Deposit Accounts

Checking Accounts Money Market Accounts Savings Accounts IRA's

The following funds availability notice is applicable to all accounts with The First National Bank of Ely

Your Ability to Withdraw Funds
We will not delay your ability to utilize funds that are deposited with us. Our policy is to allow you to withdraw funds deposited into your account on the day we receive your deposit. The bank does reserve the right on an individual item basis, after notice to the depositor, to place a hold on or submit for collection any item. If you have any questions please ask us.

Checking Accounts

Interest is not paid on checking accounts. 

Student Checking Accounts
We offer student checking accounts to full time high school or college students. Monthly service charges will be waived; however, all other charges still apply, including printed check charges.  To maintain a student checking account you are required to provide proof of enrollment annually. 

Senior Citizen Checking Accounts 
Account owner must be 60 years of age or older and have a monthly direct deposit. Monthly service charges will be waived; however, all other charges still apply, including printed check charges.

Debit Cards 
We offer debit cards on consumer and business checking accounts.  A savings or money market account can be linked to a debit card to allow for ATM transfers or withdraws, however, a checking account is required for point of sale transactions. 

Large Volume Business Checking Accounts
Large volume business checking accounts may be subject to the following analysis charges:

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Money Market Accounts

Current interest rates and annual percentage yields:

A money market account allows you to earn interest and write up to six third-party checks per monthly statement cycle. This account functions as a traditional bank savings product and is not exposed to the market.  Opening deposit must be at least $2,500.

By maintaining a minimum balance of $2,500 during a statement cycle, you pay no monthly service charge. If your minimum balance falls below $2,500 during a statement cycle, you pay a monthly service charge for that statement cycle of $7.00.

During each statement cycle you may make unlimited withdrawals conducted in person. 

Regulations place limits on the number and types of withdraws you may make.  You may not exceed six (6) ACH, electronic preauthorized transfer, debit card or third party transactions per statement cycle.

If you exceed the number of transactions described above, we may assess you a transaction fee for each excess transaction during a statement cycle. If you exceed these transaction limits, we will notify you. If you continually exceed these limits, we are required to reclassify your account as a regular checking account. We will notify you if we do so.

Your funds will earn a variable interest rate and annual percentage yield that may change daily, and are determined and set by the Board of Directors. Different interest rates and annual percentage yields apply to each tier. A tier is a range of account balances.

We calculate interest daily and compound interest monthly. The balance on which your interest accrues is the daily ledger balance. Interest is credited to your account on the last day of each statement cycle. If your account is closed prior to the end of a statement cycle, we will not pay interest for that cycle.

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Savings Accounts

Current interest rate is 0.40%

Current annual percentage yield is 0.40%

If you close your account prior to interest being paid, accrued interest less than $10.00 will not be paid. 

Interest is accrued daily on the daily balance in the account and is paid semi-annually on the last business day of April and October.  The interest rate is subject to change at any time after having been posted for 45 days in the lobby of the Bank.

The following is information required by the Truth in Savings Act: 

Rate Information

Our current savings account interest rate is 0.40%, and the current annual percentage yield is 0.40%.

Interest is paid on the last business day of April and October every year. The interest rate is determined by, and can be changed by, the Board of Directors. When there is a change in the interest rate, the rate is posted in the lobby of the bank for 45 days before the change takes effect. Interest is calculated on the daily balance of the account every day. We do not mail a savings statement to our customers - the accounts are pass book only.

There are only three fees applicable to savings accounts. There is an early closing penalty of $20.00 if the account is closed within 90 days of opening. We may charge a $1.00 fee for every withdrawal in excess of 6 in a six month period. Accrued interest is paid less a $10.00 penalty if the account is closed in between interest payment dates. All savings accounts have a regulatory limit on the number of certain types of transactions allowed per month. You may not exceed six (6) ACH or electronic preauthorized transfers per calendar month. If you exceed these regulated transaction limits you may be assessed an excessive transaction fee for each excess transaction during a calendar month and the account must be closed and/or converted to a checking account.  We will notify you if you exceed the regulatory limits.

Holiday Savings Account

Current interest rate is 0.50%

Current annual percentage yield is 0.50%

Regular withdraws are not permitted and are only allowed to close the account.
Monthly auto charge from an FNB account to holiday account is required.
A holiday check or direct deposit to an FNB account are issued on the first business day of November.
If you close your account prior to interest being paid, accrued interest will not be paid.

Interest is accrued daily on the entire ledger balance in the account and is paid annually on the last business day of October.  The interest rate is subject to change at any time after having been posted for 45 days in the lobby of the Bank.

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IRA’S

Please see additional disclosures presented at the time of account opening.

Current interest rate is 2.00%

Current annual percentage yield is 2.01%

If you close your account prior to interest being paid, accrued interest less than $10.00 will not be paid.

Interest is accrued daily on the entire ledger balance in the account.  Interest is paid semi-annually on the last business days of April and October.  The interest rate is subject to change at any time after having been posted for 45 days in the lobby of the Bank.

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