3. Northern Bank Direct Gotchas!

Northern Bank Direct Gotchas!

enduser
enduser   |     |   38 posts since 2015

Northern Bank Direct Gotchas!

How is interest calculated?

Interest is compounded monthly and credited monthly.

Promotional Money Market offer for a limited time only for NEW accounts opened June 8, 2018 and after, which is subject to change at any time.

Minimum deposit of $5,000.00 to open the account. Maximum opening deposit of $250,000.00.

Blended APY

Money Market average daily balances from $.01 to $250,000.00 earn the advertised 2.24% interest rate with an Annual Percentage Yield (APY) of 2.26%.

Money Market average daily balances between $250,000.01 and $1,000,000.00 earn an interest rate of 0.75% resulting in a blended APY between 2.26% and 1.13%.

Money Market average daily balances greater than $1,000,000.00 earn an interest rate of 0.01%, resulting in a blended APY between 1.13% (for average daily balances just over $1,000,000.00) and 0.23% (for an average daily deposit balance of $5,000,000.00).

Your interest rate and APY are accurate as of June 8, 2018 and guaranteed through June 30, 2019. After June 30, 2019, your interest rate and APY may change and at our discretion we may change the interest rate on your account daily. The interest rate will be determined by us based on current market conditions.

You can make up to 6 transfers per month to another account with us or to a third party by means of a preauthorized or automatic transfer including transfers pursuant to an overdraft plan, telephone or internet banking agreement, order or instruction, or by Check, Debit card or similar order made by you and payable to third parties ($20.00 per excessive transaction fee).

Dormant Accounts FEE

(per month starting in the 13th month for account balances less than $500.00) $4.00

Account Closure (by mail) $10.00

New account closure FEE within 120 days $25.00

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4


RJM
RJM   |     |   501 posts since 2011
Nothing here is a big gotcha for anyone who knows anything about bank accounts.

Everything involved is easily understandable and fees are easily avoidable.

Real gotchas are much more insidious.

My only concern when I opened the account was going over $250k.

Now, its not closing it too soon.

So its going to stay open 6 months and then I will probably close it and avoid all fees.

Now, the 2.26% rate is no big deal. For 3 months, it was.

No fee for lowering your balance to 1 cent and closing it after 120 days.

These kind of minor things are common for most accounts. None are big deals.
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