Checking Flashcards
$50 min deposit to open
Maint fee is $9 with paper statement; $7 with eStatement
How to waive maint fee:
• Maintain a $1,500 min balance in the account, OR
• Make 15 debit card purchases that post and clear per statement cycle, OR
• Have 1 direct deposit post and clear per statement cycle, OR
• Have 1 Sure Pay loan payment post and clear per statement cycle, OR
• Primary account owner is younger than age 21
Basic Checking
*The account most everyone can qualify for. Very easy requirements to waive the monthly fee.
$50 min deposit to open; no maint fee
In order to open client must provide:
Copy of death certificate, letters of testamentary OR
Letter of administration, Employer Identification Number (EIN) for the estate.
0.05% interest on balances over $5,000
Check images are provided with monthly statement at no additional charge
No ATM or debit card access
Overdraft Privileges not available
Estate Checking
*A temporary account to hold a deceased person’s assets. The executor of the estate can then settle the deceased person’s unfinished affairs using the money in the estate account.
No min deposit required; no maint fee
Certificate of Achievement from an approved financial literacy class required to open
One account is allowed per tax ID number
External transfers in Online Banking are not allowed
Overdraft Privileges are not available
Lower ATM/Point of Sale/Zelle limits
Getting Ahead Checking
- Great for people who’ve had trouble managing a checking account.
- Unlike Start Fresh this account has no fees!
- Better than Restricted Checking because they get a debit card.
No min deposit required; no maint fee
No charge for eStatement; $6 for paper statement
Used to pay qualified medical expenses
Interest is tiered
Health Savings Account
- Client must have an HDHP to qualify for this account. However, when opening the account we don’t check for this.
- Email Andrea Hagan about HSA questions
No min deposit required; no maint fee
Authorization from approved nonprofit organization required to open
No ATM or debit card access
External transfers are not allowed
Overdraft Privileges are not available
Restricted Access Checking
- Great for people who’ve had trouble managing a checking account.
- Similar to Start Fresh except it has no fees. BUT the customer does NOT get a debit card.)
$50 min deposit to open; $20 maint fee
How to waive maint fee:
• Maintain $150,000 in combined balances from eligible deposit accounts, OR
• Maintain $250,000 in combined balances from eligible loan accounts, OR
• Receive $5,000 in ACH credits to this account, OR
• Maintain $1,000,000 in combined balances from eligible Wealth Advisory Group
accounts
Interest is tiered and based on balance
When you meet monthly qualifications, you will receive up to $25 in non-Lake City Bank ATM fee and Lake City Bank Digital External Transfer fee refunds per qualification cycle
Features:
• Unlimited check writing
• Free executive checks (or $10 discount on other check styles)
• $2,000 ATM/debit card cash withdrawal limit per business day; $7,500 point-of sale purchase limit per business day
• No charge for the following services – Stop Payment Requests, Overdraft Protection Transfers from a Lake City Bank deposit account, Cashiers Checks, Money Orders, small Safe Deposit/Secure Storage box (or comparable discount on a larger box)
Private Banking Checking
*Best account for people with very large balances
$50 min deposit to open
Maint fee is $9 with paper statement; $7 with eStatement
Monthly Qualifications to waive maint fee AND earn higher interest:
• Make 8 debit card purchases that post and clear the account, AND
• Have 1 direct deposit or ACH auto debit that posts and clears the account, AND
• Receive eStatements
You will receive up to $25 in ATM fee refunds when monthly qualifications are met
If monthly qualifications are not met, interest rate is 0.01%
Rewards Checking
- Like a Basic Checking with some cool perks
- Must meet ALL THREE requirements to waive the fee
- Most people have a direct deposit and eStatements, so if someone can swipe their debit cards 8 times a month, this a great account for them.
$50 min deposit to open
Maint fee is $9 with paper statement; $7 with eStatement
Monthly Qualifications to waive maint fee AND earn higher interest:
• Maintain a $10,000 minimum ledger balance in the account, AND
• Make 15 debit card purchases that post and clear the account per qualification cycle, AND
• Have 1 direct deposit that posts and clears the account, AND
• Receive eStatements
You will receive up to $25 in ATM fee refunds when monthly qualifications are met
If monthly qualifications are not met, interest rate is 0.01%
Rewards Plus Checking
- A Rewards Checking with higher interest and slightly higher requirements.
- Consider this account if someone wants the perks of Rewards Checking but they also keep large balances.
$50 min deposit to open
Maint fee is $9 with paper statement; $7 with eStatement
Maintain min balance of $5,000 to waive maint fee
No monthly qualifications, interest is tiered and based on balance
Simple Earnings Checking
- Low maintenance account that earns decent interest.
- Popular account in Amish communities.
$50 min deposit to open
Maint fee is $10 if your account doesn’t receive a direct deposit, $7 if your account DOES receive a direct deposit
No charge for eStatement, $6 for paper statement
Check writing, External Transfers and Overdraft Privileges are not available
Lower Atm, Debit Card, and Zelle limits
This account is upgraded to a Plus account when:
•The account has been open for six months
•The account has been in good standing for the past three months
Start Fresh Checking
- For people who’ve had trouble managing a checking account in the past.
- Generally this account will only be used if Chexsystems recommends it
- Maint fee and eStatement fee WILL stack, so strongly encourage the customer to get eStatements
$50 min deposit to open
Maint fee is $10 if your account doesn’t receive a direct deposit, $7 if your account DOES receive a direct deposit
No charge for eStatement, $6 for paper statement
External Transfers and Overdraft Privileges are not available. However they can write checks.
Lower Atm, Debit Card, and Zelle limits
This account is upgraded to a Basic Checking account when:
• The account has been open for twelve months
• The account has been in good standing for the past three months
Start Fresh Plus Checking
- Think of this account as a Start Fresh with the option to write checks
- Maint fee and eStatement fee WILL stack, so strongly encourage the customer to get eStatements
