Money Market Account
Your interest rate and accrual percentage yield may change.
Frequency of rate change
We may change the interest rate on your account at any time.
Determination of rate
At our discretion, we may change the interest rate on your account.
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 $2,500.00 to open the account.
Minimum balance to avoid imposition of fees
A low balance fee of $10.00 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $2,500.00. 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 noncash deposits
Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
Transfers from a Money Market account to another account or to third parties by: check, draft or similar order: preauthorized, automatic, or telephone transfer are limited to six per statement cycle.
Contact us for more information.