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Checking Accounts
Basics
We
have attempted to keep the fees and requirements
to a minimum on our checking account.
There are no
minimum balance requirements to open the
account, and no monthly service fees or
excessive in-office withdrawal fees as long as
you always keep at least
$100.00 in the account.
By using our free Online Banking service
along with your checking account, you are able
to:
-
Verify deposits, withdrawals and transfers;
-
Monitor which checks have cleared;
-
Print out copies of your cleared checks
(front and back);
-
Print out a history of your account (up to
90 day history);
-
Download your checking account data to Money
or Quicken;
For the
maximum in convenience, we offer an optional
Online Bill Payer service, which allows
unlimited usage for only $4.95 per month.
For more information on this valuable service,
visit out
Bill Payer page.
Excessive
Withdrawal Fee:
As long as your balance remains above
$100.00--there are no excessive withdrawal
fees. If, however, your balance falls below
$100.00 on any day of the quarter--the
excessive withdrawal rule kicks in which states:
Low Balance
Maintenance Fee:
If your balance falls below $100.00 on
any day of the month, you will be charged a
$2.00 fee on the last day of that month in order
to offset the cost of maintaining your account.
Other Fees:
-
NSF fees: $20.00 per item
-
Copy of Cleared check: $5.00
-
Stop Payment Fee: $5.00
Compounding and Crediting of Dividends
In order to earn
dividends, you must maintain an average daily
balance of at least $500.00. The disclosed APY
(see
Current Rates
page) was calculated on an average daily balance
of $500.00.
Dividends are compounded and credited to your
account quarterly. The dividend period runs
from the first day of the quarter through the
last day of the quarter. Dividends are credited
after the close of business on the last day of
the quarter.
Accrual of Dividends
Dividends begin to accrue on both cash deposits
and non-cash deposits on the same business day
that the funds are credited to your account.
Non-cash deposits include checks, ATM deposits,
and EFT deposits.
If you withdraw funds from your account before
the dividends are paid, you will receive the
accrued dividends, on the withdrawn funds, at
the end of the quarterly dividend period. If
you close
your account before the end of the quarterly
dividend period, you will not receive the
dividends which accrued on your balance.
Rate Information
The term "dividend rate" means the dividends
paid on an account without the effect of
compounding previously earned dividends. It is
shown as an annual figure and is expressed as a
percentage of the balance.
The Annual Percentage Yield (APY) means a
percentage rate reflecting the total amount of
dividends paid on an account, based on the
dividend rate and the frequency of compounding,
for an annual period.
All non-certificate accounts are considered
"variable rate accounts". This means that the
dividend rate and APY may change quarterly at
the discretion of the board of directors.
Dividends are paid from current income and
available earnings, after required transfers to
reserves at the end of each dividend period.
There is no limitation on the amount the
dividend rate and APY may increase or decrease. |
