Great Midwest Bank uses the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. Accrual of interest on noncash deposits begins to accrue no later than the first business day after deposit.
For variable accounts (Insured Investment, Super Now, Now Account, Premium Passbook & Statement Savings, Premium Passbook & Statement Savings Plus, Passbook Savings, and Statement Savings Accounts), fees may reduce earnings and interest rates and annual percentage yield *(APY) may change after the account is opened.
Rules of Account
Totally Free Checking
Your Totally Free Checking account requires an opening balance of $200. The special features offered include:
- No minimum balance (After opening balance)
- Unlimited check writing
- Free Check safekeeping
- No Per-check charge
- No monthly service charge
- Optional CheckCard or ATM Card
All transactions at ATM terminals owned by Great
Midwest Bank are free of charge. First three (3) with-drawals
via ATM card or CheckCard from other
ATMs (Automated Teller Machines) will be free.
Thereafter, there will be a fee of 75¢ per each ATM
withdrawal or attempted withdrawal.
NOW Account (Interest on Checking)
Your NOW account requires an opening balance
of $200 and is available without a monthly
maintenance fee if you meet one of the following
conditions:
$500 minimum daily balance in the NOW account;
or $2,000 in a savings account or certificate of
deposit; or are a mortgage loan customer, or are a
Senior Citizen (62 years or older). (Please let us
know if you qualify.)
Interest: Your NOW account will earn interest on the
daily collected balance in the account at a rate
established by the bank each day and posted
within each office. Interest rates are subject to
change daily. Interest will be credited and com-pounded
monthly. Should you prefer not to meet
any of the above mentioned conditions, you will still
earn interest on the collected funds in your
account; however, your maintenance fee will be
$6.00 per month plus $ .30 per debit per statement
period. (Including any other charge against your
account and any withdrawals via ATM card or
CheckCard from Automated Teller Machines not
owned by Great Midwest Bank.)
Investment Checking (Super NOW Account)
Your Investment Checking Account requires an
opening balance of $2,500.
Interest: Your Investment Checking Account will
earn the current Super NOW Account interest rate
for each day the collected balance is maintained
at $2,500 or more. For each day your account’s
collected balance is below $2,500, Great Midwest
will pay the NOW account rate. Interest rates are
subject to change daily. Interest will be credited
and compounded monthly.
Your Investment Checking Account is available
without a monthly maintenance fee if you maintain
a $2,500 minimum daily balance.
Should you prefer not to keep the above mentioned
balance, your maintenance fee will be $8.00
per month plus $ .30 per debit per statement period.
(Including any other charge against your
account and any withdrawals via ATM card or
CheckCard from Automated Teller Machines not
owned by Great Midwest Bank.)
I n s u red Investment Fund (Money Market Account)
Your Insured Investment Fund requires an opening
balance of $2,500.
I n t e re s t : Your Insured Investment Fund will earn
interest on the daily collected balance, at a rate
established by the bank and posted within
each office.
Interest on your Insured Investment Fund will be
credited and compounded monthly. Accounts
under $2,500 earn interest at the NOW Account
rate. Accounts with balance of $2,500 to $25,000
earn interest at the posted money market rate.
Accounts with balances of $25,000 earn interest at
a premium money market rate. Interest rates are
subject to change daily.
You may make as many withdrawals as you wish
from your Insured Investment Fund by mail, in
person at a teller window, or via Automated Teller
Machines.
Federal regulations limit pre-authorized transfers
(e.g., automatic transfers to other accounts, insurance
payments etc.) and telephone transfers to six
per statement period. Included in those six transfers
is a maximum of three checks per statement period.
If more than three checks or 6 transfers are
completed in a statement period, a fee of $6.00 will
be assessed. In addition there will be a $ .30 charge
for each check over 3 or each transfer over 6
during a statement period.
A transaction will be considered complete on the
day it is posted to your account (e.g., a check
written late in one statement period and clearing
the Bank early in the following statement period will
be counted among the transactions of the later
statement period.)
Your Insured Investment Fund is free of monthly
maintenance fees if you maintain a minimum daily
balance of $500 during the statement period and
do not exceed the above transaction limitations.
Should you prefer not to keep a $500
minimum daily balance your maintenance fee will be $6.00 per
month plus $ .30 per debit. (Including any other charge against
your account and any withdrawals via ATM card or CheckCard
from Automated Teller
Machines not owned by Great Midwest Bank.)
Platinum
Savings (Premium Interest Rate)
Your Platinum Savings Account requires an opening balance
of $50,000. If the balance falls below $50,000, a monthly
maintenance fee of $10.00 will be charged and the interest
rate reverts to the regular Passbook rate until such a time
as the balance again reaches $50,000.
Interest: Your
Platinum Savings Account will earn interest on the daily balance,
at the rate posted at each office. Interest will be credited
and compounded quarterly. Interest rates are subject to change
daily.
Premium
Passbook Plus (Premium Interest Rate)
Your Premium Passbook Plus Account requires an opening balance
of $25,000. If the balance falls below $25,000, a monthly
maintenance fee of $10.00 will be charged and the interest
rate reverts to the regular Passbook rate until such a time
as the balance again reaches $25,000.
Interest: Your Premium Passbook Plus Account will
earn interest on the daily balance, at the rate
posted at each office. Interest will be credited and
compounded quarterly. Interest rates are subject to
change daily.
Premium Passbook (Premium Interest Rate)
Your Premium Passbook Account requires an opening balance of $10,000. If the balance falls below $10,000, a monthly maintenance fee of $10.00 will be charged and the interest rate reverts to the regular Passbook rate until such a time as the balance again reaches $10,000.
Interest: Your Premium Passbook Account will earn interest on the daily balance, at a rate posted at each office. Interest will be credited and com-pounded quarterly. Interest rates are subject to change daily.
Passbook and Statement Savings Account
Your Passbook or Statement Savings Account
requires an opening balance of $200. If the
minimum daily balance falls below $200, a monthly
maintenance fee of $2.00 will be charged. This
maintenance fee does not apply to customers
under age 18.
ATM transactions are free if you maintain an account balance
of $250 or more during the entire monthly statement period.
If you prefer not to keep the $250 minimum balance your ATM
fees will be $ .30 per each withdrawal or attempted withdrawal
during the statement period from Automated Teller Machines
not owned by Great Midwest Bank.
Interest: Your Passbook or Statement
Savings Account will earn interest on the daily balance, at
a rate posted at each office. Interest will be credited and
compounded quarterly. Interest rates are subject to change
daily.
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Copyright 2004, Great Midwest Bank
