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Federated Bank

Truth in Savings Disclosure

The FDIC Improvement Act of 1991 contained within it the Truth in Savings Act. The purpose of this act is to enable consumers to make informed decisions about deposit accounts in depository institutions.

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Account Descriptions

Regular Checking

Minimum Opening Balance

$50.00

Minimum balance required to avoid service charge

$200.00

Monthly Service Charge

$5.00 if at any time during the statement period the balance falls below $200.00

Statement Period

Monthly

Senior Citizens Regular Checking (60 Years and Older)

Minimum Opening Balance

$50.00

Service charge

None

Statement Period

Monthly

Savings Accounts

Statement Savings

Minimum Opening Balance
(Anyone under 18 years of age or student 22 or younger)

$100.00
$25.00

Minimum balance required to avoid service charge
(Anyone under 18 years of age or student 22 or younger)

$100.00
$25.00

Minimum balance required to earn interest
(Anyone under 18 years of age or student 22 or younger)

$100.00
$25.00

Interest Rate

See Rate Sheet

Annual Percentage Yield (APY)

See Rate Sheet

Interest Computation Method

Daily Balance *

Interest will be compounded

Quarterly

Interested credited

  • On non-cash items interest will begin to accrue on the next business day.
  • If you close your account before interest is credited, you will not received the accrued interest.
  • Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time.

Quarterly

Fee Per Withdrawals

$3.00 after 5 per month

Statement Period: Quarterly

(An interim account activity report will be sent if preauthorized withdrawals or electronic fund transfers occur during the month.)

Monthly Service Charge

$5.00 if at any time during the month the balance falls below $100.00

Only 6 preauthorized debits are allowed per month (i.e. ACH, telephone transfer, etc.)
* The Daily Balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day.

Christmas Club Accounts

Interest Rate

See Rate Sheet

Interest will be compounded

Quarterly

There will be no minimum opening balance, no service charges, and no specific amount required to earn interest.

Individual Retirement Accounts

Minimum Opening Deposit

$100.00
$25.00

Interest Rate

See Rate Sheet

Annual Percentage Yield (APY)

See Rate Sheet

Interest Computation Method

Daily Balance *

Interest will be compounded

Quarterly

Interest will be credited

Quarterly

If you close your account before interest is credited, you will receive the accrued interest.
If you have a variable rate account, your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time.
On non-cash items interest will begin to accrue on the next business day.
Penalty for Early Withdrawal: The penalty will be stated on the IRA Certificate (contract) and may be up to 6 months loss of interest.
Statement Period: Annually
* The Daily Balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day.

Certificate of Deposit

Interest may be credited to your deposit account or paid to you quarterly; or as agreed upon. The annual percentage yield (APY) assumes that interest remains on deposit until maturity. A withdrawal will reduce earnings. After the account is opened, you may not make any deposits into or withdrawals from the principal in the account until the maturity date. Deposits into variable rate IRA’s may be allowed. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). For terms and rates (including APY) see our individual rate sheets.

PENALTY FOR EARLY WITHDRAWAL
The penalty will be stated on the individual certificate (contract) and may result in a loss of principal under certain circumstances.

Renewal Policy – If your Certificate is SINGLE MATURITY and does not automatically renew, Present it PROMPTLY at maturity as no interest is payable after the maturity date. If your certificates will AUTOMATICALLY RENEW, you will have a grace period of 10 days from maturity date to present this certificate for payment without penalty. If the certificate automatically renews, IT WILL BE RENEWED AT THE RATE IN EFFECT AT THIS INSTITUTION ON THE DATE OF MATURITY.

***See Rate Sheet for CD terms and rates.

NOW Account

Minimum Opening Deposit

$750.00

Minimum balance required to obtain APY as listed

$750.00

Interest Rate

See Rate Sheet

Annual Percentage Yield (APY)

See Rate Sheet

Interest Computation Method

Daily Balance *

Interest will be compounded

Monthly

Interest credited

Monthly

On non-cash items interest will begin to accrue on the next business day.
If you close your account before interest is credited, you will not receive the accrued interest.
Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time.
Cost for check printing varies depending on the style of checks ordered.
If minimum balance falls below $750.00, there will be a $7.00 per month service charge.
Statement Period: Monthly
* The Daily Balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day.

