Interest-Bearing Accounts

Checking

Prime Money Regular

  • $1,000 minimum balance to open
  • $1,000 minimum monthly balance to avoid a $10.00 monthly maintenance charge
  • Interest paid on collected balances of $1,000 or above 
  • Unlimited check writing

Prime Investment

  • $5,000 minimum balance to open
  • $5,000 minimum monthly balance to avoid a $15.00 monthly maintenance charge
  • Interest paid on collected balances of $5,000 or above
  • Unlimited check writing

Prime Cash Management

  • $7,500 minimum balance to open
  • $7,500 minimum monthly balance to avoid a $25.00 monthly maintenance charge
  • Interest paid on collected balances $7,500 or above
  • Unlimited check writing

Club Fifty

  • $100 minimum balance to open
  • $100 minimum monthly balance to avoid a $4.00 monthly maintenance charge.
  • Interest paid on collected balances of $1,000 or above
  • Unlimited check writing
  • Free personal bank logo checks
  • No fee for traveler’s checks or cashier’s checks
  • 50% discount on safe deposit box rental
  • ***Significant insurance benefits for accidental death


Savings

Prime Statement Savings

  • $10,000 minimum balance to open
  • $10,000 minimum monthly balance to avoid a $25.00 monthly maintenance charge if the balance falls below the minimum the interest rate will be paid the same as the statement savings account for the days below minimum
  • Interest paid on collected balances of $10,000 or above
  • 2 withdrawals per month, $5.00 fee for additional withdrawals
  • Monthly statement.

Statement Regular

  • $100 minimum balance to open
  • $100 minimum balance to avoid a $5.00 quarterly maintenance charge
  • 6 withdrawals per quarter, $1.00 fee for additional withdrawals
  • Interest paid on collected balances of $100 or above
  • Quarterly statement
  • Interest compounded quarterly.

Statement Junior (For age 12 and under)

  • $5.00 minimum balance to open
  • 6 withdrawals per quarter, $1.00 fee for additional withdrawals
  • Interest paid on collected balances of $100 or above
  • Quarterly statement
  • Interest compounded quarterly

Christmas Club

  • $5.00 minimum balance to open
  • Automatic transfers from checking account
  • Interest paid on collected balances of $5.00 or above
  • Interest compounded annually
  • Statement and check mailed first week of November each year
  • $10.00 early withdrawal fee


CD & IRA

Certificates of Deposit (CD)

  • $500 minimum balance
  • Terms available from 7 days to 5 years
  • Automatically Renewable
  • Penalty for early withdrawal

Individual Retirement Accounts (IRA)

  • Possible tax deferred (See your accountant)
  • Options include 18 month variable IRA or 1, 2, 3 or 5 years fixed IRA
  • $25 minimum balance to open a variable IRA
  • $500 minimum balance to open a fixed IRA
  • Automatically renewable
  • Penalty for early withdrawal

Simplified Employee Pension Accounts (SEP)

  • Yearly allowable contribution based on a percentage of amount earned
  • Automatically renewable
  • Penalty for early withdrawal
  • Consult your accountant for more details

Refer to Service Charge Schedule for costs associated with specific accounts.

Print Banking Services Brochure.

 

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***NOT FDIC INSURED
***NOT BANK GUARANTEED
***MAY LOSE VALUE
***NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
***NOT A BANK DEPOSIT

Each depositor insured to at least $250,000 by the FDIC.

 

   Copyright 2013 Merchants Bank of Alabama.
900 Second Ave SW Cullman, AL 35055
(256) 734-8110 or 1-800-840-4458