NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. 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 also includes Interest on Lawyers Trust Accounts (IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts. For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov
Free Checking
- $50.00 Minimum Opening Balance
- No interest earned
- No monthly maintenance fee
- Unlimited check writing
- Free Online Banking
- Free Debit Card
- Free Online Bill Pay with Electronic Statement
- E-mail Monthly bank statement or image statement available
NOW Account
- $500.00 Minimum Opening Balance
- $7.50 Minimum balance fee if daily balance drops below $500.00
- Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Interest is compounded and credited monthly
- Unlimited check writing
- Free Online Banking
- Free Debit Card
- E-mail Monthly bank statement or image statement available
- Interest rate and annual percentage yield may change at our discretion
MMDA
- $1,000.00 Minimum Opening Balance
- $7.50 Minimum balance fee if daily balance drops below $1,000.00
- Interest is calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day
- Tiered interest rate structure. Interest is compounded and credited to the account monthly.
Tiers: $1,000.00 to $10,000.00
$10,000.01 to $25,000.00
Over $25,000.00 - Free Online Banking
- Transfers or withdrawals from a Money Market account by check, debit card, preauthorized, automatic, telephone transfer, or similar order payable to third parties are limited to six per statement cycle. If these trasaction limitations are exceeded, a service charge fee of $7.50 per excessive item may be imposed and your account may be subject to closure by bank.
- Interest rate and annual percentage yield may change at our discretion
- E-mail monthly bank statement or image statement available
Savings
- $50.00 Minimum Opening Balance
- Interest is calculated by the daily balance method. Interest is compounded and credited to the account semiannually
- Unlimited withdrawals made in person by passbook presentment
- No automatic debit transactions are allowed
- E-mail semi-annual bank statement available
- Transfers from a Savings account to another account or to third parties by automatic or telephone transfer are limited to six (6) per month with no transfers by check, draft, debit card or similar order to third parties. If an account continuously exceeds the debit transactions allowed, we are required by law to reclassify or close the account.
- Interest rate and annual percentage yield may change at our discretion
Christmas Club Accounts
- $1.00 Minimum Opening balance
- First payment required at opening
- A check for the balance of your account plus the bonus payment (if requirements are met) will be mailed the first week of November
- No withdrawals are allowed prior to November 1st
- Accounts must be opened prior to January 31st
- Bonus – If you make 49 weekly deposits, then we will make the 50th
