Farmers State Bank
     Neighborly Service Since 1902
100 W. Main St.
Mountain City, TN  37683
(423) 727-8121

FDIC Insured        Equal Housing Lender

 

We strive to exceed customer expectations by providing innovative products and services while also delivering great customer service.  The following are brief descriptions of many of our services and the specific terms of each may change without notice.



 

Checking

 

Savings

 

Certificates



Retirement Accounts Loans ATMs

Safe Deposit Boxes Check Cards Telephone Banking

Online Banking Common Features



Terms and Conditions of Your Deposit Account



 

 

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the federal 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 to 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.


 



Checking





Personal Checking

Non-Personal Checking

Student Checking


Personal NOW Non-Personal NOW Senior Citizen Checking

Main Street Checking Main Street NOW Simple Checking

Non-Profit Checking Personal Money Market Non-Personal Money Market

Small Commercial Checking    



Personal Checking

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is a non-interest bearing account.

Requirements:  $100.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  A service charge fee of $5.00 will be imposed every statement cycle if the balance in the account falls below $500.00 on any day within the cycle.  This fee will be waived if you have a combined daily balance of $1,000.00 in any deposit account.

ODP Limit:  This account has a $700 overdraft limit assigned after all eligibility requirements are satisfied.




Common Charges


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Non-Personal Checking

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is a non-interest bearing account.

Requirements:  $1,000.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  A service charge fee of $5.00 will be imposed every statement cycle if the balance in the account falls below $1,000.00 on any day within the cycle.

ODP Limit:  This account has a $1,500 overdraft limit assigned after all eligibility requirements are satisfied.




Common Charges


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Student Checking

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is a non-interest bearing account.

Requirements:  Customer must be currently enrolled as a student.  $100.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

ODP Limit:  This account has a $700 overdraft limit assigned after all eligibility requirements are satisfied (including being at least age 18).




Common Charges


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Personal NOW

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is an interest bearing account.

Requirements:  $1,000.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  A service charge fee of $7.00 will be imposed every statement cycle if the balance in the account falls below $1,000.00 on any day within 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 statement cycle.  Interest will be credited to your account every statement cycle.

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 noncash deposits:  Interest begins to accrue on the business day you deposit noncash items (for example, checks).

ODP Limit:  This account has a $700 overdraft limit assigned after all eligibility requirements are satisfied




Common Charges


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Non-Personal NOW

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is an interest bearing account.

Requirements:  $1,000.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  A service charge fee of $7.00 will be imposed every statement cycle if the balance in the account falls below $1,000.00 on any day within 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 statement cycle.  Interest will be credited to your account every statement cycle.

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 noncash deposits:  Interest begins to accrue on the business day you deposit noncash items (for example, checks).

ODP Limit:  This account has a $1,500 overdraft limit assigned after all eligibility requirements are satisfied




Common Charges


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Senior Citizen Checking

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is a non-interest bearing account.

Requirements:  Customer must be age 62 or older.  $100.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

ODP Limit:  This account has a $700 overdraft limit assigned after all eligibility requirements are satisfied




Common Charges


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Main Street Checking

This is a demand deposit account with special checking privileges utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is a non-interest bearing account.

Requirements:  $100.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  A service charge fee of $5.00 will be imposed every statement cycle for the insurance plan provided.

ODP Limit:  This account has a $700 overdraft limit assigned after all eligibility requirements are satisfied.

Special Privileges:

Accidental Death Insurance Basic Plan    
24-Hour Insurance $5,000    
Common Carrier $50,000    
Private Passenger Auto $10,000    
No minimum balance and unlimited check writing
150 free personal standard checks with other styles at a reduced rate
Cashiers Checks issued without charge
Safe Deposit Box at one-half price
Other benefits include travel benefits, security benefits, and shopping benefits



Common Charges


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Main Street NOW

This is a demand deposit account with special checking privileges utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is an interest bearing account.

Requirements:  $1,000.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  A service charge fee of $7.00 will be imposed every statement cycle if the balance in the account falls below $1,000.00 on any day within the cycle.  Also, a service charge fee of $5.00 will be imposed every statement cycle for the insurance plan provided.

ODP Limit:  This account has a $700 overdraft limit assigned after all eligibility requirements are satisfied.

Special Privileges:

Accidental Death Insurance Basic Plan    
24-Hour Insurance $5,000    
Common Carrier $50,000    
Private Passenger Auto $10,000    
No minimum balance and unlimited check writing
150 free personal standard checks with other styles at a reduced rate
Cashiers Checks issued without charge
Safe Deposit Box at one-half price
Other benefits include travel benefits, security benefits, and shopping benefits



Common Charges


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Simple Checking

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  Checks are not returned and no images are provided with the statement.  This is a non-interest bearing account.

