Freedom Checking: Banking That Honors Service

When Farmers & Merchants Bank launched the Freedom Checking account in November 2024, it wasn’t just another account — it was a reflection of the bank’s commitment to those who have and are actively serving our country. Built with the unique financial needs of veterans and active service members in mind, the account provides meaningful benefits, including no monthly maintenance fees, competitive interest, overdraft protection and easy access to funds.

The response has been immediate. Since launching, more than 180 service members have opened a Freedom Checking account, totaling $2.1 million in deposits — a sign that the account is filling a need.

One of the biggest advantages is the 1.78% APY, a nod to the founding year of the U.S. Armed Forces. Account holders also receive up to $20 per month in ATM refunds, a one-time rate bump on CDs and access to online and mobile banking with no charge for electronic or paper statements. For veterans receiving VA benefits monthly, one of the most valuable features is knowing their account includes overdraft protection — without unnecessary fees cutting into their income.

“For veterans living on a tight budget, stretching a single check to cover an entire month can be tough,” says Ken Masters, IT Director Digital Experience, Bank Officer and a veteran himself. “This account gives them some breathing room. They don’t have to worry about fees taking away what they’ve earned.”

Beyond offering veterans a financial product designed for them, Farmers and Merchants Bank makes it a priority to recognize and engage with service members year-round. The bank hosts Veterans Day events, community gatherings and appreciation initiatives at branches across its footprint, fostering a deeper connection with the veterans they serve.

“When you put veterans in a room together, there’s an instant bond,” Masters says. “You hear stories that transport you back in time, connecting generations of service members in a way that’s hard to describe.”

That recognition extends beyond official events. Bank employees take the time to acknowledge and appreciate veterans who visit branches, whether it’s striking up a conversation, sharing stories or simply taking a moment to express gratitude.

“I think every customer wants to feel valued, but for veterans, that recognition can mean even more,” Masters explains. “Here, you’re not just another account holder. You’re part of something bigger.”

The Freedom debit card adds an extra layer of pride to the experience. Featuring an image of the Iwo Jima flag-raising, the card is a daily reminder of service and sacrifice.

“All veterans, no matter the branch they served in, recognize that image,” Masters says. “It’s something that makes you proud every time you pull it out.”

With the success of the Freedom Checking account, Farmers and Merchants Bank is already looking ahead. Leadership continues to explore additional financial benefits for veterans, from potential loan discounts to specialized savings options.

“This is just the beginning,” Masters says. “The bank is committed to veterans, and I think we’ll see even more opportunities for them in the future.”

Farmers and Merchants Bank has long been known for its personal approach to customer relationships, and the Freedom Checking account is another way it ensures service members feel seen, valued and supported. Through both its words and its actions, the bank is proving that appreciation for our service members doesn’t stop at a handshake — it extends to real financial services designed with them in mind.