Statement Savings
Minimum balance to open the account: $100.00
Minimum balance to avoid Imposition of Fees: A maintenance fee of $6.00 will be imposed every statement cycle unless you maintain either a minimum daily balance of $100.00 or an average daily balance of $500.00 for the statement cycle. The average daily balance is calculated by adding the principal in the account for each day for the period and dividing that figure by the number of days in the period.
Rate Information: Your interest rate and annual percentage yield may change at any time at our discretion.
Compounding and Crediting Information: Interest will be compounded daily and will be credited to your account quarterly.
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 Non-Cash Deposits: Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items.
Transaction Limitations: Transfers from a Statement Savings account to another account or to third parties by pre-authorized, automatic, computer, or telephone transfer are limited to six per statement cycle with no transfers by check, draft, debit card, or similar order to third parties.
Fees: A fee of $3.00 will be charged for each withdrawal in excess of three during a quarter. This fee will apply if the minimum balance falls below $10,000.00 during a statement cycle. Please refer to our separate Truth-In-Savings disclosure for interest rate and annual percentage yield information.