Martelle Truth in Savings
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INTEREST
BEARING CHECKING
VARIABLE
RATE ACCOUNT:
Please call for
current rates and yields. This interest rate and annual percentage yield may
change.
DETERMINATION
OF RATE:
At our discretion, we
may change the interest rate on your account.
FREQUENCY
OF RATE CHANGES:
Subject to
change weekly.
COMPOUNDING
AND CREDITING OF INTEREST:
We
compound interest monthly and credit interest earned monthly.
EFFECT
OF CLOSING AN ACCOUNT:
If you
close your account before interest is credited, you will not receive the
accrued interest.
MINIMUM
BALANCE INFORMATION:
The
minimum balance required to open this account is $ 200.00. The minimum average
collected balance to receive interest is $1,000.00.
BALANCE
FOR INTEREST:
We use the
average collected balance method to calculate interest on your account. This
method takes the sum of your daily collected balances divided by the number of
days in the statement cycle times a daily periodic rate.
Your
average collected balance for a monthly statement cycle is the sum of your
collected daily balances for the cycle divided by the number of days in the
cycle.
MAINTENANCE
FEE:
If your average collected
balance during a monthly statement cycle falls below $ 500.00 you will be
charged a maintenance fee for the cycle of $ 5.00.
ACCRUAL
OF INTEREST
ON
NON-CASH DEPOSITS:
Interest begins to accrue no later then the business day that the item becomes
collected. A non-cash item for example would be checks.
CERTIFICATE
OF DEPOSIT
NOTICE: If
the maturity date or rate information are not provided on this
form then information about maturity and rates will be provided
by separate notice.
DEFINITIONS:
"We," "our," and "us" mean the
issuer of this account and "you" and "your"
mean the depositor(s).
(See
below for renewal information.)
Interest
begins to accrue on the business day you deposit any noncash
item (for example, a check).
The
annual percentage yield assumes that interest remains on deposit
until maturity. A withdrawal of interest will reduce earnings.
If
you close your account before interest is credited, you will not
receive the accrued interest.
MINIMUM
BALANCE REQUIREMENT: You
must make a minimum deposit to open this account of $ 1,000.00.
You must maintain this minimum balance on a daily basis to earn
the annual percentage yield disclosed.
BALANCE
COMPUTATION METHOD: We
use the daily balance method to calculate the interest on this
account. This method applies a daily periodic rate to the
principal in the account each day.
TRANSACTION
LIMITATIONS: You
cannot make deposits to this account during a term (other than
credited interest). You cannot withdraw principal from this
account without our consent except on or after maturity. (For
accounts that automatically renew, there is a ten day grace
period after each renewal date during which withdrawals are
permitted without penalty.)
Interest
accrued during a term can be may be withdrawn.
Interest
earned during one term that
is not withdrawn
during or immediately
after that term is
added to principal for the renewal term.
EARLY
WITHDRAWAL PENALTY: If
we consent to a request for a withdrawal that is otherwise not
permitted you may have to pay a penalty. The penalty will
be an amount equal to:
- 92 days interest on the amount withdrawn.
- 182 days interest on the amount withdrawn.
- Or
as otherwise stated on your Certificate.
There are certain circumstances, such as the death or
incompetence of an owner, where we may waive or reduce this
penalty.
See
your plan disclosure if this account is part of an IRA.
RENEWAL
POLICY:
- Single Maturity:
If checked, this account will not automatically
renew. No interest will accrue after the maturity date.
- Automatic Renewal:
If checked, this account will automatically renew on
the maturity date. Each renewal term will be the same as
this original on, beginning on the maturity date.
You
must notify us in writing before or within a ten day grace
period after the maturity date if you do not want this
certificate to automatically renew. We reserve the right
to stop automatic renewal by written notice to you before
maturity.
If
this account is not automatically renewed, then no interest will
accrue after maturity.
The
rate for each renewal term will be determined by us on or just
before the renewal date, and will be paid until the next
maturity date. On accounts with terms of longer than one month
we will remind you in advance of the renewal and tell you when
the rate will be known for the renewal period.