Money Market Account

Minimum Opening Deposit

$2500.00

Interest Rate

See Rate Sheet

Annual Percentage Yield (APY)

See Rate Sheet

Interest Computation Method

Daily Balance *

Interest will be compounded

Monthly

Interest credited

Monthly

On non-cash items interest will begin to accrue on the next business day.
If you close your account before interest is credited, you will not receive the accrued interest.
Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time.
Fee Per Withdrawal: $10.00 after 4 per month
Statement Period: Monthly
(We must restrict all preauthorized (including automatic) transfers of funds from our Money Market Deposit Account to a maximum of six per month. If we provide checks with this account, three of such transfers may be made by check).
If balance falls below $2,500.00, no interest will be earned, and a $10.00 Service Charge will be charged.
* The Daily Balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day.

PLEASE RETAIN FOR YOUR RECORDS

Federal Electronic Fund Transfer Act Disclosures

IMPORTANT INFORMATION for our customers who have authorized electronic fund transfers:
The Federal Electronic Fund Transfer Act and regulations adopted thereunder provide that we disclose pertinent information to you about electronic fund transfers to or from your account. By electronic fund transfers, we mean transactions initiated by you through the use of your debit card (in automated teller machines), preauthorized deposits to – and if applicable, preauthorized transfers from your account with us.

TYPES OF TRANSFERS AVAILABLE

  1. Point of Sale Transfers
  2. Automated Teller Machine
  3. Electronic Check Conversion
  4. Direct Deposit or withdrawals of funds
  5. Transfer initiated by telephone
  6. All debit card transfers – whether or not initiated through an electronic terminal

 

AUTOMATED TELLER MACHINES, DEBIT CARDS & POINT-OF-SALE TRANSFERS

  1. ACCESSING YOUR ACCOUNT
    1. Withdraw cash from your checking or savings account.
    2. Transfer funds between your checking and savings accounts whenever you request.
    3. Pay for purchases at places that have agreed to accept the card.
    4. Some of these services may not be available at all terminals.
  2. LIMITATIONS
    1. Limitations on frequency of transfers
      • There is no limitation on the frequency of transfers.
    2. Limitations on dollar amounts of transfers.
      • You may withdraw up to $305.00 from our terminals each day.
      • You may be up to $1,550 worth of goods or services per three business days.
      • In addition to those limitations listed elsewhere, transfers from an insured Money Market account or from a savings account to another account or to third parties by preauthorized, automatic or telephone transfers are limited to six per statement cycle with no more than three by check, debit card, or similar order to third parties.
  3. CHARGES FOR TRANSFERS OR RIGHT TO MAKE TRANSFERS
    1. There will be no charge from Federated Bank for any transaction initiated at an ATM machine that is not our own.
    2. There is no charge for transfers.
  4. ATM FEES BY OTHERS
    When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer.
  5. RECEIPT FOR TRANSACTION
    You will receive a written receipt at the time you make any transfer to or from your account using one of our automated teller machines.
  6. CUSTOMER LIABILITY
    VISA® Customer Liability Limits: Additional limit on liability for VISA®-branded cards. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen VISA®-branded card. This additional limit on liability does not apply to ATM transactions using your Personal Identification Number that are not processed by VISA® or to commercial cards. The liability policy for unauthorized use on PIN transactions not processed by VISA® is below. Tell us AT ONCE if you believe your card has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account. If you tell us within 2 business days, you can lose no more than $50 if someone used your card without your permission. If you do NOT tell us within 2 business days after you learn of the loss or theft of your card, and we can prove we could have stopped someone from using your card without your permission if you had told us, you could lose as much as $500.
  7. HOW TO CONTACT US
    If you believe that your card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, or if for any reason you wish to contact us, telephone us at (815) 268-7676.

