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STERLING SILVER CHECKING
With Sterling Silver Checking, you get the convenience of one-stop-banking, personal service, complete flexibility, monthly statements and checks listed in check number order for easier reconcilement, plus no fee for checks and monthly maintenance.
You can open a Sterling Silver Checking account with a minimum of $100.00.
Combined Account Relationship
If you open a Sterling Silver Checking and you also have a statement savings and/or time account (Certificate of Deposit or IRA) with a combined monthly balance as is set forth in the Schedule of Fees there will be no monthly maintenance or per check fees.
Standalone Account
If you open a Sterling Silver Checking account and have no other savings and/or time account (Certificate of Deposit or IRA) with us you must maintain an average monthly balance as is set forth in the Schedule of Fees in order not to incur any monthly maintenance and per check fees.
Account Maintenance and Service Charges
Any minimum average monthly balance requirements associated with this account are set forth in the Schedule of Fees.
V.I.P. Overdraft Protection
If you qualify, you can also obtain V.I.P. overdraft protection on your Sterling Silver Checking account. You can use your line to cover a temporary cash shortfall to finance a vacation, or for any special purchase or purpose.
Member FDIC
BASIC PERSONAL CHECKING (LIFE LINE)
You can open a basic personal checking account with a minimum of $25.00. Any monthly maintenance fee, transaction limitations, transaction fees as well as any other fees associated with this account are set forth in the Schedule of Fees.
You will receive a monthly statement and checks will be listed sequentially by check number and paid date for your convenience.
Member FDIC
SENIOR NO FEE CHECKING
To help provide the utmost in personal banking services to our community, Sterling provides NO FEE checking for people 62+, just bring proof that you are 62+.
Anyone who is 62 years of age or over can take advantage of this offer. Couples can open a joint checking account for NO FEE if either husband or wife is 62+. Consider the advantages . . . you don't pay any maintenance fees or transactions charges (other direct charges may apply depending on the type of transaction), and you don't have to maintain a minimum balance. You don't incur any extra charges for writing too many or too few checks per month.
It takes just minutes to open your NO FEE checking account. You will receive a monthly statement. Checks are listed sequentially by check number and paid date. Plus, step by step instructions make reconcilement a simple procedure. We also provide one year free rental of safe deposit boxes, NO FEE travelers checks and guaranteed direct deposit of your social security or government payment.
Member FDIC
N.O.W. ACCOUNTS
Our N.O.W. Account is an interest bearing checking account, interest is compounded daily and is credited on the last day of your statement cycle. There is no limit on the amount of checks you can write monthly. You will receive a monthly statement and checks are listed sequentially by check number and paid date.
A minimum deposit of $1,500.00 is required to open this account. We can change interest rates at any time according to Sterling's cost of funds and money market conditions.
Any minimum daily balance requirements, monthly maintenance and per check fees associated with this account are set forth in the Schedule of Fees.
N.O.W. Accounts can be opened for individuals, joint, N.Y. State Gift to Minors Act, nonprofit organizations, proprietorships or other entities acceptable to Sterling Bank and permitted by Federal Regulations.
Member FDIC
OVERDRAFT PROTECTION
Sterling offers overdraft protection for qualified checking account customers.
STATEMENT SAVINGS ACCOUNT
• At Sterling, Statement Savings Accounts earn interest from the day of deposit until the day of withdrawal.
• The interest you earn is compounded daily and credited monthly.
• The minimum opening deposit is only $500.00 and with our tiered interest rate structure, your interest grows as you save more money.
$500 - $5,000
$5,000 - $50,000
Over $50,000
• Deposits can be made in person or by mail.
SYSTEMATIC SAVINGS
• Get in the habit of saving regularly with a systematic savings plan, and start it when you open your passbook or statement savings account. At Sterling, we will take the leg work out of planning for your financial future. You'll be surprised how fast a regular savings plan can add-up and what it can do over time to help you achieve your goals.
• A systematic savings method - weekly, monthly or quarterly, is a sure way to achieve maximum savings for vacations, holiday shopping, down payment for a house, college tuition expense, weddings, TVs, computers and more.... And, we'll do it all for you at no charge.
Member FDIC
MONEY MARKET ACCOUNTS
Our Sterling Silver Money Market Account is an interest bearing account with limited check-writing privileges. No fee is imposed for check or debit transactions (other charges may apply depending on the type of transaction). The rates on our Sterling Silver Money Market Account may change at any time and will be determined by Sterling's cost of funds and Money Market conditions. Interest will be compounded daily and is credited monthly on the last day of your statement cycle.
The highlights of our Sterling Silver Money Market Account are:
1) Opening Deposit: $1,500
2) Any minimum daily ledger balance requirements are set forth in the Schedule of Fees.
Transaction Limits: You may make six transfers from your account per monthly statement cycle of which no more than three may be payments to third parties. You may only exceed the six monthly transactions if you transfer or withdraw by mail, messenger, ATM, in person or by telephone (with checks mailed to you the depositor).
