SAVINGS
ACCOUNTS
1.
Minimum
Balance Requirements:
Minimum balance to open and earn the disclosed APY 500$. Limitation
on number of transactions per month: none.
Withdrawal by check not possible, depositors required to use the withdrawal
slips provided by the bank for the purpose.
2. Fee Schedule:
Quarterly
minimum balance fee if the daily balance drops below the minimum on any
day during the quarter: $5.00. Please also see Other Fee Schedule.
3.
Rate Information:
The rate of interest for savings account is
0.90%
interest with an annual percentage yield of 0.90%.
Your
interest rate and annual percentage yield may change. At our discretion,
we may change the interest rate for your account at any time.
4.
Balance Computation Method:
We
use the daily balance method to calculate the interest on your account.
This method applies a daily periodic rate to principal sum in the
account each day.
5.
Compounding and Crediting:
Interest on your account will be compounded monthly and credited to the account at quarterly intervals usually around the 15th day of the quarterly month. Quarterly month here refers to March, June,
September, December. If the 15th happens to be a non business day, the interest would be credited on the next business day. Interest begins to accrue the day funds are collected.
6.
Statement of Account:
A quarterly statement
of account would be mailed to you free of charge.
The statement would be usually mailed around the 1st
of the month when due. Statements
would not be mailed for inactive accounts, however an annual statement
would still be mailed to these accounts.
If you close your account, interest earned unto the date of the closure will be paid.
7.
Restrictions on the Transactions in the Account:
Only six preauthorized or automatic trasfers are permitted in each month.
CHECKING
ACCOUNTS
Check
21
1. Minimum
Balance Requirements:
Personal
Checking:
$500.00
Business
Checking:
$1000.00
Limit
on number of transactions per month: None
2.
Fee Schedule:
Monthly
minimum balance fee if the daily balance drops below the minimum for any
day during the month: $8.00 for personal and $15.00 for business accounts.
Please also see Other Fee Schedule.
3.
Rate Information:
No
interest is payable for the checking accounts.
4.
Statement of Account:
A
monthly statement of account would be mailed to you free of charge.
The statement would be usually mailed around the 1st
of the month. Statement would
not be mailed for inactive accounts, however an annual statement would
still be mailed to these accounts.
MONEY
MARKET / NOW ACCOUNTS
1.
Minimum Balance Requirements:
Money Market:
$2500.00
NOW:
$1000.00
Above minimum balance requirements are for opening the account and to earn the disclosed APY.
2.
Limit on Number of Transactions Per Month:
None for NOW Account. For Money Market Account only six preauthorized transfers of which not more than three may be by check are allowed each statement period, which cannot be longer than one month.
3.
Fee
Schedule:
Monthly
minimum balance fee if the daily balance drops below the minimum on any
day during the month: $10.00
for both Money Market and NOW Accounts. Please also see Other Fee Schedule.
4.
Rate
Information:
The current
rate of interest on Money Market Accounts is 1.00 %
interest with an annual percentage yield of
1.00 %.
The current
rate of interest for NOW Accounts is 1.00 % interest with an annual percentage
yield of 1.00 % .
Your interest
rate and annual percentage yield for your account may change at any time at our discretion.
When you close your account, interest earned upto the date of closure will be paid.
5.
Balance Computation Method:
We use the daily balance method to calculate the interest on your account.
This method applies a daily periodic rate to principal in the account
each day.
6.
Compounding
and Crediting:
Interest on your
account will be compounded monthly and credited to the account at
monthly interval usually around the last day of the month for NOW Accounts
and around the 15th of the month for the Money Market Account.
Interest begins
to accrue the day funds are credited to your account.
7.
Statement of Account:
A monthly statement
of account would be mailed to you free of charge.
The statement would be usually mailed around the 15th
of the month for the Money Market Accounts and the 1st of the month for
NOW accounts. Statement would
not be mailed for inactive accounts, however an annual statement would
still be mailed to these accounts.
If the 15th of the statement month happens to be a non business day, interest will be reflected in the next statement.