Friends & Family NOW Account

Rate information – Your interest rate and annual percentage yield may change. Please see below for today’s current rates and/or tiers.

Method to determine the rate – We determine the interest rate based on current market reviews of comparable bank interest rates. Changes are made at our discretion.

Frequency of rate changes – We may change the interest rate on your account at any time.

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

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

Minimum Activity Fee – During the statement cycle, the account must have a minimum of 6 posted debit transactions to the account or a $10 debit minimum activity fee will be charged. The types of debits which qualify are, ATM cash withdrawals, Debit Card cash withdrawals and POS Purchase, ACH Preauthorized debits, Internal transfers, Electronic bills pay, Checks and Debit memos. When you access your account, on-line or receive a printout of your recent transaction history, there may be items listed as “in process” transactions. This means that there is a temporary hold on the funds in your account, however, the transaction is not considered “posted” until the actual item is processed by the vendor.

Minimum balance to open the account – You must deposit $1,000.00 to open this account.

Minimum balance to avoid imposition of fees – A service charge fee of $10.00 will be imposed every statement cycle unless you maintain either a minimum daily balance of $1,000.00 or a minimum average daily balance of $1,500.00 for the monthly statement cycle. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

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 no later than the business day we receive credit for the deposit of noncash items (for example, checks).

Rate information:

  • Tier One – If your daily balance is $0 to $50,000, the interest rate paid on this portion of the balance in your account will be 1.00%. The annual percentage yield on this tier will range from 0% to 1.00%, depending on the balance in the account.
  • Tier Two – An interest rate of 0.15% will be paid for the portion of your balance that is greater than $50,000.00.  The annual percentage yield for this tier will range from 0.15% to 1.00%, depending on the balance in the account.