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MONEY
MARKET ACCOUNTS
Recommended
for customers who want to earn interest on their deposits
and write a low number of checks.
Minimum
Initial Deposit: $2,500.00
Rate
Information - Your interest rate and annual percentage
yield may change.
Frequency of rate changes - We may change the
interest rate on your account at any time.
Determination of rate - At our discretion, we
may change the interest rate on your account.
Compounding and crediting frequency - Interest
will be compounded every month. Interest will be credited
to your account every month.
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 $2,500.00 to open this account.
Minimum balance to avoid imposition of fees -
A monthly maintenance fee of $10.00 will be imposed every
statement cycle if the balance in the account falls below
$2,500.00 any day of the cycle.
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 on the business day you deposit non-cash
items (for example, checks).
Transaction limitations:
Transfers from a Money Market account to another account
or to third parties by preauthorized, automatic, telephone,
or computer transfer are limited to six per statement cycle
with no more than three by check, draft, or similar order
to third parties.
Fees:
A per debit fee of $5.00 will be charged for each debit
transaction (withdrawal, check paid, automatic transfer
or payment out of this account) in excess of six during
a monthly statement cycle.
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