Regular Savings 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 item (i.e. checks).
Transactions limitations: Transfers from a passbook account to another account or to third parties by preauthorized, automatic, telephone, or computer transfers are limited to six per statement cycle with no transfers by check, draft, debit card, or similar order to third parties.
A withdrawal fee of $2.00 will be charged for each withdrawal in excess of six during a month.