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, or telephone transfer are limited to six per statement cycle with no more than three by check, draft, or  similar order to third party.

• 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.

• 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.

• Earning credit is determined at the Bank’s discretion and may change at any time.

• Fees apply to overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means.

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.

Transaction Account Guarantee Program
Pioneer Bank is participating in the FDIC's Transaction Account Guarantee Program.  Under that program, through June 6, 2010, all non-interest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account.
Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.

The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013.  On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.