Business Savings Account
- Minimum balance to avoid imposition of fees: A service charge fee of $0.50 will be imposed every month if the balance in the account falls below $50.00 on any day of the month.
- Fees: An activity fee of $0.50 will be charged for each withdrawal in excess of three during a four-week period.
- Transaction Limitations: Transfers from a Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no transfers by check, draft, or similar order to third parties.
- Accrual of interest on noncash deposits: Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
- Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
- Compounding and crediting frequency: Interest will be compounded every three months. Interest will be credited to your account every three months.
- Rate information: Your interest rate and annual percentage yield may change.
- Frequency of rate changes: We may change the interest rate on your account at any time.
- Determination of rate: At our discretion, we may change the interest rate on your account.
- Effect of closing an account: If you close your account before interest is credited and the accrued interest is less than $1.00, you will not receive the accrued interest.