Minimum
balance to open the account - We require a deposit of $500.00 to
open this account.
Rate Information - Your
interest rate and annual percentage yield may change.
Compounding and crediting frequency
- Interest will be compounded
every month. Interest will be credited to your account
every month.
Fees:
*An excessive debit fee of $.20 will be charged for
each debit in excess of 25 during a month.
This fee will not
apply if you maintain an average daily balance of $1,000.00
in
the account.
Minimum balance to avoid imposition of fees - if your
average daily balance falls below $500.00 for the month
we will
impose a service charge fee of $7.50 once during the
statement cycle.
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. If
your average
daily balance is at least $500.00 but no more than
$999.99 for the month we will impose a service charge
fee of
$5.00 once during the statement cycle. 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. If your average daily
balance is $1,000.00
or more no monthly service charge will be imposed.
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 (for example,
checks).
Effect of closing an account
- If you close your
account before interest is credited, you will
not receive the
accrued interest. |