Electronic Funds Transfers by Preauthorization

  1. DOCUMENTATION OF TRANSFERS 
    If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at the phone number listed below to find out whether or not the deposit has been made.
  2. LIMITATIONS 
    There is no limitation on the number of withdrawals that can be made in person. Only 6 preauthorized debits are allowed per month (e.g. ACH, telephone transfers, etc) on Savings or Money Market accounts.
  3. RIGHT TO STOP-PAYMENT 
    If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here’s how: Call us at the phone number given below, or write us at the address given below, in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages. We will charge you $25.00 for each stop-payment order you give.
  4. NOTICE OF TRANSFERS VARYING IN AMOUNT
    If the preauthorized regular transfers from your account may vary in amount, the person you are going to pay should tell you, 10 days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.
  5. CUSTOMER LIABILITY 
    If your statement shows unauthorized transfers from your account, tell us at once. If you do not tell us within 60 days after we sent you the FIRST statement upon which the problem appeared, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
  6. HOW TO CONTACT US
    If you believe that a transaction involving your account has been made without your permission or if for any reason you wish to contact us, telephone us at the phone number given below or write us at the address given below.

Electronic Funds Transfers (EFT) by Non-Recurring Preauthorized Transfers

  1. TYPES OF NON-RECURRING PREAUTHORIZED TRANSFERS:
    1. You may purchase goods or pay for services with a check at the point of sale and authorize the merchant or service provider to convert your check into an EFT by capturing the routing, account, and serial numbers to initiate the transfer by an electronic check conversion.
    2. You purchase goods or pay for services by mailing a check to the merchant, a lockbox, or other payee that is later converted to an EFT by electronic check conversion.
    3. You make a payment through a bill-payment service available to you via a computer or other electronic means that initiates an ACH debit entry to your account using MICR information you have provided, without producing a paper draft, is an EFT by electronic check conversion.
    4. You are asked to authorize at the time you offer a check to a merchant or service provider to electronically collect a charge in the event the check is returned for insufficient funds. Paying such a fee electronically is an electronic fund transfer.
A consumer authorizes a one-time electronic fund transfer (in providing a check or the information from a check to a merchant or other payee for the MICR encoding), where the consumer receives notice that the transaction will be processed as an EFT and completes the transaction. Examples of notice include, but are not limited to, written statements and the posting of a sign.

Disclosures that Apply to All Electronic Fund Transfers

  1. PERIODIC STATEMENTS:
    1. CHECKING: You will get a monthly account statement.
    2. SAVINGS: You will get a quarterly account statement. (An interim account activity report will be sent if preauthorized withdrawals occur during the month.)
  2. LIABILITY FOR FAILURE TO MAKE TRANSFERS
    1. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
      • If, through no fault of ours, you do not have enough money in your account to make the transfer.
      • If the transfer would go over the credit limit on our overdraft line, if any.
      • If your account is frozen because of a court order or some similar reason.
      • If the automated teller machine where you are making the transfer does not have enough cash.
      • If the terminal was not working properly and you knew about the breakdown when you started the transfer.
      • If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
      • There may be other exceptions stated in our agreement with you.
  3. CONFIDENTIALITY – ACCOUNT INFORMATION DISCLOSURE 
    We will disclose information to third parties about your account or the transfers you make:
    1. Where it is necessary to complete transfers, or
    2. In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or
    3. In order to comply with government agency or court orders, or
    4. If you give us your written permission.
  4. ERROR RESOLUTION PROCEDURES 
    In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed in below, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
    1. Tell us your name and account number (if any).
    2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
    3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

  1. ERROR RESOLUTION NOTICE 
    We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.
  2. EXTENSION OF THE TIME PERIOD
    1. The application time is 20 business days in place of 10 business days if the notice of error involves an electronic fund transfer to or from the account within 30 days after the first deposit to the account was made, if you are a new customer.
    2. The applicable time is 90 days in place of 45 days of investigation, if a notice of error involves an electronic fund transfer that:
      • (1) Was not initiated within a state;
      • (2) Resulted from a point-of-sale debit card transaction.

 

You may ask for copies of the documents that we used in our investigation.

FEDERATED BANK
107 N. CHESTNUT, PO BOX B
ONARGA, IL 60955
Business Days: Monday through Friday
Excluding Federal Holidays
Phone: (815) 268-7676

Your Ability to Withdraw Funds – Determining the Availability of a Deposit. Our policy is to make funds from your cash, check, wire transfer, and electronic direct deposits available to you on the first business day after the day we receive your deposit. Once the funds are available, you can withdraw them in cash and/or we will use them to pay checks that you have written. For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and federal holidays. We have multiple branch locations that have different days and hours of operations. If you make a deposit at one of our branches during operating hours on a day that branch is open, that day will be considered the day of your deposit. However, if you make a deposit after business hours, the day of your deposit will be considered the next business day the branch is open, and the day of your deposit for deposits made at branches will be considered the next business day the branch is open.

