Eastern Bank

A History and Introduction to the Eastern Bank
The Eastern bank is one of the largest bank in New England which is an independent bank that is mutually owned. The Eastern Bank has a great history to back itself and its more than 1400 employees are always there to look after the rich heritage of the Eastern Bank. The Eastern Bank was established in the year 1818 and with well planned moves and also the help of good employees the Eastern Bank has evolved as a full fledged commercial bank from a mere savings bank. The Eastern Bank has a total asset amount of more than $6 billion and has more than 75 branches which are stretching from Cape Cod to the Valley of Merrimack.

The Eastern Bank demands that being a mutual bank they do not actually look at their profit lines at the Wall Street but it actually goes by what the customers expect of it. The Eastern Bank provides a full array of products that are financial in nature for the bank’s clients, government and non government agencies,business investors and others. The Eastern Bank also offers various facilities free of cost like the Internet account checking, other checking and one can even make transactions on Sunday itself. The Eastern Bank suggests both kind of small and large businesses in the financial areas. Among other activities of the Eastern Bank one can include activities in the capital market, leashing of equipments, commercial aspects of real estate business and also the management of cash. One can find few subsidiaries of the Eastern bank such as the New England’s one of the biggest insurance agency, the Eastern Insurance and also a real estate and commercial banking firm named the Fantini and Gorga.

The Eastern Bank also offers social wors to the society it is in. It has got an organization named the Eastern Bank Charitable Foundation and the Eastern Bank has donated more than $2 million to the groups that are non-profitable and are there to help the society always.

The Eastern Bank Banking Facilities
The Eastern Bank offers various kinds of facilities to its customers. It offers personal accounts as well as business accounts and the Eastern Bank even offers loans, insurance policies and many other special services like this.

Eastern Bank Personal Banking
The personal banking offers facilities like online banking, checking accounts ,savings accounts retirement policies, credit cards and many other things.

Checking Accounts: One can find many kind of checking accounts in the Eastern Bank. Some of them are:

• Eastern Bank True Blue Premier Checking Account
• Eastern bank True Blue Select Checking
• True Blue free Checking

Eastern Bank True Blue Premier Checking Account
The True Blue Premier Checking Account is one of the latest accounts launched by the Eastern Bank. It needs an amount of $25,000 to open an account of this kind and even more at selected places. This account provides a lot of facilities provided by the Eastern Bank. One can enjoy the profits of select checking as well as zero account and ATM charge.

Eastern Bank True Blue Select Checking
The True Blue Select Checking Account is a kind of account that provides most of the facilities that one normally needs from a checking account. If one maintains a good balance in his account among the bank rates and its benefits, One needs to have $50 to open an account of this sort. One needs to pay nearly $18 monthly for the service the Eastern Bank provides for its customers. If one makes a direct deposit one can have a discount of $2 on monthly charge. This account also offers money orders and treasurer’s check free of cost. One can also have free travelers checks to serve himself better from this account. One does not even have to pay any annual fees for overdraft protection, loans for home equity and IRAs.

Eastern Bank True Blue Free Checking Account: One needs to have only $10 to get himself registered in this kind of checking account. The True Blue Free Checking Account also does not charge any monthly or yearly fees. One also have the facility to write unlimited number of checks , unlimited usage of ATM s without any extra cost, one can find as many as 2500 ATM s to use all over America. One also gets free access to Eastern Bank Debit Master card, online banking and monthly balance statement with imaged checks.

Eastern bank Savings Account: The Eastern Bank also offers various kind of Savings Account too. It offers savings accounts like Economy Savings Account and Regular Savings Account.

Economy Savings Account: This account is helpful to those who have just started savings account and who do not actually have any idea of doing it easily. So to get oneself used to the savings account one can have access to this savings account. This is also very helpful for those who do not maintain a high rate of monthly balance. This account offers the account holder an easy access to his account and also provides monthly balance statement to the account holder.

Regular Savings Account: The Regular Account holder is offered an option at the start regarding his choice about maintaining his account by monthly statements or passbooks. Those who go for statements receive monthly balance statements where a detailed list of transaction is provided. One can also have transaction through the Eastern bank ATM s. Those who go for the passbook always remains up to date with various withdrawals and deposits made personally. One though needs to present his or her passbook at the time of withdrawals and deposits. The transaction can also be made only through banks and not by ATM s throughout the day.

