Personal Checking Accounts1
New Optima Account
No ATM fees charged by Mercantil Commercebank on this account2. |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$100 |
N/A |
Yes |
$1 |
Monthly |
Free |
| Regular
Checking |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$100 |
$750 |
No |
N/A |
N/A |
$10 per month
$0.25 per check or debit |
| Checking
with Direct Deposit |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$100 |
N/A |
No |
N/A |
N/A |
N/A |
| Economy
Checking |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$100 |
N/A |
No |
N/A |
N/A |
$7.50 per month
$0.50 per check in excess of 7 per month |
| Regular
NOW |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$100 |
$1,500 |
Yes |
$500 |
Monthly |
$12 per month $0.30
per check or debit |
| Premium
NOW |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$100,000 |
$25,000 |
Yes |
$25,000 |
Monthly |
$15 per month $0.30
per check or debit |
Senior
Club NOW
Available to those 55 years of age and
older. Unlimited check writing and unlimited deposits. |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$100 |
N/A |
Yes |
$100 |
Monthly |
N/A |
Community
Club Checking
Designed for unincorporated, non-business
associations (book clubs, class reunions, sports teams, etc.) |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$100 |
$500 |
No |
N/A |
N/A |
$7 per month
$0.15 per check or debit |
| New
York Basic Banking3 |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$25 |
N/A |
No |
N/A |
N/A |
$3
per month $0.50 per check in excess of 8 |
N/A: non-applicable
1 For
additional fees related to these accounts, please refer to our
Miscellaneous Service Fees schedule.
A fee of $28 may be imposed for covering overdrafts created by checks,
in-person withdrawals, internal debits and transfers, ATM withdrawals
or other electronic means. Interest also may be charged on the overdraft
balance if applicable.
At our discretion, we may change the interest rate and the annual
percentage yield on the account at any time. Interest begins to accrue
no later than the business day we receive credit for the deposit
of non-cash items (for example, checks). If you close your account
before interest is credited, you will not receive the accrued interest.
We use the daily balance method to calculate interest on the account.
This method applies a daily periodic rate to the principal in the
account each day.
2 Mercantil Commercebank
will not charge you a fee for withdrawing funds from any ATM nationwide
but the owner/operator of the ATM may.
3 The
minimum balance to maintain the account is
$.01. Deposits unlimited free/no charge. ATM transactions
are $1.00 per withdrawal and $.50 per balance inquiry
at electronic facilities not operated by Mercantil Commercebank,
N.A.
Withdrawals are deemed to be made when recorded
on the books of Mercantil Commercebank, N.A. which is not necessarily
the date you initiate the transactions. The account
is available for residents of the State of New York
only. Customers may not have any other consumer transaction
account with the Bank.
PERSONAL SAVINGS ACCOUNTS1
| Savings2,3 |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$100 |
$500 |
Yes |
$200 |
Quarterly |
$15 per quarter
$3 per withdrawal or transfer in excess of 6 per month |
Looney Tunes™ Savings2,3
Designed for youngsters between the ages of
5 and 18. |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$25 |
N/A |
Yes |
$1 |
Quarterly |
$3 per withdrawal
to transfer in excess of 6 per month |
| Regular
Money Market2,3 |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$1,500 |
$1,500 |
Yes |
$1,500 |
Monthly |
$15 per month $10
per withdrawal or transfer in excess of the monthly limit |
Money
Market Plus2,3
Relationship Account: Requires additional account
with us. |
Minimum Initial Deposit |
Minimum Daily Balance
to Avoid Service Charges/Fees |
Interest
Bearing |
Minimum Daily Balance
to Collect Disclosed APY |
Compounding and
Crediting Method |
Service Charges/Fees |
$2,000 |
$2,000 |
Yes |
$2,000 |
Monthly |
$15 per month $10
per withdrawal or transfer in excess of the monthly limit |
| Certificates of Deposit4,5 |
Minimum
Initial Deposit |
Terms Available |
Compounding and
Crediting Method |
$1,000 |
Short Term: |
7-29 days |
1 Month: |
30-59 days |
2 Month: |
60-89 days |
3 Month: |
90-179 days |
6 Month: |
180-364 days |
1 Year: |
1-2 Years |
2 Year: |
2-5 Years |
5 Year: |
5 Years |
|
Short Term: |
Maturity |
1 Month: |
Maturity |
2 Month: |
Maturity |
3 Month: |
Monthly or Maturity |
6 Month: |
Monthly, Quarterly or Maturity |
1 Year: |
Monthly, Quarterly or Semi-annually |
2-5 Years: |
Monthly, Quarterly or Semi-annually |
|
Liquid
Growth CD4,5
Combines four 3-month CDs in one 12 month CD,
offering higher return over time funds availability every 3 months. |
Minimum
Initial Deposit |
Terms Available |
Compounding and
Crediting Method |
$25,000 |
3 Month : |
6 Month: |
9 Month: |
12 Month |
|
3 Month: |
Monthly or Maturity |
6 Month: |
Monthly or Quarterly |
9 Month : |
Monthly or Quarterly |
12 Month : |
Monthly or Quarterly |
|
N/A: non-applicable
1 For
additional fees related to this account, please refer to
our Miscellaneous Service Fees schedule.
