PERSONAL SERVICES
PASSBOOK SAVINGS ACCOUNTS
Recommended
for customers who want to earn interest on their deposits
and also want convenient access to their funds.
Minimum
Initial Deposit: $100.00
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 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 $100.00 to open this account.
Minimum balance to avoid imposition of fees -
A monthly maintenance fee of $5.00 will be imposed every
month if the balance in the account falls below $100.00
any day of the month.
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 Passbook
Savings account to another account or to third parties by
preauthorized, automatic, telephone, or computer transfer
are limited to six per month with no transfers by check,
draft, debit card, or similar order to third parties.
Fees:
- A per
debit fee of $2.00 will be charged for each debit transaction
(withdrawal, check paid, automatic transfer or payment out
of this account) in excess of three during a calendar month.
- ATM
withdrawals made at foreign ATMs are exempt from this charge.
- A closing
fee of $5.00 will be charged if this account is closed by
withdrawal within 90 days of opening.
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