DEPOSIT ACCOUNTS
We provide a number of deposit-based accounts – see below for a summary of the types of deposit-based accounts we provide.
Rate Information: This is an interest bearing account with tiered rates. Please contact the bank for current rates. Minimum deposit to open the account: $100.00
Minimum balance to avoid imposition of fees: $100.00; a $2.00 service charge will apply each month if the average daily balance for the month falls below $100.00. 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.
Transaction Limitations
Limitations on frequency of transfers: during any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a pre-authorized or automatic transfer or telephone order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.
Rate Information: This is an interest bearing account with tiered rates. Please contact the bank for current rates. No minimum deposit required to open account.
No minimum balance to avoid imposition of fees.
Transaction Limitations
Limitations on frequency of transfers: during any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a pre-authorized or automatic transfer or telephone order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.
Requirements: This account is available to customers 22 years of age and younger. Upon reaching the age of 23, the account will be converted to an EFT Statement Savings Account.
Rate Information: This is an interest bearing account with tiered rates. Please contact the bank for current rates.Minimum deposit to open the account: $2,500.00
Minimum balance to avoid imposition of fees: $2,500.00; a service charge of $5.00 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $2,500.00. 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.
Limitations on frequency of transfers: during any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a pre-authorized or automatic transfer or telephone order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.
Additional terms: Money Market checks are available up request.
Rate Information: This is an interest bearing account. Please contact the bank for current rates. No minimum deposit required to open account.
No minimum balance required to avoid imposition of fees.
Transaction Limitations
Limitations on frequency of transfers: during any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a pre-authorized or automatic transfer or telephone order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.
Requirements: One ACH (direct deposit) per month. Must receive monthly statements via E-statement (electronically). No debit card or ATM card will be issued for this account.
If you are looking for higher rates to enhance your savings, First State Bank Shannon-Polo- Lake Carroll offers competitive fixed rates on a wide range of CD terms so anyone can increase their savings with greater earnings to work toward your financial goals.We can help you maximize the CD advantage by staggering your maturity terms with short, medium and long term dates.
- Earn greater interest than regular savings
- Guaranteed interest rate locked for specific length of term
- Terms ranging from 3 months to 60 months
Set up automatic deposits into your Christmas Club account for guaranteed savings this holiday season. Funds are disbursed in plenty of time to beat the Black Friday rush!
Rate Information: This is an interest bearing account. Please contact the bank for current rates.
No minimum balance to open the account.
No minimum balance to avoid imposition of fees.
Transaction limitations: Deposits are allowed to this account before maturity. Withdrawals of principal from this account prior to maturity are subject to early withdrawal penalties.
Early withdrawal penalties: A penalty may be imposed for early withdrawal from CDs, IRAs and Christmas Club Accounts. Additional information is provided in our disclosures at account opening or upon request.
This account is automatically renewable.
Maturity: A check for the principal plus accrued interest will be mailed to the account owner at maturity. Maturity will be a determined date in September or October to be disclosed to the account owner at account opening.
Minimum balance to open the account: $100.00 No minimum balance to avoid imposition of fees.
Transaction limitations: Unlimited check writing.
No minimum balance to open the account. No minimum balance requirement.
Monthly membership fee (service charge): $6.00
Transaction limitations: Unlimited check writing.
Benefits: Free club checks, $10,000 accidental death insurance, $25,000 common carrier insurance (recommended to review the insurance certificate for complete details and coverage), fee free Cashier’s Checks and Personal Money Orders, various discounts available with enrollment kit, free notary service and photocopy service.
No minimum balance to open the account.No minimum balance requirement.
Monthly membership fee (service charge): $8.00
Transaction limitations: Unlimited check writing.
Benefits: Free club checks, $20,000 accidental death insurance, $25,000 common carrier insurance, $2,500 accidental death for dependent children (recommended to review the insurance certificate for complete details and coverage), fee free Cashier’s Checks and Personal Money Orders, various discounts available with enrollment kit, free notary service and photocopy service.
Rate Information: This is an interest bearing account. Please contact the bank for current rates.No minimum deposit required to open account.
Minimum balance to avoid imposition of fees: A service charge of $10.00 will be assessed each monthly statement cycle if the combined balances in all of your deposit accounts fall below $10,000.00 at any time during your monthly statement cycle.
Benefits: Free VIP Club checks, fee free Cashier’s Checks and Personal Money Orders, photocopy service, free notary service and a ‘VIP News’ Newsletter to provide notification of all bank sponsored trips.
“VIP News” Newsletter is available to anyone at the www.fsbshannon-polo.com website. Click on Travel With Us button, then click on VIP News.