CURRENT
RATES: For current interest rates and yields
please call 319-365-2200.
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SAVINGS
ACCOUNT
VARIABLE
RATE ACCOUNT:
Please call for
current rates and yields. This interest rate and annual percentage yield may
change.
DETERMINATION
OF RATE:
At our discretion, we
may change the interest rate on your account.
FREQUENCY
OF RATE CHANGES:
Subject to
change weekly.
COMPOUNDING
AND CREDITING:
Interest will be compounded quarterly. Interest will be credited to your
account quarterly. If you have ATM or electronic banking activity interest
will be credited and compounded monthly.
EFFECT
OF CLOSING AN ACCOUNT:
If you
close your account before interest is credited, you will not receive the
accrued interest.
MINIMUM
BALANCE REQUIREMENTS:
TO
OPEN THE ACCOUNT:
You must
deposit $ 50 to open this account.
BALANCE
FOR INTEREST:
We use the
average collected balance method to calculate interest on your account. This
method takes the sum of your daily collected balances divided by the number of
days in the statement cycle times a daily periodic rate. The minimum average
collected balance to receive interest is $ 50.00.
Your
average collected balance for a monthly statement cycle is the sum of your
collected daily balances for the cycle divided by the number of days in the
cycle.
ACCRUAL
OF
INTEREST
ON
NON-CASH DEPOSITS:
Interest begins to accrue no later then the business day that the item becomes
collected. A non-cash item for example would be checks.
TRANSACTION
LIMITS:
You are limited to six
transfers from your account each month. There is a $1.00 debit charge for each
transaction in excess of six per month. No more than three transfers by check,
draft, debit card or similar order may be made to third parties each month.
MONEY
MARKET FUND ACCOUNT
VARIABLE
RATE ACCOUNT:
Please call for
current rates and yields. This interest rate and annual percentage yield may
change.
DETERMINATION
OF RATE:
At our discretion, we
may change the interest rate on your account.
FREQUENCY
OF RATE CHANGES:
Subject to
change daily.
COMPOUNDING
AND CREDITING:
Interest will be
compounded monthly. Interest will be credited to your account monthly.
EFFECT
OF CLOSING AN ACCOUNT:
If you
close your account before interest is credited, you will receive the accrued
interest.
MINIMUM
BALANCE REQUIREMENTS:
TO
OPEN THE ACCOUNT:
You must
deposit $ 2,500.00 to open this account.
MAINTENANCE
FEE:
If your average collected
balance during a monthly statement cycle falls below $ 500.00 you will be
charged a maintenance fee for the cycle of $5.00.
BALANCE
FOR INTEREST:
We use the
average collected balance method to calculate interest on your account. This
method takes the sum of your daily collected balances divided by the number of
days in the statement cycle times a daily periodic rate. The minimum average
collected balance to receive interest is $50.00.
Your
average collected balance for a monthly statement cycle is the sum of your
collected daily balances for the cycle divided by the number of days in the
cycle.
ACCRUAL
OF
INTEREST
ON
NON-CASH DEPOSITS:
Interest begins to accrue no later then the business day that the item becomes
collected. A non-cash item for example would be checks.
TRANSACTION
LIMITS:
You are limited to six
transfers from your account each month. There is a debit charge of $ 1.00 for
each transfer in excess of six per month.
No more than three transfers by check, draft, debit card or similar
order may be made to third parties each month.
REGULAR
CHECKING
LIMITATIONS:
You must deposit $200.00 to open this account.
ACCOUNT
FEES:
A minimum average
collected balance of $500.00 needs to be maintained to avoid a service charge.
There is a $5.00 monthly service charge for accounts which have a balance
below the required $500.00 minimum average collected balance during the
statement cycle.
BUSINESS CHECKING ACCOUNT
LIMITATIONS:
You must deposit $200.00 to open this account.
ACCOUNT
FEES:
A minimum average
collected balance of $500.00 needs to be maintained to avoid a service charge.
