Mercantile Employee Account Opening
Explore Our Deposit Account Options
We offer direct deposit of your paycheck into a Mercantile account. With direct deposit your money is electronically transferred into a checking or savings account.
Deposit Products for Employees
Mercantile employees are entitled to the following bank accounts and services at discounted fees/premium rates as an additional benefit of their active employment with Mercantile Bank:
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Personal Checking Accounts – Free MercPerks® Plus Checking account (monthly fee automatically waived for Mercantile Employees). Earn an attractive interest rate on balances up to $15,000 when you enroll in eStatements through online banking and receive at least $500.00 in ACH direct deposits credited to the account during the statement cycle. Includes one free membership to the MercPerks® benefit package. Membership benefits apply to the employee and his/her significant other, provided they live in the same household and are owners/signers on the MercPerks® Plus Checking Account.
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Free wallet/duplicate personal checks (restricted to non-licensed styles).
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1.00% APY interest rate bump on stated Personal Money Market Rates (employee must be an owner/signer).
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$60 annual rent discount on Safe Deposit Boxes (location availability may vary).
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Free cashier's checks, money orders, wires and stop payments.
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Free digital services including online Bill Pay, MercMobile, personal P2P payments and MercMoney®.
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Access to the MoneyPass Surcharge Free ATM Network plus.
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Discounted consumer installment loan rates and mortgage loan rates.
Deposit Account Options
The following products are available to open online:
MercPerks® Plus Checking
An account designed to maximize savings and security, while providing additional benefits.
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Recurring Fee: $8.95 monthly or $100.00 annually* (waived if one account owner is a Mercantile Bank employee)
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Interest Paid: Earn up to 3.00% Annual Percentage Yield on balances up to $15,000.00 with eStatement enrollment and $500.00 in monthly ACH deposits.
Earn an additional 1.00% Annual Percentage Yield on entire MercPerks Plus account balance when primary account owner's total deposit relationship is $100,000.00 or more.
Loan Discount: 0.25% interest rate discount on new consumer installment loan rates.
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Benefits for customers with $250,000.00 or more in personal deposit balances:
0.25% interest rate bump on stated Personal Money Market rates.
0.25% interest rate bump on stated Retail CD rates (excludes CD Promotions, Flex CD, Add-to CD, and CD automatic renewals).MoneyPass® ATM Network: No ATM transaction fees or surcharge fees at Mercantile Bank and MoneyPass® Network ATMs. (Find a MoneyPass® ATM)
*Optional annual fee payment method; requires signed enrollment form. Refunds of annual fee will not be given if account is closed or converted to a new product.
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Community Checking
Our Community Checking Account is designed to meet the needs of local individuals and families.
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Recurring Fee: $5.95 monthly fee waived if at least one of the requirements below are met:
- Primary account holder is age 62 or older
- Account is enrolled in eStatements.
- An average balance of $1,000.00 maintained per statement cycle.
- Fee is also waived for any Active Military or Military Veterans (with proof of service documentation). -
MoneyPass® ATM Network: No ATM transaction fees or surcharge fees at Mercantile Bank and MoneyPass® Network ATMs. (Find a MoneyPass® ATM).
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Money Market
Offers easy liquidity along with tiered interest rates.
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The $12.00 monthly maintenance fee can be waived by maintaining a $2,500.00 average available balance
Interest is calculated on the daily balance and credited and compounded to the account monthly.
You may make 10 withdrawals or transfers from your money market account during the monthly statement period. Excess withdrawals or transfers are charged at $5.00 per item.
No ATM transaction fees or surcharge fees at Mercantile Bank and MoneyPass® Network ATMs. (Find a MoneyPass® ATM)
Health Savings Account - Individual
An interest-bearing checking account to be combined with an individual high-deductible health plan (HDHP).
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No Minimum Opening Deposit.
The $5.00 monthly maintenance fee is waived if you enroll in electronic statements.
Interest is calculated on the daily balance and credited and compounded to the account monthly.
No ATM transaction fees or surcharge fees at Mercantile Bank and MoneyPass® Network ATMs. (Find a MoneyPass® ATM).
Health Savings Account - Family
An interest-bearing checking account to be combined with a family coverage high-deductible health plan (HDHP).
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No Minimum Opening Deposit.
The $5.00 monthly maintenance fee is waived if you enroll in electronic statements.
Interest is calculated on the daily balance and credited and compounded to the account monthly.
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MoneyPass® ATM Network: No ATM transaction fees or surcharge fees at Mercantile Bank and MoneyPass® Network ATMs. (Find a MoneyPass® ATM).
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Community Savings
A basic savings account designed to fit your savings needs.
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The $3.00 monthly maintenance fee can be waived by maintaining a $200.00 average monthly balance or enrolling in electronic statements.
Interest is calculated on the daily balance and credited and compounded to the account monthly.
Have questions? Merc is here to help.
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