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Farmers State Bank
Money Market Account Disclosures
Rate Information
- For current rate and yield information, please see our Deposit
Rates.
- At our discretion, we may change the interest
rate on your account. We may change the interest rate on your
account weekly.
- The interest rate on your account will never
change by more than 1.00% each week.
Minimum balance requirements
- To open your account you must deposit $2,500.00.
- A minimum balance fee of $4.00 will
be imposed every month if the balance in the account falls
below $2,500.00 any day of the month.
- You must maintain a minimum balance of $2,500.00
in the account each day to obtain the disclosed annual percentage
yield.
Compounding and Crediting Policies
- Interest will be compounded on a monthly
basis.
- Interest will be credited to your account
on a monthly basis.
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.
Transaction limitations
- You may make 6 preauthorized withdrawals
from your account per month (to another account of the depositor
at the same bank or to a third party). Of these six transfers,
no more than three may be made by check or draft.
- Transactions not counted in the Limitation
- An automatic or preauthorized loan payment
from a Money Market account to the bank itself is not counted.
- A single transfer to another account of
the depositor in the same bank is not counted if the transaction
is made by mail, messenger, or in person. These transfers are
not counted in the limitation because they are not preauthorized,
automatic, or telephonic.
- A withdrawal made directly to the depositor
is not counted if the withdrawal is made by mail, messenger,
in person, or by telephone. Note that telephonic withdrawals
are not counted, but telephonic transfers (where the check is
mailed to the customer) are counted.
- Deposits or transfers into the Money Market
account are not counted.
Accrual of interest on noncash deposits
- Interest begins to accrue no later than the
business day we receive credit for the deposit.
Fees
- The following fees may be assessed against
your account:
- Fee for each check you write on this
account $0.13.
- Fee per month for not maintaining a $2,500.00
minimum balance everyday of the cycle period.
- Additional fees which may be assessed against
your account are disclosed on the Schedule
of Fees.
Call toll free 1-888-879-2183 or email
us to obtain further information.
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