Jumbo Deposit Account Terms and Conditions

Thank you for choosing the Jumbo Deposit 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 Jumbo Deposit Account.

Today’s Date is December 13th, 2017.

Account Opening

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

Variable Rate Information

The interest rate for this account is based on the applicable balance tier. Current tiered interest rates and corresponding Annual Percentage Yields (APYs):

Interest Rate APY
$0.01 – $99,999.99 0.10% 0.10%
$100,000.00 – $229,999.99 1.20% 1.20%
$230,000.00 – and over 1.30% 1.30%

 

This information is effective as of December 13th, 2017. If you would like additional rate and yield information, please call us at 800-344-7048.

Your interest rate and annual percentage yield may change. We may change the interest rate on your account daily, at our discretion.

You must maintain the daily collected (available) balance for an individual tier to obtain that 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.

We reserve the right to require written notice, 7 days in advance, before we allow you to withdraw from your account.

Service Charge Information and Limitations

Unlimited incoming domestic wires at no charge. Domestic outgoing wire transfers are $30.00 each; one transfer will be waived per month.   Additional fees for international wires apply, see Additional Terms.

You are allowed six (6) withdrawals, of any type, per month. Any month that you exceed this number, you will be charged a $30.00 service charge.

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 three times during a rolling 12-month period, Federal Banking Regulations require that your account be closed. Heritage Bank will not open another money market or savings account for you for at least 12 months after closure. Note: If the Insured Cash Sweep (ICS)® option is selected, withdrawals from ICS are also subject to this Federal Banking Regulation.

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: $7.00 per returned check/Foreign items – $15.00
Mailed Paper Statements: $15.00 per month – waived if enrolled in eStatements
Returned Mail/Returned eStatement*: $5.00
Stop Payments: $35.00 per item, no max
Overdrafts/NSFs: $33.00 per item
Returned NSF Items: $36.00 per item
Wire Transfers: Outgoing- $30.00 each
International Wire Transfers: Incoming $35.00; Outgoing- $60.00
Account Closure within 6 Months: $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: $10 per time
Negative Balance Closing*: $25.00

Deposits: You may make deposits to your Jumbo Deposit 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, 5- by wire transfer, or 6- through transfers on your Insured Cash Sweep (ICS)® account, if you choose that option (see below). DO NOT SEND CASH.

Deposited checks must be payable to you and have your Jumbo Deposit 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 Jumbo Deposit Account by accessing your account via our Online Banking and 1- transferring to an existing Heritage Bank account; 2- transferring funds to your external account using Bank to Bank Transfer, withdrawals may take up to 3 business days; 3- request a wire transfer; or 4- through transfers on your Insured Cash Sweep (ICS)® account, if you choose that option (see below). 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.

Jumbo Deposit Account with the Insured Cash Sweep (ICS)® option: When you select the ICS option with your Jumbo Deposit Account, you may be eligible for up to $75 million in FDIC insurance coverage per Tax Identification Number. Promontory will endeavor to place your funds at Destination Institutions using ICS®, the Insured Cash Sweep® service of Promontory Interfinancial Network, LLC (“Promontory”). The amount of your funds that Promontory places in the deposit accounts that have been established for the placement of your funds at Destination Institutions (each a “Deposit Account”) will not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), currently $250,000, at any one Destination Institution. In addition to the Terms and Conditions outlined here, for your Custodial Account, you agree to complete and abide by the Terms and Conditions outlined within the Deposit Placement Agreement and Custodial Agreement. Note: Program Deposits and Withdrawals will settle with Insured Cash Sweep (ICS)® the next business day. For information on FDIC Insurance coverage, visit www.FDIC.gov.

Heritage Locations

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

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

SOUTH DAKOTA:

  • Sioux Falls SD – 140 N Phillips Ave, Suite 100, Sioux Falls SD 57104



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Revised: 02/01/2017