Statement Savings Account
Your Interest rate and annual percentage yield may change.
Frequency of rate changes
We may change the interest rate on your account every week.
Determination of rate
At our discretion, we may change the interest rate of your account.
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, you will not receive the accrued interest.
Minimum balance to open the account
You must deposit $10.00 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 no later than the business day we receive credit for the deposit of noncash items (for example, checks).
Transfers from a Statement Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no transfers by check, draft, debit card, or similar order to third parties.
A Statement savings per item fee of $1.00 will be charged for each debit transaction (withdrawal, check paid, automatic transfer or payment out of this account) in excess of three during a statement cycle.