Information on Opening A New Account
Account Type: Passbook Savings
Minimum Balance Requirements: A minimum deposit of $50.00 is required to open this account.
Account Fees: A base fee of $1.00 a month will be charged for every month the balance falls below $25.00 any day of the cycle. If you close your account within 180 days of opening, you will be charged $5.00. This account is allowed one withdrawal per month. Every withdrawal over the limit will be charged $1.00.
Interest Rate Information: This account is an interest bearing account. The interest rate on the account is 1.00% with an annual percentage yield of 1.00%. The interest rate and yield may change. At our discretion, we may change the interest rate on the account daily. Interest begins to accrue on the business day you deposit cash or noncash items (ex. Checks). Interest will be compounded quarterly and will be credited to the account quarterly.
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. We will use an interest accrual basis of 365 (or 366 in a leap year) for each day in the year. You must maintain a minimum balance of $50.00 each day to obtain the disclosed annual percentage yield.
