Regular Savings |  High Yield-Money Market | Certificates of Deposit
 

This traditional account provides a slightly higher yield than regular savings with 90-day flexibility. The rate of interest is subject to change monthly at our discretion. Interest is compounded and credited to your account quarterly.

Depositor may make withdrawals by delivering to bank written Notice of Withdrawal, specifying the amount intended to be withdrawn, not less than ninety (90) days prior to the intended withdrawal date. Such notice shall relate only to funds on deposit at the time the notice is received by Bank and said notice is void and of no effect ten (10) days after the withdrawal date stipulated therein. Withdrawals from the account may also be made without prior notice on or within ten (10) days after each Quarterly Withdrawal Date (Feb. 1, May 1, Aug. 1 and Nov. 1), but such withdrawals shall be limited to amounts which have been on deposit and earned interest, since the last preceding quarterly withdrawal date, and with respect to which depositor has not given notice of withdrawal. Amounts not so withdrawn shall be deemed redeposited as of the quarterly withdrawal date. Note: Only funds deemed re-deposited will earn interest from the first withdrawal date stipulated therein.

Withdrawals made without proper notice or not made during the 10 days after each Quarterly Withdrawal date shall be subject to a 90 day interest penalty.

Record of Account – The bank shall, upon opening an account, issue to the depositor a record book of his or her account which is to be maintained by the depositor or if necessary, with the assistance of a bank employee. This record book need not be presented at the time of making a withdrawal or deposit to the depositor’s account. A receipt for each deposit and withdrawal will be issued to the depositor or his agent at the time of each transaction on the bank’s premises. No receipts will be issued for transactions conducted by any other means. The bank will maintain records of all Savings accounts and will furnish at designated dates quarterly statements of the accounts to each depositor for verification by the depositor. Each such statement shall be conclusively deemed to be correct and accurate in all respects unless errors therein are called to the bank’s attention within thirty (30) days after said statement has been presented to the depositor.

Interest – Interest will be credited to accounts based on type of accounts and the appropriate interest cycle on the last day of each month in the cycle. The individual account interest cycle will be indicated inside the depositor record book.