High Interest Checking Disclosure
Rate information-Your interest rate and annual percentage yield may change.
• Tier 1 - If your daily balance is $0 to $1,499.99, the interest rate paid on the entire balance in your account will be ____%, and your annual percentage yield will be ____%.
• Tier 2 - If your daily balance is $1,500 or greater, the interest rate paid on the entire balance in your account will be ____%, and your annual percentage yield will be ____%.
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 rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account – If you close your account before interest is credited; you will not receive the accrued interest.
Minimum balance to open account – You must deposit $50.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed – No minimum balance required to obtain the Tier 1 annual percentage yield. You must maintain a minimum daily balance of $1,500.00 in the account each day to obtain the Tier 2 annual percentage yield.
Minimum balance to avoid imposition of fees – A service charge fee of $6.00 will be imposed each monthly statement cycle if the minimum daily balance falls below $1500.00 any day within the cycle.
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.
Accrual of interest on non-cash deposits –Interest begins to accrue no later than the business day when we receive credit for the funds for noncash items (for example, checks).