Commercial Savings Disclosures
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the Rate Chart. The interest and annual percentage yield may change. At our discretion, we may change the interest rate on the account based on market conditions. Interest begins to accrue on the next business day after the date you deposit non-cash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly. If the account is closed before interest is credited, you will not receive the accrued interest.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You much maintain a minimum balance of $0.01 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $100.00 to open this account. You may make six (6) transfers from your account each four (4) week or similar period, if by pre-authorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction or by check, draft, debit card or similar order (including POS transactions), made by the depositor and payable to third parties. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.
Account Fees: A minimum daily balance of $300.00 or an average daily balance of $1,000.00 must be maintained to avoid a monthly service charge of $3.50. If you make more that 6 withdrawals per month, a service charge of $1.50 per withdrawal will be assessed. The daily balance method will be used to determine if a minimum balance fee will be imposed.