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  • Patriot
    Act
  • Privacy
    Disclosure
  • Understanding Your
    Deposit Account
  • Posting of
    Transactions
  • MLO's
    Numbers

IMPORTANT INFORMATION ABOUT PROCEDURES FOR
OPENING A NEW ACCOUNT

Patriot Act

 To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you:  When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.

PRIVACY DISCLOSURE

We Respect your Privacy
We have never shared nonpublic personal information except as required or permitted by law and we will continue to protect your privacy.

Our Privacy Disclosure Policy

 

The Mercantile Bank of Louisiana MO
222 Georgia Street
Louisiana, MO  63353
PH: (573) 754-6221

This notification meets the notification requirements of the joint regulatory agencies final rules on privacy of consumer information, 15 USC. 6801.


UNDERSTANDING YOUR DEPOSIT ACCOUNT
Services Charges/Fees/Minimum Balances
Following are changes to service charges, fees, and minimum balances that will become effective August 1, 2014
-Changes are in Bold type-

 

Free Checking Account
Minimum deposit to open account-No minimum deposit required.
No monthly service charge.
Checks will not be returned in monthly statement.
Copies of cancelled checks &/or deposits - $3.00 each.
Inquiries (for example, who was check #301 payable to?) - $2.00.

Regular Checking Account
Minimum deposit to open account—You must deposit $100 to open this account.
Minimum balance to avoid imposition of fees—A service charge of $5.00 will be imposed every statement cycle if the balance in the account falls below $300.00 any day of the cycle.

Business Regular Checking Account
Minimum deposit to open account—You must deposit $100 to open this account.
Minimum balance to avoid imposition of fees—A service charge of $5.00 will be imposed every statement cycle if the balance in the account falls below $500.00 any day of the cycle.

Now Account
Minimum deposit to open account – You must deposit $500.00 to open this account.
Minimum balance to avoid imposition of fees – A service charge of $7.00 will be imposed every statement cycle if the balance in the account falls below $500.00 any day of the cycle. 
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 every month.  Interest will be credited to your account every month.
Effect of closing an account – if you close your account before interest is credited, you will not receive the accrued interest.
Daily balance computation method – we use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.  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).

Money Market Account
Minimum deposit to open account – you must deposit $1,000.00 to open this account.
Minimum balance to avoid imposition of fees – A service charge of $10.00 will be imposed every statement cycle if the balance in the account falls below $1,000.00 any day of the cycle.
Rate information – Your interest rate and annual percentage yield may change.  Money Market Accounts are tiered-rate accounts and the interest rate will be based on your balance….the higher your balance, the higher your interest rate. 
The tiers are as follows:
$             UP  to   $ 24,999.99
$  25,000.00  to   $ 49,999.99
$  50,000.00  to   $ 99,999.99
$ 100,000.00 to   $249,999.99
$ 250,000.00   AND ABOVE

 

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 every month.  Interest will be credited to your account every month.
Effect of closing an account – if you close your account before interest is credited, you will not receive the accrued interest.
Daily balance computation method – we use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day. 
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 – transfers from a Money Market account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no more than three by check, draft or similar order to third parties.
Fees – an item fee of $1.00 will be charged for each check or telephone transfer in excess of three during a month.

Savings Account
Minimum deposit to open account – you must deposit $50.00 to open this account.
Minimum balance to avoid imposition of fees – a service charge of $5.00 will be imposed every statement cycle if the balance in the account falls below $50.00 any day of the cycle.
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 every quarter.  Interest will be credited to your account every quarter.
Effect of closing an account – if you close your account before interest is credited, you will not receive the accrued interest.
Daily balance computation method – we use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day. 
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 – transfers from a Savings account to another account or to third parties by preauthorized, automatic, or
telephone transfer are limited to six per quarter with no transfers by check, draft, debit card, or similar order to third parties.
Fees – an item fee of $2.00 will be charged for each withdrawal in excess of six during a statement cycle.

 

 

Christmas Club Account
Minimum deposit to open account – no minimum deposit is required.
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 not be compounded.
Interest will be credited to your account at maturity.
Effect of closing an account – if you close your account before interest is credited, you will not receive the accrued interest.
Daily balance computation method – we use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.
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).
Number of withdrawals allowed – withdrawals are not allowed on this account.  If you wish to withdraw funds from this account, you must withdraw the balance of the account and the account cannot be reopened until the next Christmas Club year.

 

We reserve the right to at any time require not less than 7 days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.

 

THE MERCANTILE BANK OF
LOUISIANA MO
222 Georgia Street, P.O. Box 509
Louisiana, MO  63353
PH:  (573) 754-6221
FAX:  (573) 754-6883

Member FDIC

 

-NOTICE-

IMPORTANT INFORMATION ABOUT
PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.



NOTICE TO CUSTOMERS REGARDING
POSTING OF ALL BANKING TRANSACTIONS

All ATM TRANSACTIONS including deposits, withdrawals and transfers received after 12:00 NOON (CST) will be posted to your account on the next business day. No loan payments can be made through the ATM.

All PHONE BANKINGtransactions including deposits and loan payments received after 2:30 PM (CST) will be posted to your account on the next business day.

All ONLINE BANKINGtransactions including deposits and loan payments received after 2:30 PM (CST) will be posted to your account on the next business day.

All LOBBY AND DRIVE THRUtransactions including deposits and loan payments received after 2:30 PM (CST) will be posted to your account on the next business day.

"Business day" means any day except Saturday, Sunday or a legal holiday.


REGISTRATION NUMBERS OF MORTGAGE LOAN ORIGINATORS

Bruce Alan Griffith: MLO #413044
James Melvin Motley: MLO #413045
Gerald Jackson Jones IV: MLO #413047
Jana Vos: MLO #413048
Carolyn Jean Shaw: MLO #864121

 
 

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