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Types of Checking accounts
we offer* :
REGULAR CHECKING
BUSINESS CHECKING
FLAT FEE CHECKING
FRIENDS FOR LIFE CHECKING
SENIOR CITIZEN CHECKING
COLLEGE STUDENT CHECKING
MINOR CHECKING
MONEY MARKET
NOW
SUPER NOW
*Description of accounts below.
COMMON FEATURES
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REGULAR CHECKING
Minimum
balance to open the account- You
must deposit $50.00
to open this account.
Minimum
balance to avoid imposition of fees - A service charge
fee of $5.00
will be imposed
every statement cycle if the balance in
the account
falls below $500.00 any day of the cycle.
BUSINESS CHECKING
Minimum
balance to open the account- You
must deposit $50.00
to open this account.
Fees: $5.00 monthly maintenance fee.
Debited $0.10 per check paid.
Debited $0.10 per foreign check deposited
Credited $0.10 per $100.00 on deposits (calculated on low balance for
month)
FLAT FEE CHECKING
Minimum
balance to open the account - You must deposit
$50.00 to open this account.
Fee : A
service charge of $3.00 will be charged each statement cycle. A per
debit
fee of $.40 will be charged for each transaction (
withdrawal,
check paid, automatic transfer or
payment out of this
account) in excess
of ten during this account.
FRIENDS FOR
LIFE CHECKING
For
people over the age of 50
Minimum
balance to open the account - You must deposit
$200.00
to open this account.
Minimum
balance to avoid imposition of fees - A service charge fee of
$5.00
will be imposed every statement cycle if the balance in the
account
falls below $200.00 any day of the cycle.
First box of checks free
SENIOR CITIZEN
CHECKING
For people 65 or older
Minimum
balance to open the account - You must deposit
$200.00
to open this account.
Free Checks**
No Monthly Maintenance Fees
COLLEGE STUDENT CHECKING
Must provide proof of college enrollment
Minimum
balance to open the account- You
must deposit $50.00
to open this account.
Free Checks**
No Monthly Maintenance Fees
MINOR CHECKING
Must be under the age of 18
Account must have an adult
Minimum
balance to open the account- You
must deposit $50.00
to open this account.
Free Checks**
No Monthly Maintenance Fees
** Wallet Graystone
MONEY
MARKET ACCOUNT
Rate Information - Your interest rate and annual
percentage yield may
change.
Frequency of rate changes - 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 monthly.
Effect of closing an account - If you close your account
before interest is credited, you will not receive the accrued
interest.
Minimum balance to open the account - You must
deposit $2,500.00 to open this
account.
Minimum balance to avoid imposition of fees - A service charge of
$15.00
will be imposed every statement cycle if the balance in the account falls below
$2,500.00 any day of the
cycle.
Minimum balance to obtain the annual percentage yield disclosed - You
must maintain a minimum balance of $2,500.00 in the account each day to obtain
the disclosed annual percentage yield.
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
deposits - Interest begins to accrue on
the business day you deposit non-cash items
(for example, checks
).
Transaction limitations : Transfers from a Money Market Deposit
account to another account or to third parties
by preauthorized, automatic, or
telephone transfer are limited to six per statement cycle with
no more than three by check draft, debit card, or
similar order to third
parties.
Fees: A per debit fee of
$15.00 will be charged for each transaction in excess of
the above limitations.
NOW ACCOUNT**
Rate information - Your interest rate and annual percentage yield may
change.
Frequency of rate changes - 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
monthly. Interest will be credited to your account monthly.
Effect of closing an account - if you close your account before
interest is credited, you will not receive the accrued
interest.
Minimum balance to open an account - You must deposit $1,000.00 to open
this
account.
Minimum balance to avoid imposition of fees - A service charge of
$15.00 will be imposed every statement cycle if the balance in the
account falls below $1,000.00 any day of the cycle.
Minimum balance to obtain
the annual percentage yield disclosed – You must maintain a
minimum balance of $1,000.00 in the account each day to obtain the disclosed
percentage yield.
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).
Fees:
A per debit fee of $.25 will be charged for each debit
transaction (withdrawal, check paid, automatic
transfer or payment out of this account). This fee will not apply if you
maintain the $1,000.00 balance.
SUPER NOW
ACCOUNT**
Rate information –
Your interest rate and annual percentage yield may charge.
Frequency of rate changes-
We may change the interest rate on your account at anytime.
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.
Effect of closing an
account – if you close your account before interest is credited, you will
not receive the accrued interest.
Minimum
balance to open the account – You must deposit $2,500.00 to open this
account.
Minimum balance to avoid
imposition of fees – A service charge fee of $15.00 will be imposed every
statement cycle if the
balance in the account falls below $2,500.00 any day of
the cycle. A periodic maintenance fee of $5.00 will be charged each
month
regardless of the account balance.
Minimum balance to obtain
the annual percentage yield disclosed – You must maintain a minimum
balance of $2,500.00 in the account each day to obtain the disclosed balance.
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
(example, check).
Fees:
A per debit fee of $.25 will be charged for each debit
transaction (withdrawal, check paid, automatic transfer or payment out of this
account).
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**Who can have
NOW or SUPERNOW accounts:
1. Individuals
2. Sole Proprietorships
3. Non-Profit Organizations-even if it is a corporation
4. Government Units
**Who cannot have NOW or SUPERNOW accounts:
1. Partnerships
2. Credit Unions and other mutual depository institutions
3. Mutual Insurance companies
4. Crop Financing organizations
5. Organizations created to function as part of a qualified group legal service
plan
6. Farmers' cooperatives
7. Any organizations operated for profit
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