Cayuga Lake National Bank offers deposit products that
will meet your day to day financial needs and investments. To accommodate
your busy schedule, we will send you the information to open your account
in the mail. Please e-mail your request to * info@cayugalakenationalbank.com
with name, address and phone number. We will contact you for more
information and then verify your status through Chex Systems.
Once that has been verified, we will send you the
appropriate information.
NOTICE
OF CHANGES IN
TEMPORARY
FDIC INSURANCE
COVERAGE
FOR TRANSACTION ACCOUNTS
All
funds in a "noninterest-bearing transaction account" are
insured in full by the Federal Deposit Insurance Corporation from
December 31, 2010, through December 31, 2012.
This temporary unlimited coverage is in addition to, and separate
from, the coverage of at least $250,000 available to depositors under
the FDIC's general deposit insurance rules.
The term
"noninterest-bearing transaction account" includes a
traditional checking account or demand deposit account on which the
insured depository institution pays no interest.
It also includes Interest on Lawyers Trust Accounts (“IOLTAs”).
It does not include other accounts, such as traditional checking or
demand deposit accounts that may earn interest, NOW accounts and
money-market deposit accounts.
For more
information about temporary FDIC insurance coverage of transaction
accounts, visit www.fdic.gov.
For
customers who have prearranged transfers from a noninterest bearing
transaction account to an interest bearing account (savings, Money
Market and/or NOW accounts) shall have limited coverage of $250,000 in
those interest bearing accounts.
The noninterest bearing transaction account shall continue to
have unlimited coverage.
Personal Account Options
Checking Accounts
See our Rates
Request Product Information
Simple Checking This account has no minimum
balance requirements. The simple checking only needs $1 to keep the
account open. This account is non-interest bearing.
NOW Checking This account has a $500.00
minimum balance requirement. A $5.00 service charge will be imposed if
the average daily balance for the month falls below the minimum balance
requirement. The minimum balance to earn interest is $500 and is
credited and compounded monthly. The NOW checking account earns interest and can be found in
the rates section.
Super NOW Checking This
account has a $2,500.00 minimum balance requirement. A $5.00 service
charge will be imposed if the average daily balance for the month falls
below the minimum balance requirement. The minimum balance to earn
interest is $1.00 and is credited and compounded monthly. The Super NOW account earns
interest and can be found in the rates section.
Savings Accounts
See our Rates
Use our Online Calculators
Request Product Information
Passbook Savings This account only needs $1 to
open and $10 to earn interest. No penalty is imposed if you fall below
$10, however you will not earn interest. Interest is credited and
compounded quarterly. The interest can be found in
the rates section.
Statement Savings This account only needs $1 to
open and $10 to earn interest. No penalty is imposed if you fall below
$10, however you will not earn interest. Interest is credited and
compounded monthly. The interest can be found in
the rates section. A monthly statement will be sent out.
Money Market Savings This
account only needs $1 to open and $2,500.00 to earn interest. No penalty
is imposed if you fall below $2,500.00, however you will not earn
interest. Interest is credited and compounded monthly. The interest can be found in the rates section. A monthly
statement will be sent out.
Club Savings (Christmas Club) This account only needs $1 to
open and $10 to earn interest. Interest is paid at maturity. No penalty is imposed if you fall below
$10, however you will not earn interest. The interest can be found in
the rates section.
Certificates of Deposits (CD)
See our Rates
Use our Online Calculators
Request Product Information
Certificates of Deposits are timed savings account
that will earn various interest rates depending on the length of time in
which the funds are held. There are minimum amounts to open the account.
A penalty will be imposed on early withdrawals. The 7-30 Day CD is
credited and compounded at maturity, all other CD's are credited and
compounded monthly. The rates and minimum to open can be found in the rates section.
Individual Retirement Account (IRA)
See our Rates
Use our Online Calculators
Request Product Information
Our financial institution offers IRA's for your
retirement planning. We offer you both Traditional and Roth IRA's. Your
funds will be invested in certificates of deposits at a term of your
choice. This allows you to look at the prevailing interest rates and
select a term that best works for you. Interest is credited and
compounded quarterly. Another advantage to investing in
certificates of deposit is that your investment is FDIC insured. For
additional information, contact us.
Business
Account Options
See our Rates
Use our Online Calculators
Request Product Information
Use our Business Toolbox
Cayuga Lake National Bank offers the same types of
accounts to business customers as we do for personal customers. All of
the above mentioned accounts and advantages are available to our
business customers with the exception of the NOW and Super NOW Checking
Accounts. The NOW and Super NOW Checking Accounts are available for some
business customers subject to approval. The minimum balance requirements
and minimum to earn interest varies with these accounts. If you
have any questions, contact us.
* We value your privacy, so please
be aware that email is not secure and we ask that you do not send account
numbers, social security numbers or other private information to the bank
in an email. Thanks.
