|
Rate Information - 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 $2,500.00 to open this account. Generally,
a balance of greater than $25,000.00 will be entitled to a higher
rate. |
|
|
|
Minimum balance to avoid imposition of fees
- A service charge fee of $15.00 will be imposed every statement
cycle if the balance in the account falls below $2,500.00 any day of
the cycle.
As an added convenience, all of our checking accounts come with
monthly imaged statements. |
|
|
|
Daily balance computation method
- We use the daily balance method to calculate the interest on your
account. This method applies a daily periodic rate to the principal
in the account each day. |
|
|
|
Accrual of interest on noncash deposits
- Interest begins to accrue on the business day you deposit noncash
items (for example, checks). |
|
|
|
Transaction limitations -
Transfers from a Money Market account to another account or to third
parties by preauthorized, automatic, or telephone transfer are
limited to six per monthly statement cycle with no more than three
by check, draft, or similar order to third parties. |
|
|
|
Fees - A transaction fee of
$5.00 will be charged for each debit transaction in excess of the
above limitations. |
|
|
