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Schedule of Rates & Fees
This schedule of Rates and Fees is a companion to our Deposit Account Agreement, as may be amended from time to time. It provides you with information regarding:
- Minimum balance requirements
- Monthly maintenance fees on your account
- Interest rate and Annual Percentage Yield (APY)
- Other service fees that may apply to your account.
Capitalized terms not defined in the Rates and Fees Schedule shall have the meaning given to them in the Agreement. The terms and conditions found in your agreement, as may be amended from time to time, are incorporated into this Rates and Fees Schedule by their reference herein.
If you have any questions about the information in your Rates and Fees Schedule or Agreement, as may be amended from time to time, please call Mechanics Cooperative Bank toll free at: 1-888-MECHANICS (632-4264) or, if you prefer, stop by your local branch.
Interest Accrual and Other Features:
Variable Rates (On all accounts other than certificates specified as “Fixed Rate”):
:As discussed in further detail in the Agreement, we pay a variable rate of interest on your checking with interest, money market, savings account and variable rate certificate of deposit accounts as disclosed below (other than Fixed Rate Certificates). We may change your rate of interest on these accounts at our discretion, at any time. The variable rate certificate of deposit product allows customers to make deposits at any time without affecting the maturity date. One (1) penalty free withdrawal allowed per quarter, consisting of funds on deposit longer than (7) days. The interest rate and annual percentage yield may change at any time. For further information regarding the manner in which interest is calculated on your account, please refer to the “Earning Interest and Paying Fees” section of your Agreement.
Accrual of Interest on Tiered Accounts:
Some of our accounts earn interest in a tiered rate fashion. This means that different interest rates are paid on the account at specified balance levels.
For All Tiered Rate Accounts:
We will pay you interest on the full balance in such accounts at the interest rate that corresponds to the applicable deposit tier. You will have only one (1) APY, and your APY will not vary with the amount of principal assumed to have been deposited. For example, if you have $10,000 on deposit in your Premier Choice Checking Account, the interest rate and APY that you would earn, would be on the full $10,000.00, not multiple rates and APY’s for multiple balance tiers.
18/65 Qualified Accounts:
As is disclosed in greater detail in our Agreement, you may notify us of your eligibility under the Massachusetts “18/65 Law”. Under this law, you have the right to select one (1) checking account and one (1) Classic Savings or Statement Savings account as your “18/65 Qualified Accounts”. Money Market Accounts may not be an 18/65 Qualified Account under applicable law. We will not assess your Monthly Maintenance Fee and certain other fees and charges against your 18/65 Qualified Account(s). We may assess certain other charges, as defined in this Rates and Fees Schedule against such accounts. However, you must notify us of your eligibility and the accounts to be considered as your 18/65 Qualified Accounts in order for these protections to be effective.
Deposits and Withdrawals on Certificates:
- CDs with Maturities of less than One (1) Year: the fee that we may impose will equal three (3) months interest on the amount withdrawn subject to penalty.
- CDs with Maturities of One (1) Year but less than Three (3) Years: the fee that we may impose will equal six (6) months interest on the amount withdrawn subject to penalty.
- CDs with Maturities of Three (3) Years with a variable rate: the fee that we may impose will equal six (6) months interest on the amount withdrawn subject to penalty.
- CDs with Maturities of Three (3) Years and up to Four (4) Years: the fee that we may impose will equal twelve (12) months interest on the amount withdrawn subject to penalty.
- CDs with Maturities of Five (5) Years or More: the fee that we may impose will equal twenty-four (24) months interest on the amount withdrawn subject to penalty.
Passbook Savings Accounts
You must present your passbook in person at a branch to make withdrawals and/or transfer from your Passbook Savings account.
IRA Accounts
Any account that you have with us that is part of an IRA or other tax qualified plan is governed by certain regulations of the IRS. The plan documents that you received when you opened your IRA may impose certain limitations regarding the use of account, including additional transaction limitations. You may incur a tax penalty if you withdraw funds from these accounts. For further information regarding the limitations of these accounts, please see your plan documents and discuss such withdrawals with your tax advisor.
Automatic Renewal of CDs
Your CD account(s) will automatically renew at maturity. You have a grace period of seven (7) calendar days from the maturity date to withdraw your funds without being charged a penalty. You may also send us a written notice within the grace period informing us of your wish not to renew your CD account and providing us with instructions on how you would like us to either transfer the funds in your maturing CD or otherwise close your account and provide you with the funds.
Your written notice may be sent to:
Mechanics Cooperative Bank
Deposit Operations Department
470 Myles Standish Boulevard
Taunton, MA 02780
If you do not renew your CD, interest will not accrue after the maturity date. Unless specified otherwise in the Rates and Fees Schedule or in other documentation provided to you when you opened your CD, the renewal term for your CD will be the same as the original term. If we offer a promotional CD, this may renew at a term different than the term of the original promotional CD. We will set the interest rate on your renewing CD at our discretion. It may differ from the interest rate that we pay on other CD accounts of the same type or term. Please call the telephone number listed on the maturity notice you receive regarding your account on or after your maturity date to determine the rate and term of your renewal.
