Truth-In-Savings Disclosure - Premium Statement Savings Promotion
Minimum balance to open account – The minimum balance to open this account is $5,000.00 in new money.
No monthly maintenance service charge.
No minimum balance required to obtain the annual percentage yield (APY) disclosed. Minimum balance to receive the 2.25% APY is $5,000.00.
Rate information – This is a tiered-rate account. The interest rate and annual percentage yield are guaranteed through March 31, 2020. Beginning April 1, 2020, the account will earn interest calculated at the current interest rate and annual percentage yield offered and is subject to change at any time without prior notice. The interest rate is not tied to any index but will be set by us at our discretion. There is no limitation on the amount in which the interest rate may change. For tier information, refer within this disclosure to section entitled “Rate Information”.
Frequency of rate changes – The interest rate and annual percentage yield are guaranteed through March 31, 2020. Beginning April 1, 2020, we may change the interest rate on your account at any time without prior notice.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest is compounded daily and credited to your account each month.
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 noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations – Transfers from a Premium Statement Savings account to another account of yours or to third parties are limited to no more than six (6) preauthorized withdrawals, automatic or telephone transfers, PC transfers (including other personal computing devices), checks, drafts and debit card or other similar transactions per calendar month. This account is a limited transaction account and is subject to Regulation D. Over the limit transactions may result in fees, account closure, change of account type, termination of transfer capability, or other remedial action. A Reg. D Excess Transaction Fee will be charged for each transaction in excess of the above limitations.
Account limitations – IRAs, Coverdell Education Savings Accounts, Trusts, Business Entities, Public Funds and Brokered Deposits are not eligible to participate in this offer. Bill pay is not available for this account; additionally, debit card access is limited to PIN-based transactions.
Statement charge – Electronic or paper statements are available at no charge.
Fees – Please refer to “Truth-in-Savings, Other Fees & Charges Disclosure” for additional information about applicable fees and charges. Fees may reduce earnings.
Tier 1 – If your daily balance is $0.00 to $4,999.99, the interest rate paid on the entire balance in your account will be 0.40% with an annual percentage yield of 0.40%.
Tier 2 – If your daily balance is $5,000.00 and above, the interest rate paid on the entire balance in your account will be 2.23% with an annual percentage yield of 2.25%.