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Deposit Products

Regular Checking • NOW Account • MMDA Account • Savings Account • Certificates/IRA’s

Regular Checking

Minimum balance to open
The minimum balance required to open this account is $100.00.
 
Minimum balance to avoid a fee
If your balance falls below $400.00 on any day in the month, your account will be subject to a $4.00 Required Minimum Balance fee for that month. 

If your balance falls below $300.00 on any day in the month, your account will be subject to a $5.00 Required Minimum Balance fee for that month. 

If your balance falls below $200.00 on any day in the month, your account will be subject to a $6.00 Required Minimum Balance fee for that month. 
 
Deposit limitations
You may make an unlimited number of deposits into your account. 
 
Withdrawal limitations
You have unlimited check writing and unlimited ATM activity on this account at no extra charge.
 
Additional Terms
There is a one dollar discount on service charge fees on a regular checking account and free wallet basic personalized checks for senior citizens on direct deposit. 

NOW Account

Rate information
At our discretion, we may change the interest rate for this account at any time. 
 
Compounding frequency
Interest will be compounded monthly.
 
Crediting frequency
Interest will be credited into this account monthly.
 
Daily balance computation method
Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of interest on noncash deposits
Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
 
Minimum balance to open
The minimum balance required to open this account is $1,500.00.
 
Minimum balance to avoid a Service Charge fee
If your balance falls below $1,500.00 on any day in the statement cycle, your account will be subject to a $2.00 Service Charge Fee for that statement cycle.. 
 
If your balance falls below $1,000.00 on any day in the statement cycle, your account will be subject to a $4.00 Service Charge Fee for that statement cycle. 
 
If your balance falls below $500.00 on any day in the statement cycle, your account will be subject to a $6.00 Service Charge Fee for that statement cycle. 
 
Deposit limitations
You may make an unlimited number of deposits into your account. 
 
Withdrawal limitations
You have unlimited check writing and unlimited ATM activity on this account at no extra charge.

Money Market Demand Account (MMDA)

Rate information
At our discretion, we may change the interest rates for this account.

Tier 1 – If your daily balance is $100,000.00 or more, the interest rate paid on the entire balance in your account will be the Money Market Rate in effect at that time.

Tier 2 – If your daily balance is $2,500.00 or more, the interest rate paid on the entire balance in your account will be the Money Market Rate in effect at that time.

Tier 3 – If your daily balance is less than or equal to $2,499.99, the interest rate paid on the entire balance in your account will be the NOW Account Rate in effect at that time.

Compounding frequency
Interest will be compounded monthly.
 
Crediting frequency
Interest will be credited into this account monthly.
 
Daily balance computation method
Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
 
Accrual of interest on noncash deposits
Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
 
Minimum balance to open
The minimum balance required to open this account is $2,500.00.
 
Minimum balance to avoid a Service Charge fee
If your balance falls below $1,500.00 on any day in the statement cycle, your account will be subject to a $4.00 Service Charge Fee for that statement cycle. 

If your balance falls below $1,000.00 on any day in the statement cycle, your account will be subject to a $6.00 Service Charge Fee for that statement cycle. 
 
If your balance falls below $500.00 on any day in the statement cycle, your account will be subject to a $8.00 Service Charge Fee for that statement cycle. 
 
Deposit limitations
You may make an unlimited number of deposits into your account. 
 
Limitations on frequency of transfers
Transfers from a Money Market Demand account to another account or to third parties by preauthorized, automatic, computer, or telephone transfer or by check, draft, or similar order to third parties are limited to six per statement cycle. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.
 
Fees and Charges
An excessive withdrawal fee of $6.00 will be charged for each withdrawal in excess of six during a statement cycle.  
 

Regular Savings Plan Account

Rate information
At our discretion, we may change the interest rate for this account at any time.
 
Compounding frequency
Interest will be compounded daily.
 
Crediting frequency
Interest will be credited into this account quarterly.
 
Daily balance computation method
Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
 
Accrual of interest on noncash deposits
Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
 
Minimum balance to open
The minimum balance required to open this account is $25.00.
Minimum balance to obtain the disclosed annual percentage yield - You must maintain a minimum daily balance of $5.00 in your account each day to obtain the disclosed annual percentage yield. 
 
Deposit limitations
You may make an unlimited number of deposits into your account. 
 
Limitations on frequency of transfers
During any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to closure by the financial institution. 
 
Fees and Charges 
An excessive withdrawal fee of $1.00 will be charged for each debit transaction (ATM or in-person withdrawal, automatic transfer, or other payment out of this account) in excess of three during a quarter.
 

Certificate of Deposit Accounts

Peoples State Bank has a time certificate of deposit account to meet any investment objective. Open a Peoples State Bank CD today and guarantee yourself a higher yield. Lock in a great rate and earn a predictable return with no market risk. A minimum investment is required. As with any CD, should you decide to withdraw your deposit before the end of the term, certain penalties will apply.
 
Some features are:

Individual Retirement Accounts (IRA’s)

Eligible individuals may make tax-deductible contributions to an IRA. Please consult your tax advisor for eligibility requirements. Peoples State Bank offers different IRA programs. Please consult one of our New Accounts Service Representatives for details.