There is a $5.00 monthly service charge for accounts which have a balance
below the required $500.00 minimum average collected balance during the
statement cycle. |
COMMON FEES:
Account
Activity Printout--$10.00
Account Balancing and Reconciliation (per hour – 1 hour minimum)--$30.00
Check Collection – Incoming and Outgoing--$20.00
Document and Microfilm Copies (per hour look up)--$30.00
Early account closing (within 90 days of account opening)--$25.00
Garnishments/Citations and Other Forms of Legal Process Affecting Your
Account--$50.00
*Fee for overdrawing an account if paid (each)--$15.00
*Fee for overdrawing an account if returned (each)--$20.00
Lost Certificate of Deposit--$20.00
Overdraft Protection via Village Bank & Trust Deposit Account (per
transfer)--$3.00
Research (per hour)--$30.00
Returned Deposit Item--$8.00
Stop Payment – ACH--$15.00
Stop Payment – Checks--$8.00
Replace Lost ATM Card--$3.00
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ATM/Debit Card--$1.50
per month
Check
Order Charges (check printing fees)--Will Vary
Official Checks
Money Order--$5.00
Cashiers Check--$5.00
Travelers Cheques
For One--$1.00
per $100
For Two--$2.00
per $200
Wire Transfers
Incoming--$10.00
Outgoing--$15.00
Some of the above fees may be subject to sales tax.
*Overdrawing an account may be created by check, in person withdraw, or other electronic means, as applicable.
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Privacy Policy
The following privacy
principles were established to maintain the security, integrity, and
confidentiality of your personal financial information.
The Type Of Information
We Collect:
We routinely collect and retain public and private information we obtain
from your account applications, transaction history (for deposits and
loans) and from consumer reports. This
information helps us:
ü
To establish and administer your accounts.
We may request non-public personal information to provide you
with certain banking services.
ü
To satisfy certain regulatory requirements.
When you open an interest-bearing account the IRS requires that
we obtain your social security number.
ü
To better know you so that we may provide you with
additional or improved products and services such as loans approval or
debit/ATM cards.
We do not share our
current or previous customers’ non-public personal information with
affiliates or non-affiliated third parties except as permitted by law.
We may release your
information to parties outside this bank only under the following
circumstances:
ü
With your consent.
ü
For servicing purposes to complete a request you have
made.
ü
When required or permitted by law.
How Is That Information
Protected?:
Access to your personally identifiable financial information is limited
to employees with specific business reason for utilizing this data.
Our employees are educated about the importance of maintaining
confidentiality and customer privacy.
Your information is kept in secure paper files and databases in
our automated systems. In
order to prevent unauthorized access to your information, we maintain
security standards and procedures that conform to industry practices.
Electronic Funds Transfer
The
Electronic Fund Transfers we are capable of handling are indicated
below, some of which may not apply to your account.
Please read this disclosure carefully because it tells you your
rights and obligations for these transactions.
You should keep this notice for future reference.
Direct
Deposits
- You may make arrangements for certain direct deposits to be
accepted into your checking or savings accounts.
ATM
Transfers
– You may access your accounts at an ATM by using your ATM card and
personal identification number (PIN) to:
ü
Make deposits to
checking or savings accounts
ü
Get cash
withdrawals from checking or savings accounts
ü
Make transfers
from savings to checking or vise versa
ü
Get account
balances from your checking or savings accounts
Some of these services may not be available at all terminals.
Please also see Limitations on Frequency of Transfers section
regarding limitations that apply to ATM transfers.
Types
of ATM Card Transactions
– You may access your checking or savings accounts to purchase goods
(in person), pay for services (in person), or get cash from a merchant
if the merchant permits.
ATM
Card Limitations
–
ü
You may not exceed $200.00 in cash withdrawals per day.
ü
You may not exceed $500.00 in cash withdrawals in a 3-day
period.
ü
You may not exceed 2 cash withdrawals in one day.
ü
You may not exceed $500.00 in point of sale purchases per day.
ü
You may not exceed $1,000.00 in point of sale purchases in a 3
day period.
Please
also see Limitations of Frequency of Transfers section regarding
limitations that apply to ATM transactions.
