Checking

Merchants and Planters Bank has a wide variety of checking accounts to choose from, each tailored to meet the needs of our customers. Browse our checking products below or check out our LIFE STAGES tab to help determine which account is right for YOU!

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Requirements

For ALL Consumer Checking Accounts, the following rules apply:

  • Minimum amount to open checking account is $100.00, with the exception of the Insured Money Market account. Minimum amount to open Insured Money Market account is $2,500.
  • If any checking account is closed within 90 days of opening, a $25.00 charge may apply before the account is closed.

Regular Checking

  • $5.00 service charge applies every statement cycle if average balance falls below $500 during the statement cycle. Service charge WAIVED if receiving E-Statements or Direct Deposit
  • Visa Debit Card $1.00 per card per statement cycle. Fee WAIVED if receiving E-Statements or Direct Deposit. Card Subject to Approval.
  • Unlimited deposits and check writing
  • Free 24-Hour account access through Online Banking or 24-Hour Banking Anytime line
  • Online Bill Pay  $3.95 per statement cycle. Fee WAIVED if receiving E-Statements
  • Monthly statement with images
  • $2.00 Postage and Handling fee applies if receiving paper statements. Postage and Handling fee WAIVED if receiving E-Statements or overall deposit relationship is $25,000.00 or more.
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Basic Checking

  • No service charge
  • Free Visa Debit Card (limit 2 free cards per account; each additional card $1.00 per card per statement cycle). Card Subject to Approval.
  • Unlimited deposits and check writing
  • Great for customers who do not receive a Direct Deposit
  • Free 24-Hour account access through Online Banking or 24-Hour Banking Anytime line
  • Online Bill Pay  $3.95 per statement cycle. Fee WAIVED if receiving E-Statements
  • Monthly statement images received with E-Statments only
  • $2.00 Postage and Handling fee applies if receiving paper statements.  Postage and Handling fee WAIVED if receiving E-Statements or overall deposit relationship is $25,000.00 or more.
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Student Checking

  • Full-time students age 26 and under
  • Visa Debit Card $1.00 per card per statement cycle. Fee WAIVED if receiving E-Statements or Direct Deposit. Card Subject to Approval.
  • Unlimited deposits and check writing
  • Free 24-Hour account access through Online Banking or 24-Hour Banking Anytime line
  • Online Bill Pay  $3.95 per statement cycle. Fee WAIVED if receiving E-Statements
  • Monthly statement with images
  • $2.00 Postage and Handling fee applies if receiving paper statements. Postage and Handling fee WAIVED if receiving E-Statements or overall deposit relationship is $25,000.00 or more.
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E-Net Checking

  • High Interest * Checking if terms are met:
    • Must receive E-Statements
    • Have 12 or more Debit Card point of sale transactions post and clear per statement cycle (ATM transactions do not qualify)
    • Have one Direct Deposit and/or one ACH Debit post and clear per statement cycle
  • If above criteria is not met, interest is not paid
  • Interest is compounded and paid monthly. If the account is closed before interest is paid, all accrued interest may be forfeited.
  • $7.50 service charge applies every statement cycle if average balance falls below $1,000 during the statement cycle. Service charge WAIVED if receiving E-Statements or Direct Deposit
  • Free Visa Debit Card with E-Statements or Direct Deposit $1.00 per card per statement cycle applies if no E-Statements or Direct Deposit. Card Subject to Approval.
  • Unlimited deposits and check writing
  • Free 24-Hour account access through Online Banking or 24-Hour Banking Anytime line
  • Online Bill Pay  $3.95 per statement cycle. Fee WAIVED if receiving E-Statements
  • Monthly statement with images
  • $2.00 Postage and Handling fee applies if receiving paper statements. Postage and Handling fee WAIVED if receiving E-Statements.

* Interest rate is variable and subject to change. Higher rate paid on balances up to $25,000. Balances in excess of $25,000 paid Advantage Plus Checking rate. Interest is computed by using the Average Daily Balance.

