Military Banking
A special checking account for those who are serving or have served in the military. We are humbled by your willingness to sacrifice and honored to offer this account as a small thank you for your service.
Features
- No minimum balance or monthly service charge
- Interest paid on the entire account balance
- Free debit card
- Free Merchants' Signature Style duplicate custom checks
- Free Cashier’s Checks and Money Orders
- Fee-free cash at 400+ ATM locations
- Fee waived on first-year rental of Safe Deposit box1
- Payroll direct deposit required
- Online & Mobile Banking
Savings Account bonuses available:
- $10 for opening a new Basic or Advantage Savings account2
- $5 for opening a new Kid’s Savers Club account3
- $5 for opening a new Summer or Winter FUNd4
Credit and Loan account discounts available:
- $300 discount on closing costs for new residential mortgages, home loans or construction loans5,7
- 2,500 bonus points when opening a new Merchants Bank Visa Scorecard Credit Card7
- Fee waived on first year of new Home Equity Line of Credit6
- Fee waived on first year of Overdraft Line of Credit7,8
How can I add or remove someone from my Checking account?
- To add an owner: You can add an owner to an existing account anytime by visiting your local branch with the additional owner.
- To remove an owner: To remove someone from your Checking account, you'll need to close your current account and open a new one with your new ownership preferences. In special circumstances, such as a child turning 18 or trust accounts, opening a new account may not be necessary.
Is Merchants Bank Free Checking really free?
- Online Banking and Mobile Banking† with mobile deposit.
- Debit card with fraud detection app.
- ATM access at these locations.
- eStatements.
How safe is my checking or savings account?
How do I switch my checking account to Merchants Bank?
Can I open my account online?
Once you submit your application, a Merchants Bank Customer Service Representative will prepare your account documents and follow up with you to schedule a time to meet at your local branch. At that appointment, you'll be asked to sign your account agreement, your debit card will be ordered and any other services needed can also be completed.
† Merchants Mobile Banking is free, however, text or data charges may be imposed by your mobile provider. Check your plan for details. Your carrier may limit access outside the U.S.
1. Rental of smallest size box available or the value of the smallest size box may be discounted from the annual fee of a large size box.
2. $50 minimum deposit required for Basic Savings Account. $1,000 minimum deposit required for Advantage Savings Account. Owner of Military Banking Account must also be named an owner on this account. $10 limit per customer.
3. Owner of Military Banking Account must also be named an owner on this account. $5 limit per child.
4. Owner of Military Banking Account must also be named an owner on this account. $10 limit per customer.
5. Offer available on new purchase residential mortgage loans or residential construction loans only. One coupon offer available per loan.
6. Subject to credit approval. As of March 16, 2020, the Annual Percentage Rate on a home equity line of credit with an 80% or less loan-to-value and a credit score greater than or equal to 700 was 4.00%. This special offer has fixed-rate pricing as low as 2.9% APR for the first six months, based on relationship reward discounts. Following that six-month period, the rate will become variable, subject to change, based on U.S. Bank, N.A., prime rate plus a margin that is determined based on the loan-to-value in your home and your credit score at the time of application. Current rates vary from 4.00% to 5.75% APR. Maximum possible APR is 18%. Minimum possible APR is 4.00%. An origination fee may apply, in addition, you are responsible for certain fees to third parties, such as appraisers, credit reporting firms and government agencies, which are generally from $100–$1,000. Following the first year, there will be an annual fee of $25. Offer available on new home equity lines of $10,000 or more only or on existing lines of credit with an increase of at least $10,000. Consult your tax advisor regarding the deductibility of interest expense. Property insurance will be required. Limited time offer.
7. Subject to credit approval.
8. 15.59% Annual Percentage Rate. Following the first year, there will be an annual fee of $30.