Limitations
of Frequency of Transfers –
In addition to those limitations on transfers elsewhere described, if
any, the following limitations apply:
ü
You are limited
to 6 transfers from your savings account each month (statement cycle).
No more than 3 transfers by check, draft, debit card, or similar
order may be made to third parties.
There is a $1.00 charge for each additional withdrawal over 6.
ü
You are limited
to 6 transfers from your money market account each month (statement
cycle). No more than 3
transfers by check, draft, debit card, or similar order may be made to
third parties. There is a
$1.00 charge for each additional withdrawal over 6.
ü
For security
reasons, there are other limits on the number of transfers you can make
by ATM.
Charges
for Electronic Fund Transfers –
ü
We do not charge for direct deposit to any type of account.
ü
We do not charge for preauthorized withdrawals from any type of
account.
ü
We charge $1.50 per month for a debit or ATM card with unlimited
usage.
ü
When you use an ATM not owned by us, you may be charged a fee by
the ATM operator for a transaction (withdrawal or deposit) or even a balance
inquiry.
SHAZAMCheck
–
You may use the card and PIN issued to you to pay for purchases from
merchants who have agreed to accept the card at point of sale (POS)
terminals within the networks identified on your card and such other
terminals as the bank may designate from time to time.
Electronic
Check Conversion - You may provide your check to a merchant or service
provider who will scan the check. The merchant will then convert
the transaction into an electronic funds transfer. This may occur
at the point of purchase or when you provide your check by other means
such as mail or drop box.
Right
To Documentation
–
ü
Terminal
Transfers – You can get a receipt at the time you make any transfers
to or from your account using one of our automated teller machines.
The machine receipt provided to you by the satellite terminal
shall be admissible as evidence in any legal action or proceeding and
shall constitute prima-facie proof of the transaction evidenced by the
receipt.
ü
Direct Deposit
– If you have arranged to have direct deposits made to your account at
least every 60 days from the same person or company, you can call us to
find out whether or not the deposit has been made. If the only possible
transfers to or from your account are direct deposits, you will get a
monthly statement from us.
ü
Periodic
Statements – You will get a monthly statement from us for your Free
Checking, NOW, or Money Market accounts.
You will get a monthly account statement from us for your Savings
accounts, unless there are no electronic transfers or preauthorized
deposits in a particular month. In
any case, you will get a statement at least quarterly.
Stop Item Procedures
and Notice of Varying Amounts-
ü
Right
to Stop Item and Procedure for Doing So – If you have told us in
advance to make regular payments out of your account, you can stop any
of these payments. Here is
how:
Call or write us at the
telephone number or address listed in this brochure in time for us to
receive your request 3 business days or more before the payment is
scheduled to be made. If you call, we may also require you to put your request in
writing and get it to us within 14 days after you call.
We will charge you $15
(plus tax) for each stop payment order you give.
ü
Notice
of Varying Amounts – If these regular payments may vary in amount, the
person you are going to pay will tell you, 10 days before each payment,
when it will be made and how much it will be.
( you may choose instead to get this notice only when the payment
would differ by more than a certain amount from the previous payment, or
when the amount should fall outside certain limits that you set.).
ü
Liability
for Failure to Make Stop Payment of Preauthorized Transfer – If you
order us to stop one of these payments three business days or more
before the transfer is scheduled, and we do not do so, we will be liable
for your losses and damages.
Our
Liability-
Liability for Failure to Make Transfers – If we do not complete a
transfer to or from your account on time or in the correct amount
according to our agreement with you, we will be liable for your losses
or damages. However, there are some exceptions. We will NOT be liable for
the following:
ü
If, through no fault of ours, you do not have enough money
in your account to make the transfer.
ü
If
the automated teller machine where you are making the transfer does not
have cash.
ü
If
the terminal or system was not working and you knew about the breakdown
when you started the transfer.
ü
If
circumstances beyond our control (such as a fire or flood) prevent the
transfer, despite reasonable precautions we have taken.
ü
There
maybe other exceptions in our agreement with you.
Disclosures
Of Account Information to Third Parties -
We will disclose information to third parties about your account or
the transfers you make:
ü
Where
it is necessary for completing transfers.
