Statement Savings Account
- Minimum balance to open- The minimum balance required to open this account is $100.00.
- Minimum balance to avoid a fee- If your balance falls below $100.00 on any day in the month, your account will be subject to a $5.00 Service Charge for that month.
- Deposit limitations- You may make unlimited deposits into your account.
- Accrual of interest on noncash deposits-Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
- Compounding frequency-Interest will be compounded daily
- Crediting frequency-Interest will be credited into this account quaterly
- Effect of closing an account-If you close your account before interest is paid you will not receive the accrued interest.
- Daily balance computation method-Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
- Rate Information- At our discretion, we may change the interest rate for this account. The interest rate and annual percentage yield may change daily
- A withdrawal fee of $5.00 per item will be charged for each debit transaction (withdrawal, automatic transfer, or payment out of this account) in excess of three during a month.
- Additional terms- Preauthorized drafts and /or ACH debits are not permitted. Children under 21 years old are exempt from a service charge.
- Additional terms- If transfer or withdrawal limits are exceeded 3 times within a 12 month period, account will be closed and a non-limited transaction checking account will be opened.
- ACH deposits
- Internet access to account
- 24 Hour Voice access to account
- Designated for individuals and businesses
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