Products
-$25 to open
-$5 service fee
-Service fee waived if $500 average daily balance maintained or 2 of the 4 qualifiers are meet.
What is MyChecking 1
We are required to track our lending practices by location so our lending patterners can be tracked to be sure we are not discriminating against a certain area in the community. Such as low income neighborhoods and neighborhoods of certain ethnicity.
What is the Community Reinvestment Act
A check that has been deposited to a customer's account that has been returned insufficient funds. The customer's account will be charged a fee and the amount of the deposited item.
What is Charge Back
The company we order our checks from for our customers.
What is Check Printing Solutions
I have an abundance of 10's in my top draw. What can you strap them in to put in your bottom drawer?
What is $250 or $500
-$100 minimum to open account
-Limited to six withdrawal per statement cycle
- Interest compounded and paid monthly as long as balance of $100 is maintained.
What is Totally Free Savings
This regulation only applies to checking accounts. This law controls how checks are collected and when funds from deposited and cashed checks are available to customers.
What is Reg CC - Expedited Funds Availability
A customers account that has shown no activity for a specified period of time usually defined as 12 months.
What is Dormant Account
-Discretionary overdraft service that provides an automatically assigned overdraft limit.
-Available for checks and other transactions using the checking account number or automatic bill payment and reoccurring debit card payment.
-For all other personal accounts, at the customer’s request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using the limit.
What is Easy Pay/ Bounce Protection
I need to sell 20's to the vault. How are they strap to be sold?
What is $2000.
-$1000 to open
-Interest compounded and paid monthly
-May withdraw funds within 10 days after maturity without penalty
-You may not not make withdrawals from your account until maturity
What is Cd's (Certificate of Deposit)
This regulation is intended to help consumers compare the annual percentage yields (APY). fees, and other terms of deposit account from various financial instructions. This way they can compare products from bank to bank - apples to apples.
What is Reg DD - Truth in Savings Act
If an account is designated with POD, the POD would be entitled to the funds in the event of the account owner(s) death. The POD however, does not have any rights to the account as long as the owner(s) is alive.
What is POD (Payable on Death)
A collection agency we use when a customer overdrafts his/her account and has not paid it back within 60 days.
What is American Profit Recovery
I have an abundance of 100's in the top drawer. What can you strap them to put in your bottom drawer?
What is $1000
-$1000 minimum to open account
-$10 service charge
-Service charge waived if customer has average daily balance greater than $1000 or 2 of 3 qualifiers. (Business Online Banking, One Debit Card Purchase per month, or CPS)
What is Basic Business Checking
Our written procedures and practices to protect our employees and customers. Includes having annual robbery training so employees are aware of what to do in the event of a robbery.
What is the Bank Protection Act
A General Power of Attorney gives broad powers to a person or organization (known as an agent or attorney in fact) to act on their behalf.
What is POA (Power of Attorney)
A customer can call this number (804 435 7515) to get there balance, transfer money, review cleared checks, etc.
What is Touch Tone Teller.
I need to sell 5's to the vault. How are they strap to be sold?
What is $500.
-A link to another account, such as a savings to a checking account, to cover overdraft.
-$5 transaction fee per transfer
What is Parent/Child Sweep
This regulation requires financial institutions to implement reasonable procedures for verifying any person seeking to open an account. This also includes large cash deposits over $10,000.01 per business. Maintaining records of information used to verify the person's identity. Also determining whether a person appears on any list of known or suspected terrorist organizations provided to the financial institutions.
What is the Bank Secrecy Act and CIP
An instrument bearing a date six months or more prior to its presentation. The Uniform Commercial Code (UCC) states that banks are not required to honor such checks.
What is a Stale Dated Check.
The customer experience we want our customers to feel when they walk through our doors and leave. We can offer them a vast variety of services to meet their needs.
What is the Chesapeake Bank Experience.
I have an abundance of ones in the top drawer. What can you strap them in to put in your bottom drawer.
What is $50 or $100.