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 day. Interest will be credited to your account every quarter.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to avoid imposition of fees - A below minimum fee of $1.00 will be imposed every month if the average daily balance for the calendar month falls below $100.00. 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 on the business day you deposit noncash items (for example, checks).
Transaction limitations: - Transfers from a Passbook Savings account to another or to third parties by telephone transfer and preauthorized payments are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties.
Fees: - An excessive withdrawal fee of $0.50 will be charges for each withdrawal in excess of ten during a quarter.