Checking

Choose the checking account that works with your busy life. Value, feature and benefits all included!

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Savings, Money Market and CDs

Set off on a road to financial freedom with a variety of interest-earning savings account options.

  • Personal Savings – Our easy-access Personal Savings account is designed for individuals who want to receive an easy-to-read quarterly statement
  • Money Market Plus – Designed for individuals and businesses who want to earn higher interest rates, maintain full liquidity of their funds and have the ability to write checks to access their funds
  • Platinum Market Rate – Also designed for individuals who want to earn higher interest rates, maintain full liquidity of their funds and have the ability to write checks to access to their funds
  • Certificate of Deposit – A safe, reliable and surprisingly flexible way to save for the future
  • Retirement/IRAs – The most important step in retirement planning is getting started
  • Education Savings – Discover the right tax-advantaged strategy to meet your savings goals for your child or grandchild

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Overdrawing your account can be a costly error. To help minimize the financial and emotional impact that often occurs as the result of overdrawing your account, we offer the following overdraft protection services:

Linked Accounts

  • Link any eligible Mechanics Bank checking, savings and/or money market accounts so that, in the event of an overdraft, available funds are automatically transferred between accounts
  • Certain account types are subject to a limited number of transfers per month or statement cycle

More details

Is linking your accounts the best overdraft solution for you?

Pros
  • Avoid non-sufficient funds and additional overdraft fees
  • Balances are FDIC insured to the maximum allowed by law
  • No credit approval required
  • No interest charged on overdraft advances
  • For certain linked accounts, interest is earned
  • For SavingsLink, no monthly service charge or minimum balance requirements
Cons
  • Need to have and maintain sufficient balances to cover potential overdrafts
  • Small transfer fee for each overdraft advance
  • For savings and money market accounts, an excessive transaction fee may be charged if certain transactions exceed six (6) during any calendar month
  • Account may be converted to a non-interest bearing account if transaction limits are frequently exceeded
  • Other than SavingsLink, a monthly service charge will incur if the waiver requirements are not met
Linked Account Program Details
Eligible account types Checking, Savings, Money Market
Minimum opening deposit Varies by product
Approval/Eligibility ChexSystems
Limit Balances the linked account(s)
Monthly service charge Varies by product
Ways to waive service charge Varies by product
Interest rate/finance charge For current interest rates, call 800.797.6324
Other fees
  • Overdraft transfer fee: $7.00 per transaction
  • Excess transaction fee: $15.00 (savings and money market accounts only)
Requirements/
Restrictions
  • A personal checking account
  • Limited to six (6) withdrawals and/or transfers per month1 (savings and money market accounts only)
  • Transfers are for the exact amount overdrawn except SavingsLink (transfers in increments of $50.00)
  • Account ownership must be the same on linked account(s)

Overdraft Line of Credit

  • An overdraft line of credit is a loan attached to your checking account
  • You must apply for a line of credit and are subject to credit approval

More details

Is an overdraft line of credit the best solution for you?

Pros
  • Avoid non-sufficient funds and additional overdraft fees
  • Doesn’t require additional deposit balances or reserve to cover potential overdrafts
  • Maximum credit limit of up to $5,000
  • Outstanding balance can be paid back over time (plus no 30-day out of debt requirement)
  • No regulatory limit on the number of transactions per month
Cons
  • Credit approval required so it is only available to credit worthy individuals
  • Interest charged on outstanding balance
  • Overdraft transfers must be in increments of $50.00
  • Transfer fee for each advance
Overdraft Line of Credit Program Details
Approval/Eligibility Credit approval
Limit $500 - $5,000
Interest rate/finance charge Fixed 18% APR
Other fees
  • Transfer/advance fee: $5.00
  • Late fee: $10.00
Requirements/Restrictions
  • Monthly payment via auto debit
  • Minimum payment:
    • Less than $25: entire balance due
    • $25-$500: $25 plus any past due amount
    • Over $500: 5% of the balance owing plus any past due amount
  • Transfers in increments of $50.00 or the amount of credit available, whichever is less