Money Market

TRUTH-IN-SAVINGS DISCLOSURE

  • 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 $1,000.00 to open this account.
  • Minimum Balance to Obtain the Annual Percentage Yield Disclosed – See tiers below:
    • Tier 1 – If your daily balance is $100,000.00 or more, the interest rate paid on the entire balance in your account will be .30%, with an annual percentage yield of .30%.
    • Tier 2 – If your daily balance is more than $49,999.99, but less than $100,000.00, the interest rate paid on the entire balance in your account will be .20%, with an annual percentage yield of .20%.
    • Tier 3 – If your daily balance is more than $14,999.99, but less than $50,000.00, the interest rate paid on the entire balance in your account will be .15%, with an annual percentage yield of .15%.
    • Tier 4 – If your daily balance is more than $9.99, but less than $15,000.00, the interest rate paid on the entire balance in your account will be .10%, with an annual percentage yield of .10%.
  • 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, telephone, or computer transfer are limited to six per statement cycle with no more than six transfers by check, draft, or similar order to third parties. Customers who violate this limitation rule on more than an occasional basis will either have their account closed and funds placed into a transaction account or have their transfer and draft capabilities taken or removed from the account.
  • Fees – A service charge fee of $5.00 will be charged for each check paid in excess of three during a statement cycle.
  • Click here for current rates.

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