BMT Preferred Checking Account Disclosure
MINIMUM BALANCE TO OPEN:
$25.00 is required to open the account.
MINIMUM BALANCE REQUIRED TO AVOID SERVICE CHARGE AND SERVICE CHARGE FEE IF MINIMUM BALANCE IS NOT MET:
$5,000.00 minimum daily balance requirement in BMT Preferred Checking Account or $50,000 combined minimum balance in BMT Preferred Checking, personal Savings and/or Money Market accounts types. (see Combined Balance Computation Method below).
$25.00 will be assessed against your account for any statement cycle in which the balance in the account falls below $5,000 in BMT Preferred Checking on any day or $50,000 in eligible combined accounts.
Fees may reduce earnings.
COMBINED BALANCE COMPUTATION METHOD:
The lowest balance during the statement cycle of the BMT Preferred Checking Account and each related combined account will be aggregated on the statement cycle date. If the combination of the individual accounts’ combined lowest balances is below $50,000, the service charge fee will be assessed to the BMT Preferred Checking Account.
To be eligible for combined balance computation, the savings and money market accounts are required to have a direct relationship to the primary accountholder of the BMT Preferred Checking Account. The balance in any account may only be combined to one primary checking account.
Savings and money market accounts that are combined with your BMT Preferred Checking Account for the purpose of waiving the service charge fee on this account, are independent and must meet the individual products’ minimum requirements, as applicable, to avoid service charge fees.
As disclosed in our Personal Accounts Schedule of Service Fees, a per transaction fee will apply, in excess of 6 per statement cycle, when you use an ATM not owned by BMT.
You may also be charged a fee by the ATM operator or any network used to complete the transaction. This may include withdrawal, balance inquiry or other transaction.
Additional fees that may be assessed against your account are listed on our Personal Accounts Schedule of Service Fees.
FOREIGN SURCHARGE-NON-BMT REIMBURSEMENT
BMT will reimburse fees charged by the ATM operator or any network used to complete the transaction up to a maximum of $8.00 per statement cycle.
If your daily balance is $25,000 or more the interest rate paid on the entire balance in your account will be 0.20%, with an annual percentage yield of 0.20%
If your daily balance is $7,500 or more but less than $25,000, the interest rate paid on the entire balance in your account will be 0.15%, with an annual percentage yield of 0.15%.
If your daily balance is $2,500 or more but less than $7,500, the interest rate paid on the entire balance in your account will be 0.10%, with an annual percentage yield of 0.10%.
If your daily balance is less than $2,500.00, the interest rate paid on the entire balance in your account will be 0.00%, with an annual percentage yield of 0.00%.
We may set the rate for each tier in any amount. The interest rate for one tier may be the same rate, or a higher or lower rate, than the rate for a lower tier. Interest rates and annual percentage yields for tiers may change at any time. You must maintain the minimum tier balance in the account each day to obtain the disclosed annual percentage yield for that tier.
MINIMUM BALANCE TO EARN INTEREST:
You must maintain a minimum balance of $2,500.00 each day to obtain the Annual Percentage Yield listed above. Your account will not earn interest on any day where the balance in the account drops below $2,500.00.
COMPOUNDING AND CREDITING:
Interest will be compounded daily. Interest will be credited to your account on the last day of the statement cycle. Interest accrues on collected balance.
BALANCE COMPUTATION METHOD:
We use the daily balance method to calculate the interest in your account. This method applies a daily periodic rate to the collected balance in the account each day.