Money Market Accounts: The Eastern Bank also offers Money Market Accounts to its customers. It offers two types of Money market accounts. Such as

• Investment Plus Money Market Account
• Earnest select Money Market Account

Investment Plus Money Market Account: Investment Plus Money market Account is a statement type account. That is the calculation of transactions are made and conveyed to the account holder by monthly statements as well as statements collected through ATM s. This account provides its customers an option of investing more so that the account holder gets a higher return. The rate of interest that is paid is fixed through the level of balance one has in the account. One can deposit or withdraw any amount of money he wants through direct bank or through the Automatic Teller Machine. The interest rate is calculated at a monthly basis and paid the same way. The interest rates offered by the Eastern Bank can be altered any time for that a statement is provided prior to that. One needs to have at least $2500 to open an account of this kind. One needs to pay a monthly maintenance charge of $7 for this account. For excess items one will have to pay $10. To avoid paying monthly service charges one needs to keep a minimum daily balance of $2500.

Earnest Select Money Market Account: This money market account is available only for those who have the access to the Eastern Select Checking Account and Eastern Select Checking Plus Account. This money market account is a kind of tired rate savings account that offers money market rates that are preferred by the customers. The specialty of this money market account is that the rate of interest depends on the amount of money one invests in his account. The rate of the interest actually depends on the amount of money one has kept in the account.

One can make deposits and withdrawals of any amount of money one wants at any moment of time either via bank itself or through ATM s. The bank though can change the rates of interests and other terms and conditions any time they like to only providing a monthly statement with all the relevant details the customer needs to know. To open this kind of account one needs to have $2500 in the account. One does not have to pay any monthly maintenance or service charge for this account. There is not restriction on minimum daily balance. For excess items one has to pay an amount of $10. This account provides both ATM as well as debit card facility.

Both of these accounts as well as the savings accounts have the coverage of $100,000 by the FDIC.

Eastern Bank Business Banking

The Eastern Bank Business Banking Accounts are mainly for small businesses and the bank claims to be very much concerned about financial needs and wants of the small businesses. The Eastern Bank thus offers a great variety of business banking accounts especially designed for smaller businessmen. The Eastern Bank claims to have able banking professional who can help their clients out in any business trouble. Business Banking offers various types of both checking accounts and savings account.

Business Checking Account: One can find a great array of business checking accounts in the Eastern Bank Business Checking accounts. Some of them are:

• Business Select Checking
• Business Checking
• Cash Management Checking
• Free Business Checking

Free Business Checking: This account is good for those people who are related to fiduciaries, and other non profit organizations who have a transaction rate of below one hundred per month. This account does not demand any transaction fee nor it asks for any minimum balance in the account. This account provides the facility of paying bills online as well as online banking facility.

Business Select Checking: This account makes management of account easier with various features and values. One gets the facility to do banking online and paying bills online through the Eastern Bank. One can also have the facility to get special pricing on a particular line of credit. One can also avail the facility of selecting among the various debit card options that are available. One can also choose from the activity levels that are also available for better facility towards their customers.

Business Checking: This account is specially for those who have a high rate of transaction every month.

Cash Management Checking: This account is also for big businesses that posses a multiple checking accounts and also for those who need a treasury service. One can link various accounts for the purpose of analysis. One can also have a monthly report based upon the relationships of the accounts.

Eastern Bank Business Savings Account
One can also have savings account for business in the Eastern Bank Savings Account. One can find a vast variety of business savings account in the Eastern Bank. Some of the business savings accounts are:

• Eastern Bank Business Statement Savings
• Eastern Bank Business Savings Plus
• Eastern Business Select Money Market

Eastern Bank Business Statement Savings
This account is best for those who have no consistency in keeping their balance at a level. The interest rate in this bank remains the same regardless of the balance available in the balance. This account is known as a savings account which is low cost.

Eastern Bank Business Investment Plus
This account is best for those who save a lot of money as the interest rate increases with the gradual increase of the balance in the account.

Eastern Bank Business Select Money Market
This account is exclusively for those customers who have access to the Eastern Business Select Checking account. This account provides the facility of overdraft protection which becomes very important for the account holder. The account also provides a monthly combined statement for the select accounts.

The Eastern Bank also offers Credit Card facilities to its customers. The Eastern bank Credit Card offers a zero percent Annual Percentage Rate for the first six billing cycles and it is given as an introductory offer. One can also win various kind of rewards for almost every purchase the card holder makes through the card. One can also choose from the various kind of gifts that are available like gift cards, travel discounts and even cash back offers. This credit card can be used at all the places wherever the master card is accepted. This card also provides insurance coverage for its holders.