ü
In
order to verify the existence and condition of your account for a third
party, such as a credit bureau or merchant.
ü
In
order to comply with government agency or court orders.
ü
If
you give us permission.
Unauthorized
Transfers -
Tell us at once if you
believe your card and/or code has been lost or stolen.
Telephoning is the best way of keeping your possible losses down.
You could lose all your money in your account.
If you tell us within two business days, you can lose no more
than $50.00 if someone used your card without your permission.
If you do not tell us
within two business days after you learn of the loss or theft of your
card and/or code, and we can prove we could have stopped someone from
using your card and/or code without your permission if you had told us,
you can lose as much as $500.00
Also, if your statement
shows transfers that you did not make, tell us at once.
If you do not tell us within 60 days after the statement was
mailed to you, you may not get back any money you lost after the 60 days
if we can prove that we could have stopped someone from taking the money
if you had told us in time.
If a good reason (such
as a long trip or a hospital stay) kept you from telling us, we will
extend the time period.
If you believe your card and/or code has been lost or stolen or
that someone has transferred or may transfer money from your account
without your permission, call or
write us at he telephone number or address listed in this brochure.
We may impose a $3.00 fee for a new card replacement.
Error
Resolution-
In case of errors or
questions about your electronic transfers, call or write us at the
telephone number or address listed in this brochure, as soon as you can,
if you think your statement or receipt is wrong or if you need more
information about a transfer listed on the statement or receipt.
We must hear from you within 60 days after we sent the first statement
on which problem or error appeared.
1. Tell us your
name and account number
2. Describe the
error on the transfer you are unsure about, and explain as clearly as
you can why you believe it is an error or why you need more information.
3. Tell us the
dollar amount of the suspected error.
If you tell us orally,
we may require that you send us your complaint or question in writing
within 10 business days.
We
will tell you the results of our investigation within 10 business days
(20 days if the transfer involved a new account, a point-of-sale
transaction, or a foreign initiated transfer) after we hear from you and
will correct any error promptly. If
we nee more time, however, we may take up to 45 days (90 days if the
transfer involved a new account, a point-of-sale transaction, or a
foreign initiated transfer) to investigate your complaint or question.
If we decide to do this, we will credit your account within 10 business
days for the amount you think is in error, so that you will have the use
of the money during the time it takes us to complete our investigation.
If we ask you to put your complaint or question in writing and we
do not receive it within 10 business days, we may not credit your
account. If we decide that
there was no error, we will send you a written explanation within 3
business days after we finish our investigation.
You may ask for copies of the documents that we used in our
investigations.
Checking
Account Information
Check
Clearing for the 21st Century Act, also known as Check 21,
goes into effect on October 28, 2004.
Check 21 was designed to make the check clearing process faster
and more secure. As a
result, you may begin to see differences in your account statement or
when you view your account history online.
Check
21 will not change the way you write or accept checks.
You will continue to use your paper checks and accept paper
checks from others. You
will notice the checks you write will clear faster.
Check
21 creates a new negotiable instrument known as a “substitute
check.” A substitute
check is the legal equivalent of an original check.
It is paper reproduction of the scanned check image with some
additional encoding that verifies it is a legal document.
A substitute check can be deposited, presented, and sent for
collection or return.
Banks
cannot “opt out” of Check 21. The
law requires them to receive substitute check and be bound by the
procedure and timeliness in the legislation.
In other words, you currently receive all of your checks with
your statement. Under Check
21, if another bank scans you check, we cannot retrieve the original
document for you. Your
original check will be destroyed and replaced with a substitute check.
Your
Rights Regarding Substitute Checks.
In certain cases, federal law provides a special procedure that allows
you to recover from losses you suffer if a substitute check is posted to
your account in error (for example, if you think that we withdrew the
wrong amount from your account or that we withdrew money from your
account more than once for the same check).
