Regular Savings Accounts - A $25 deposit is required to open a Regular Savings Account. The $25.00 is the minimum balance requirement. Dividends are calculated on the daily balance as follows: Multiply the daily balance by 1/365th of the Dividend Rate to get the amount of dividends earned per day. Add these amounts for the entire dividend period to get the total amount of dividends earned for the period. Dividends are compounded and credited quarterly.
Checking Accounts - A $25.00 deposit is required to open a Checking Account. The Interest Bearing Checking Account earns dividends on average daily balances of $1,000.00 or more calculated as follows: Add the daily balances for each day of the period and divide by the number of days in the period to get the average daily balance. Then divide the Dividend Rate by 365 and multiply by the number of days in the dividend period. Finally, multiply that product by the average daily balance to get the amount of dividends earned for the period. The minimum daily balance requirement is $300.00 to avoid a service charge. Dividends are compounded and credited monthly. The Service Charge Free Checking Account requires no minimum balance and earns no dividends.
Individual Retirement Accounts - Dividends are calculated on the daily balance as follows: Multiply the daily balance by 1/365th of the Dividend Rate to get the amount of dividends earned per day. Add these amounts for the entire dividend period to get the total amount of dividends earned for the period. Dividends are compounded and credited quarterly.
Term Share Accounts - Dividends are calculated on the daily balance as follows: Multiply the daily balance by 1/365th of the Dividend Rate to get the amount of dividends earned per day. Add these amounts for the entire dividend period to get the total amount of dividends earned for the period. When the date of issue to the date of maturity is less than 6 months, dividends are compounded and credited at maturity. When the date of issue to date of maturity is 6 months or more, dividends are compounded and credited quarterly. A penalty is imposed for early withdrawal.
IRA Term Share Certificates - Dividends are calculated on the daily balance as follows: Multiply the daily balance by 1/365th of the Dividend Rate to get the amount of dividends earned per day. Add these amounts for the entire dividend period to get the total amount of dividends earned for the period. When the date of issue to the date of maturity is less than 6 months, dividends are compounded and credited at maturity. When the date of issue to date of maturity is 6 months or more, dividends are compounded and credited quarterly. A penalty is imposed for early withdrawal.
Service Charge Free Checking Accounts - No dividends are earned on this account.
Credit Card Agreement - See Credit Card Disclosures
Christmas Club - There is no minimum opening deposit or balance requirement. Dividends are calculated on the daily balance as follows: Multiply the daily balance by 1/365th of the Dividend Rate to get the amount of dividends earned per day. Add these amounts for the entire dividend period to get the total amount of dividends earned for the period. Funds withdrawn prior to maturity incur a loss of dividends and close account for duration of club year. No partial withdrawals are allowed. Dividends are paid at maturity.
Money Market Account - A $2,500.00 deposit is required to open a Money Market Account. The Money Market Account earns dividends on an average daily balance of $1,000.00 or greater. Dividends on average daily balances of $1,000.00 or more calculated as follows: Add the daily balances for each day of the period and divide by the number of days in the period to get the average daily balance. Then divide the Dividend Rate by 365 and multiply by the number of days in the dividend period. Finally, multiply that product by the average daily balance to get the amount of dividends earned for the period. Up to 3 withdrawals are allowed per month. There is a $2.00 fee for each withdrawal in excess of 3. |
