check the "fine print"
You often see other banks advertise accounts that seem to be great deals. That is until you read their "fine print". Bank of Utica never tries to trick you with "fine print". After reading their fine print (see underscores below), compare their accounts to ours:
- We do not offer short term promotional deals or introductory rates that disappear or are reduced after the customer is hooked. We consistently pay some of the top rates in the state.
- We were the first Utica bank to offer free personal checking accounts way back in 1969, and have continually made them available since then. We started paying interest on some of our checking accounts in 1982, and we have been paying interest on all them since 1996. So our good deals are not short term come-ons.
- They may offer high rates only if you maintain a high balance in their account or they may have tiered rates with very low rates prevailing on the first $25,000 or even $50,000. If anything we at times do the reverse, i.e. pay higher rates on smaller deposits, so that our good rates are available to as many people as possible, rather than only making them available to the wealthy.
- Their accounts may require that the deposit be new money not on deposit with their bank. We always make our good rates available to all existing customers, and with whatever funds you may already have on deposit with us.
- Their accounts may require that you maintain a checking account with them. We never have tie-ins nor require bundling a better account with one that may be inferior, e.g. require you to open a checking account that may not pay high interest or may have fees.
- Their accounts may require that you have direct deposit, or obtain and use their credit card. We never require that you sign up for services you may not desire at this time.
- Other banks may require a large opening deposit of up to $10,000. Our Money Market account requires only $1,000 or you can open a Certificate of Deposit with us for only $500.
- Their accounts may allow limited withdrawals each month. We do not limit the number of withdrawals our customers can make. However, federal regulations limit the number of withdrawals on Money Market and statement savings accounts to six per month.
- On their accounts a fee may be applied if the account is closed before the end of some sort of a guaranteed period. We do not have such fees or guaranteed periods.
- Many banks may nebulously state that "other restrictions may apply" without explaining to you what they are. Any restrictions we have are always clearly explained, such as when we advertise that our good rates are only available to local depositors.
- Many banks state in their advertisements that "other fees may apply" without telling you what they are. They can turn out to be hidden fees imposed on the day-to-day account's operations, e.g. certain fees if you don't use the account, tie-in direct deposit or use a credit card. We have no hidden restrictions that result in "other fees" on our accounts.
In addition to high rates without fine print, we offer many FREE services including online banking, bill payment, telephone banking, QuickDraw® VISA Debit Card and direct deposit.