facts - Farmers National Bank

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Options for Covering
Unexpected Overdrafts
Dear Customer,
Life happens! Farmers National Bank understands that unexpected overdrafts occur from time to time –
Overdraft Coverage can help.
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
Service
Cost
Deposit Overdraft Program
Overdraft Line of Credit
1
$10 fee per transfer
1, 2
Subject to fees + interest
Overdraft Privilege
$37 Overdraft Fee per item. Daily fees may apply.
1
Call us at 877.862.9270, email us at [email protected], or come by a branch to sign up or apply for these
2
services; subject to credit approval.
Deposit Overdraft Program and Overdraft Line of Credit services apply to all transactions and may help prevent
overdrafts by automatically transferring funds to your checking account from another account or a line of credit
you may have at Farmers National Bank for a fee or finance charge. Please note that overdraft lines of credit are
subject to credit approval.
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a
transaction. Even if you are enrolled in the Deposit Overdraft Program or Overdraft Line of Credit, Overdraft
Privilege is still available as secondary coverage if the other overdraft source is exhausted.
Transactions Covered with
Overdraft Privilege
Checks
ACH - Automatic Debits
Recurring Debit Card Payments
Online Bill Pay Items
Internet Banking Transfers
Telephone Banking
Teller Window Transactions
ATM Transactions
Everyday Debit Card Transactions
Standard Coverage
(No action required)
X
X
X
X
X
X
X
Extended Coverage
(Your consent required)*
X
X
X
X
X
X
X
X*
X*
If you would like to select Extended
Coverage for future transactions:
x call us at 877.862.9270
x complete the consent form
found online at
www.farmersnb.com
x visit any branch
x complete the enclosed consent
form and mail it to us at 612
Main Street, P.O. Drawer D
Emlenton, PA 16373
*If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included
with the transactions listed under Standard Coverage
You can discontinue the Overdraft Privilege in its entirety by contacting us at 877.862.9270.
What Else You Should Know
x A link to another account or a line of credit is a less expensive option than an overdraft. A single larger
overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is
the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services
to keep track of your balance.
x The $37 Overdraft Fee is the same fee amount that is charged if a check is returned as unpaid. If multiple
items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a
Return Item Fee of $37. All fees and charges will be included as part of the Overdraft Privilege limit amount.
Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
x If your account balance remains overdrawn for 5 or more consecutive business days, we will charge an
additional $5 for each of the consecutive business days the account remains overdrawn.
x For consumer accounts, we will not charge an Overdraft Fee if the amount of the item is $5 or less. These
exceptions do not apply to business accounts.
x We generally post items in the following order: 1) credits, 2) ATM and debit card transactions (in the order
received), 3) ACH debits (in the order received), 4) checks (check number order); however, exceptions will
occur. Holds on funds (described below) and the order in which transactions are posted may impact the total
amount of Overdraft Fees or Return Item Fees assessed.
x Although under payment system rules, Farmers National Bank may be obligated to pay some unauthorized
debit card transactions, Farmers National Bank will not authorize debit card or ATM transactions unless there
are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
x Giving us your consent to pay every day debit card and ATM overdrafts may result in you incurring Overdraft
Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee.
However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and
may also help you avoid overdrafts in excess of your available funds that could result in restriction of your
debit card.
x Farmers National Bank authorizes and pays transactions using the available balance in your account. The
available balance is comprised of the ledger balance (collected funds) less any debit card holds, and does not
include any deposited funds on hold. Farmers National Bank may place a hold on deposited funds in
accordance with our Deposit Account Agreement and Disclosure. If the funds in the available balance are not
sufficient to cover a transaction, any available overdraft protection and/or the amount of the Overdraft
Privilege limit, may be used to authorize and pay a transaction.
x Farmers National Bank will place a hold on your account for any authorized debit card transaction until the
transaction settles (usually within two business days) or as permitted by payment system rules. In some
cases, the hold may exceed the amount of the transaction. When the hold ends the funds will be added to
the available balance in your account. If your account is overdrawn after the held funds are added to the
available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
x Except as described in this letter, Farmers National Bank will not pay items if your account does not contain
available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
x We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account,
including any Overdraft Privilege limit.
x Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any
time without prior notice.
x Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account
becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good
standing by not bringing your account to a positive balance within 32 days for a minimum of one business
day.
x Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and
fee amounts, as described in the Deposit Account Agreement and Disclosure. The total (negative) balance,
including all fees and charges, is due and payable upon demand.
