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Money Market Checking

Overview – This account is a tiered rate account that offers a chance to improve the interest rate using different account requirements. 

Minimum balance to open the account – $5,000

Rate Information – Account rates are available at all branches and also posted online for customer convenience. The interest rate and annual percentage yield may change on the account at any time and at our discretion.  The tier balances are as follows:

Tier 1 –$ 5,000 to $9,999.99

Tier 2 –$10,000 to $24,999.99

Tier 3 –$25,000 to $49,999.99

Tier 4 –$50,000 to $99,999.99

Tier 5 –$100,000 or greater

Compounding and crediting frequency – Interest will be compounded and credited to the account every month.

Effect of closing an account – If the account is closed before the interest is credited, you will not receive the accrued interest.

Minimum balance to avoid imposition of fees – A service charge fee of $10 will be imposed every statement cycle if the balance in the account falls below $2,500 any day of the cycle.

Minimum balance to obtain the annual percentage yield disclosed – A minimum balance of $5,000 must be maintained 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 the 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 first business day after the banking day the non-cash items were deposited (for example, checks).

Transaction limitations - Transfers from a Money Market Account to another account or to third parties by preauthorized, automatic, checks, internet, or telephone transfer are limited to six per statement cycle. 

Fees - A service charge fee of $5 will be charged for each transaction, excluding over the counter transactions, in excess of six during a statement cycle.