- Your interest rate and annual percentage yield may change.
Frequency of rate changes-
- We may change the interest rate on your account at any time.
Determination of rate-
- At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency-
- Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account-
- If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account-
- You must deposit $3,000.00 to open this account.
Minimum balance to avoid imposition of fees-
- A maintenance fee of $7.50 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $3,000.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Minimum balance to obtain the annual percentage yield disclosed-
- We do not require you to maintain a minimum average daily balance in the account to obtain the disclosed annual percentage yield.
Average daily balance computation method-
- We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle.
Accrual of interest on noncash deposits-
- Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (i.e., checks).
- Transactions are limited to no more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per statement cycle, to another account of the depositor at this bank or to a third party by means of a preauthorized or automatic transfer, or telephonic agreement, order or instruction, and no more than three of the six such transfers may be made by check, draft, debit card, or similar order made by the depositor and payable to third parties.
- A transaction fee of $5.00 will be charged for each debit transaction (withdrawal, check paid, automatic transfer or payment out of this account) in excess of three during a statement cycle.
- A maintenance fee of $7.50 may be imposed each statement cycle. See minimum balance requirements.
- E-Statements are available for accounts enrolled in Online Banking.
- Canceled checks can be returned in an image format.
- A convenient binder is provided to you upon opening your account.