Longer Delays May Apply. In some cases, we will not make all the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check you deposit, funds may not be available until the second business day after the day of your deposit. The first $275.00 of your deposits, however, may be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the business day after we receive your deposit. If you need the funds from a deposit right away, you should ask us when the funds will be available. Funds you deposit by check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid. You deposit checks totaling more than $6,725 on any one day. You redeposit a check that has been returned unpaid. You have overdrawn your account repeatedly in the last six months. There is an emergency, such as failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

Other Accounts. If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

Special Rules for New Accounts. If you are a new customer, the following special rules will apply during the first 30 days your account is open: Funds from electronic direct deposits, wire transfers and cash will be available on the first business day after the day of your deposit. In addition, the first $6,725 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, on-us (checks drawn on Federated Bank), 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 (e.g. the checks must be payable to you). The excess amount over $6,725 will be available on the seventh 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 $6,725 will not be available until the second business day after the day of your deposit. Funds from all other deposits will be available on the seventh business day after the day of your deposit.

General Fees & Services

Non-Sufficient Funds Item

(whether presented in-person, electronically, or otherwise)

     Per item paid

$30.00, $150.00 daily maximum

     Per item returned unpaid, and each time represented

$30.00, $150.00 daily maximum

Daily Fee for Negative Balance Account (Overdraft Charge)

$5.00 per day after 3 business days

Returned Deposit Item Fee

$5.00 per occurrence

Stop Payment / Revocation/ Renewal (including ACH, per item)

$25.00

Checking Account Inactivity Account Fee (inactive account for more than 90 days)

$10.00 per month

Savings Account Inactivity Account Fee (inactive account for more than 365 days)

$10.00 per month

Savings Account Overdraft Transfer

$15.00 setup, $3.00 per transfer

Any Account closed within 90 days of opening

$20.00

Legal Process which affect your account (i.e., Garnishments, Levy, Citations, or other)

$90.00

     After the First Hour

$30.00

IRA/HSA Transfer and/or Closing Fee

$50.00

Account Research & Reconciliation

$30.00 per hour, $30.00 minimum

Account Balancing Assistance

$30.00 per hour, $30.00 minimum

Amortization Schedule

$20.00

Loan Coupon Book (replacement)

$15.00

Ready Reserve Account

Annual Fee $15.00, $3.00 per transfer

Notary Service (non-customers)

$3.00

Prepaid Spending Cards

$5.00

Cashier Checks

Customers: $5.00, Non-customers: $10.00

Coin Counting (non-customers)

10%, minimum $5.00

Wire Transfer Fee

Incoming $12.00

     Incoming (International)

$30.00 plus external charges

     Outgoing (Domestic)

$30.00

     Outgoing (International)

$60.00 plus external charges

Debit Card Replacement Fee

$15.00

Instant Issue Debit Card Fees
     For a New Card

 

$10.00

     For a Lost Card

$25.00

ACH Transfers

Setup $15.00, $5.00 each transfer

ATM Fee Charge (not our ATM)

No Charge

Online Banking Re-Enrollment Fee after 90 days

$10.00

ACH Non-Post Handling Charge

$10.00 per item

Collection Items (including Foreign Items)

$20.00 plus external bank charges

Check Copy

$2.00

Activity Printout of Account

$2.00

Returned / Forwarded Mail with Address Correction

$5.00 per item

License Renewal Sticker

$7.50

Telephone Transfer

$2.00

Temporary Checks
Cost of printing checks varies depending on the style of checks ordered.

$5.00 per 10 checks

Photocopies

$0.35

Fax Fees

First Page $3.00, each additional page $1.00

Safety Deposit Boxes

See Rate Schedule

     Drilling Fee

$200.00

     Rekeying Fee

$75.00

     Lost Key Fee

$40.00

Verification of Deposit

$10.00

Audit Confirmation

$20.00

Safe Deposit Boxes

3 x 5

Yearly Fee

5 x 5

Yearly Fee

3 x 10

Yearly Fee

5 x 10

Yearly Fee

10 x 10

Yearly Fee

Not all boxes available in all offices.

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