Checking Sub-Accounts. If you have a checking account or NOW account, your account consists of a transaction sub-account and a savings sub-account. This structure will not affect your available balance, service charges, FDIC insurance, interest earnings, your statement or any other feature of your account. Funds not routinely needed to pay debits may be periodically transferred to the savings sub-account. A transfer from the savings sub-account back to the transaction sub-account will fund items in excess of the balance in the transaction sub-account. The remainder of your balance will be maintained in the transaction sub-account. If interest is paid on your account balance, the interest calculation will be the same for both the savings sub-account and the transaction sub-account. If interest is not paid on your account balance, the savings sub-account will be non-interest bearing.
Checking Sub-Accounts. This Account consists of a checking sub account and a savings sub account. The Bank may periodically transfer funds between these two sub accounts. On a sixth transfer during a calendar month, any funds in the savings sub account will be transferred back to the checking sub account. If your Account is a Plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub account will be non-interest bearing. The savings sub account will be governed by the rules governing our other savings accounts. This process will not affect your available balance, the interest you may earn, FDIC insurance protection, or your monthly statement. .
Checking Sub-Accounts. For accounting purposes, checking accounts are structured with a checking sub-account and a savings sub-account. These sub-accounts will be transparent to you. The sub-accounts do not affect your account balance, interest earned, FDIC insurance coverage, account statement information or other features of your checking account. We may make periodic transfers between these sub-accounts. On the sixth transfer during the month from your savings sub-account to your checking sub-account, all funds in the savings sub-account will be transferred to the checking sub-account. If your checking account earns interest, the interest calculation for your checking account will remain the same; otherwise, the savings sub-account does not earn interest. The savings sub-account will be governed by the rules for our savings accounts. Savings Accounts. If your account is an interest bearing account and is not a NOW account or time deposit, the following terms may apply. Transfers and Withdrawals. If your account is a savings or money market deposit account, federal regulations require us to retain the right to require you to give at least seven days’ notice in writing prior to any intended withdrawal from an account other than a demand deposit account (e.g., non-interest bearing checking account) or a time deposit. Although we usually pay withdrawals or checks without notice on these accounts, doing so does not mean that we give up this right.
Checking Sub-Accounts. This Account consists of a checking sub account and a savings sub account. The Bank may periodically transfer funds between these two sub accounts. On a sixth transfer during a calendar month, any funds in the savings sub account will be transferred back to the checking sub account. If your Account is a Plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub account will be non-interest bearing. The savings sub account will be governed by the rules governing our other savings accounts. This process will not affect your available balance, the interest you may earn, FDIC insurance protection, or your monthly statement. WITHDRAWAL RULES. The following terms apply to withdrawals from your Account: (A) Manner of Withdrawal. You may make withdrawals from your Account in any manner that is permitted by us for the type of Account that you have opened. Withdrawals by mail will be posted to your Account as of the day the transaction is processed by us. We may refuse to accept any check other than standard checks provided by us or approved by us in advance. Withdrawals and transfers from your Account may be restricted as provided in the Agreement, or in the Schedule, or by applicable law.
Checking Sub-Accounts. This Account consists of a checking sub account and a savings sub account. The Bank may periodically transfer funds between these two sub accounts. On a sixth transfer during a calendar month, any funds in the savings sub account will be transferred back to the checking sub account. If your Account is a Plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub account will be non-interest bearing. The savings sub account will be governed by the rules governing our other savings accounts. This process will not affect your available balance, the interest you may earn, FDIC insurance protection, or your monthly statement. WITHDRAWAL RULES. The following terms apply to withdrawals from your Account: (A) Manner of Withdrawal. You may make withdrawals from your Account in any manner that is permitted by us for the type of Account that you have opened.
