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Tue, 04/27/2010 - 06:00 | by admin
April 27, 2010
Domini Deposit Account at PNC Bank
The Domini Money Market Account (DMMA) formerly offered through an arrangement with ShoreBank, has been changed to the Domini Deposit Account offered through an arrangement with PNC Bank.
PNC Bank, National Association, is the country's fifth largest bank based on deposits and branches. All DMMA deposits were transferred to PNC Bank on April 27, 2010. There has been no interruption in service, and you can continue to access your funds and use your Domini Account just as you have before. Your balance will be reflected on your statements and on our online account access system as "Domini Deposit Account." Any future deposits will also be directed to PNC Bank, including any deposits scheduled through an Automatic Investment Program.
The Domini Deposit Account will be subject to a $3 monthly service charge, effective June 15, 2010. This charge will be automatically withdrawn from your Account on the 15th of each month (or the next applicable business day). If you decided to close your Domini Deposit Account prior to June 15, 2010, your Account will not be charged the $3 monthly service charge.
The Domini Deposit Account offers:
- Federal insurance. Each depositor is federally insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, subject to FDIC conditions.*
- Annual Percentage Yield of 0.15%.**
- Check-writing, with a $500 minimum per check. (Check writing is not available for IRAs.) You will not need to obtain new checks — your DMMA checks will continue to be honored.
- Daily liquidity and easy exchanges between your Domini Deposit Account and any of the Domini mutual funds.
If you have any questions or concerns, please call us at 1-800-582-6757, weekdays from 9AM to 5PM Eastern Time. We thank you for investing with Domini and look forward to continuing to make a difference together.
*The Federal Deposit Insurance Corporation has increased the coverage on deposits from $100,000 to $250,000 per depositor, through December 31, 2013. The amount that you have on deposit in the Domini Deposit Account at PNC Bank will be added to any other money you may have on deposit at PNC Bank for purposes of determining your aggregate insurance limit with PNC Bank. Please review your Domini Deposit Account balance as the FDIC coverage limit applicable to your deposit has been changed.
** Current rate and annual percentage yield (APY) subject to change at any time without notice. Visit www.domini.com to review the current rate and APY.
Please note that the Domini Deposit Account is only available to individuals and certain governmental units, trusts, and nonprofit organizations.
The Domini Deposit Account at PNC Bank is a NOW account. Please note that you will only be able to access your Domini Deposit Account funds through Domini Social Investments. Domini Social Investments will act as your agent for the purpose of making deposits to and withdrawals from the Domini Deposit Account and will maintain the records of your balance and transactions. You will not be able to access your funds in the Domini Deposit Account or obtain balance information by contacting PNC Bank directly.
The Domini Deposit Account is made available through an arrangement with PNC Bank, National Association, member FDIC. Domini Social Investments LLC and the mutual funds offered through Domini are not affiliated with any bank and are not FDIC insured. Domini Social Investments LLC retains the right to replace PNC Bank with another FDIC member institution at its discretion. Prompt notice regarding any such change will be provided.