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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(Opens in a new Window).
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 YIELD
Tier 1: 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%.
Tier 2: If your daily balance 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 in your account will be 0.15 .
Tier 3: If your daily balance 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 in your account will be 0.20 .
Tier 4: If your daily balance is equal to or greater than $50,000.00 or more, the interest rate paid on the entire balance in your account will be 0.25 .
The interest rates and annual percentage yields may change at any time.
TERMS AND CONDITIONS
Minimum balance to open: You must deposit $20.00 to open this account.
Deposit limitations: You may make an unlimited number of deposits into your account.
Compounding frequency: Interest will be compounded monthly.
Crediting frequency: Interest will be credited into this account monthly.
Effect of Closing the Account: If you close the account before interest is credited, you will receive the accrued interest.
Daily balance computation method: We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The average daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the average daily balance on which interest is paid.
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)
Minimum balance to avoid Service Charge: 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 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 $50,000.00, or your current principal loan balance with Foresight Bank is at least $100,000.00. 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 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.
Debit Item Fee: A "debit item" includes withdrawals, checks, telephone transfers, iBanking bill pay and force pay debits. If you have more than 100 debit items in a monthly statement cycle, a fee of $0.20 will be charged for each debit item over 100.
Transit Fee: A "transit" item is a check not drawn on Foresight Bank that is deposited to this account. If you have more than 200 transit items in a monthly statement cycle, a fee of $0.20 per item will be charged for each transit item over 200.