CapeLife Checking Account Retirement

We began opening CapeLife accounts over a decade ago and although we stopped offering these accounts in 2018, we allowed customers to keep their accounts for the past five years.  We constantly evaluate our product and service offerings and client trends and after careful assessment of our product lineup, we have made the decision to transition all remaining CapeLife checking accounts to one of our current checking products.

Effective Nov. 1, 2023.  Your existing CapeLife Checking account will transition to a Positively Premium Interest Checking account.  However, if after reviewing this letter, you would like to consider one of the other personal checking accounts we offer, we will be more than happy to assist you in choosing an account that best suits your financial goals.  You can review available account options either by stopping by any branch location, or visiting our personal checking webpage to learn more.

No interruption in service.  Your account number will remain the same with this transition to either the Positively Premium Interest Checking or another personal checking account of your choice.  Because there will be no change to your account number, there will be no interruption to use of your debit card, to scheduled direct deposits, or to your online banking access including bill payments.  You may also continue to write checks using the checks you have on hand.

Move to month-end statement cycle.  Account statements will be produced on the last business day of each month.  As part of this conversion, you may receive one statement covering less than or more than a one-month period; however, subsequent statements will show a one-month period, ending on the last business day of each month.  You will continue to receive your account statements in your chosen format, either electronically through our secure online banking platform or as a paper statement delivered to your mailing address.

We are providing advance notice of this change to ensure you have ample time to consider your personal checking options with us.  If we have not heard from you by Oct. 27, 2023, your account will automatically be converted to a Positively Premium Interest Checking account.

About Positively Premium Interest Checking.  Click here for the Truth in Savings Disclosure explaining the terms of the Positively Premium Interest Checking account.  Two important highlights regarding this product:

  1. The Positively Premium Interest Checking account provides two tiers of interest based on the average daily balance in the account. It is a variable interest rate, meaning the rate can change. Visit our rates webpage for current rate information.
As of August 14, 2023 Interest Rate APY

Account balance up to $1,499.99


0.05% 0.05%
Account balance of $1,500 or more 0.10% 0.10%


  1. The Positively Premium Interest Checking has a monthly service charge of $8 in the event the average daily balance in the account is less than $1,500. We will waive this monthly service charge for the first three statement cycles after your account is converted.  After that initial period, to avoid the monthly service charge, the average daily balance on the account must be $1,500 or higher for the month.  If you believe you may have less than $1,500 in your account in any month, we suggest you choose an alternative checking product. You can learn about alternative checking products by visiting our personal checking webpage, contacting us by phone at 508.568.3400, or visiting us at any branch location.


Status of CapeLife Benefits.  The variety of benefits associated with the CapeLife Checking account are being retired, and we do not offer any checking product that provides similar benefits.  We understand that this change may affect your banking experience, so we are informing you of the adjustments that will take effect after the conversion.

Effective Nov. 1, 2023, the following benefits will change once your CapeLife account is converted:

  • Safe Deposit Box Rental Fee: Annual rental fees billed on or after Nov. 1, 2023 will renew at our standard rental rate.
  • Home Equity Line of Credit Annual Fee: 1 Annual fees billed on or after March 31, 2024 will no longer be waived.
  • Wire Fees: Standard wire fees for domestic and international wires will apply beginning Nov. 1, 2023.
  • Special rate increase on certain Certificates of Deposit (CDs): Eligible CDs opened by CapeLife checking account customers before Nov. 1, 2023, and maturing after that date, will continue to earn the special rate. However, any new Certificate of Deposit opened on or after Nov. 1, and any renewal of an existing CD, will renew at our current rates.
  • Individual Retirement Account (IRA): Beginning Nov. 1, 2023, existing IRA accounts and new IRA accounts will be subject our standard annual fee.
  • Consumer Loan Rate: Consumer loans closed on or after Nov. 1, 2023, will be subject to the consumer loan rates listed on our website.
  • Mortgage Closing Costs: New mortgage applications submitted on Nov. 1, 2023, or later will be assessed the standard closing fees.

1 Our current Home Equity Line of Credit annual fee is $50.

For a comprehensive list of fees, please review the Consumer Fee Schedule and Safe Deposit Box Rental Fee Schedule.

We want to make this transition as seamless as possible and while we understand that this may cause some inconvenience, our team is available to help.  If you have any questions or concerns, please don’t hesitate to contact our Customer Assistance Center at 508.568.3400 or visit any branch location to discuss the checking account options available to you.

Thank you for your continued trust in The Cooperative Bank of Cape Cod.  We value your relationship with us and are committed to providing a positive banking experience for all our customers.