Interest Rate Information, Frequency of Interest Rate Change and Determination of Interest Rate - Your interest rate and annual percentage yield may change at any time at our sole discretion.
Compounding and crediting frequency - Interest will be compounded quarterly and will be credited to the account quarterly.
Minimum balance to avoid imposition of fees - A service charge fee of $3.00 will be imposed every month if the balance in the account falls below $500.00 any day of the month.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic interest rate to the principal in the account each day.
Accrual of interest on non-cash deposits - Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
Transaction limitations - Federal Law requires that an Account Holder may make no more than six (6) transfers and/or withdrawals during any one (1) calendar month or statement cycle (the period from one statement to the next) or similar period of at least four weeks, to another of your accounts with us or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction or by check, draft, debit card, or similar order made by you and payable to third parties. A "preauthorized transfer" includes any arrangement by us to pay a third party from your account upon written or oral instruction (including an order received through an automated clearing house (ACH) or any arrangement by us to pay a third party from your account at a predetermined time or on a fixed schedule. Excess Transactions. In accordance with federal law, if you have more than the allowable preauthorized transfers or preauthorized checks or drafts (for money market accounts) in any one period, your Account may be subject to closure by us and the funds placed in another account that you are eligible to maintain, or we may take away the transfer and draft capabilities of the account. In addition, to the above preauthorized transfers, you may make unlimited withdrawals (payments directly to you or transfers of funds from your Account to any of your other deposit accounts or loan accounts with us), either in person at our locations, by mail, messenger, telephone (via check mailed to you), or use of an ATM card (if applicable).
Fees and Charges - The following fees and charges apply to this account: Excessive Withdrawal Fee: $25.00 for each withdrawal or transfer in excess of 6 limited transactions per month or statement cycle.