If you have any questions about our Deposit Overdraft Program, Overdraft Line of Credit, or Overdraft Privilege,
please call us at 877.862.9270 or visit a branch.
Sincerely,
Jennifer A. Roxbury
Chief Operating Officer
Farmers National Bank
WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it
anyway. We can cover your overdrafts in two different ways:
1.
We have standard overdraft practices that come with your account.
2.
We also offer deposit overdraft plans, such as a link to another account or a line of credit, which may be
less costly than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
¾
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
x
x
Checks and other transactions made using your checking account number
Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions without your consent.
x
x
ATM transactions
Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay
any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
¾
What fees will I be charged if Farmers National Bank pays my overdraft?
Under our standard overdraft practices:
¾
x
We will charge you a fee of up to $37 each time we pay an overdraft
x
We will not charge you a fee if the item presented is $5 or less
x
If your account is overdrawn for 5 or more consecutive business days, we will charge an additional $5
for each of the consecutive business days the account remains overdrawn
x
There is no limit per day on the total fees we can charge you for overdrawing your account
What if I want Farmers National Bank to authorize and pay overdrafts on my ATM and everyday debit card
transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call
877.862.9270, visit our website at http://www.farmersnb.com, complete the form below and present it at a
branch or mail it to: 612 Main Street Emlenton, PA 16373. You can revoke your authorization for Farmers
National Bank to pay these overdrafts at any time by any of the above methods. Your revocation must include
both your name and your account number so that we can properly identify your account.
______
I do not want Farmers National Bank to authorize and pay overdrafts on my ATM and everyday
debit card transactions.
______
I want Farmers National Bank to authorize and pay overdrafts on my ATM and everyday debit
card transactions.
Printed Name:
_______________________________________________
Date:
_______________________________________________
Account Number:
_______________________________________________
rev. $XJXVW
FACTS
Why?
What?
WHAT DOES THE FARMERS NATIONAL BANK OF EMLENTON DO
WITH YOUR PERSONAL INFORMATION?
Financial companies choose how they share your personal information. Federal law gives
consumers the right to limit some but not all sharing. Federal law also requires us to tell you how
we collect, share, and protect your personal information. Please read this notice carefully to
understand what we do.
The types of personal information we collect and share depend on the product or service you
have with us. This information can include:
„
„
„
Social Security number and income
Account balances and payment history
Credit history and credit scores
When you are no longer our customer, we continue to share your information as described in this
notice.
How?
All financial companies need to share customers’ personal information to run their everyday
business. In the section below, we list the reasons financial companies can share their
customers’ personal information, the reasons Farmers National Bank of Emlenton chooses to
share, and whether you can limit this sharing.
Does Farmers National
Bank of Emlenton share?
Can you limit this sharing?
For our everyday business purposes—
such as to process your transactions, maintain
your account(s), respond to court orders and legal
investigations, or report to credit bureaus
Yes
No
For our marketing purposes—
to offer our products and services to you
Yes
No
For joint marketing with other financial companies
No
We don't share
For our affiliates’ everyday business purposes—
information about your transactions and experiences
Yes
No
For our affiliates’ everyday business purposes—
information about your creditworthiness
No
We don’t share
For our affiliates to market to you
No
We don’t share
For nonaffiliates to market to you
No
We don't share
Reasons we can share your personal information
Questions?
Call 877-862-9270, email us at [email protected] or visit our
website at www.farmersnb.com
Page 1 of 2
rev. $XJXVW
Page 2
What we do
How does The Farmers National Bank of
Emlenton protect my personal
information?
To protect your personal information from unauthorized access
and use, we use security measures that comply with federal law.
These measures include computer safeguards and secured files
and buildings.
How does The Farmers National Bank of
Emlenton collect my personal
information?
We collect your personal information, for example, when you
„
„
„
Why can’t I limit all sharing?
open an account or deposit money
pay your bills or apply for a loan
use your credit or debit card
We also collect your personal information from others, such as credit
bureaus, affiliates, or other companies.
Federal law gives you the right to limit only
„
„
„
sharing for affiliates’ everyday business purposes—information
about your creditworthiness
affiliates from using your information to market to you
sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to
limit sharing.
Definitions
Affiliates
Companies related by common ownership or control. They can be
financial and nonfinancial companies.
„
Nonaffiliates
Companies not related by common ownership or control. They can be
financial and nonfinancial companies.
