Personal or Business Savings

  • Rate Information – At our discretion, we may change the interest rate and annual percentage yield on your  account at any time.

  • Compounding and crediting frequency – Interest will be compounded every quarter.  Interest will be credited to your account every quarter.

  • Effect of closing an account – If your close your account before interest is credited, you will not receive the accrued interest.

  • Minimum balance to open the account – You must deposit $25.00 to open this account.

  • Minimum balance to avoid imposition of fees – A service fee of $2.50 will imposed every statement cycle unless you maintain either a minimum daily balance of $100.00 or a minimum average daily of $300.00 for the statement cycle.  (This fee will be waived for minors under the age of 18 and we have been notified.)

  • Average daily balance computation method – You use the average daily balance method to calculate the interest on your account.  This method applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is quarterly.

  • Accrual of Interest on noncash deposits – Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items ( for example, checks ).

  • Transaction limitations – Transfers from this account to third parties by preauthorized, automatic, or telephone transfer are limited to three per statement cycle with no transfers by check, draft, or similar order to third parties.

  • Fees – An excess withdrawal fee of $1.00 will be charged for each withdrawal in excess of nine during a quarter.