|
  
Free Checking
Free Checking*
An outstanding account that allows you to write unlimited checks - with
absolutely no service charge!
-
$100 minimum balance to open
-
No monthly fees
-
No minimum balance to maintain
-
Unlimited check writing
-
Monthly statement with images
of your checks or e-mail statement available
-
Free statement binder
-
First order of checks free
*Insufficient Funds (NSF),
etc. will be charged according to Merchants Bank of Alabama fee schedule.top
Club Accounts
The Club
For just an $8 monthly membership fee, this
account includes checking and many other services!
- $100 minimum balance to open
- No monthly minimum balance requirement
- Unlimited check writing
- Free wallet logo checks
- Interest discount on installment loans
- No fee traveler’s checks, cashier checks
or money orders
- 10% discount on safe deposit boxes
- Insurance benefits for accidental death
- Many more money and time-saving benefits
The Club Plus
For just an $10 monthly membership fee, you
get all The Club benefits plus higher insurance benefits, shopping
discounts and more!
- $100 minimum balance to open
- No minimum balance requirement
- Unlimited check writing
- Free wallet logo checks
- Interest discount on installment loans
- No fee traveler’s checks, cashier checks or money orders
- 10% discount on safe deposit boxes
- Significant insurance benefits for accidental death
- Safe deposit and home inventory logs
- Discount eyewear and Shopper’s Advantage
- Many more money and time-saving benefits
!
Club Fifty
Many Club Account benefits plus interest
for our customers over 50!
- $100 minimum balance to open
- $100 minimum monthly balance to avoid
a $4.00 monthly service charge.
- Interest paid on collected balances of
$1,000 or above
- Unlimited check writing
- Free wallet logo checks
- Interest discount on installment loans
- No fee traveler’s checks, cashier
checks or money orders
- 50% discount on safe deposit boxes
- Significant insurance benefits for
accidental death
- Safe deposit and home inventory logs
- Discount eyewear and Shopper’s
Advantage
- Many more money and time-saving
benefits
top
Interest Bearing
Accounts
Prime Regular Checking
An outstanding account that pays interest while giving you the
convenience of unlimited check writing.
- $1000 minimum balance to open
- $1000 minimum monthly balance to avoid a $10.00 monthly service
charge
- Interest paid on collected balances
- Interest based on account balance - higher balances earn higher
interest
- Unlimited check writing
- Free wallet logo checks for customers age 50 and older
.
Prime Investment Account
A convenient Money Market account that
provides accessibility and premium interest!
- $5,000 minimum balance to open
- $5,000 minimum monthly balance to avoid a $15.00 monthly service
charge
- Interest paid on collected balances
- Unlimited check writing
- Monthly statement
- Free wallet logo checks for customers age 50 and older
Prime Cash Management Account
Prime Cash Management Account - An
account that provides you competitive rates on your investment with
immediate accessibility.
- $7,500 minimum balance to open
- $7,500 minimum monthly balance to avoid a $25.00 monthly
service charge
- Interest paid on collected balances
- Unlimited check writing
- Free wallet logo checks for customers age 50 and older
- Monthly statement
Merchants Money Market
- $10,000 minimum balance to open
- The Annual Percentage Yield on this account is 50% of the current Prime Rate that is published in the Wall Street Journal and is subject to periodic adjustments as Prime changes in the market.
- $10,000 minimum monthly balance to avoid a $25.00 monthly service charge
- Interest paid on collected balances
- Unlimited check writing
- Free wallet logo checks for customers age 50 and above
- Monthly statement.
Prime Savings
- $10,000 minimum balance to open
- $10,000 minimum monthly balance to avoid a $25.00 monthly
service charge plus if the required balance falls below the
minimum the interest rate will be paid the same as the statement
savings account for those days be low minimum
- Interest paid on collected balances
- 2 withdrawals per month allowed
- Service Charge of $5.00 for each additional withdrawal
- Monthly statement.
Statement Savings
An easy access savings account
that earns competitive interest.
- $100 minimum balance to open
- $100 minimum balance to avoid a $5.00 quarterly service
charge
- 6 withdrawals per quarter, $1.00 fee for additional
withdrawals
- Quarterly statement
- Interest compounded quarterly
.
Junior Savings (For age 12 and under)
A great account that can teach
kids the value of saving money!
- No minimum opening balance
- No monthly service charge
Christmas Club
Christmas Club - Have holiday
cash when you need it and earn interest.
- $5.00 minimum balance to
open
- Automatic transfers from
checking account
- Statement and check mailed
first week of November each year
Certificates of Deposit (CD)
A secure investment with flexible time commitments.
- Competitive minimum balance
- Terms available from 7 days to 5 years
Individual Retirement Accounts (IRA)
One of the best options
available for retirement savings. Traditional, Roth and
Educational available!
