidavit may be required for reported unauthorized transactions. Surcharge free ATMs available at Allpoint®,STARsf® and MoneyPass® locations.
 
 
 
 
Last Modifications: 1/24/2019 4:47:07 PM