Deposit Banking
CHECKING
Regular Checking Account
- This account offers no service charge if the account carries an average daily balance above $500. If the balance falls below the $500 a service charge of $6 will be assessed. This account allows for 50 paid checks per month for no additional fees, checks in excess of 50 are 15¢ each.
- All Full Time Students and Senior Citizens 62 and older will have no service charges.
- A monthly statement with check images is mailed to the customer.
- Debit cards are available in connection to all our checking accounts. See the Other Products and Services page for more information.
Low Balance Checking
- This account has a service charge of $3 per month, regardless of the account balance. Ten paid checks per month are allowed with no excess fees, after the 10th check the fee is 15¢ per check.
- All Full Time Students and Senior Citizens 62 and older will have no service charges.
- A monthly statement with check images is mailed to the customer.
- Debit cards are available in connection to all our checking accounts. See the Other Products and Services page for more information.
Now Accounts
- This is an interest bearing checking account. Rates vary and are dependent on daily average balance. Please call the bank for more information on Now account rates.
- There is no monthly service charge if the average daily balance for the month is above $1500. If the balance falls below the $1500 a service charge of $6 will be assessed. This account allows for 15 paid checks per month for no additional fees, checks in excess of 15 are 15¢ each.
- A monthly statement with check images is mailed to the customer.
- Debit cards are available in connection to all our checking accounts. See the Other Products and Services page for more information.
SAVINGS
Savings Accounts
- Rates are subjects to change, please call the bank for information on savings account rates.
- A maintenance fee of $2.50 will be imposed every quarter if the average daily balance for the quarterly statement cycle falls below $100.00.
- An excess transaction fee of $.25 per item will be charged for each debit transaction (transfers to another account or to third parties by preauthorized, automatic, telephone, or computer transfer)in excess of six (6) during a calendar month.
- Saving account statements are mailed to the customer quarterly.
*For any questions regarding how the average daily balance is calculated and used to determine the service charges or accrual of interest earned, please contact the bank.
CDs
Certificate of Deposit (CD)
If you are looking for a way to invest your money in a safe environment that is FDIC insured, Bank of Palmer CDs are a great option. Our CDs can be opened with a minimum of $500, we offer terms from 6 to 60 months and all certificates are automatically renewable. As an added benefit our early withdrawal penalty is only one month of interest. Interest is paid every six months and can be compounded back to the CD, paid by check or deposited into a Bank of Palmer checking account. Please contact us for more information on our competitive rates.
IRAs
Individual Retirement Accounts (IRA)
For individuals we offer ROTH and Traditional IRAs. For business owners we offer SEP and SIMPLE IRAs. All these options are secure, low risk retirement plans that are FDIC insured. We also offer Coverdell Savings Accounts (formerly known as the Educational IRA). Please contact us for more information on all our IRAs and their rates.
