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News from the Bank of ChestnutCORONAVIRUS CONCERNS: LOBBY SERVICES CLOSED 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.
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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