Christmas Club Account

Account Information

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 (i.e. checks).

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

The Christmas Club Account is offered for the individual to have some extra spending money during the holidays. A minimum of a $10.00 is required to open this account. No withdrawals are allowed until the bank sends out the account balance in October.


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