- Possible tax deferred (See your accountant)
- Options include 18 month variable IRA or 1, 2, 3 or 5
years fixed IRA
- $25 minimum balance to open a variable IRA
- $500 minimum balance to open a fixed IRA
- Automatically renewable
- Penalty for early withdrawal
Simplified Employee Pension Accounts (SEP)
A possibly tax-deferred
retirement option for people who are self-employed and
employers who want to make contributions toward an
employees retirement.
- Yearly allowable
contribution based on a percentage of amount earned
- Automatically renewable
- Penalty for early
withdrawal
- Consult your accountant
for more details
Refer to
Service Charge Schedule for costs associated with specific accounts.
Print Banking Services Brochure.
top
Loans
Personal Loans
An easy way to get the money you need at a great rate.
- Use for unexpected expenses or major purchases like autos, boats, etc.
- Affordable repayment plans
-
Personal
Line of Credit
-
Overdraft Protection
Line of Credit
Commercial Loans
Whether you're just starting or expanding a business we can help.
- A variety of loan plans available with repayment terms designed to suit the needs of your business
- Loans available from short-term needs to long term business expansion
Real Estate Loans
Make your dream home a reality!
- Traditional Real Estate Loans
- Construction Loans
- First and Second Mortgage Loans
- Home Improvement Loans
- Home Equity Credit Lines
top
Services
- Traveler's Checks
- Bank-By-Mail
- Overdraft Protection
- Cashier's Checks
- Night Depository
- Money Orders
- Safety Deposit Boxes
- Wire Transfers
- Lock Box Services
- Remote Capture Services
- Investment Services
|
- Stop Payments
- Check Collection Service
- Notary Public
- Automatic Loan Payments
- Automatic Savings
- Direct Deposits
- ATM Locations
- Check Cards
- Silver Spirit Club Membership
|
|
top
Commercial Banking
Business Account
Merchants Bank of Alabama offers Business Checking for proprietorships, partnerships and corporations.
The charge for our Business Account is determined by a profitability analysis each month. This analysis gives you earnings credit on your average positive usable balance (which is your monthly ledger balance minus uncollected funds and checking account reserve requirements). A service charge applies only when the fees for activity exceed the earnings on the balances maintained. Many of our business customers maintain balances that offset the charges for activity and, therefore, have no service
charge.
The statement cycle is from the first through the last day of the month. Your account is charged $8.00 monthly minimum analysis fee, plus the following charges:
$.13 per check paid
$.20 per deposit
$.06 per item deposited
Accounts using uncollected funds to clear checks/debits are charged negative collected balance-interest at a rate prime + 2%.
Additional services such as incoming and outgoing wire transfers, return items and balance inquiries can be included in the analysis so there is no direct charge for these services. If you maintain offsetting balances, no service charge will be assessed.
Business Now Account
With a minimum opening deposit of $1,000 or more, our Business NOW Account is analyzed like our Business Account, although interest is paid on the average daily collected balance. If you maintain a minimum daily balance of $1,000 or more, there is no monthly service charge. Should your balance drop below this level, a $8 monthly charge is assessed.
This account is only available for proprietorships
and partnerships.
Small Business Account
For businesses with low account activity, our Small Business Account may be the perfect solution. This non-interest-bearing business account is available with a minimum opening of $100.
Simply maintain a minimum daily balance of $500, or an average monthly balance of $1,500, and you will have no service charge. If you do not maintain either of these balance requirements; you will receive a flat monthly service charge of $15. Additionally, you are never charged for any combination of less than 500 processed items per month, including deposit items, deposited items or cleared checks. If 500 or more items are processed during the month, there is a $.25 per item charge.
Each depositor insured to $100,000 by the FDIC.
Print
Commercial Banking Brochure.
top
Rates
Since rates vary from day to day, please call us at 256-734-8110
or 1-800-840-4458. Ask to speak
to a customer service representative or e-mail us.
CERTIFICATES OF DEPOSIT
A secure investment with flexible time commitments.
- Competitive minimum balances
- Terms available from 30 days to 5 years
INDIVIDUAL RETIREMENT ACCOUNTS
One of the best options available for retirement savings. Traditional, Roth and
Educational available.
SIMPLIFIED EMPLOYEE PENSION ACCOUNTS
A tax-deferred retirement option for people who are self-employed and
employers who want to make contributions toward an employees retirement.
SAVINGS ACCOUNTS
Prime Savings
Junior Savings
Christmas Club
INTEREST BEARING CHECKING ACCOUNTS
Prime Regular CheckingPrime Investment AccountPrime Cash Management
AccountMerchants Money Market Account
LOANS
top |
