The interest rate on your account is %.
The annual percentage yield (APY) is %.
At our discretion, we may change the interest rate and the APY on your account at any time. Interest is compounded daily and credited to your account quarterly. If you close your account before interest is credited, you will not receive the accrued interest. There is no minimum balance requirement to open an account. You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield. Each day your balance is $9.99 or less no interest will accrue. If your daily balance is $10.00 or more, you will receive the disclosed interest rate and the disclosed annual percentage yield on the entire balance. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit noncash items (for example, checks). You are permitted or authorized to make no more than six (6) transfers and withdrawals, or a combination of such transfers and withdrawals per period of at least four weeks, to another account (including a transaction account) at our bank or to a third party by means of preauthorized or automatic transfer, check, draft, debit card, or similar order made by the depositor and payable to third parties.
The following fees may be assessed against your account and could reduce the earnings on the account:
- A charge of $1.00 on accounts closed within sixty days from the date the account was opened.
- An activity fee of $1.00 per withdrawal for each withdrawal exceeding nine per quarter.
- An inactive account charge of $5.00 per month on accounts having no deposits other than interest
and no withdrawals for a period of three (3) years.
Statements including any interest earned will be rendered quarterly. Statements will be mailed to the depositor at the last address shown on our records.
We may pay depositors at our discretion without notice, but the right is reserved of requiring 30 days written notice of intention to withdraw funds on deposit.
An overdraft fee applies to overdrafts created by check, in-person withdrawal or other electronic means.
See Additional Disclosures section for other fees and charges.