Free Checking
- Our Free Checking has no monthly maintenance fee or minimum balance requirements. This account offers unlimited check writing, 24-hour banking with our ATM card or our MasterCard debit card and no per item charges
- ATM/Debit card ordering fee is $6.50
Regular Checking
- Our Regular Checking Account features unlimited check writing and 24-hour banking with our ATM card or our MasterCard debit card. You can avoid monthly maintenance fees by maintaining certain balance requirements.
- Minimum opening deposit $100
- Minimum daily balance $600
- Monthly maintenance fee $6.45
- ATM/Debit card ordering fee is $6.50
Community Leader Account
- Our Community Leader Account is an interest bearing checking account. This account also offers unlimited check writing, 24-hour banking with our ATM card or our MasterCard debit card and interest on your collected balance. You can avoid monthly maintenance fees by maintaining certain balance requirements.
- Minimum opening deposit $100
- Minimum daily balance $2,500 or
- Minimum balance in one of the following accounts:
- IRA $10,000
- CD $5,000
- Line of Credit $10,000
- Installment Loan $10,000
- Monthly maintenance fee $15.45
Prime Time Checking
- Our Prime Time Checking is an interest bearing checking account. This account also offers unlimited check writing, 24-hour banking with our ATM card or our MasterCard debit card and interest on your collected balance. You can avoid monthly maintenance fees by maintaining certain balance requirements.
- Minimum opening deposit $100
- Minimum daily balance $2,500 or
- Minimum balance in one of the following accounts:
- IRA $10,000
- CD $5,000
- Monthly maintenance fee $15.45
Senior Direct Account
- Our Senior Direct Account is for individuals over 55 years or older. There is no monthly maintenance fee or minimum balance requirements. This account offers unlimited check writing, 24-hour banking with our ATM card or our MasterCard debit card and no per item charges.
- ATM/Debit card ordering fee is $6.50
- Requires Direct Deposit
Interest Checking
- Minimum opening deposit $100
- Interest bearing account
- Interest rate and annual percentage yield are included in the Rate Chart
- The interest rate and annual percentage may change
- Interest begins to accrue on the business day you deposit noncash items
- Interest will be compounded daily and will be credited to the account monthly
- Minimum daily balance of $1200 to avoid maintenance fee
- Monthly Maintenance fee of $12.45
Personal Savings Account*
- The Personal Savings Account features flexibility and a competitive
interest rate. Interest is paid quarterly. You can avoid monthly maintenance
fees by maintaining certain balance requirements.
- Minimum opening deposit $100
- Minimum daily balance $250
- Monthly maintenance fee $3.95
Minor Savings Account*
- Our Minor Savings Account features flexibility and preferential interest
rates. Interest is paid quarterly. You can avoid monthly maintenance
fees by maintaining certain balance requirements.
- Minimum opening deposit $50
- Minimum daily balance $50
- Monthly maintenance fee $3.00
Money Market Savings*
- Our Money Market Savings features flexibility and preferential interest
rates. Interest is paid monthly. You can avoid monthly maintenance fees
by maintaining certain balance requirements.
- Minimum opening deposit $2,500
- Minimum daily balance $2,500
- Monthly maintenance fee $10.25
The information above is not a complete disclosure for Truth in Savings. For complete disclosure information on each account, please contact any one of our convenient offices or call one of our Personal Bankers.
Debit Card
Community Bank of the South’s Debit MasterCard is our debit card that can be used to make purchases worldwide – anywhere you see the MasterCard® logo! Use your card instead of writing a check and your purchases are deducted automatically from your checking account. Each purchase will be detailed on your monthly checking account statement.
The MasterMoney Card can also be used as an ATM Card for easy access to cash at ATM machines.
For security reasons, daily and cash withdrawal limits apply. Please stop by our office and apply.
To report a lost or stolen debit card, please call 1-800-528-2273.
ATM Card
ATM cards can be used at automated teller machines to access account
information
and to withdraw cash from your primary account. There is a $600 24 hour
limit. Your ATM
card can be used at any ATM that within the networks identified on your
card.
Certificate of Deposit (CD)
- Competitive, guaranteed rates for term of deposit
- $2,500 minimum deposit to open account and earn disclosed annual percentage yield
- Annual percentage yield assumes interest will remain on deposit until maturity
- Interest begins to accrue on the business day the deposit is made
- A withdrawal of interest will reduce earnings
- Automatically renewable for your convenience with 7 day grace period
- Available in terms from 6 months to 5 years
- Interest can compound back into CD or by direct deposit to your Community Bank of the South checking or savings account
- FDIC insured up to $100,000
- A penalty may be imposed for early withdrawal
Individual Retirement Account (IRA)
- Competitive, guaranteed rates for term of deposit
- $2,000 minimum deposit to open account and earn disclosed annual percentage yield
- Annual percentage yield assumes interest will remain on deposit until maturity
- Interest begins to accrue on the business day the deposit is made
- A withdrawal of interest will reduce earnings
- Automatically renewable for your convenience with 7 day grace period
- Available in terms from 6 months to 5 years
- Interest will compound back into IRA
- FDIC insured up to $100,000
- A penalty may be imposed for early withdrawal
Traditional IRAs
The traditional IRA first became available in 1975 to encourage people to save for their retirement and to provide for beneficiaries upon death. Higher contribution limits and greater flexibility were added with the implementation of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001. If deferring taxes on part of your income is your tax strategy, a Traditional IRA may be right for you.
ROTH IRAs
The Roth IRA was first made available on January 1, 1998. Contributions are made with after-tax dollars and earnings are free from taxes and IRA penalties if certain conditions are met. If your income level is too high for a Traditional IRA, a Roth IRA may be just the thing for you.
IRA Transfers and Rollovers
It's easy to move your IRA to Community Bank of the South. Whether a Roth or Traditional IRA, you can move existing IRA money as follows:
- Transfers -- you can come into our office, establish an IRA account with us, and complete a transfer form. This form is then sent to the institution that currently holds your funds. After receipt, the funds are sent directly to us for deposit into your account. The IRS places no limits on transfers and no part of this transaction is reported to the IRS.
- Rollovers -- To complete a rollover, you take the funds from one institution and deposit into another institution. A rollover may be done once per year and the deposit must be completed within 60 days of distribution from the first institution. A rollover is also used when moving funds from a qualified pension plan to a Traditional IRA.
Distributions
When you withdraw money from a retirement account, it is called a distribution. Distributions from a Traditional IRA are reported to the IRS as income and as such, may be subject to income tax. There may also be IRS imposed penalties except under special circumstances such as death, first time home purchase, disability, education and reaching age 59 ½.
Distributions from a Roth IRA have more complex tax implications. You should speak with your tax advisor, accountant or attorney before proceeding with this type of transaction.
Required Minimum Distributions (RMD)
The IRS requires that, beginning in the year you become 70 ½ years of age, you begin taking a "Required Minimum Distribution" from your Traditional IRA each year. This amount will vary based upon governmental tables. Our representatives will be happy to assist in calculating your RMD if requested.
