The passbook savings account is an easy and convenient way to begin saving for the future. You can open your account with $50.00, and receive interest quarterly.
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 quarter. Interest will be credited to your account every quarter.
Minimum balance to open the account - You must deposit $50.00 to open a passbook savings. There is a minimum deposit of $10.00 for a minor.
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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example checks).
Transaction Limitations - Transfers from a Passbook Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties.
Fees - An early closing fee of $5.00 will be charged if your account is closed within 90 days of opening.
IMPORTANT INFORMATION ABOUT PROCEDURES
FOR OPENING A NEW ACCOUNT
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.