Interest Checking Account Disclosure
FREE BANKING FEATURES
Online Banking: Online banking system that enables you to check balances, deposit checks, transfer funds, pay bills and receive alerts for all your accounts.
You may enroll in Foresight Bank's online banking application ("iBanking") by clicking here.
Mobile App: Connect with your smart phone. Check balances, deposit checks, transfer funds, pay bills, and receive alerts for all your accounts.
eStatements: Electronic statements of all checking, savings and Money Market accounts, via iBanking or the Mobile App.
Mobile Deposit: Deposit checks by taking a picture and submitting the deposit through the Mobile App.
Mobile Deposit: Deposit checks by taking a picture and submitting the deposit through the Mobile App.
Online Bill Pay: Pay all of your bills through electronic or check payments. All transactions are controlled by you. All checks, envelopes and stamps are taken care of by Foresight Bank.
Answerline: Free 24-hour/day telephone banking service that allows you to check balances, transfer money and more.
INTEREST RATES AND ANNUAL PERCENTAGE YIELDS
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 the daily collected balance in your account is equal to or less than 999.99, the interest paid on the entire balance will be 0.00% with an annual percentage yield of 0.00% (no interest will be paid on this balance).
Tier 2: If the daily collected balance in your account is equal to or greater than $1,000.00 but less than or equal to $2,499.99, the interest rate paid on the entire balance will be 0.15% with an annual percentage yield of 0.15%.
Tier 3: If the daily collected balance in your account is equal to or greater than $2,500.00 but less than or equal to $49,999.99, the interest rate paid on the entire balance will be 0.20% with an annual percentage yield of 0.20%.
Tier 4: If the daily collected balance in your account is equal to or greater than $50,000.00, the interest rate paid on the entire balance will be 0.25% with an annual percentage yield of 0.25%.
The interest rates and annual percentage yields may change at any time.
TERMS AND CONDITIONS
Minimum balance to open: The minimum balance required to open this account is $20.00.
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)
Effect of Closing the Account: If you close the account before interest is credited, you will receive the accrued interest.
Deposit limitations - You may make an unlimited number of deposits into your account.
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 $1,000.00. The average ledger balance equals all credits minus all debits that have posted to your account. 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 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 average collected balance is calculated by adding the collected balance in each Foresight Bank deposit account for each day in the period and dividing that figure by the number of days in the period. The collected balance is calculated by subtracting uncollected checks from the the ledger balance. An "uncollected check" is a check drawn on another bank for which Foresight Bank has not received final credit. The average 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) and dividing that figure by the number of days in the period.
See the Fee Schedule for additional fees that may be assessed against your account.