5 Star Checking Account

A checking account can be more than just a place to keep your money. It can be a way for you to simplify your financial life by making managing money easier. Our Five-Star Checking is perfect for those customers who want great services with no monthly fee. It comes with all the benefits you would expect from a first-class account.

Plus, you may qualify to take advantage of our Discretionary Overdraft Protection¹ program for emergency cash. The Overdraft Protection program can be used as a cheaper and more convenient alternative to a payday loan. Customers without direct deposit may qualify for up to $300 of emergency cash, and customers that have direct deposit may qualify for up to $500 of Overdraft Protection. Please visit the section in Money Essentials on Overdraft Protection for more information.

Account Features

These features will provide you with alternatives to using cash vendors…like payday lenders, check cashers, money transfer vendors, and bill payment vendors.

Discretionary Overdraft Protection (ODP¹)
If you are in need of emergency cash you may use this as your alternative to a payday loan. If you are not enrolled in direct deposit with your employer; you may qualify for up to $300 of ODP. If you have a direct deposit tied to your account, you may qualify for up to $500 of ODP. You must manage this as your active bank account to take advantage of this feature. Overdraft Protection is a discretionary service and Peoples Bank reserves the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts. ODP will not be added to your account until you have maintained a satisfactory account for a minimum of 30 consecutive days. Peoples Bank will notify you by mail, if you qualify for discretionary overdraft protection. If you are low on money and need extra cash to cover your emergencies, you may simply swipe your MasterCard debit card at the merchant, make an ATM withdrawal, or write a check, and the bank will automatically cover the balance up to your designated limit. If your balance is low, the smartest and cheapest way to use ODP is to withdraw your full limit, so you will only be charged one ODP fee of $25. The $25.00 is a per-item fee for overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means. You pay the bank back when your next deposit hits your account. If you do not restore your overdrawn account to a positive balance within 30 days, your participation in the ODP program may be terminated.

Example: Your $600 rent payment is due, and you only have $400 in your account. If you have direct deposit linked to your account, you may have qualified for up to $500 of ODP. You can simply use your MasterCard debit card or a check to make your rent payment. The ODP will cover the additional $200 that you do not have in your account and charge your account $25 for the use of ODP. If your next deposit is in the amount of $1000, the bank will recover the $225 bringing you balance to $775 (deposit of $1000 less the $200 of ODP less the $25 ODP fee). Your rent has now been paid with no late fees, no penalties, and no eviction!
Example: Assuming that you have qualified for $500 of ODP and you have a current balance of $100, you use $200 of ODP to pay your $300 electric bill. If your next deposit is $500, your new balance will be $275 (deposit of $500 less the $200 of ODP less the $25 ODP fee). Your electric bill can be paid, and no one would know that you used the ODP other than you and the bank. No embarrassing denials or applying for payday loans!!
Example: Assuming that you have qualified for $300 in ODP and you visit an ATM which has a surcharge fee of $1.50 (ATM surcharge fees may vary. Surcharge fees are set by the owner of the ATM), you find yourself running low on cash. Your current balance is $50, but you really need $100 in cash. By making a trip to the ATM, you are able to withdraw the $100. Your account now has a balance of negative $77.50 (balance of $50, less the $100 ATM withdrawal, less the $25 ODP fee, less the $1 Peoples ATM withdrawal fee and less the ATM owners set surcharge fee of $1.50). ATM withdrawal fees and ODP fees are always deducted from your available ODP balance.

How is ODP a cheaper alternative to a payday loan? For a $500 payday loan, the lender will typically charge you a fee of $10-$15 per $100 borrowed. You would typically pay around $50 in fees, resulting in a pay back of $550. With our ODP program, if you have direct deposit linked to your account and have previously qualified for ODP, you may withdraw up to $475 for a one-time fee of $25. When your next deposit posts to your account, you will pay back $500. That amounts to a $25 savings, and you can do it anytime as long as you have ODP available, without the trouble of going through the process required to get a payday loan.

