In the past few months, customers have been notified of several changes to bank statements and fees through notices on their bank statements, account documents and other mailings. Here is a summary of those changes.
We will soon be combining your periodic deposit account statements into a single combined monthly statement. This will allow you to have a snapshot of your deposit accounts in one quick and easy location without waiting for the separate statements to arrive.
If you have multiple deposit accounts (i.e., checking, savings, certificates of deposit) at Bank of American Fork with exactly the same ownership interests (i.e., identical sole or joint owners of each deposit account), they will be converted to a combined monthly statement starting August 15, 2012. If you do not want us to combine your statements, you may opt out by doing any of the following:
— Emailing us at firstname.lastname@example.org. Include your name and last three digits of the account number(s) of any account(s) you do not want to appear on a combined statement
— Completing the opt-out form at https://www.bankaf.com/uploads/pdfs/Combined_Statement_Stuffer.pdf and dropping it off at any one of our 12 branch locations
— Printing and mailing the completed opt-out form to: P.O. Box 307, American Fork, Utah 84003
— Faxing the completed opt-out form to 801-642-3189
Dormancy fees for checking and savings accounts
After Sept. 1, 2012, the dormant account service charge will be $7/month as follows:
|Type of Account:||When Dormant Account Service Charge Applies:|
|Checking||Daily balance <$500 and not active for 1 year|
|Savings||Daily balance < $500 and not active for 2 years|
You can avoid this by maintaining a daily balance of $500 or more OR by depositing or withdrawing at least once a year (checking accounts) or once every two years (savings accounts).
CD early-withdrawal penalty
If you choose to renew your existing certificate of deposit after Oct. 1, 2012, the early-withdrawal penalty that will apply after renewal will increase. After renewal, if any of the deposit is withdrawn before the new maturity date, a penalty as shown below will be imposed:
|Term of Certificate:||Early-withdrawal Penalty|
|12 months or less||90 days’ interest|
|More than 12 months||180 days’ interest|
If you have questions regarding any of these changes, please contact us at 800-815-BANK.