CHECKING ACCOUNT

Limitations: You must deposit at least $100.00 to open this account.

Account Fees: Your account will be assessed a $5.00 minimum balance fee during the statement cycle if your average daily balance falls below $500.00, or $3.00 minimum balance fee if your average daily balance falls below $800.00.  Students under age 23 and customers age 65 and older can be exempted from this charge.  Please notify bank personnel if you qualify for this exemption.  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.

 

NOW ACCOUNT

Rate Information: This account is an interest bearing account.  The interest rate and annual percentage yield are included in the Rate Chart.  The interest rate and annual percentage yield may change daily, at our discretion.  Interest begins to accrue on the business day you deposit noncash items (for example, checks).  Interest will not be compounded on the account.  Interest will be credited to the account monthly.  If the account is closed before interest is credited you will not receive the accrued interest.

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 average daily balance of $1,500.00 to obtain the disclosed annual percentage yield.  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.

Limitations: You must deposit at least $1,500.00 to open this account.

Account Fees: Your account will be assessed a $5.00 minimum balance fee during the statement cycle if your average daily balance falls below $500.00, or $3.00 minimum balance fee if your average daily balance falls below $800.00.  Students under age 23 and customers age 65 and older can be exempted from this charge.  Please notify bank personnel if you qualify for this exemption.  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.

 

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.

For rate information please see the rates chart or please call the Bank of Laverne for rate information.