Smart Choice Now Checking Account

SMART Choice Now Checking Account


Rate Information – Your interest rate and annual percentage yield may change.

• Tier 1 – If your daily balance is $25,000.00 or more, your interest rate will be ___%, and your annual percentage yield will be ___%.
• Tier 2 – If your daily balance is $10,000.00 to $24,999.99, your interest rate will be ___%, and your annual percentage yield will be ___%.
• Tier 3 – If your daily balance is $1,500.00 to $9,999.99, your interest rate will be ___%, and your annual percentage yield will be ___%.
• Tier 4 – If your daily balance is below $1,500.00, you will not be paid any interest.


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 $100.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum daily balance of
$25,000.00 in the account each day to obtain the Tier 1 annual percentage yield. You must maintain a minimum daily
balance of $10,000.00 in the account each day to obtain the Tier 2 annual percentage yield. You must maintain a
minimum daily balance of $1,500.00 in the account each day to obtain the Tier 3 annual percentage yield.
Minimum balance to avoid imposition of fees – A service charge of $10.00 will be imposed each statement cycle if
your average daily balance falls below $1,500.00. The average daily balance is calculated by adding the principal in the
account for each day of the period and dividing that figure by the number of days in the period.
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).

 

   Rev 5/2018