BUSINESS MONEY MARKET
Rate Information - The interest rate and annual percentage yield may change at any time.
Compounding Frequency - Interest will be compounded daily.
Crediting Frequency - Interest will be credited into this account monthly.
Effect of closing an account - If you close your account before interest is credited; you will not receive the accrued interest.
Daily balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of interest on non-cash deposits - Interest will begin to accrue on the business day you deposit non-cash items (for example: checks) into your account.
Minimum balance to open - The minimum balance required to open this account is $1,000.00.
Minimum balance to avoid Maintenance Fee - A maintenance fee of $10.00 will be imposed every statement cycle if the balance in the account falls below $1,000.00 any day of the cycle.
Limitations on frequency of transfers – During any monthly statement cycle, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction. No more than six transfers may be made by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to closure.
Fees and Charges - The following fees and charges apply to this account:
- Transaction Fee: A transaction fee of $3.00 will be charged for each debit transaction (excluding electronic transactions) in excess of six during a statement cycle.