Checking Sub-Accounts. If you have a checking Account, your Account consists of a transaction sub-account and a savings sub-account. This structure is for internal accounting purposes only and will not affect your available balance, service charges, FDIC insurance, interest earnings, your periodic statement, or any other feature of your Account. Funds not routinely needed to pay debits may be periodically transferred to the savings sub-account. A transfer from the savings sub-account back to the transaction sub- account will fund items in excess of the balance in the transaction sub-account. The remainder of your balance will be maintained in the transaction sub-account. If interest is paid on your Account balance, the interest calculation will be the same for both the savings sub-account and the transaction sub-account. If interest is not paid on your account balance, the savings sub-account will be non-interest bearing. PRECAUTIONS TO REDUCE THE RISK OF UNAUTHORIZED TRANSACTIONS There are actions that you can take to protect the security of your Account. Such measures include protecting the security of passwords, promptly reviewing bank statements for unauthorized activities, and immediately reporting suspicious activity to Bank. Bank makes certain Treasury Management products or services available (e.g., ACH and Check Payee Positive Pay) to you that are designed to detect and/or deter check and ACH fraud and reduce the likelihood that counterfeit, altered checks or any other unauthorized transactions, including ACH, will be paid. These products and services will not prevent fraud unless you implement them. You agree that if you fail to implement any of the products or services, or you fail to follow these and all other precautions reasonable for your particular circumstances, you will be precluded from asserting claims against Bank for paying unauthorized, altered, counterfeit or other fraudulent items that such product, service, or precaution was designed to detect or deter, and Bank will not be required to re-credit your Account or otherwise have any liability to pay such items. Additionally, if your Account is for business purposes, you agree to pursue all rights you may have under the insurance coverage you maintain before making a claim against the Bank in connection with any transaction involving your Accounts. In any event, Bank will consider your claim only after it has been given an opportunity to review your insurance company’s decision, and Bank’s liability to you,...
Checking Sub-Accounts. For accounting purposes, checking accounts are structured with a checking sub-account and a savings sub-account. These sub-accounts will be transparent to you. The sub-accounts do not affect your account balance, interest earned, FDIC insurance coverage, account statement information or other features of your checking account. We may make periodic transfers between these sub-accounts. On the sixth transfer during the month from your savings sub-account to your checking sub-account, all funds in the savings sub-account will be transferred to the checking sub-account. If your checking account earns interest, the interest calculation for your checking account will remain the same; otherwise, the savings sub-account does not earn interest. The savings sub-account will be governed by the rules for our savings accounts. Savings Accounts. If your account is an interest bearing account and is not a NOW account or time deposit, the following terms may apply. Transfers and Withdrawals. If your account is a savings or money market deposit account, federal law requires that an account holder may make no more than six transfers and/or withdrawals during any one 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) or online banking agreement, order or instruction, or by check, draft, debit card, or similar order made by you and payable to third parties (such as through our online bill payment service). A “preauthorized transfer” includes any written or oral arrangement 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 number of preauthorized transfers or preauthorized checks or drafts (for money market accounts) in any one month or statement 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 t...
Checking Sub-Accounts. All interest bearing and non-interest bearing checking (transaction) accounts offered by the Bank are designated as “Money Management Accounts.” Savings and “money market” deposit accounts are not considered “Money Management Accounts.” For most purposes, Money Management Accounts are treated as a single account for certain record keeping, fees, minimum balances, and paying items. For regulatory accounting purposes, your checking account will consist of two “subaccounts” on our records. One sub-account is a checking account of the type designated by the account title (“Checking Sub-Account”). The other sub-account is a money market account (“Money Market Sub-Account”). If the checking account is interest bearing, interest will accrue on the combined collected balance on deposit in both of these sub-accounts at the interest rate established for the applicable checking account. Therefore, the Annual Percentage Yield (APY) earned for the account is based on the combined collected balance on deposit in both sub-accounts during the statement cycle. If the checking account is non-interest bearing, no interest will be paid on the sub-account. By regulation, the Checking Sub-Account is classified as a “transaction” account from which an unlimited number of transfers of funds may be made; the Money Market Sub-Account is classified as a “money market” account in which case the number of transfers of funds from the account is limited to six (6) per statement cycle. The regulatory limitation on transfers from the Money Market Sub-Account during a statement cycle is the determining factor for the procedure for transfers between the sub-accounts described below. Funds on deposit in the Money Market Sub-Account will be maximized during each monthly statement cycle by automatic transfers from the Checking Sub-Account, which will minimize Funds on deposit in the Checking Sub- Account. In order to accomplish this goal, funds on deposit in the Checking Sub-Account in excess of the Target Balance, which is defined below, will be automatically transferred to the Money Market Sub-Account until such time in each monthly statement cycle that a total of six (6) transfers have been made from the Money Market Sub-Account back to the Checking Sub-Account to cover checks presented for payment or debits made from the Checking Sub- Account. Following the sixth such transfer from the Money Market Sub-Account to the Checking Sub-Account, no further transfers will be made from the Checking...
Checking Sub-Accounts. 1) We may establish on your behalf a transaction sub-account and a savings sub-account.