The losses you may attempt to recover under this procedure may
include the amount that was withdrawn from your account and fees that
were charged as a result of the withdrawn (for example, returned check
fees). You are entitled to
interest on the amount of your refund if your account is an interest-b
amount of the substitute check, you may be able to recover additional
amounts under the law. If
you use this procedure, you may receive up to $2,500.00 of your refund
(plus interest if your account earnest interest) within 10 business days
after we received your claim and the remainder of your refund (plus
interest if your account earns interest) not later than 45 calendar days
after we received your claim. We
may reverse the refund (including any interest on the refund) if we
later are able to demonstrate that the substitute check was correctly
posted to your account.
How
to Make a Claim for a Refund.
If you believe that you have suffered a loss relating to a substitute
check that you received and that was posted to your account, please
contact us at:
Village
Bank & Trust Company
1201 3rd Street SE
Cedar Rapids, Iowa 52401
Or call us at (319) 365-2200
You
must contact us within 60 calendar days of the date that we mailed (or
otherwise delivered by a means to which you agreed) the substitute check
in question or the account statement showing that the substitute check
was posted to your account, whichever is later.
We will extend this time period if you were not able to make a
timely claim because of extraordinary circumstances.
Your
Claim Must Include:
ü
A description of
why you have suffered a loss (for example, you think the amount
withdrawn was incorrect).
ü
An estimate of
the amount of your loss.
ü
An explanation of
why the substitute checks you received is insufficient to confirm that
you suffered a loss.
ü
A copy of the
substitute check (and/or) the following information to help us identify
the substitute check: the check number, the name of the person to whom
the check was written.
Withdrawing
Funds
Our policy is to make
funds from your deposits available to you on the first business day
after the day we receive your deposit.
Electronic direct deposits will be available on the day we
receive the deposit. Once
they are available, you can withdraw the funds in cash and we will use
the funds to pay checks that you have written.
For
determining the availability of your deposit, every day, except
Saturdays and Sundays, and federal holidays, if you make a deposit
before 3:30 pm on a business day that we are open, we will consider that
day to be the day of your deposit.
However if you make a deposit after 3:30 pm or on a day we are
not open we will consider that the deposit was made on the next business
day we are open. ATM
deposits after 3:00 pm will be applied on the next business day.
Longer
Delays May Apply
In some cases we
will not make all of the funds that you deposit available to you on the
first business day after the day of your deposit.
Depending on the type of check you deposited, funds may not be
available until the 5th business day after the day of your
deposit. However, the first
$100.00 of you deposit will be available on the next business day.
If
we are not going to make all of the funds from your deposit available on
the first business day, we will notify you at the time you make your
deposit. We will also tell
you when your funds will be available.
If your deposit is not made directly to one of our employees, or
if we decide to take this action after you have left the premise, we
will mail a notice the day after we receive your deposit.
If
you will need the funds from a deposit right away, you should ask us
when the funds would be available.
In
addition, funds you deposit may be delayed for a longer period under the
following circumstances:
ü
We believe a
check you deposited will not be paid.
ü
You deposited
checks totaling more than $5,000.00 on any one day.
ü
You re-deposited
a check that has been returned unpaid.
ü
You have
overdrawn your account repeatedly in the last six months.
ü
There is an
emergency, such as failure of communication or computer equipment.
We
will notify you if we delay your ability to withdraw funds for any of
these reasons, and we will tell you when the funds will be available.
They will generally be available no later than the 11th
business day after the day of your deposit.
Special
Rules for New Accounts
If
you are a new customer, the following special rules will apply during
the first 30 days your account is open.
Funds
from the deposit of cash, wire transfer, and the first $5,000.00 of a
day’s total deposit of cashier’s, certified, teller’s,
traveler’s, and federal, state and local government check will be
available on the first business day after the day of your deposit if the
deposit meets certain conditions. For
example, the check must be payable to you (and you may have to use a
special deposit slip). The excess over $5,000.00 will be available on the 9th
business day after the day of your deposit.
If your deposit of these checks (other than U.S.
Treasury
checks) is not made in person with one of our employees, the first
$5,000.00 will not be available until the 2nd business day
after the day of your deposit.
Funds
from all other check deposits will be available on the 5th
business day after the day of your deposit.
We welcome further questions that you may have regarding
availability of your deposited funds.
