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First National Bank - Park Falls

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Truth in Savings Rules

TRUTH-IN-SAVINGS DISCLOSURE

PERSONAL CHECKING ACCOUNT

Minimum balance to avoid imposition of fees - If your average daily balance falls below $250.01 for the monthly statement cycle we will impose a service charge fee of $6.00 for that monthly statement cycle. 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. This fee will not apply to charitable organizations or senior citizens (62 years of age or older).

If your average daily balance is at least $250.01 but no more than $500.00 for the monthly statement cycle we will impose a service charge fee of $4.00 for that monthly statement cycle. 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. This fee will not apply to charitable organizations or senior citizens (62 years of age or older).

If your average daily balance is at least $500.01 or over for the monthly statement cycle we will not impose a service charge fee for that monthly statement cycle. 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.

Fees:

A per check/debit fee of $.25 will be charged for each check/debit in excess of 15 during a statement cycle. This fee will not apply if you are a senior citizen (62 or over), or a student.

All fees for this account will be waived if the account is truncated or safekept.

If we retain your checks or any other evidence of debit or credit entries to your account and do not return them to you, we may destroy them and use reasonable care to maintain legible copies for seven years. Copies are available to you for a fee. Our responsibility for furnishing copies of items is limited to those, which are available and legible on microfilm or other media.

PERSONAL CHECKING ACCOUNT
HEALTH SAVINGS ACCOUNT

Contributions to an HSA may be made by any person (an employer, a family member, or any person) on behalf of an eligible individual.

Initial 25 checks/10 deposits provided

Unused balances may be carried from year to year during the participant's lifetime.

Fees:

A per check/debit fee of $.25 will be charged for each check/debit in excess of 15 during a statement cycle.

Distributions for non-qualified medical expenses, prior to age 65 are generally subject to federal income tax and a 20% tax penalty.

Distributions for non-qualified medical expenses, after age 65 are taxed as ordinary income.

If we retain your checks or any other evidence of debit or credit entries to your account and do not return them to you, we may destroy them and use reasonable care to maintain legible copies for seven years.  Copies are available to you for a fee.  Our responsibility for furnishing copies of items is limited to those, which are available and legible on media.

Closing a Health Savings Account within one year of initial deposit will result in a $25.00 charge.  If not collected at closing the fee will be collected at account reopening.

Transfer to another Financial Institution within one year of inital deposit will result in a $50.00 charge.

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.  Tiered interest rate, based on account balance.

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 and there is accrued but uncredited interest earned, you will not be paid that interest.

Minimum balance to open this account - You must deposit $100.00 to open this account.

Monthly Fee - A service fee of $2.50 will be imposed every statement cycle.

Average daily balance computation method - We 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 the monthly statement cycle.

Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).


NOW ACCOUNT

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 and accrued interest is less than $1.00, 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 avoid imposition of fees - A service charge fee of $8.00 will be imposed every statement cycle if the balance in the account falls below $1,000.00 any day of the cycle.

Average daily balance computation method - We 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 the monthly statement cycle.

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).

Fees:

A monthly per check/debit fee of $.25 will be charged for each check/debit in excess of 15 during a statement cycle.

This fee will be waived if the account is truncated or safekept.

If we retain your checks or any other evidence of debit or credit entries to your account and do not return them to you, we may destroy them and use reasonable care to maintain legible copies for seven years. Copies are available to you for a fee. Our responsibility for furnishing copies of items is limited to those, which are available and legible on media.

SNOW ACCOUNT

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 and accrued interest is less than $1.00, you will not receive the accrued interest.

Minimum balance to open the account - You must deposit $2,500.00 to open this account.

Minimum balance to avoid imposition of fees - A service charge fee of $8.00 will be imposed every statement cycle if the balance in the account falls below $2,500.00 any day of the cycle.

Average daily balance computation method - We 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 the monthly statement cycle.

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).

Fees:

A monthly per check/debit fee of $.25 will be charged for each check/debit in excess of 15 during a statement cycle.

This fee will be waived if the account is truncated or safekept.

If we retain your checks or any other evidence of debit or credit entries to your account and do not return them to you, we may destroy them and use reasonable care to maintain legible copies for seven years. Copies are available to you for a fee. Our responsibility for furnishing copies of items is limited to those, which are available and legible on media.

MONEY MARKET DEPOSIT ACCOUNT

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 and accrued interest is less than $1.00, you will not receive the accrued interest.

Minimum balance to open the account - You must deposit $2,500.00 to open this account.

Minimum balance to avoid imposition of fees - A service charge fee of $8.00 will be imposed every statement cycle if the balance in the account falls below $2,500.00 any day of the cycle.

Average daily balance computation method - We 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 the monthly statement cycle.

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 a Money Market Deposit 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 by check, draft, or similar order to third parties.

If we retain your checks or any other evidence of debit or credit entries to your account and do not return them to you, we may destroy them and use reasonable care to maintain legible copies for seven years. Copies are available to you for a fee. Our responsibility for furnishing copies of items is limited to those, which are available and legible on media.