The eastern bank also offers retirement Plans that often prove very helpful for the retired persons. The Eastern Bank offers various types of Retirement Plans , such as :

• Money Market Account
• Certificates of Deposits insured by FDIC
• Savings Accounts
• Mutual Funds

The bank officials help people to understand what kind of Eastern Bank retirement policy one needs to have by keeping certain factors in mind. One at the beginning needs to know one’s investment aims. The official needs to know the risk factors and also the comfort level one wants to have after retirement. One also needs to have a clear idea about the amount one is currently investing in the market and also the amount one is saving for himself for the future. One also needs to have a fair idea about the level of income one wants to have during one’s retirement period.

The Eastern bank also offers loans to various people for various situations. One can choose from various types of Eastern Bank Consumer Loan policies that are available depending on one’s needs. One can also pay the loan off through the online loan payment facility designed by the Eastern Bank for a secure and quick transaction. Some of the Consumer Loan Policies are :

• Eastern Flex Equity Account
• Student Loans
• Installment Loans
• Cash Reserve Line of Credit

Eastern Bank Flex Equity Account: Through this kind of loan policies one can have five separate loans inside one line of equity. The Flex Equity account helps one to renovate houses, buy motor vehicles and other things. The loan is actually very easy to get as the application is easier compared to other loaning applications. The payment is made through interest and home equity line. One can also choose from loan rates that are fixed. One does not need to apply to fix one’s interest rates. One can also remain connected with one’s account through the Eastern Bank Home Connect or the online access to the account. There are some interest rates or policies which are actually tax deductible. To get a better idea on this one can contact Eastern bank officials to have a first hand information about this.

Student Loan: Eastern Bank claims to be sensible enough to understand the need for education of a student either within the country or abroad. So to help one the Eastern Bank provides the student loan which has got a lot of facilities for the students. The Eastern bank does this through another company named the PayWay College Solutions.

Eastern Bank Installment Loans: The Eastern Bank offers Installment Loans with rates that are competitive and policies with various terms and conditions. This kind of Loan helps one to pay off the debt through a prolonged period of time which puts less pressure on the borrower. One can get a lower rate of interest if one possesses an Eastern Select Checking Account or if some one provides the bank the opportunity to take up the premium directly from one’s checking account. This gives bank a sense of security and thus the bank provides this opportunity to its customers. The Installment loan can be either secured or unsecured as well as with a fixed rate of interest or a variable rate of interest. The application for the Installment Loan is very easy and affordable at the same time.

Eastern Bank Cash Reserve Line of Credit
One can actually have an instant access to the amount of money one needs along with the Cash Reserve Line of Credit which acts with one’s Eastern Bank checking account. One can make request for a line which is minimum that can either be as low as $1000 or as many as $10,000. As one’s personal level of limit is formed one can start to borrow amounts that has been approved by the bank by writing checks of that particular amount until the limit is crossed. He can draw money even if the the account is zero, one can still pick up money as credit from the bank.

This kind of credit policy also provides security against overdrafts that are very expensive. One can also let the bank take the payment directly form one’s checking account automatically to avoid making payments late. This facility is though not made available with the Free Checking Accounts by the Eastern Bank. Though the customers who have the free checking account can request the bank for protection of balance. This protection of balance gives them the opportunity to authorize the fund transfer from the savings account of the Eastern Bank accounts for savings to back the amount if any over draft comes up.

Eastern Bank Insurance Policy

The Eastern Bank Insurance Policies provide its customers insurance policies as well. The Eastern Insurance with the help of the Eastern Bank provides cover for any danger that can take place in one’s life. The Eastern Bank also helps its customers to choose the right kind of policy one needs keeping his insurance needs and financial capabilities in mind. The Eastern Bank with the collaboration of the Eastern Insurance offers a vast array of Insurance policies to its existing or potential customers. Some of the policies are:

• Eastern Insurance Policies
• Eastern Benefit Groups

Eastern Insurance Policies: The Eastern Insurance which is a totally owned subsidiary of the Eastern bank was established in the year 1989. The Insurance agency has a total premium of $250 million. The agency works with more than 40 regions and national insurance agencies one can be assured of a good service from the Eastern Insurance. The Eastern Insurance offers insurance for homeowners, automobile natural calamity such as flood and earthquake in personal lines. For Commercial lines it offers Compensation for workers, general liability, professional liability or various other spheres.

Eastern Benefit Group:
This is a division of the Eastern Insurance that offers a great variety of benefit and insurance that are cost-effective. The Eastern Benefit Group offers insurances like Group Health Insurance, Group Dental Insurance, Long Term Care , Long Term and Short Term Disability Insurance and other types of insurance policies.