Money Market Account
This is a FDIC-insured Money Market Account. No more than three checks or a total of six transfers can occur between accounts per month. If there are more than six transfers during the month, there will be a service charge of $ .50 per transfer. There will be no interest paid on accounts closed during the month. Should the daily balance fall below $2,500.00, no interest will be paid for the day.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the rate chart. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account at any time. Interest begins to accrue on the business day you deposit noncash items (example: checks). Interest will be credited to the account monthly. If you close your account before interest is credited, you will not receive the accrued interest.
Balance Information: 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 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.
Limitations: You must deposit $2,500.00 to open this account. You may make six (6) transfers from your account each four (4) week period, but only three (3) may be payments by check to third parties.
Account Fees: Each month you will be assessed a service charge of $7.50. You may avoid this fee if you maintain, each day during the month, a daily balance of at least $2,500.00.
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