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 Farm
Chattle property loans, Cattle and Machinery loans
- Secured with the cattle or machinery
- Milk assignments make easy payments
Real Estate Loans
- Purchase farmland, buildings, and facilities
- Easy payments automatically from your checking account
- Long term fixed rates under Farmer Mac
Lines of Credit
- Revolving lines of credit for farm operation needs
WHEDA Farm Loan
- Crop Loans
- Farm Real Estate Loans
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Regular Free Checking
- FREE SHAZAMchek Debit Card
upon approval
- Free 24 hour telephone banking
- Free online banking
- Unlimited check writing privileges
- No minimum balance requirement
- No per check fee
- Minimum deposit required
Interest & Checking
- Earns Interest
- FREE SHAZAMchek Debit Card upon approval
- Unlimited check writing privileges
- Free 24 telephone banking
- Free online banking
- No minimum balance requirement
- No per check fee
- Personal Account (only)
- Minimum deposit required
- $6.00 per month maintenance fee
- Closing fee may apply
- Avoid maintenance fee with:
- Direct Deposit
- Direct withdrawal for Bank of Monticello loan
NOW Account
- Earns higher tiered rate of
interest
- Free SHAZAMchek Debit Card upon approval
- Free 24 hour telephone banking
- Free online banking
- Unlimited check writing privileges
- Minimum balance required
- Minimum deposit required
Ready Reserve Account
OOPS: Did you
forget to record a check or perhaps make a mathematical error? Anyone
can make a mistake. Therefore, Bank of Monticello and Bank of Evansville
offer overdraft protection called the Ready Reserve.
The Ready Reserve (overdraft
protection) is available for checking accounts. A Ready Reserve at Bank
of Monticello is a line of credit to protect your checking account from
being overdrawn. This account is subject to credit approval. Contact us
for more details.
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Statement Savings
- Earns interest
- $10.00 to open the account
- A $200.00 minimum balance required to avoid maintenance
fee.
- No fees apply for minors or a students
HIFI Account Money Market
- Earns the highest tiered rate of interest
- Minimum balance of $1000.00 required
- Limited check writing privileges
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Traditional IRA
- Allows you to defer taxes on your earnings until you withdraw
- Certain contributions are tax deductible
- Under the age of 70½
- Must have earned income
- Contribution limits - contact your tax advisor
Roth IRA
- Non deductible account
- Tax free withdrawals for certain distribution reason after a 5-year
holding period.
- Must have earned income
- Modified adjusted gross income (MAGI) limits apply.
- Contribution limit - contact your tax advisor
- There is an annual aggregate amount that may be contributed to a
Traditional and a Roth IRA
SEP- Simplified Employee
Pension
- Retirement plan established by an employer.
- Employer may contribute a certain % of each eligible employee’s
compensation directly to employees IRA.
- Any employer may establish a SEP even if there are no employees
- Contributions may be tax deductible- -contact you tax advisor.
SIMPLE IRA - - Saving Incentive
Match Plan for Employees
- Small business, employing 100
or fewer
- Investment decisions made by the employee regarding
his own IRA
- Affordable and easy to implement
- Eligible employees may contribute each year through
payroll deductions, even if other employees defer nothing
- Employers offer matching contributions which may
vary
- Generous tax advantages to employer and employees
- Distributions are generally taxed under rules that
apply to Traditional IRAs.
NOTE: Your tax advisor or accountant is your best source
to help you decide which IRA account is best for you.
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CESA
- Coverdell Education Savings Account
- Contributor is the individual who establishes the
CESA
- Contribution limit per year, per beneficiary is $2,000,
individual designated to receive the benefit of the assets in the CESA
- Deadline for making contribution is the contributor’s
tax-filing due date, excluding extensions
- MAGI (Modified Adjusted Gross Income) may impact
the amount of contribution
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