Truth in Savings – my Senior Checking

Effective August 2, 2021, the following RCB Bank fees are increasing to:

  • Overdraft Paid Item Fee – $32.00
  • NSF Return Item Fee – $32.00
  • Bounce Paid Item Fee – $32.00
  • Stop Payment Fee – $32.00
  • Business Paper Statement Fee – $5.00 (assessed monthly for checking accounts and quarterly for savings accounts) to all business accounts receiving a paper statement.
  • Daily Consumer Overdraft Fee Limit – $160.00

my Senior Checking 1/2022
855-226-5722
RCBbank.com
info@bankrcb.net

Mailing address:

P.O. Box 189
Claremore, OK 74018

ELIGIBILITY REQUIREMENTS. This account is available to accountholders age 50 and better. Limit of two (2) my Senior Checking accounts per household.

You must meet the following requirements each rewards cycle to earn rewards:

Tier 1:

Is the rate for balances less than $15,000 if the following rewards requirements are met:

  • A minimum of six (6) debit card merchant or point of sale transactions must post to this account each statement cycle (excludes refunds).
  • A minimum of one (1) ACH transaction (automatic deposit or withdrawal) must post to this account each statement cycle.
  • Receive electronic statements. (eStatements) If a paper statement is requested the paper statement fee will be charged, and you will not meet this tier’s eligibility requirements. 

OR

Tier 2:

Is the rate for balances less than $15,000 if the following rewards requirements are met:

  • A minimum of six (6) debit card merchant or point of sale transactions must post to this account each statement cycle (excludes refunds).
  • A minimum of one (1) ACH transaction (automatic deposit or withdrawal) must post to this account each statement cycle.

Tier 3:

Is the rate for balances of $15,000 or more, or the entire balance if reward requirements are not met.

 

Any account rewards or accrued interest will be forfeited if the product type is changed during the reward or statement cycle, if minimum transaction requirements are not met. After a product type has been updated the rewards or interest will begin to accrue as of the date changed. Rewards or interest will not be paid on the days previous to the product update.

RCB Bank reserves the right to modify, change and/or terminate the rewards/interest program without notice.

RATE INFORMATION. The interest rate listed in a tier will be paid for only that portion of your daily balance range that is equal to or greater than the low balance amount but less than the high balance amount within that tier.

Your interest rate and annual percentage yield may change.

Determination of Rate. At our discretion, we may change the interest rate on your account.

If you do not meet the eligibility requirements during the qualification cycle, the rate paid in your account on the entire balance will be the rate listed in Tier 3.

Frequency of Rate Changes. We may change the interest rate on your account at any time.

Limitations on Rate Changes. There are no maximum or minimum interest rate limits for this account.

Additional Rate Information. The interest rate on your account is determined by our Investment Committee and is based on a composite of various rates and economic factors.

COMPOUNDING AND CREDITING. Interest will compound  and will be credited to your account monthly.  If you close your account before interest is credited, you will not receive the accrued interest.

MINIMUM BALANCE REQUIREMENTS. You must deposit $100.00 to open this account. You must maintain a minimum daily balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.

DORMANT/INACTIVE ACCOUNT INFORMATION. A dormant account fee of $10.00 per month will be charged after 365 days of inactivity. An account is considered dormant when a period of inactivity occurs on a checking or savings account, in combination with an invalid address for the primary owner.

PROCESSING ORDER. All credits post first. Then debits generally are posted in the following transaction type order; within each transaction type, transactions post by amount order, low to high. Items with check numbers post in serial order; when a check number is not present, then posting occurs by amount order, low to high.

Debit Transaction Type Posting Order

  • ATM Withdrawals
  • Online Banking and Anytime Banker Transfers
  • On-Us Teller Cashed Checks
  • 3rd Party Cashed Checks
  • ITM Cashed Checks
  • Debit Card PIN transactions
  • Debit Card POS Signature transactions
  • Debit Card Recurring transactions
  • ACH Debits
  • ITM Checks Deposited at RCB Bank
  • On Us Checks Deposited at RCB Bank
  • Checks Deposited at another institution

*This is not an all-inclusive list. These are the most common types of transactions and may not include transactions used less frequently. If you have any questions, please contact us at (855) 226-5722.

**Serial Order – Chronological order of the serial number. (i.e. check number 1001 will post before check number 1007 if both are received on the same day within the same group listed above.)

The processing order of these items is important because if there is not enough money in the account to pay for the items in the order they are processed in accordance with the processing order, there may be an overdraft on your account which may result in overdraft or non-sufficient funds fees or an increase in the amount of these fees.

OVERDRAFT PROTECTION. An overdraft on your account occurs when you do not have sufficient funds in your account to cover items such as a traditional paper check, a teller withdrawal, an automatic payment (ACH) transaction or a recurring debit payment.

Overdrafts can occur through the use of your RCB Bank debit card, if you opt in to Enhanced Bounce Protection. Please refer to the Bounce Protection disclosure contained in your account paperwork for a complete description of how and when Bounce Protection may be added to your account.

BALANCE COMPUTATION METHOD. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.

The daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the daily balance on which interest is paid.

ACCRUAL ON NONCASH DEPOSITS. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).

TRANSACTION LIMITATIONS. No transaction limitations apply to this account.

ADDITIONAL INFORMATION REGARDING YOUR ACCOUNT.

ERROR RESOLUTION. If you have questions about your Rewards qualifications, please call or write your local RCB Bank branch or call our Call Center at 855-226-5722 within 30 days of the statement. We will promptly research any problems or errors you believe have occurred, and then notify you in writing of our investigation findings.

EFFECT OF RECLASSIFICATION UNDER REGULATION D. A portion of this account balance may at times be reclassified under Federal Reserve Board Regulation D, this will not affect the interest you are paid.

INCLUDED ACCOUNT CHECKS. One (1) box of “no cost” checks is offered per year with the my Senior Checking account. The design is limited to “RCB Bank Custom” design available in wallet (single) or duplicate options.

ONLINE BANKING. Online Banking ID’s will be considered inactive after 365 consecutive calendar days without a valid sign-in to the Online Banking system. Online Banking ID’s will be automatically deactivated and removed from the Online Banking system after 730 consecutive calendar days without a valid sign-in.

NEGATIVE REPORTING TO CREDIT BUREAUS. We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.

STATEMENT DELIVERY. We will provide an electronic (eStatement) on your account at no charge each month. If a paper statement is requested, a paper statement fee will be assessed to your account.

ACCOUNT CLOSURE. Please see the Deposit Agreement for specific account closure terms and conditions. RCB Bank will consider your account closed when the account balance has been at zero ($0.00) for seven (7) consecutive days. Removing all funds from the account may result in accidental closure.

CURRENT RATE INFORMATION. To obtain the current rate(s) and annual percentage yield information, please call 1-855-226-5722.

FEES AND CHARGES. Please refer to the separate Fee Schedule provided to you for information about fees and charges associated with this account. A Fee Schedule will be provided to you at the time you open an account, periodically when fees or charges change, and upon request.