Classic Club Checking Account Disclosure
FREE BANKING FEATURES
Free Online Banking: You may enroll in Foresight Bank's online banking application ("iBanking") by clicking here. There is no fee to enroll in or to use iBanking.
No-Fee Online Bill Payment Program: You may enroll in Foresight Bank's online Bill Pay program and make unlimited payments without charge.
Free Electronic Statements: You may receive electronic statements ("eStatements") without any charge.
Discounted Safe Deposit Box Rental: You will receive a 30% discount on Foresight Bank safe deposit box rental rates.
Free Checks: You may order Foresight Bank single-style checks at no cost (customized checks are available at a 50% discount).
INTEREST RATES AND ANNUAL PERCENTAGE YIELD
At our discretion, we may change the interest rates for this account. The interest rate and annual percentage yield will be paid according to the following tiers.
Tier 1: If your daily balance is $50,000.00 or more, the interest rate paid on the entire balance in your account will be 0.40 with an annual percentage yield (APY) of 0.40 .
Tier 2: If your daily balance is $2,500.00 or more, but less than or equal to $49,999.99, the interest rate paid on the entire balance in your account will be 0.35 with an annual percentage yield (APY) of 0.35 .
Tier 3: If your daily balance is $1,000.00 or more, but less than or equal to $2,499.99, the interest rate paid on the entire balance in your account will be 0.30 with an annual percentage yield (APY) of 0.30 .
Tier 4:If your daily balance is less than or equal to $999.99, the interest rate paid on the entire balance in your account will be 0.000% with an annual percentage yield (APY) of 0.00%.
The interest rates and annual percentage yields may change at any time.
TERMS AND CONDITIONS
Minimum balance to open: There is no minimum balance to open the account.
Additional Rate Information: Your interest rate and annual percentage yield may change at any time without advance notice and according to Foresight Bank's discretion.
Compounding frequency: Interest will be compounded monthly.
Crediting frequency: Interest will be credited into this account monthly.
Daily balance computation method: Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of interest on noncash deposits: Interest will begin to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks) into your account.
Classic Club Membership Requirement: To qualify for this account, you must be at least 55 years of age and maintain total deposits of $2,500.00 with Foresight Bank.
Effect of Closing the Account: If you close the account before interest is credited, you will receive the accrued interest.
Ready Reserve Line of Credit: If you have a Ready Reserve line of credit, available credit will not be included in your available balance disclosed at the ATM. If you access your line of credit when making a purchase or ATM withdrawal, you will be subject to the terms and conditions (including fees and interest) noted in your Ready Reserve agreement.
Modification: Foresight Bank may make changes to the account terms and conditions (including fees) after providing 30 days' advance notice to you. The interest rate and annual percentage yield may change without any advance notice.
Deposit limitations: You may make an unlimited number of deposits into your account.
Additional Terms: The following additional terms apply to this account: To qualify for this account, you must be at least 55 years of age and maintain total deposits of $2,500.00 with Foresight Bank. You may receive electronic statements ("eStatements") without any charge. You will receive a 30% discount on Foresight Bank safe deposit box rental rates. You may order Foresight Bank single-style checks at no cost (customized checks are available at 50% discount).
FEES THAT MAY BE ASSESSED AGAINST YOUR ACCOUNT, AS APPLICABLE
Minimum balance to avoid Minimum Balance Fee: A service charge of $5.00 will be imposed for every monthly statement cycle in which the average ledger balance in your account is below $1,000. The average ledger balance is calculated by adding the ledger balance in the account each day in the period and dividing that figure by the number of days in the period. The ledger balance equals all credits minus all debits that have posted to your account. Even if your ledger balance falls below $1,000.00 on any given day during the monthly statement cycle, your account will not necessarily be charged the service charge. The service charge will not be charged if you are under the age of 18.Minimum balance to avoid Minimum Balance Service Charge Waiver: The minimum balance service charge will be waived if, as of the last day in the monthly statement cycle in which the fee would otherwise accrue, the average collected balance in your Foresight Bank checking, savings, and Money Market accounts plus the current principal balance in your Foresight Bank certificate of deposit accounts is at least $1,000.00, or if your current principal loan balance with Foresight Bank is at least $20,000.00. The principal loan balance is calculated by adding the principal loan balance in each Foresight Bank loan account (not including Ready Reserve or credit card accounts) as of the end of the statement cycle.