* If you write in excess of three checks monthly - a service charge as set forth in the Schedule of Fees will be applied and may result in your account being changed to a non-interest bearing checking account (other charges may apply depending on the type of transaction).
Member FDIC
SAFE DEPOSIT BOX
A bureau drawer is no place to keep important papers, stocks, bonds, and other valuable documents. Protect them as well as your jewelry and other items of value by placing them in a Sterling Safe Deposit Box. Protected from fire, theft and loss and kept in the very same vault that holds the bank's funds and securities. Boxes are available in several sizes that you can rent annually.
DIRECT PAYROLL DEPOSIT
With direct deposit, your paycheck, social security check or government payment will be automatically transferred into your account on the day you are paid, giving you immediate use of your funds. As a result, you will be able to manage your checking account more efficiently and pay bills faster because you won't need to wait for your check to clear.
Direct deposit removes the stress of standing in a long line while you wait to deposit or cash your check. Instead, you can take more time for yourself and relax during your lunch break.
You'll also feel more secure because direct deposit eliminates the need to carry around a large amount of money, which is the case if you cash your check at your employer's bank or check cashing center.
ATM CARDS
As members of CIRRUS® and STAR® ATM Networks, you have fast, easy and continuous access to money in your personal checking, statement savings or Sterling V.I.P. Check Credit Line at thousands of ATM machines around the country, and throughout the world. You can get cash, transfer between accounts or inquire about your balances.
All personal checking accounts are eligible to obtain a Sterling ATM Card which gives you 24 hour, 7 day a week access to your money at any bank ATMs who accept CIRRUS® or STAR® cards. You can transfer money from savings to checking and you can access your Sterling V.I.P. Check Credit Plus Line of Credit. Furthermore, your Sterling ATM card can be used at retail locations and gas stations who accept CIRRUS® or STAR® cards. At this time, there is no fee for transactions, and it costs nothing to ask for the card.
For more information, call your local branch manager or relationship officer.
IRA PRODUCTS & SERVICES
Your Sterling IRA may be opened for a 12-month maturity at a variable rate, or a 1, 2, 3, 4, 5 year CD at a fixed rate. The criteria for tax deductions is based on the following:
- If you are not covered by an employee pension, you are still eligible for a tax deduction up to the maximum $3,000 per year plus interest income.
- If your household income is $40,000 or less ($25,000 for individuals) you can make the fully deductible $3,000 IRA contribution, whether or not you are covered by a pension plan.
- If your household income is between $40,000 and $50,000 ($25,000 - $30,000 for individuals) you can make a deductible and non-deductible IRA contribution whether or not you are covered by a pension plan.
- You may deposit $3,000 but the tax advantage would be limited by your level of income that determines eligibility for deductible or non-deductible. Interest income is always deferred regardless of eligibility.
- If you have reached the age of 50, you can make a $3,500 contribution.
If you are under age 70 1/2 and have salary or self-employment earnings, you may be able to make a deductible contribution of part all of your earned income up to:
$6,000 if you are married and file a joint tax return, and both you or your spouse have sufficient earned income.
If you received a lump sum amount or wish to roll over from another IRA plan, we can offer you our 12 month variable rate or a 1, 2, 3, 4, 5 year CD at a fixed rate - usually higher than Treasury Bills. You defer taxes and earn a good rate. Withdrawals are permitted at the discretion of Sterling National Bank if you are over age 59 1/2.
12 Month Variable Rate - This rate changes monthly and is tied to the 91-Day Treasury Bill average discount rate as determined by the last weekly auction for the current month.
1-5 Years Fixed Rate CDs - These rates change weekly, usually every Tuesday, and are guaranteed to maturity. All IRA accounts can be opened with a $250 opening deposit and subsequent deposits of at least $40; account will renew automatically.
* Premature Withdrawal Penalty: After age 59 1/2 a premature withdrawal from a time account is permitted at the discretion of Sterling National Bank, otherwise substantial penalties may apply. All IRA accounts are automatically renewed. Terms and condition on IRA's are subject to change without prior notice. IRA's covered by FDIC insurance are separate from any other deposit accounts you have at Sterling and are insured up to $100,000.
While contributions to this IRA are not deductible, the Roth IRA offers the benefits of tax-deferred growth, as well as tax-free qualified withdrawals. With the Roth IRA, you can:
- pay no income tax on qualified withdrawals. Such withdrawals must occur five years after the first contribution and at age 59-1/2 or later, or in the event of disability, a qualified first home purchase, or death.
- benefit from generous income parameters. The Roth IRA is open to couples filing jointly with an adjusted gross income up to $150,000 annually, or singles with adjusted gross incomes up to $95,000.
- contribute up to the IRA maximum. This maximum includes any deductible IRA contribution and is not to exceed $3,000 for an individual, or $6,000 for a couple filing jointly.
- transfers funds from a traditional IRA. As long as your adjusted growth income is $100,000 or less.
- make contributions well into your "golden years". You can contribute beyond age 70-1/2, as long as you have earned income. There are no distribution requirements on Roth IRAs.
For more information, call your branch manager or Diane Guzman, IRA Specialist at (212) 935-7159.
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