Requirements:  $25.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

ODP Limit:  This account has a $400 overdraft limit assigned after all eligibility requirements are satisfied.




Common Charges


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Non-Profit Checking

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is a non-interest bearing account.

Requirements:  Customer must be a non-profit organization.  $100.00 to open the account.  Any customer without an established portfolio is required to fill out an application.




Common Charges


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Personal Money Market

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is an interest bearing account.

Requirements:  $2,500.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  A service charge fee of $7.00 will be imposed every statement cycle if the balance in the account falls below $2,500.00 on any day within 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 statement cycle.  Interest will be credited to your account every statement cycle.

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 noncash deposits:  Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction Limitations:  Transfers from a Money Market Deposit account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle.




Common Charges


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Non-Personal Money Market

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is an interest bearing account.

Requirements:  $2,500.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  A service charge fee of $7.00 will be imposed every statement cycle if the balance in the account falls below $2,500.00 on any day within 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 statement cycle.  Interest will be credited to your account every statement cycle.

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 noncash deposits:  Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction Limitations:  Transfers from a Money Market Deposit account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle.




Common Charges


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Small Commercial Checking

This is a demand deposit account utilizing preprinted checks and deposit tickets and receiving a monthly statement.  This is a non-interest bearing account.

Requirements:  $1,000.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  A service charge fee of $5.00 will be imposed every statement cycle if the balance in the account falls below $1,000.00 on any day within the cycle.




Common Charges


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Savings





Statement Savings

Christmas Club

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Statement Savings

This is a savings account utilizing preprinted deposit and withdrawal tickets and receiving a quarterly statement.  This is an interest bearing account.

Requirements:  $100.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  On a Personal Statement Savings Account, a service charge fee of $4.00 will be imposed every statement cycle if the balance in the account falls below $300.00 on any day within 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 and credited to your account every month.

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 noncash deposits:  Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction Limitations:  Withdrawals - an excessive withdrawal fee of $3.00 will be charged for each withdrawal in excess of six during a statement cycle.  Frequency of transfers - during any monthly statement cycle, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction.




Common Charges


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Christmas Club

This is a special savings account utilizing preprinted deposit tickets that is structured with a time frame to accommodate the holiday shopping season.  This is an interest bearing account.

This account uses a specially designed coupon book that is used similar to a loan coupon book.  The coupons do not specify an amount and may vary from $1.00 up in even dollar increments.  Coupon books contain 50 weekly payment coupons and may only be used for one year.  At the end of the first week in November, interest is credited to the account and a check is printed for the balance of the account.  At that time the account is closed, unless automatic transfer is requested from another account.

Requirements:  Any customer without an established portfolio is required to fill out an application.

Service Charges:  None.

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 noncash deposits:  Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction Limitations:  You may make unlimited deposits into your account.  If any withdrawal is made from this account before maturity then this account may be closed.  You cannot withdraw interest from your account before maturity.




Common Charges


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Certificates





This is an automatically renewable time account.  This is a one-time deposit account that may not be added to.

Requirements:  $1,000.00 to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  None.

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

Frequency of Rate Changes:  We may change the interest rate on your account each time it matures.

Compounding and Crediting Frequency:  Interest will be compounded quarterly to your account unless you select another option.

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.

Transaction Limitations:  You may not make additional deposits into your account.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity):  The penalty we will impose is the greater of:

  • 7 day's interest on the amount withdrawn if the withdrawal is made within the first 6 days after the deposit.
  • three month's interest on the amount of the withdrawal.

Automatically renewable time account:  This account will automatically renew at maturity.




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Retirement Accounts (IRAs)




This is an automatically renewable time savings account for the purpose of saving for retirement.  This account has special IRS guidelines.  This is a one-time deposit account that may not be added to.

Whatever your retirement need is, we have the retirement account that is right for you.  We offer Individual, Spousal, SEPs, QRPs, Beneficiary, Roth, Education and SIMPLE plans.  Simply see any of our IRA representatives.  They will explain the nature of these accounts in more detail and help you complete the simple forms necessary to establish your IRA.

Requirements:  Any customer under age 70 1/2 for the entire tax year and have compensation, is eligible to establish an IRA, even if they already participate in any type of government plan, tax-sheltered annuity, simplified employee pension (SEP) plan, Savings Incentive Match Plan for Employees of Small Employers (SIMPLE), or qualified plan (pension or profit sharing) established by an employer.  $1,000.00 is required to open the account.  Any customer without an established portfolio is required to fill out an application.

Service Charges:  None.

