Money Market Account
Rate Information: Your
interest rate and annual percentage yield may change.
Frequency of rate change: We may (at our discretion) change the interest rate on your account at any time.
Compounding and crediting frequency: Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account: You must deposit $2,500 to open this account.
Minimum balance to obtain the annual percentage yield disclosed: You must maintain a minimum balance of $2,500 in the account each day to obtain the disclosed annual percentage yield. You must maintain a minimum daily balance of $2,500 to obtain the MONEY MARKET interest rate.
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 on the business day you deposit non-cash items (for example, checks).
Checks, drafts and transfers from a Money Market account to another account or to third parties by reauthorized, automatic, telephone or computer transfer (including ACH and in-house bank transfers) are limited to six (6) per statement cycle.
An excessive transaction fee of $1.00 will be charged for each debit transaction in excess of the above limitations.