1. Account Terms
All Sterra Bank deposit accounts are subject to the following terms and conditions:
Account Opening
- Minimum opening deposit of $25 for personal checking accounts
- Minimum opening deposit of $100 for business accounts
- Valid government-issued ID required for all account holders
- Social Security Number or Tax ID Number required
Account Maintenance
- Accounts must maintain a positive balance unless overdraft protection is enabled
- Dormant accounts (no activity for 12 months) may be subject to fees
- We reserve the right to close accounts that remain negative for 60 days
Important: Sterra Bank may refuse any deposit at our discretion. Deposits are not considered final until verified and credited to your account.
2. Fee Schedule
The following fees may apply to your Sterra Bank accounts:
| Service | Fee | Conditions |
|---|---|---|
| Monthly Maintenance | $10 | Waived with $1,500 minimum daily balance or direct deposit |
| Overdraft Fee | $35 | Maximum 3 per day |
| Outgoing Wire Transfer | $30 domestic $50 international |
Per transaction |
| ATM Withdrawal (non-Sterra) | $2.50 | Plus any fees charged by ATM operator |
| Stop Payment | $35 | Per request |
Fees are subject to change with 30 days notice. For a complete fee schedule, please refer to your account agreement or contact customer service.
3. Electronic Funds Transfer
Your rights and responsibilities concerning electronic transfers are governed by Regulation E:
Error Resolution
If you believe an error has occurred on your account:
- Contact us immediately at (410)-514-7825 or through online banking
- Provide your name, account number, description of error
- We must investigate within 10 business days (20 for new accounts)
Liability for Unauthorized Transfers
- Report lost/stolen cards immediately to limit liability
- $50 maximum liability if reported within 2 business days
- Up to $500 liability if reported after 2 but before 60 days
- Unlimited liability after 60 days
4. Deposit Insurance
Sterra Bank is a member of the Federal Deposit Insurance Corporation (FDIC):
- Deposits insured up to $250,000 per depositor, per ownership category
- Includes checking, savings, money market, and CDs
- Does not cover investments, even if purchased through the bank
Use the FDIC's Electronic Deposit Insurance Estimator to determine your specific coverage.
5. Privacy Practices
Our privacy practices are detailed in our Privacy Policy and include:
- How we collect and use your personal information
- Circumstances under which we may share information
- Your rights to access and control your information
- Our security measures to protect your data
6. Loan Disclosures
All loans are subject to credit approval and additional terms:
Annual Percentage Rate (APR)
- Personal loans: 5.99% - 24.99% (as of 4/1/2025)
- Mortgage rates vary by product and creditworthiness
- APR includes interest plus certain fees
Other Important Terms
- Late payment fee: 5% of payment or $25, whichever is less
- Prepayment penalties may apply to certain mortgage products
- Loan approval not guaranteed - subject to underwriting
7. Investment Disclosures
Investment products offered through Sterra Wealth Management:
Not FDIC Insured • No Bank Guarantee • May Lose Value
- Securities products are not deposits or obligations of Sterra Bank
- Not guaranteed by Sterra Bank
- Subject to investment risks, including possible loss of principal
- Past performance does not guarantee future results
8. USA PATRIOT Act
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
When you open an account, we will ask for:
- Your name
- Address
- Date of birth
- Government-issued identification number
- Other information that will allow us to identify you
We may also ask to see your driver's license or other identifying documents.
9. Contact Us
For questions about these disclosures or to request paper copies:
- By email: disclosures@sterrabank.com
- By phone: (410)-514-7825
- By mail: 2065 Columbia Boulevard, Dorrs Corner, Maryland 21108
