N.O.W.   Accounts


NOW Checking requires a daily balance of $1,500.00.  Should the daily balance fall below $1,500.00, no interest will be paid for the day.

Rate Information:  This account is an interest bearing account.  The interest rate and annual percentage yield 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 for the period.  The average 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.  You must maintain a minimum daily balance of $1,500.00 to obtain the disclosed annual percentage rate.

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 $1,500.00

Limitations:  You must deposit $1,500.00 to open this account.



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