News from the Bank of Chestnut


Due to the concerns of the spread of the Coronavirus and the recommendations to limit exposure, the Bank of Chestnut will be CLOSING LOBBY SERVICES until further notice.  Drive Up services will be open or you may call to make transactions during regular business hours.  We will be WAIVING any fees associated with telephone transactions until futher notice as well.  No matter the time, our ATM is available for your cash needs or the drop box for payments located in the drive up area.  We have our internet banking options available as well.  If you need any further services, please call for an appointment 217-796-3305.  You may leave detailed message after hours and someone will get back to you.  Thank you for your understanding and patience during this time!

Changes to your account. . .EFFECTIVE JULY 1, 2020

If a HOLD is placed on your Deposit, the amount available to you on the first day of your deposit has been increased from $200.00 to $250.00.

In addition, the following changes also apply to those funds you deposit by check which may be delayed for a longer period:

— You deposit checks totaling more than $5,525 on any one day. This is a change from the current $5,000.

— You are a new customer and the account is still within the first 30 days from account opening.  For a new account, funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.  This is a change from the current amount of $5,000.

If we delay availability on a deposit, we will provide a notice of delayed availability to you promptly.  Should you have any questions, please don't hesitate to contact the Bank of Chestnut at 217-796-3305. 

Change in Terms for Money Market Accounts - (Changed May 15, 2020 ) the excess debit fee has been changed to 1.00 per debit over the allowed 6 monthly debits.

Rate Information - Your interest rate and annual percentage yield may change.

Frequency of rate changes - We may change the interest rate on your account at any time.

Determination of rate - At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency - Interest will be compounded and credited to your account every month.

Minimum balance to open the account - You must deposit $2,500.00 to open this account.

Minimum balance to avoid imposition of fees - A maintenance fee of $5.00 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $2,500.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Balance computation method - The average daily balance is used to calculate the interest on your account.

Accrual of interest on non-cash deposits - Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Transaction limitations: Checks or transfers from a Money Market account to another account or to third parties by preauthorized debit, automatic debit, or telephone transfer are limited to six per month.

Fees:  An Excess Check Charge fee of $1.00 will be charged for each withdrawal/transfer in excess of six during a month.

CHESTNUT ATM Now Open. . . Need cash but the Bank is closed?  No problem, just visit our new ATM located in the drive up.  It's available 24/7 and FREE for Bank of Chestnut customers or Shazam Preferred Card Holders.

Shazam Bolt$ App changing to Brella in April 2020

IPhone users will be required to run an update for the change, but Adroid users will need to download the new App from their App store.  Brella will offer the same information and services as Bolt$.




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