New Banking Plan Lets Savings Fund Checking Automatically
First Lorain Trust introduces a program where funds move from savings to checking to cover checks. Savings earn 5 percent daily interest, with $50 minimum. Waivers apply for balances of $2000 or average $5000. otherwise standard fees apply plus a 50 cent daily transfer fee.
Is the new automatic transfer right for you
The text explains determining if automatic transfer suits you based on balances. It notes if you have $2000 or more in checking you’ll benefit, while lower balances may still benefit but often favor regular no fee checking if you meet its lower minimums. It suggests evaluating daily balances and savings to decide.
MENTIONED IN THIS ARTICLE
First Lorain Trust
Banking guidance on continuing regular checking accounts
The prospect emphasizes maintaining current checking options with unchanged costs, suggests a minimum balance of 200 for checking or 500 for savings, and notes that fees depend on individual activity. The bank invites customers to visit with recent statements to determine the best account type, claiming local expertise and large customer base.
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