Rate Information: This is an interest bearing account with tiered rates. Please contact the bank for current rates.
Minimum deposit to open the account: $1,500.00
Minimum balance to avoid imposition of fees: $1,500.00; a service charge of $5.00 will be imposed each monthly statement cycle if the average daily
balance for the monthly statement cycle falls below $1,500.00. 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.
Transaction limitations: .10 per check fee will be charged for each check paid in excess of 15 during the statement cycle.
Rate Information: This is an interest bearing account. Please contact the bank for current rates.Minimum deposit to open the account: $5,000.00
Minimum balance to avoid imposition of fees: $5,000.00; a service charge of $25.00 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $5,000.00. 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.
Transaction limitations: .10 per check fee will be charged for each check paid in excess of 15 during the statement cycle.
* All new customers opening a checking account receive one year rent free (small size) safe deposit box.* Early Closure Fee: ALL ABOVE ACCOUNTS WILL BE SUBJECT TO A $50.00 SERVICE CHARGE IF THE ACCOUNT IS CLOSED WITHIN 6 MONTHS OF ACCOUNT OPENING.
* Please ask for a Common Features Disclosure or a Miscellaneous Fees Disclosure to see a listing of our miscellaneous limits and fees.
Order your checks onlinefrom Harland Clarke, our preferred provider.
Secure, Fast Ordering – Ordering checks online from Harland Clarke is as safe and secure as ordering them in person or over the phone. The site is Verisign secure and TruSecure certified, so your transactions and account information are safe and completely confidential.
A Health Savings Account (HSA) gives you more control over your healthcare costs. This versatile account that works in conjunction with a High Deductible Health plan (HDHP) to pay for qualified expenses of an account holder. Contribute tax-free dollars for medical expenses and earn tax-free interest. Withdrawals are tax-free when used for qualified medical expenses. 1 Funds can be withdrawn at any time. 2
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- No Monthly Fee
- Free Online Banking & Bill Pay
- Free Debit Card
- Checks
- Monthly Statement
- Other Fees May Apply 3
Eligibility
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- $100 minimum deposit required to open
- No income requirements or limitations
- Must be covered under a qualified, high deductible health plan
- Must not be covered by another health plan that is not a high deductible health plan
- Not enrolled in Medicare
- Cannot be eligible to be claimed as a dependent on another person’s tax return
Contributions
Contribution limits are set by the IRS. Please visit www.irs.gov for current limits.
Distributions
You can use your money tax-free at any time for eligible medical expenses.
When you turn 65, the money can be used for non-eligible medical expenses. The money is subject to income tax, and there are no IRS penalties.
If you are under age 65 and use your money for non-eligible medical expenses, you will be subject to income tax and a 20% penalty. It is your responsibility to keep records of your expenditures.
1Consult a tax advisor. 2 You can to withdraw funds at any time for the purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 20% penalty. 3 Fees may reduce earnings.
We care about your financial future and are dedicated to helping you reach your financial goals. An IRA is a personal, tax-deferred or tax-free investment plan designed to help you save for retirement. Start saving today and make those golden years a little more golden. The sooner you begin, the greater the benefit! We offer three IRA Certificate of Deposit options to fit your needs and lifestyle:
- Traditional IRA
- SEP IRA
- ROTH IRA
Regarding IRAs; First State Bank Shannon-Polo-Lake Carroll can assist you with any 401K Rollovers or IRA Transfers. Schedule time with a customer service representative to learn about the types of IRAs we offer and what will work best for your retirement plan.
Rate Information: Please contact the bank for current rates. The interest rate is determined by the term of the account.
Minimum deposit to open the account for Certificates of Deposit: $1,000.00
Minimum deposit to open the account for all IRA Certificates of Deposit: no minimum
Transaction limitations: You may not make any deposits into your account before maturity (except for an IRA; terms of 12, 15 and 18 months).
Early withdrawal penalty: A penalty may be imposed for early withdrawal from CDs, IRAs and Christmas Club Accounts. Additional information is provided in our disclosures at account opening or upon request.
Exceptions: Federal Regulations permit, or in some cases require the waiver of the early withdrawal penalty if:
(1) any account owner dies or is declared incompetent, or
(2) this is an IRA account and you are at least 59 1/2 years of age or disabled at the time of the withdrawal request, or
(3) this is an IRA account and the request for withdrawal is made within seven days of establishing the account. (The penalty in such case will be all interest earned of the amount withdrawn.)
IRA transfer fee (per transfer): $35.00
This only applies for requests to transfer to another financial institution.