„
Joint marketing
Our affiliates include Emclaire Settlement Services LLC.
The Farmers National Bank of Emlenton does not share with nonaffiliates so they can market to you.
A formal agreement between nonaffiliated financial companies that
together market financial products or services to you.
„
The Farmers National Bank of Emlenton does not jointly market.
Page 2 of 2
The Farmers National Bank of Emlenton
Deposit Rates
Rates are subject to change. Following rates effective 05/11/2016 to 05/17/2016. For current deposit rates, please visit www.farmersnb.com.
Fees may reduce earnings. If withdrawal is made before maturity on a CD, a penalty of interest will be imposed for early withdrawal.
Traditional Certificates & IRA Certificates
CD Rate
0.05%
0.10%
0.15%
0.20%
0.25%
0.30%
0.35%
0.60%
0.80%
1.14%
1.29%
Term
3 months
6 months
12 months
18 months
24 months
30 months
36 months
48 months
60 months
72 months
84 months
IRA CD Rate
0.05%
0.10%
0.15%
0.20%
0.25%
0.30%
0.35%
0.60%
0.80%
1.15%
1.30%
Annual Percentage Yield (APY)
0.05%
0.10%
0.15%
0.20%
0.25%
0.30%
0.35%
0.60%
0.80%
1.15%
1.30%
CD Specials
Branch
All
All
Term
Min Balance
Relationship
$5,000.00
54 months
N/A
** May NOT be used for an IRA
$5,000.00
24 months
N/A
** May be used for Traditional & Roth IRAs
Rate
1.49%
APY
1.50%
0.797%
0.80%
Consumer Checking Accounts
Select Checking
$0.01 - $ 4,999.99
$5,000 - $ 9,999.99
$10,000 - $ 24,999.99
$ 25,000 - $ 49,999.99
$ 50,000 & over
Rate
0.010%
0.020%
0.030%
0.040%
0.050%
APY
0.010%
0.020%
0.030%
0.040%
0.050%
Consumer Money Market
$0.01 - $ 4,999.99
$5,000 - $ 9,999.99
$10,000 - $ 24,999.99
$ 25,000 - $ 49,999.99
$ 50,000 & over
Rate
0.030%
0.050%
0.075%
0.100%
0.150%
APY
0.030%
0.050%
0.075%
0.100%
0.150%
Business Checking Accounts
Business Select Checking
$0.01 - $ 24,999.99
$25,000 - $ 49,999.99
$50,000 - $ 99,999.99
$100,000 - $ 249,999.99
$250,000 & over
Rate
0.025%
0.050%
0.075%
0.100%
0.150%
APY
0.025%
0.050%
0.075%
0.100%
0.150%
Business Money Market
$0.01 - $ 9,999.99
$10,000 - $ 24,999.99
$25,000 - $ 49,999.99
$ 50,000 - $ 99,999.99
$ 100,000 & over
Rate
0.025%
0.050%
0.075%
0.100%
0.150%
APY
0.025%
0.050%
0.075%
0.100%
0.150%
IOLTA Accounts
$0.01 - $14,999.99
$15,000 - $29,999.99
$30,000 & over
0.050%
0.075%
0.150%
0.050%
0.075%
0.150%
Account Analysis
* Earnings Credit
Rate
0.050%
* 13 week T Bill change to reflect last day of previous quarter
Savings Accounts
Consumer Statement Savings
$0.01 - $ 9,999.99
$10,000 - $24,999.99
$25,000 & over
Rate
0.025%
0.050%
0.100%
APY
0.025%
0.050%
0.100%
Business Statement Savings
$0.01 - $ 9,999.99
$10,000 - $24,999.99
$25,000 - $49,999.99
$50,000 - $99,999.99
$100,000 & over
Rate
0.025%
0.050%
0.075%
0.100%
0.150%
APY
0.025%
0.050%
0.075%
0.100%
0.150%
Rate
0.500%
APY
0.500%
Holiday Club & Wish Club
All Balances
* The maximum monthly deposit amount cannot exceed $2,000.00. This includes the beginning deposit.
Savings - Variable Rate IRA / Simple IRA / Roth IRA
$0.01 - $999.99
$1,000 - $9,999.99
$10,000 & over
0.050%
0.100%
0.150%
0.050%
0.100%
0.150%
Investment Savings
$0.01 - $9,999.99
$10,000 - - $99,999.99
$100,000 & over
0.050%
0.100%
0.150%
0.050%
0.100%
0.150%