Heritage Direct Savings Account Terms and Conditions

Thank you for choosing the Heritage Direct Savings Account from Heritage Bank N.A., the account that is opened and managed electronically through our online banking system and pays a premium rate of interest.

This disclosure contains information about terms, fees, and current interest rate for Heritage Direct Savings Account.

Today’s Date is Thursday, August 25, 2016.

Account Opening

To open this account you must deposit at least $1,000.00 into the account.

Variable Rate Information

The Annual Percentage Yield is currently 0.25% as of Thursday, August 25, 2016. The rate is subject to change at our discretion and may change daily.

You must maintain a daily collected (available) balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield. We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.

Interest will be compounded monthly and credited monthly. If you request to close your account prior to interest being credited, you will receive your accrued interest. Fees may reduce earnings.

Interest will begin to accrue no later than the business day we receive credit for non-cash items, i.e., checks you deposit to your account.

Service Charge Information

A monthly service charge of $15.00 will be assessed in any month the balance of your account falls below $1,000.00 on any given day.

Federal Banking Regulations limit the number of preauthorized withdrawals to a combined total of six (6) Telephone and Online banking transfers, and ACH payments to third parties. If you exceed this limitation two months in a rolling 12-month period, your account will be charged $30.00. If you exceed this limitation three times during a rolling 12-month period, Federal Banking Regulations require that your account be closed. Heritage Bank will not open a savings account for you for at least 12 months after closure.

If you do not initiate at least one deposit or withdrawal on this account in a 24 month period, the account will go dormant. There will be a monthly service charge as long as your account is dormant. We reserve the right not to send statements on accounts we consider dormant, subject to state law. Funds in abandoned accounts will be sent to a state agency, in accordance with state law. After the funds have been sent to the state, we are not responsible for them. If you choose to reclaim the funds, you must apply to the state agency. See Additional Terms for corresponding fees.

Additional Terms

Dormant Account: $10.00 per month
Abandoned Account: $50.00, one-time fee
Foreign Deposited Check: $5.00 per check
Deposited Items Returned: $6.00 per returned check/Foreign items – cost + $6.00
Counter Checks: $0.25 per item
Stop Payments: $35.00 per item, no max
Overdrafts/NSFs: $32.00 per item
Returned NSF Items: $35.00 per item
Account Closure within 6 Months of Account Opening: $30.00
On any one business day if you bring your account to a zero balance, we will assume you wish to close your account. This will cause deposits or withdrawals to reject.
Reopen Closed Account: First 2 times, no charge; $10.00 per time thereafter

Deposits: You may make deposits to your Heritage Direct Savings Account by; 1- transferring funds from another Heritage Bank account, 2- through the Heritage Bank Mobile App using the Mobile Deposit feature, 3- requesting a transfer from an external account using Bank to Bank Transfer (may take up to three business days), 4- by mailing a check, or 5- by wire transfer. DO NOT SEND CASH.

Deposited checks must be payable to you and have your Heritage Direct Savings Account number on them. It is your responsibility to verify that your deposit reaches us and that we know where you want your deposit credited. If we do not receive your deposit or are not sure to which account it should be credited, you will be responsible for any loss that results.

Withdrawals: You may withdraw funds from your Heritage Direct Savings Account by; accessing your account via our Online Banking and 1- transferring to an existing Heritage Bank account; or 2- transferring funds to your external account using Bank to Bank Transfer, withdrawals may take up to 3 business days. We reserve the right to require written notice, 7 days in advance, before we allow you to withdraw from your account.

Bank to Bank Transfer Service using TransferNow (For Consumer accounts only): Subject to any applicable transfer limitations, Bank to Bank Transfer Service permits you to transfer funds between your deposit Accounts at Heritage Bank and your deposit accounts at other financial institutions in the United States. You are responsible for enrolling and verifying your non- Heritage Bank accounts that you wish to use for these transfers. You agree that you will enroll accounts only for which you have the authority to transfer funds.

Bank to Bank Transfers can be initiated on either a one time or recurring basis. Heritage Bank cannot guarantee the transfer or return of funds if another financial institution does not respond in a timely manner. We may make any Bank to Bank Transfers through any payment system or Automated Clearing House processor selected by us. You agree that Bank to Bank Transfers made through any Automated Clearing House processor are subject to the National Automated Clearing House rules. See Bank to Bank Transfer Service Disclosure for full details of service, including daily and monthly transfer limits and applicable fees.


Heritage Locations

MINNESOTA:
  • Pennock MN - 242 1st Street N PO Box 189 Pennock, MN 56279-0189
  • Raymond MN - 202 Cofield Street PO Box 235 Raymond, MN 56282
  • Spicer MN - 110 South Street W PO Box 658 Spicer, MN 56288-0658
  • Willmar MN - 310 1st Street SW PO Box 1124 Willmar, MN 56201-1124
IOWA:
  • Alta IA - 202 Main St Alta, IA 51002
  • Anthon IA - 115 E Main St P.O. Box G Anthon, IA 51004
  • Aurelia IA - 148 Main St P.O. Box 626 Aurelia, IA 51005
  • Cushing IA - 107 Main St P.O. Box 136 Cushing, IA 51018
  • Holstein IA - 101 N Main St P.O. Box 100 Holstein, IA 51025
  • Lytton, IA - 200 Main St P.O. Box 229 Lytton, IA 50561
  • Sioux City IA - Downtown - 505 5th Street, Suite 100 Sioux City, IA 51101
  • Sioux City IA - Morningside - 4530 Singing Hills Blvd Sioux City, IA 51106



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Revised: 5/2/2016