Statement Savings

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 $10.00 to open this account.
  • Minimum Balance to Avoid Imposition of Fees – A service charge fee of $1.00 will be imposed every statement cycle if the balance in the account falls below $100.00 any day of the cycle.
  • Minimum Balance to Obtain the Annual Percentage Yield Disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield.
  • 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 Statement Savings account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle with no transfers by check, draft, debit card 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.
  • Notice of Changes – We have the right to change or add to this disclosure by posting a notice of the change in the Bank or by mailing you a notice if required by law.
  • Click here for current rates.

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