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Advantage Checking

  • Interest paid at tiered rate
  • Interest is compounded and paid monthly. If the account is closed before interest is paid, all accrued interest may be forfeited.
  •  Basic free checks
  • $7.50 service charge applies every statement cycle if average balance falls below $500 during the statement cycle. Service charge WAIVED if receiving E-Statements or if overall deposit relationship is $25,000 or more.
  • Visa Debit Card $1.00 per card per statement. Fee WAIVED if receiving E-Statements or Direct Deposit. Card Subject to Approval.
  • Unlimited deposits and check writing
  • Free 24-Hour account access through Online Banking or 24-Hour Banking Anytime line
  • Online Bill Pay  $3.95 per statement cycle. Fee WAIVED if receiving E-Statements
  • Monthly statement with images
  • $2.00 Postage and Handling fee applies if receiving paper statements. Postage and Handling fee WAIVED if receiving E-Statements or overall deposit relationship is $25,000 or more.
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Advantage Plus

  • Age 55 and over
  • Interest paid at tiered rate with Direct Deposit
  • Direct Deposit must be received in the account per statement cycle to receive interest at current interest rate. No interest paid if not receiving Direct Deposit
  • Interest is compounded and paid monthly. If the account is closed before interest is paid, all accrued interest may be forfeited.
  • Basic free checks
  • $7.50 service charge applies every statement cycle if average balance falls below $500 during the statement cycle. Service charge WAIVED if receiving E-Statements or if total banking relationship is $10,000 or more
  • Visa Debit Card $1.00 per card per statement. Fee WAIVED if receiving Direct Deposit or E-Statements. Card Subject to Approval.
  • Unlimited deposits and check writing
  • Free Cashiers Checks
  • Free 24-Hour account access through Online Banking or 24-Hour Banking Anytime line
  • Online Bill Pay  $3.95 per statement cycle. Fee WAIVED if receiving E-Statements
  • Monthly statement with images
  • $2.00 Postage and Handling fee applies if receiving paper statements. Postage and Handling fee WAIVED if receiving E-Statements or overall deposit relationship is $10,000.00 or more.
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Insured Money Market

  • Higher interest paid on balances over $2,500
  • Interest is compounded and paid monthly.  You must maintain a minimum daily balance of $1.00 in the account each day to obtain the disclosed annual percentage yield.  If the account is closed before interest is paid, all accrued interest may be forfeited.
  • Unlimited deposits
  • 6 covered transactions allowed per statement cycle each additional transaction $1.00
  •  Covered transactions/withdrawals include:

    • Transfers or withdrawals made to another account of the same depositor at the same bank, if made by:
      • Preauthorized transfer
      • Automatic transfer
      • Telephone, including fax, or
      • M&P's online or mobile banking service
    • Transfers or withdrawals to a third party (or to an account of the customer at another bank), if made by:
      • Preauthorized transfer (ACH)
      • Automatic transfer
      • Telephone, including fax, or
      • M&P's online or mobile banking service
      • Similar order made by the depositor and payable to third parties.
        *Repeated violations of excessive covered transactions could result in the account being closed
  • Unlimited transfers can be made in person, by mail, or at any M&P ATM.
  • No service charge if balance remains above $2,500 ($10.00 charge per statement cycle if balance falls below $2,500 during the statement cycle). Service Charge WAIVED if receiving E-Statements or Direct Deposit or if overall deposit relationship is $25,000 or more.
  • Free 24-Hour account access through Online Banking or 24-Hour Banking Anytime line
  • Monthly statement with images
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**Overdraft Protection is available for Regular, E-Net, and Advantage Plus accounts--Subject to Approval. For more information regarding Overdraft Protection and our standard Overdraft Practices, please click here or contact any of our convenient locations.

 

1577

Regulation E provides a basic framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems such as automated teller machine transfers, telephone bill-payment services, point-of-sale (POS) terminal transfers in stores, and preauthorized transfers from or to a consumer's account (such as direct deposit and social security payments). The term "electronic fund transfer" (EFT) generally refers to a transaction initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs a financial institution either to credit or to debit a consumer's asset account. To see what protections are/are not offered under Regulation E, please click here to refer to Merchants and Planters Bank's Reg E disclosure.