|
Farmers State Bank
Savings 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 $10.00.
- The balance in your account may never be
less than $0.00.
Compounding and Crediting Policies
- Interest will be compounded on a semi-annual
basis.
- Interest will be credited to your account
on a semi-annual 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.
Accrual of interest on noncash deposits
- Interest begins to accrue no later than the
business day we receive credit for the deposit.
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
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 IRA Savings account are not counted.
Fees
- 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.
|
