Power Index Money Market Account
Rate information – Your interest rate and annual percentage yield may change. Please see below for today’s current rates and/or tiers.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – The interest rate on your account will be a minimum of the 13-week Treasury Bill Auction Rate as published in the Wall Street Journal.
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 balance to open the account – You must deposit $10,000.00 to open this account.
Minimum balance to avoid imposition of fees – A service charge fee of $30.00 will be imposed every statement cycle if the balance in the account falls below $10,000.00 any day of the cycle.
Minimum balance to obtain the annual percentage yield stated – You must maintain a minimum balance of $10,000.00 in the account each day to obtain the stated annual percentage yield.
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).
Transaction Limitations – Transfers from a Power Index account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per month with no more than six by check, draft, debit card, or similar order to third parties. Accounts that exceed these prescribed limitations will be closed, and funds from these accounts will be converted into a transactional account for the customer.
Fees – A per item fee of $25.00 will be charged for each transaction in excess of the above limitations.
- Tier One – If your daily balance is $0 to $9,999.99 the interest rate paid on the entire balance in your account will be 0.00% with an annual percentage yield of 0.00%.
- Tier Two – If your daily balance is $10,000 + the interest rate paid on the entire balance in your account will be 1.912% with an annual percentage yield of 1.895%.