How is ODP a more convenient alternative to a payday loan? Typically you can get a payday loan one of two ways:

You can visit a store location and request a short-term payday loan. The process for this is quite lengthy and time consuming. You first have to physically enter a store location with your most recent bank statement and utility bill for the approval process. Second, after being approved you will have to write a check for the desired amount plus their fee. In return, they hold your check and give you the cash minus the fee. Then, on your next payday you have to return to that same location and pay back what you borrowed plus their fee. At this time, they will return your check to you. During this process, you can typically expect time to be spent for transportation to the location and time spent waiting in line.
The second way to get a payday loan is to apply for one online. This is more convenient than visiting a physical store location, because you can handle the same process from home at your leisure. Typically, the same fees apply when processed online as they do when visiting a physical store. A standard waiting period of 24 hours is to be expected with this program, to allow for time for the funds to hit your bank account.
Peoples Discretionary ODP program: This is the fastest, most convenient way to get emergency cash. When you are in need of emergency cash, use the ODP on your account instead of applying for a payday loan. Take advantage of this feature 24 hours a day, 7 days a week, without ever leaving the comfort of your home/work to visit a store, fill out applications, wait for approval, or wait for the funds to post to your account. This is also the most discreet way to take out a loan. No one will ever know, other than you and the bank. Our ODP program can help you avoid embarrassing confrontations and late fees with vendors, avoid late rent payments, and avoid utilities being turned off, pay for auto repairs, or simply take care of yourself and your family in the event of an emergency. ODP is available with your account at all times, unless you have opted out or abused the program. Peoples ODP program is with you wherever you go and available when you need it!

MasterCard Debit Card/Checkbook
Set up Direct Deposit with your employer and avoid paying check cashing fees. Once you have enrolled in Direct Deposit, your employer will electronically deposit your paycheck into your account for you. This allows you to withdraw your money at any ATM or write checks for your payments and purchases. This process will also allow you to access your paycheck whenever you need it and avoid hunting for a check cashing vendor that will charge you a fee to cash it. If you choose not to enroll in Direct Deposit, you can simply mail or transfer funds to your account anytime and utilize your MasterCard debit card or checkbook. Your MasterCard debit card is covered by MasterCard Zero Liability² for fraudulent use and your account is FDIC insured up to $100,000.

Money Transfers
If you send money to family members or relatives on a regular basis, we have a free solution for you! You can avoid expensive money transfer vendors by taking advantage of this bank program. Peoples Bank account holders have the option of obtaining a separate account or ATM card for other family members. Through Peoples Bank Internet Banking or Free EZ Bill Pay, account holders can easily transfer funds to these additional accounts without added expense. Transfers may be set up on a recurring basis.

Money Essentials
Money Essentials provides you with a valuable, easy-to-understand introduction to financial services and is designed to give you realistic choices in how to conduct your financial affairs. This booklet will provide you with basic financial information including how to use an ATM, conduct basic financial transactions, and manage your account responsibly. Please use Money Essentials as your guide for responsible account management and frequently asked questions.

Bill Pay
You may qualify to take advantage of our Free EZ Bill Pay and avoid paying bill payment vendor fees. To enroll, go to www.pbparis.com and sign up for our Internet banking. To qualify, you must actively maintain and manage your account for 30 consecutive days. Once you have done so, your account will be reviewed and Peoples Bank will let you know when you have been approved. When you are approved, you may then schedule payments to be made to companies and individuals on a one-time or recurring basis by logging into Peoples Free EZ Bill Pay. Simply follow the instructions or call customer service for assistance.

If you have any questions about the features or programs outlined above, please feel free to contact Peoples Cash Solutions customer service any time. You may also refer to Money Essentials, the FAQ booklet, to answer common questions.

1 This service is not a credit product and interest does not apply. Therefore, no credit check is performed to be eligible for the service. The Discretionary Overdraft is standard on all checking accounts. Peoples Bank Discretionary Overdraft Protection Program (“ODP”) will charge the account a $25.00 per-item fee for overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means. If you do not restore your overdrawn account to a positive balance within 30 days, your participation in the ODPprogram may be terminated. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts.
2 $0 Liability Fraud Coverage applies only if: you exercise reasonable care against the loss or theft of your card; your account is open, in good standing; and you have not reported two or more incidents of unauthorized use in the preceding 12 months. You must notify us of the unauthorized transaction within 60 days of the date of the statement reflecting the transaction was mailed or made available to you. The protection does not apply to PIN-based transactions at a Peoples Bank branch, or to business and other non-personal cards and accounts. See our Account Disclosures & Regulations booklet for further details.
3 The approval process is subject to the US Patriot Act.