News from the Bank of Chestnut

Lobby is CLOSED until further notice.

Due to the recent rise of COVID cases in our area, the Bank of Chestnut has closed the Lobby until further notice.  You may continue to utilize our drive up services, our night drop, ATM or make appointments for additional services.  Call 217-796-3305 to make appointments or with any questions.

Changes to your account. . . EFFECTIVE JULY 1, 2020

If a HOLD is placed on your Deposit, the amount available to you on the first day of your deposit has been increased from $200.00 to $250.00.

In addition, the following changes also apply to those funds you deposit by check which may be delayed for a longer period:

— You deposit checks totaling more than $5,525 on any one day. This is a change from the current $5,000.

— You are a new customer and the account is still within the first 30 days from account opening.  For a new account, funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.  This is a change from the current amount of $5,000.

If we delay availability on a deposit, we will provide a notice of delayed availability to you promptly.  Should you have any questions, please don't hesitate to contact the Bank of Chestnut at 217-796-3305. 

Change in Terms for Money Market Accounts - (Changed May 15, 2020 ) the excess debit fee has been changed to 1.00 per debit over the allowed 6 monthly debits.

Rate Information - Your interest rate and annual percentage yield may change.

Frequency of rate changes - We may change the interest rate on your account at any time.

Determination of rate - At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency - Interest will be compounded and credited to your account every month.

Minimum balance to open the account - You must deposit $2,500.00 to open this account.

Minimum balance to avoid imposition of fees - A maintenance fee of $5.00 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $2,500.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Balance computation method - The average daily balance is used to calculate the interest on your account.

Accrual of interest on non-cash deposits - Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Transaction limitations: Checks or transfers from a Money Market account to another account or to third parties by preauthorized debit, automatic debit, or telephone transfer are limited to six per month.

Fees:  An Excess Check Charge fee of $1.00 will be charged for each withdrawal/transfer in excess of six during a month.

CHESTNUT ATM Now Open. . . Need cash but the Bank is closed?  No problem, just visit our new ATM located in the drive up.  It's available 24/7 and FREE for Bank of Chestnut customers or Shazam Preferred Card Holders.

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