Commercial Interest Account
This account is not a consumer account to which Truth in Savings applies.
- Interest Rate paid is discretionary and will be set and effective the first business day of each month.
- 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 $100.00 to open this account.
- Minimum balance to be paid interest:You must maintain a minimum balance of $5000.00 during statement cycle to be paid interest.
- 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 noncash deposits: Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
- Fees: A maintenance fee of $15.00 will be charged each statement cycle. Per item processed $0.15, Per deposit $0.25, Per debit item deposit $0.15
Notice! This account does not qualify for the temporary unlimited FDIC insurance coverage that applies to non-interest bearing transaction accounts. FDIC insurance coverage is limited to $250,000.00 per account holder.
Interest that has accrued but not credited back to the account at closing will be forfeited.