NOW Checking Account
The Personal NOW Checking Account is an interest bearing checking account with tiered rates. The Negotiable Order of Withdrawal account, or NOW account as it is known in the industry, requires an initial deposit of $100 and an average collected monthly balance of $3,500 to avoid the $15 monthly fee. This means your account balance can fluctuate, but must have an average over the term of the month of $3,500 or else a $15 fee will be charged. The higher balance requirement is due to the interest paid on the account.
This account receives tiered interest, which means higher levels deposited receive higher interest rates and yields. The rate and annual percentage yield of the highest rate tier for which an account qualifies is applied to the entire account balance daily.
Rates fluctuate according to market conditions and are subject to change. Interest is compounded and credited monthly. Interest begins to accrue the day cash items are deposited and the business day that non-cash items are credited. We use the daily balance method to calculate interest on accounts. This method applies a daily periodic rate to the principal in the account each day.
This account receives monthly statements with images of written checks. This account also allows ATM (Automated Teller Machine) and VISA Debit Card usage with no annual fees. VISA debit cards are subject to credit approval via an application submitted to VISA International. There are no transaction charges for ATM usage within the STAR no fee network. Please refer to the service schedules for details on these services and fees that may apply.
Internet Banking and BillPay services are also available with no annual fees and no transaction charges. Internet banking may incur charges from your On-Line service provider that are not associated with Baytree National Bank & Trust Company.
Below are two forms to help you start to open an account. Just fill them out, print them and bring them in to a personal banker at one of our locations. This will save time in the account opening process. Please be sure to bring in a valid picture ID for legal requirements.
Please click here for current interest rates for this account.
Please consult a tax advisor regarding the deductibility of interest.