CHRISTMAS CLUB ACCOUNT

Rate Information - You will be paid the disclosed interest rate until maturity date. We will never decrease this rate unless we first give you at least 30 days notice in writing.

Compounding and crediting frequency - Interest will be compounded annually. Interest will be credited to your account annually.

Minimum balance to open account - You must deposit $10.00 to open this account.

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

Average daily balance computation method - We 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 annual.

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:

If any withdrawal is made from this account before October then this account may be closed.

PASSBOOK ACCOUNT

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.

Minimum balance to open account - You must deposit and maintain $50.00 in this account to keep open.

Minimum balance to avoid imposition of fees - A service charge fee of $2.00 will be imposed every monthly service charge cycle if the minimum balance in the account falls below $50.00 any day of the cycle.

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 you close your account before interest is credited and accrued interest is less than $1.00, you will not receive the accrued interest.

Average daily balance computation method - We 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 the quarter.

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 a Passbook 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.

Fees:

A withdrawal fee of $2.00 will be charged for each withdrawal in excess of six during a month.

VARIABLE INDIVIDUAL RETIREMENT ACCOUNT

Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account quarterly.

Determination of rate - The interest rate on your account is based on the 3-year Treasury Bill. Please ask us for the current rate on this account.

Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.

Minimum balance to open the account - You must deposit $1,000.00 to open this account.

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 Variable Individual Retirement 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.

Fees:
Closing an Individual Retirement Account within one year of initial deposit:
     To an account at First National Bank .....................................................................................................$25.00
     To another Financial Institution................................................................................................................$50.00
Transfers to another Financial Institution...................................................................................................$50.00

CERTIFICATE OF DEPOSIT

Rate Information - The interest rate on your account is --------------% with an annual percentage yield of --------------%. You will be paid this rate until first maturity.

Compounding frequency - Interest will be compounded every month for 7-31 day terms, and quarterly, semiannually, or at maturity for all other terms.

Crediting frequency - Interest will be credited to your account every month for 7-31 day terms, and quarterly, semiannually, or at maturity for all other terms.

Minimum balance to open the account - You must deposit $1,000.00 to open this account.

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:

You may not make any deposits into your account before maturity.

You may make withdrawals of principal from your account before maturity, but a penalty may be imposed.

You can withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest anytime after crediting.

Time requirements - Your account will mature ------------------------------------------------------------------------------------------------------------------------------ .

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan.

Withdrawal of interest prior to maturity - The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal if we receive written notice from you before maturity of your intention not to renew or you withdraw the funds in the account at maturity (or within any grace period mentioned below).

Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit.

You will have ten calendar days after maturity to withdraw the funds without a penalty.

YOUR ACCOUNT

These are the accounts you have opened or inquired about. Further details about these accounts are inside this brochure. If the figures are not filled in, please see the insert that is with this disclosure or your periodic statement.

PERSONAL CHECKING ACCOUNT

PERSONAL CHECKING ACCOUNT - HEALTH SAVINGS ACCOUNT
  • Tier 1 - If your average daily balance is $1,999.99 or less, the interest rate paid on the entire balance in your account will be ___________% with an annual percentage yield of ___________%.
  • Tier 2 - If your average daily balance is more than $1,999.99, but less than $10,000.00, the interest rate paid on the entire balance in your account will be __________% with an annual percentage yield of __________%.
  • Tier 3 - If your average daily balance is $10,000.00 or more, the interest rate paid on the entire balance in your account will be __________% with an annual percentage yield of __________%

NOW ACCOUNT

The interest rate for your account is --------------%

with an annual percentage yield of --------------%.

SNOW ACCOUNT

The interest rate for your account is --------------%

with an annual percentage yield of --------------%.

MONEY MARKET DEPOSIT ACCOUNT

The interest rate for your account is --------------%

with an annual percentage yield of --------------%.

CHRISTMAS CLUB ACCOUNT

The interest rate for your account is --------------%

with an annual percentage yield of --------------%.

PASSBOOK ACCOUNT

Rate Information: 
  • Tier 1 - If your average daily balance is $1,000.00 or less, the interest rate paid on the entire balance in your account will be __________% with an annual percentage yield of __________%.
  • Tier 2 - If your average daily balance is $1,000.00, but less than $5,000.01, the interest rate paid on the entire balance in your account will be __________% with an annual percentage yield of ___________%.
  • Tier 3 - If your average daily balance is more than $5,000.01, the interest rate paid on the entire balance in your account will be __________% with an annual percentage yield of __________%. 

VARIABLE INDIVIDUAL RETIREMENT ACCOUNT

The interest rate for your account is --------------%

with an annual percentage yield of --------------%.

CERTIFICATE OF DEPOSIT

Please refer to our separate fee and rate schedule for additional information about charges and rates for the disclosed accounts.

First National Bank - Park Falls
First National Bank - Park Falls
First National Bank - Park Falls
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