Checking and Money Market Accounts. All interest-bearing consumer checking and money market accounts pay variable interest; that is, your interest rate and annual percentage yield may change at any time, at our discretion. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks). All such currently offered accounts use the “daily balance” method to calculate interest. This method applies a daily periodic rate to the principal in the account each day. Checking and money market account interest is credited and compounded monthly. Crediting occurs on the last day of the statement cycle during which interest accrues. If you close a checking account before interest is credited, you will not receive the accrued interest. With a money market account, however, you will receive accrued interest. Your account will close if its balance falls to zero, and may be reactivated only if a minimum opening deposit is made. We use three types of minimum balance requirements.
Checking and Money Market Accounts. You may open and close one or more savings accounts, checking accounts, or money market accounts, and may periodically deposit and withdraw funds from those accounts via access methods made available to you from time to time, including, but not limited to, checks, debit cards; in person; online banking; mobile banking; and electronic funds transfers ("EFTs") such as ACH, direct deposit, wire transfers, or preauthorized transfers. All transactions are subject to and in accordance with this Agreement and all other agreements you have with us, including, but not limited to, the Funds Availability Policy; Truth-in-Savings Disclosure/ Rate and Fee Schedule; EFT Agreement and Disclosures; and Wire Transfer Agreement. Certificate and Term Accounts: Certificate and Term accounts have stated Maturity Dates, and funds in those accounts are subject to penalty if withdrawn prior to the Maturity Date. Exact terms of the account such as Maturity Date; Annual Percentage Yield; early withdrawal penalty fees; whether the account automatically renews; and other information will be provided at the time you open the account. If you maintain sufficient funds in the account for the full term in accordance with your Agreements, at the end of the term we will pay you the principal amount you deposited, plus dividends on account earnings in accordance with this Agreement. If you withdraw all or part of your funds from this type of account before the certificate account matures, we will charge you an early withdrawal penalty. That penalty is generally deducted from the interest that has accrued on the account but may be deducted from the principal, particularly if a sufficient amount of interest to pay the penalty has not accrued. We may at our sole discretion grant you permission to withdraw funds early; if such permission is granted, it will be granted only at the time you request an early withdrawal. Unless otherwise stated when you open the account, an automatically renewing account shall renew at each maturity date for a period of time equal to the original term and on the same conditions as the original account. The dividend rate applicable to the renewal term shall be that rate that is applicable to new account on like terms in effect at the time the account renews. You can prevent an automatic renewal by providing us written instructions to the contrary or withdrawing funds on or within seven (7) calendar days after the maturity date. If funds are withdrawn within seven (7)...
Checking and Money Market Accounts. All interest-bearing consumer checking and money market accounts pay variable interest; that is, your interest rate and annual percentage yield may change at any time, at our discretion. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks). All such currently offered accounts use the “daily balance” method to calculate interest. This method applies a daily periodic rate to the principal in the account each day. Checking and money market account interest is credited and compounded monthly. Crediting occurs on the last day of the statement cycle during which interest accrues. If you close a checking account before interest is credited, you will not receive the accrued interest. With a money market account, however, you will receive accrued interest. Your account will close if its balance falls to zero, and may be reactivated only if a minimum opening deposit is made. If we permit you to convert your checking or money market account to another type and retain your old account number and statement cycle, rather than requiring you to close and open completely different accounts, fees during the conversion cycle will be either those for the new or the old type of account, at our discretion, and rates may be in any combination of the two. Consumer checking and money market accounts may not be used to operate a business, and we may convert an account used for such purpose to a business account. We may convert a money market account to a checking account if you exceed six preauthorized or automatic transactions per month. We use three types of minimum balance requirements.
