Deposit Accounts

Personal Deposit Account Fees and Disclosures

All accounts held by natural persons (personal accounts) are not transferable except on the books of the depository institution. This disclosure contains information about your:

NOW Checking Account:

Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily. Interest begins to accrue on the business day you deposit noncash items (for example, checks) Interest is compounded daily and credited monthly. 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. Monthly minimum balance service charge if the average daily balance drops below the $500.00 for the statement period is $6.00

Personal Checking Account:

Personal Checking accounts are non-interest bearing. There is no monthly minimum balance service charge.

Holiday Club Account

Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest is compounded daily and credited monthly. We use the daily balance method to calculate the interest rate to the principal in the account each day. The balance in your account will be automatically disbursed to you in mid-October. Interest will be credited through date of disbursement. There are no monthly service charges.

Passbook Savings Account

Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest is compounded daily and credited monthly. We use the daily balance method to calculate the interest rate to the principal in the account each day. There will be a monthly minimum balance service charge of $5.00 if the average daily balance drops below $250.00 for the month.

Certificate Of Deposit

The interest rate for your account will be paid until the maturity date of your certificate.

Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest is compounded daily and credited monthly. This account will automatically renew at maturity. You will have seven (7) calendar days from the maturity date to withdraw your funds without being charged a penalty.

After the account is opened you may not make deposits into/withdrawals from your account until the maturity date, other than the withdrawal of interest that has been credited to your account. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

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. If any of the deposit is withdrawn before the maturity date, a penalty as shown below will be imposed.

Term Early Withdrawal Penalty
Less Than 12 mo. CD 1 month interest
12 month CD 2 months interest
13 mo. to 23 mo. CD 3 months interest
24 mo. to 60 mo. CD 6 months interest

Money Market Account

Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily. You may make an unlimited number of transfers from your account, but only three (3) may be payments by checks to third parties per statement period. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest is compounded daily and credited monthly. 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.

Under Federal Regulations, which authorize this account, this institution is required to reserve the right to require at least, seven (7) days notice prior to withdrawal or transfer of funds from this account. If the institution determines to exercise this right, it will do so on a seven (7) day basis and the account holder’s request for withdrawal or transfer of funds will constitute commencement of the notification period.

Monthly minimum balance service charge of $5.00 if the average daily balance drops below $500.00 for the statement period. A service charge of $2.00 per check will be imposed if more than three checks are written per statement period.


EXPIRATION IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

By operation of federal law, beginning January 1, 2013, all of a depositor’s accounts at an insured institution, including all non interest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount of $250,000 for each deposit insurance ownership category. Funds deposited in a non interest-bearing transaction account will no longer receive unlimited deposit insurance coverage by the FDIC. For more information about FDIC insurance coverage of deposit accounts, visit the FDIC website at http://www.fdic.gov.

The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts, and Interest on Lawyers Trust Accounts (“IOLTAs”).

For more information about temporary FDIC insurance coverage of transaction accounts, visit: http://www.fdic.gov