RATE INFORMATION. The interest rate listed in each tier will be paid on the entire balance in your account. Please refer to our rate sheet for the interest rate and annual percentage yield (APY) on this account. Your interest rate and annual percentage yield may change.
Determination of Rate. At our discretion, we may change the interest rate on your account.
Frequency of Rate Changes. We may change the interest rate on your account at any time.
Limitations on Rate Changes. There are no maximum or minimum interest rate limits for this account.
COMPOUNDING AND CREDITING. Interest will be compounded daily and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.
MINIMUM BALANCE REQUIREMENTS. You must deposit $2,500.00 to open this account.
PROCESSING ORDER. All credit transactions are processed first. Debits, or withdrawals, from your account will be processed from the lowest dollar amount to the highest dollar amount. The processing order of these items is important because if there is not enough money in the account to pay for the items in the order they are processed in accordance with the processing order, there may be an overdraft on your account which may result in overdraft or non-sufficient funds fees or an increase in the amount of these fees.
BALANCE COMPUTATION METHOD. We use the average daily balance method to calculate 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.
ACCRUAL ON NONCASH DEPOSITS. Interest begins to accrue on the business day you deposit noncash items (for example, checks).
TRANSACTION LIMITATIONS. Transfers from a Savings account to another or to third parties by preauthorized, automatic, or telephonic (including data transmission) transfer or by check, draft, debit card or similar order made by the depositor and payable to third parties are limited to six per month. If you exceed these limitations more than occasionally, Federal Law requires us to either convert the account to a checking account or close the account. Fees for excessive transactions are $10.00 per item.
FEES AND CHARGES. Please refer to the separate fee schedule provided to you with this disclosure for information about fees and charges associated with this account. A fee schedule will be provided to you at the time you open an account, periodically when fees or charges change, and upon request.