Account Type & Balance Tiers:
| Account Type | Balance Tiers |
|---|---|
| Top Choice Checking Minimum Daily Balance of $50,000 or more required in addition to direct deposit and e-statements to receive premium rate. | $100.00 - $49,999.99 $50,000.00 and above |
| Premier Choice Checking | $100.00 - $4,999.99 $5,000.00 - $9,999.99 $10,000.00 - $24,999.99 $25,000.00 - $49,999.99 $50,000.00 and above |
| Unlimited Choice Checking | $100.00 and above |
| 18/65 Choice Checking | $100.00 and above |
| E-Choice Savings | $100.00 and above |
| Statement Savings | $100.00 and above |
| Classic Savings | $100.00 and above |
| Christmas Club | $10.00 and above |
| Premier Choice Savings | $100.00 - $9,999.99 $10,000.00 - $24,999.99 $25,000.00 - $49,999.99 $50,000.00 - $99.999.99 $100,000.00 and above |
| Personal Money Market | $100.00 - $24,999.99 $25,000.00 - $99,999.99 $100,000.00 - $249,999.99 $250,000.00 - $999,999.99 1,000,000.00 and above |
| Choice IOLTA | $100.00 - $4,999.99 $5,000.00 - $9,999.99 $10,000.00 - $24,999.99 $25,000.00 - $49,999.99 $50,000.00 and above |
| Business Money Market | $100.00 - $24,999.99 $25,000.00 - $99,999.99 $100,000.00 - $249,999.99 $250,000.00 – 1,499,499.99 1,500,00.00 and above |
Consumer Account Pricing and Balance Requirements:
Consumer Checking Accounts with Interest
| Account Type | Minimum Opening Deposit | Minimum Balance Required to Earn Interest | Daily Balance or Other Requirements to Avoid Monthly Service Fee | Monthly Service Fee | Special Condition Required |
|---|---|---|---|---|---|
| Top Choice Checking | $500.00 | $100.00 | $50,000.00* | $25.00 | Minimum Daily Balance, Active Direct Deposit & e-Statements |
| Premier Choice Checking | $25.00 | $100.00 | $5,000.00 | $27.00 | |
| Unlimited Choice Checking | $25.00 | $100.00 | $500.00 | $17.00 | |
| 18/65 Choice Checking | $25.00 | $100.00 | Available for customers meeting age requirements. |
Consumer Checking Accounts without Interest
| Account Type | Minimum Opening Deposit | Minimum Balance Required to Earn Interest | Daily Balance or Other Requirements to Avoid Monthly Service Fee | Monthly Service Fee | Special Condition Required |
|---|---|---|---|---|---|
| eChoice Checking | $25.00 | Active Direct Deposit & e-Statements** | $13.00 | Active Direct Deposit & e-Statements** |
|
| Free Choice Checking | $25.00 | ||||
| Bank On Choice Checking | $25.00 | No Checkwriting Permitted | |||
| Bank@Work Choice Checking | $25.00 |
Consumer Savings Accounts, Money Markets, and Certificate of Deposits
| Account Type | Minimum Opening Deposit | Minimum Balance Required to Earn Interest | Daily Balance or Other Requirements to Avoid Monthly Service Fee | Monthly Service Fee | Special Condition Required |
|---|---|---|---|---|---|
| eChoice Savings | $10.00 | $100.00 | $200.00 | $5.00 | e-Statement Only |
| Premier Choice Savings | $10.00 | $100.00 | $200.00 | $5.00 | Must be linked to Premier Choice Checking |
| Statement Savings | $10.00 | $100.00 | $200.00 | $5.00 | |
| Classic Savings | $10.00 | $100.00 | $200.00 | $5.00 | Passbook Only |
| Christmas Club | $10.00 | $10.00 | Passbook Only Early Withdrawal Fees May Apply |
||
| Personal Money Market | $500.00 | $100.00 | $500.00 | $27.00 | |
| Regular CDs and IRA Certificates | $500.00 | $500.00 | Early Withdrawal Fees May Apply | ||
| Special CDs | Early Withdrawal Fees May Apply |
Business Account Pricing and Balance Requirements:
Business Checking Accounts
Business Options for Savings Accounts, Money Markets, and Certificate of Deposits
| Account Type | Minimum Opening Deposit | Minimum Balance Required to Earn Interest | Daily Balance or Other Requirements to Avoid Monthly Service Fee | Monthly Service Fee | Special Condition Required |
|---|---|---|---|---|---|
| Statement Savings | $10.00 | $100.00 | $200.00 | $5.00 | |
| Classic Savings | $10.00 | $100.00 | $200.00 | $5.00 | Passbook |
| Choice Business Money Market | $500.00 | $100.00 | $500.00 | $27.00 | |
| Regular CDs | $500.00 | $500.00 | Early Withdrawal Fees May Apply | ||
| Special CDs | Early Withdrawal Fees May Apply |