Deposit Account Features
- Accounts closed between statement cycles will not receive accrued interest.
- Transfers from savings accounts to another account or to third parties by preauthorized, automatic, telephone transfer, check, or draft are limited to six per statement cycle.
- The average daily balance method is used to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for this period.
- Interest on non-cash deposits begins to accrue no later than the next business day after the deposit (for example, checks).
- The interest rate and annual percentage yield may change at the Bank's discretion as often as daily.
- Fees, penalties, service charges and withdrawal of earned interest may reduce earnings.
- Earnings credit on Business Checking accounts is determined at the Bank's discretion and may change at any time.
- Overdraft fees apply to overdrafts created by check, in-person withdrawal, ATM withdrawal, automatic payment, or other electronic means.
- No account service charge fees will be assessed to individuals under age 18 or to legally formed non-profit entities who elect to hold Simple Checking and/or Regular Savings accounts. Service charges will begin automatically on the statement cycle following an individual’s 18th birthday.
- Free debit card for minors on Simple Checking until age 18. Automatic annual fee begins July 1st following 18th birthday.
- Overdraft and NSF fees will apply to your account.
- The $1 per statement Paper Statement Fee will not be assessed to Kasasa accounts, Thrift Savings accounts, HSAs, or IRAs. The Paper Statement Fee will also not be assessed to individuals under the age of 18 or legally formed non-profit entities who elect to hold Simple Checking and/or Regular Savings accounts. The Paper Statement Fee will begin automatically on the statement cycle following an individual's 18th birthday.
USA Patriot Act
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts. For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