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

Frequency of Rate Changes:  We may change the interest rate on your account each time it matures.

Compounding and Crediting Frequency:  Interest will be compounded quarterly to your account.

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.

Transaction Limitations:  You may not make additional deposits into your account.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity):  The penalty we will impose is the greater of:

  • 7 day's interest on the amount withdrawn if the withdrawal is made within the first 6 days after the deposit.
  • three month's interest on the amount of the withdrawal.

The customer may also be assessed a 10% tax penalty by the Internal Revenue Service.   The penalty may be waived if the customer has reached age 59 1/2.

Automatically renewable time account:  This account will automatically renew at maturity.




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Loans





We provide primarily fixed rate loans with various payback options up to 15-years for many different purposes.  Whether you need a construction, real estate including mortgages, installment, single payment or commercial, or a home equity line, we have the right one for you.  Simply see any of our loan officers.  They will explain the nature of these loans in more detail and try their very best to provide all of your financing needs.



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ATMs





We have a drive-up ATM located in Lane 4 of our Drive-Thru structure at our Main Office at the corner of Main Street and North Church Street in Mountain City, TN.  We have a drive-up ATM located at our 421 Branch at 889 South Shady Street in Mountain City, TN.  We also have a in-the-wall drive-up ATM located at our Butler Branch at 130 Main Street in Butler, TN.

These ATMs give you 24-hour access to your checking and savings accounts.  You may use the ATMs to conveniently make withdrawals or transfers between different accounts.   There is no charge to current customers for using the ATM, but a $2.50 charge is applied to all non-customer transactions.




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Safe Deposit Boxes




We have a wide variety of sizes of Safe Deposit Boxes at each of our three locations.   Whether you need a small box or a very large box, we have the right one for you.   Billing is done annually and you may elect to have the charge be automatically debited from your checking or savings account.  Annual charges range from $15.00 to $400.00 based on the size of the box you need.  If you have a Main Street Checking account, the rent on most of our boxes is half price.



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Check Cards




With our VISA Check Card you can make purchases and transactions that are automatically debited from your checking account with no annual fee or transaction charges.  Conveniently use it anytime you would write a check



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Telephone Banking




It’s like having your own personal bank teller available 24 hours a day, 365 days a year.

When was the last time you wondered what your checking account balance was? Forgot to record that big check you wrote? Need to transfer funds? Need a fax of your current statement?

Now, simply by using a touch-tone phone, you can access your Farmers State Bank accounts anytime, anywhere with complete privacy—all at no charge.

Phone from your home, the office, your car, or even while away on vacation, anytime—24 hours a day!




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Online Banking




By using a an Internet connection, you can securely access your Farmers State Bank accounts anytime, anywhere at no charge.  You can view balances, check images, statements, transfer funds, or make payments.



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Common Features




Limits and fees - the following fees may be assessed against your account and the following transaction limitations, if any, apply to your account.
   
Account Activity Printout $3.00
Account Research $12.50 per hour
Account Balancing Assistance $12.50 per hour
ATM / Debit Card Replacement $10.00
ATM / Debit Card Fees: A fee may be be imposed by a bank other than Farmers State Bank when you use your ATM / Debit Card in their ATM and initiate a withdrawal, an electronic fund transfer or make a balance inquiry by any network used to complete the transaction.
Cashier's Check $3.00
Check Printing (fee depends on check style ordered)
Deposited Checks Returned Unpaid $5.00
Dormant Account:  An account is dormant if for 12 months you have made no deposits or withdrawals to the account and you had no communication with us about your account.
Dormant Account Fee: $3.00 (Fee is waived if balance is greater than $300.00).  This fee is charged each month.
Garnishments $50.00
Levies $50.00
Overdraft Fee $25.00
    This per item fee may be imposed for covering overdrafts created by check, in person withdrawal, ATM withdrawal, or other electronic means.
Returned Item Fee $25.00
    This per item fee applies to non-sufficient funds created by check, in person withdrawal, ATM withdrawal, or other electronic means.
Daily Limit for Overdraft Fees and Returned Item Fees $125.00
Photocopies $0.25 per page
Photocopies of Checks $3.00
Stop Payment - Checks $25.00
Stop Payment - Electronic Funds Transfer $25.00
Wire Transfers (Outgoing) $20.00



    Non-Personal Accounts:
 
Fees Per Item       Analysis Charges   
Coin Wrap 0.10 (On-Us Item Types) (Deposits Item Types)
Currency/Strap 0.25 Checks 0.15 On-Us 0.060
Food Coupons 0.02 Deposits 0.25 Clearing 0.075
Deposit tickets 3.00 Transfers 5.00 Transit 0.075



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