Statement Savings
Statement Savings
At the Bank of Commerce we encourage our customers to start a savings plan. By maintaining a minimum of $100.00 in a Statement Savings Account, you can earn a competitive rate of interest on your money. Begin a structured savings program today. You'll be glad you did.
- $100.00 required to open this account
- No service charge fee if balance does not go below $100.00 any day of the month
- Free access to TeleXpress telephone banking
- Free access to Online banking
An excess withdrawal fee of $1.00 will be charged for each debit transaction (withdrawal, automatic transfer, or payment from this account) in excess of three during a statement cycle. A $1.00 charge will be assessed when your balance falls below $100.00 any day of the month. If account is closed before interest is paid, accrued interest will be forfeited. (See account restricted transactions below)
New Generation Savings
The New Generation Savings Account is ideal for young people who are trying to learn the concept of saving money. It is also great for anyone who just wants to have a savings account for a rainy day and at the same time not worry about keeping a minimum balance in an account.
- No minimum required to open
- No per item fees
- Free access to TeleXpress telephone banking
- Free access to Online banking
External electronic transfers are not available on this account. No Statements are mailed out on New Generation Savings Accounts. If this account goes dormant, it will be changed to a Statement Savings Account and applicable fees wil be charged. (See account restricted transactions below)
Business Statement Savings
At the Bank of Commerce we encourage our customers to start a savings plan. By maintaining a minimum of $100.00 in a Statement Savings Account, you can earn a competitive rate of interest on your money. Begin a structured savings program today. You'll be glad you did.
- $100.00 required to open this account
- No service charge fee if balance does not go below $100.00 any day of the month
- Free access to TeleXpress telephone banking
- Free access to Online banking
(See account restricted transactions below)
Medical Savings Account
(Idaho Tax Filers only)
Our Medical Savings Account allows you to save and pay for your medical expenses. It can also help you save on your State of Idaho income taxes. Our New Accounts Representatives can provide you with additional information. **
- $100.00 required to open account.
- No service charge fee with a $100.00 minimum balance every day of the month
- May be tax deductible on your State of Idaho income taxes**
- Free access to TeleXpress telephone banking
- Free access to Online banking
Idaho Medical Savings Accounts benefit Idaho Residents Only
*An excess withdrawal fee $1.00 will be charged for each debit transaction (withdrawal, automatic transfer, or payment from this account) in excess of 18 per month. A $1.00 service charge fee will be assessed when your balance falls below $100 any day of during the month. Tax Deductibility of the Medical Savings Account can vary.
**For deductibility of contributions and interest and your ability to withdraw funds for eligible medical expenses without being subject to Idaho State income tax, please consult your accountant or tax advisor. A 10% penalty will be imposed by Idaho State Tax Commission on any non-medical withdrawals and withdrawals will also be subject to Idaho State income tax. A withdrawal of funds by an account holder for a non-eligible medical expense after reaching 591/2 years of age results in the amount of the withdrawal being included as gross income, but not subject to the 10% penalty. Stop payments can be issued on a Medical Savings account.
Savings Account and Money Market restricted transactions
Federal regulations limit the number of transfers from a Savings or Money Market Accounts. No more than six transfers can be made during each thirty(30) - day statement cycle by pre-authorized transfer, automatic transfer or telephone transfer (including data transmission by computer or other electronic devices). Of these six (6) transfers, no more than three (3) may be made by check, draft, or debit card. By law, if the above limits are exceeded three (3) times in a twelve (12) - month period, the account will be changed to a different type of account. For the purposes of the transaction limitation, we count Money Market checks as of the date we post them to the account, not the date they were written. An unlimited number of withdrawals may be made in person, by ATM, or by mail or messenger.
Certain disclosures are provided at the time that you open your account. All deposit accounts are subject to but not limited to the following:
- Truth in savings
- Funds availability
- Electronic Funds Transfer Rules
- Terms Conditions
These disclosures are also available prior to opening an account or at any time and will be provided to you by contacting us.
New Account Finalization Procedure
The Bank of commerce is a "Community Bank" located in Eastern Idaho with Headquarters in Idaho Falls. Because of the local nature of our bank, we request that all new account applicants come into one of our local branches and meet our friendly staff and finalize your new account or loan.