A
fee of $28 may be imposed for covering overdrafts created by
checks, in-person withdrawals, internal debits and transfers,
ATM withdrawals or other electronic means. Interest also may
be charged on the overdraft balance if applicable.
2 At
our discretion, we may change the interest rate
and the annual percentage yield on the account
at any time. Interest begins to accrue no later
than the business day we receive credit for the
deposit of non cash items (for example, checks).
If you close your account before interest is credited,
you will not receive the accrued interest. We
use the daily balance method to calculate interest
on the account. This method applies a daily periodic
rate to the principal in the account each day.
3 Pre-authorized
transfers are limited to six per month, three of which may
be checks or transfers to third parties.
4 Automatic
renewal. You will have 10 calendar days after maturity to
withdraw funds without penalty. You may not make deposits
into or withdrawals from your account until the maturity
date.
5 Substantial penalty for early withdrawal.
Retirement
and Education Accounts1
Minimum
Initial Deposit |
Terms Available |
Compounding and
Crediting Method |
$1,000 |
1 Year : |
1-2 Years |
2 Year : |
2-5 Years |
3 Year : |
3-4 Years |
4 Year : |
4-5 Years |
5 Year: |
5 Years |
|
Semi-annually |
Traditional
IRa
A personal tax deferred retirement plan
available to all wage earners under age 70 1/2. A wage earner may
also contribute to an account for his or her non-working spouse
up to $4,000 each per year. If you have attained the age of 50
by the close of the tax year, you are eligible to make a catch-up
contribution of an additional $1,000 per year. Penalty-free premature
distributions are allowed for acquisition of "first time" principal
residence, medical expenses over 7.5% of AGI (Adjusted Gross Income),
higher education expenses, and health insurance premiums for certain
unemployed individuals. Distributions must begin by the required
beginning date (RBD). The RBD is April 1st of the calendar year following
the year in which you attain the age of 70 1/2. Income limitations
apply.
Roth
IRA
Contributions to a Roth IRA are not tax-deductible, and the earnings are tax-free
after a five-year holding period. Contributions by the wage earned and non-working
spouse are limited to $4,000 each per year, as long as they jointly have at least
$10,000 of earned income and file a joint return. If you have reached the age
of 50 by the close of the tax year, you are eligible to make a catch-up contribution
of an additional $1,000 per year. Individuals age 70 1/2 or older may continue
to contribute as long as they have earned income. Income limitations apply.
Coverdell
Education Savings
Contributions to a Coverdell account are not tax deductible, and earnings accumulate
tax-free. You may establish a Coverdell account for
any child as long as a state prepaid tuition plan has not been established for
that child. Contributions may be made for any child under the age of 18, and
a maximum of $2,000 per year may be contributed until the student's 18th birthday.
The child is the account beneficiary, and there may be several Coverdell accounts
in the child's name, however, the aggregate amount contributed is limited to
$2,000 in any one year. Withdrawals can be used to pay qualified elementary secondary
education expenses, which includes tuition, books, fees, academic tutoring, special
needs services, room and board, uniforms, transportation, and expenses for the
purchase of any computer technology or equipment if for use by the designated
beneficiary. If the child does not use the money for educational purposes by
the time they reach the age of 30, the funds must be distributed to the designated
beneficiary and the earnings will be subject to income tax and a 10% penalty.
However, the Coverdell account can be enrolled over without penalty to another
member of the family. Income limitations apply.
N/A: non-applicable
1 For additional fees related to these
accounts, please refer to our Miscellaneous Service Fees schedule.
Interest begins to accrue on the business day you
deposit non cash items. Early withdrawal penalty
applies. Automatic renewal, 10 calendar days after
maturity to withdraw funds without penalty.
Rev.: April, 2007 | Back to Top
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