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Disclosure

Savings

  • Interest is compounded daily and credited quarterly
  • Quarterly statements
  • $25 minimum opening deposit
  • If balance falls below $25, no interest will be accrued
  • If balance falls below $100, a $3 service charge will be incurred
  • Limit 6 withdrawals per quarter
  • Interest rate subject to change monthly
  • $5.00 quarterly dormant fee after 12 months inactivity
  • $1.00 excess withdrawal fee over 6 withdrawals per quarter
 

Certificate of Deposits

  • Various terms ranging from 30 days to 36 months
  • Regular CD’s automatically renew – Specials do not
  • Interest is paid until maturity of the certificate of deposit
  • Interest may be paid by check, deposit into a designated account or added back to the CD.
  • Interest is compounded and credited at maturity, monthly, quarterly, semiannually or annually.
  • Annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
  • Minimum opening deposits: $1,000.00 – $5,000.00 – $10,000.00 
  • No additional deposits may be made into this account with the exception of our 12 month add-on CD
  • Withdrawals made before the maturity date may result in the following penalties:
 

TERM

PENALTY

30 to 89 days62 days interest
90 days to 12 months180 days interest
over 12 months360 days interest

18 Months Fixed Individual Retirement Account

  • Interest is compounded and credited annually
  • Contributions may be tax deductible
  • Interest income may be tax deferred
  • $2,000.00 minimum opening deposit *
  • Withdrawals before age 59 ½ may be subject to penalty
 

18 Months Variable Individual Retirement Account

  • Interest is compounded and credited annually
  • Contributions may be tax deductible
  • Interest income may be tax deferred
  • $40.00 minimum opening deposit **
  • Withdrawals before age 59 ½ may be subject to penalty
  • Interest rate subject to change the first day of each month
 

Roth Fixed Individual Retirement Account

  • Interest is compounded and credited annually
  • Contributions are not tax deductible
  • Withdrawals are tax-free for certain distributions after five years
  • $2,000.00 minimum opening deposit *
 

Roth Variable Individual Retirement Account

  • Interest is compounded and credited annually
  • Contributions are not tax deductible
  • Withdrawals are tax-free for certain distributions after five years
  • $40.00 minimum opening deposit **
 

Educational Individual Retirement Account

  • Interest is compounded and credited annually
  • Contributions are not tax deductible
  • Tax-free withdrawals for child’s education
  • $40.00 minimum opening deposit
  • Limited to educational expenses only to avoid 10% penalty
 

Christmas & Vacation Clubs

  • Savings account with weekly, bi-weekly or monthly electronic contributions from checking or savings, and a check sent to the customer or a deposit to customers account at maturity
  • Account is automatically renewable on an annual basis, with a fourteen (14) day grace period
  • Interest is compounded daily
  • Interest is credited annually
  • No statements
  • $2.00 minimum opening deposit
  • Deposits by electronic transfer only
  • Interest rate subject to change daily

 

Funds Availability Policy

Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit.  In some cases, however, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit.  Due to amendments to the Expedited Funds Availability Act by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the amount of deposited funds that banks must make available for withdrawal in the event you are not given immediate credit for your deposit has increased from $100 to $200.  The effective date of this provision is July 21, 2011.  As a result, the first $200 of your deposits will be available on the first business day after the day of your deposit.  Please refer to this disclosure and contact a personal banker if you have any questions. 
 
 
 

* A penalty will be imposed for early withdrawal.
** A penalty will be imposed for early withdrawal. The interest rate and annual percentage yield may change after account opening.

For more information contact Beth Combs at 606-679-6341 ext. 2231.

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