Interest Checking Combo Disclosure Packet

 

Truth In Savings Disclosure

Account Type: Interest Checking Combo

Account #: _________________________________

Date: 12/1/2021

This disclosure contains the rules which govern your deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural and the plural includes the singular.

Minimum Balance Requirements

  • A minimum deposit of $20 is required to open account

Additional Requirements

  • An Interest Savings Account is required; the Interest Savings Account must remain in an active status.
  • The owner(s) of your Interest Checking Combo Account and Interest Savings must be the same.

Service Charges

  • There is no monthly service charge for this account

  • Monthly Paper Statement fee of $4.85
  • Monthly paper statement fee waived if one of the following is met:
    • Average month to date balance of $5,000 or greater OR
    • Average month to date balance of $25,000 or greater in qualifying deposits (See Additional Terms for qualifying accounts) OR
    • Account is set up for eStatements
  • If the primary account holder decides to cancel their eStatement at any time or we have reason to believe that they are not receiving their eStatement or eNotification, a $4.85 monthly paper statement fee will be assessed unless the average month to date balance of $5,000 or greater OR average month to date balance of $25,000 or greater in qualifying deposits applies.
  • The primary account holder must maintain an active internet banking account and current , active email address. (See Gulf Coast Bank and Trust Co. Internet Banking and eSign Disclosure)

Additional Fees

  • A $5.00 monthly Dormant fee will be assessed if your account reaches Dormant account status. (See Additional Terms on Page 2.)
  • See Notice of Disclosure for Services and Fees for a list of additional fees that may apply.

Qualifications

  • To receive the higher Annual Percentage Yield and ATM refunds on ATM transactions, you must perform the following per statement cycle:
    • Have at least 12 Gulf Coast Bank and Trust issued debit card transactions post and settle per statement cycle.
    • Have at least one Automatic Payment, Gulf Coast Bank Bill Payment or Direct Deposit post and settle per statement cycle.
  • Please Note:
    • ATM transactions, including debit card transactions processed by merchants and received by the bank as ATM transactions, refunds for Point of Sale purchases, and internal transfers do not count towards qualifying debit card transactions for purposes of earning a higher Annual Percentage yield and ATM refunds within the Interest Checking Combo Account. Only debit card transactions processed by merchants and received by the bank as POS (Point of sale) transactions count towards qualifying debit card transactions.
    • Transactions MUST post to and settle your account during the monthly statement cycle. They may not be in a pending state to qualify as one of the transactions. Transactions may take one or more banking days from the date the transaction was made to post to and settle an account.

Statement Cycle

  • Your statement will cut on the 15th of the month. If the 15th falls on a Saturday or Sunday, your statement will cut on the Friday before the 15th. If the 15th falls on a Federal Holiday, your statement will cut on the previous business day.

Interest Rate and Rewards

  • This is a variable rate account
  •  

    With a daily balance of:

    What You Get
    Interest Rate Annual Percentage Yield (APY) ATM Fee Refunds
    IF QUALIFICATIONS ARE NOT MET All Balances 0.05% 0.05% None
    IF QUALIFICATIONS ARE MET Portion up to $20,000.00 0.45% 0.45% ATM fees will be refunded up to a limit of $25.00 per qualification cycle
    Portion $20,000.00 and over 0.50% APY will range from .45% to .50% depending on the balance in the account

     

  • The interest rate and annual percentage yield stated above are accurate as of the date printed on Page 1. If you would like more information, please call us at one of the phone numbers listed on Page 1.
  • The interest rate and annual percentage yield for your account depend upon the applicable rate tier and whether or not you meet the qualifications for the statement cycle. The interest rate and annual percentage yield for these tiers may change.
  • All customers will qualify for the first statement cycle, unless this is an existing account being converted from an Interest Checking Account
  • Interest and ATM Refunds earned on your Interest Checking Combo Account will be transferred to your Interest Savings Account on the business day after your statement cycle date
  • Your Interest Savings Account MUST remain in an Active status.
  • Fees may reduce earnings.

Frequency of Rate Change

  • At our discretion, we may change the interest rate on your account at any time.

Accrual of Interest on Noncash Deposits

  • Interest begins to accrue the next business day following the day of your opening deposit.

Compounding, Crediting and Balance Computation

  • The Annual Percentage Yield (APY) disclosed on the Interest Checking Combo account assumes that interest earned in Interest Checking Combo compounds. However, by choosing to have Interest Savings linked to your Interest Checking Combo account, you understand that the interest earned in your Interest Checking Combo account is automatically transferred into your Interest Savings account at the end of the statement cycle and therefore does not remain in your Interest Checking Combo account and does not compound. Additionally, you understand that the interest amount earned in the Interest Savings account may be less than the interest amount earned in the Interest Checking Combo account.
  • There is no minimum balance required to earn interest.
  • If you close your account before interest is credited, you will not receive the accrued interest.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The daily periodic rate may vary.
  • The period we use is days in statement cycle.

Additional Terms

  • If the primary account holder has enrolled in eStatements, they will receive an email notification when their statement is ready for viewing at www.gulfbank.com. (see Gulf Coast Bank & Trust Co. Internet Banking and eSign Disclosure). Images of processed items are available online. Active internet banking account and email address is required at all times.

  • If the primary account holder is not actively enrolled in eStatements at any time, for any reason, you will receive a monthly paper statement mailed to your address of record. (See Additional Fees on Page 1)*

  • There is a limit of one account per Social Security number.

  • Your account will be placed in Dormant Status after 12 months of inactivity. While your account is dormant, any applicable monthly service charges and monthly paper statement fees will be waived. You will no longer receive periodic statements and/or eStatement notifications. Upon reactivating your account, you will begin to receive a periodic statement and all fees associated with the account product will be assessed, unless you meet the balance requirements if applicable.

  • ATM fees will be refunded to your account each cycle that qualifications are met; up to a limit of $25.00 per statement cycle. ATM fees will not be refunded for each cycle qualifications are not met.

  • If converting from an existing Gulf Coast Bank Checking Account type, any accrued interest will be credited and any applicable fees will be assessed on the day the account is converted.

  • If your Interest Savings Account is closed for any reason and your Interest Checking Combo Account remains open, your Interest Checking Combo Account will be converted to an Interest Checking Account and your interest and ATM Refunds will no longer transfer over to your Interest Savings Account. An Interest Checking Account Disclosure is available upon request.

  • This account does not qualify for Debit/Credit Card Reward points.

  • Check printing fees may apply - Prices will vary.

  • If converting from an existing Gulf Coast Bank Checking Account type, the conversion will take place only when the customer maintains an active Interest Savings Account and NOT until the next statement cycle of your existing account. Subsequent statement cycles will be on the 15th of the month. Any accrued interest will be credited and any applicable fees will be assessed on the day the account is converted.

  • Qualifying deposits includes all personal or business checking, savings or certificates of deposits that are directly linked to this account.

REV 10/21