|CHRISTMAS CLUB ACCOUNTS
A convenient way to save for the holiday season, with a choice of either a
coupon book or automatic transfer from another deposit account with our bank.
Rate Information: This account is an interest bearing account. The interest rate
and annual percentage yield are included in the
Interest Rate Chart.
At our discretion we may change the interest rate on your account. Interest begins to
accrue on the business day you deposit noncash items (for example,
checks), if received by 3:00 p.m. Interest will be credited to the
account at maturity. If you close the account before interest is
credited you will not receive the accrued interest. This account is
typically open for a 50 week period. However, the term of the account
may vary dependent on when the account is opened. At the end of the
club account period, during the week of October 10th annually, the
funds in the account will be mailed to you by check.
|Balance Information: 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. You must maintain a minimum balance of $1.00 in the
account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $1.00 to open this account. You may open this
account starting in the first week of November, annually. If you open later in
the year, you may need to make multiple deposits during the Club period to have
made all 50 payments by the Club payout date. Payments may be made by coupon or
automatic transfer from another deposit account with our bank. Your payments may
be in any dollar amount, at the frequency of your choice. Preauthorized
transfers are not allowed from this account. At the end of the Club period, this
account will be at a zero balance and will automatically close. Should you wish
to make withdrawals from this account prior to the maturity date, you must
withdraw the entire balance and the account will be closed.
Account Fees: In the holiday spirit, there are no fees assessed for this