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BANK OF CHESTNUT TRUTH IN SAVINGS DISCLOSURE
BASIC CHECKING ACCOUNT
MINIMUM BALANCE REQUIREMENTS A $50.00 deposit is required to open this account. There is no minimum or average monthly balance required.
FEES AND CHARGES There are no account fees, except the transaction limit charges described below.
TRANSACTION LIMITS If more than 20 checks per month are paid on this account, a $3.00 maintenance fee will be charged. In addition, $.15 per item will be charged for each additional check paid in excess of 20 per month.
REGULAR CHECKING ACCOUNT
MINIMUM BALANCE REQUIREMENTS A $50.00 deposit is required to open this account. An average daily balance of $600.01 is required to avoid any fees or charges.
FEES AND CHARGES Charges for this account are based on your average daily balance for the monthly billing cycle per the schedule below. 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.
TRANSACTION LIMITATIONS There is no limit on the number of checks paid on this account.
NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNT (N.O.W.)
RATE INFORMATION Your interest rate and annual percentage yield may change. Check our most current rate sheet on this website
DETERMINATION OF RATE AND FREQUENCY OF RATE CHANGES At our discretion, we may change the interest rate on your account. The rate may change as often as every day.
COMPOUNDING AND CREDITING FREQUENCY Interest will be compounded every month. Interest will be credited to your account every month.
MINIMUM BALANCE REQUIREMENTS You must deposit $1,200 to open this account. A maintenance fee of $5.00 will be imposed each monthly statement cycle if the average daily balance for that cycle falls below $1,200.00. You must maintain a minimum average daily balance of $1,200 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.
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 NON-CASH DEPOSIT Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items, for example, checks.
SUPER N.O.W. ACCOUNT
RATE INFORMATION Your interest rate and annual percentage yield may change. Check our current rate sheet on this website.
DETERMINATION OF RATE AND FREQUENCY OF RATE CHANGES At our discretion, we may change the interest rate on your account. The rate may change as often as every day.
COMPOUNDING AND CREDITING FREQUENCY Interest will be compounded every month. Interest will be credited to your account every month.
MINIMUM BALANCE REQUIREMENTS You must deposit $2,500 to open this account. A maintenance fee of $5.00 will be imposed each monthly statement cycle if the average daily balance for that cycle falls below $2,500. You must maintain a minimum average daily balance of $2,500 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.
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 NON-CASH DEPOSIT Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items, for example, checks.
MONEY MARKET ACCOUNT
RATE INFORMATION Your interest rate and annual percentage yield may change. Check our most current rates on this website.
DETERMINATION OF RATE AND FREQUENCY OF RATE CHANGES At our discretion, we may change the interest rate on your account. The rate may change as often as every day.
COMPOUNDING AND CREDITING FREQUENCY Interest will be compounded every month. Interest will be credited to your account every month.
MINIMUM BALANCE REQUIREMENTS You must deposit $2,500 to open this account. A maintenance fee of $5.00 will be imposed each monthly statement cycle if the average daily balance for that cycle falls below $2,500. You must maintain a minimum average daily balance of $2,500 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.
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 DEPOSIT Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items, for example, checks.
TRANSACTION LIMITATIONS You may make no more than 6 withdrawals or transfers from your account each statement cycle, only three withdrawals can be by check. A fee of $5.00 per item will be assessed if these limits are exceeded.
MONEY MARKET ACCOUNT(High Balance)
RATE INFORMATION Your interest rate and annual percentage yield may change. Check our most current rates on this website.
DETERMINATION OF RATE AND FREQUENCY OF RATE CHANGES At our discretion, we may change the interest rate on your account. The rate may change as often as every day.
COMPOUNDING AND CREDITING FREQUENCY Interest will be compounded every month. Interest will be credited to your account every month.
MINIMUM BALANCE REQUIREMENTS You must deposit $50,000 to open this account. A maintenance fee of $5.00 will be imposed each monthly statement cycle if the average daily balance for that cycle falls below $2,500. You must maintain a minimum average daily balance of $50,000 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.
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 NON-CASH DEPOSIT Interest begins to accrue no late than the business day we receive credit for the deposit of non-cash items, for example, checks.
TRANSACTION LIMITATIONS You may make no more than 6 withdrawals or transfers from your account each statement cycle, only three withdrawals can be by check. A fee of $5.00 per item will be assessed if these limits are exceeded.
REGULAR SAVINGS ACCOUNT
RATE INFORMATION Your interest rate and annual percentage yield may change. Check the current rates on this website.
DETERMINATION OF RATE AND FREQUENCY OF RATE CHANGES At our discretion, we may change the interest rate on your account. The rate may change as often as every day.
COMPOUNDING AND CREDITING FREQUENCY Interest will be compounded every month. Interest will be credited to your account semi-annually.
MINIMUM BALANCE REQUIREMENTS You must deposit $10.00 to open this account.
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 NON-CASH DEPOSIT Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items, for example, checks.
TRANSACTION LIMITATIONS A service charge of $1.00 will be assessed for withdrawals in excess of two during a month. We may require no less than 7 days notice in writing before each withdrawal as defined by Regulation D.
CHRISTMAS CLUB ACCOUNT
RATE INFORMATION Current rate 1.25% with an Annual Percentage Yield (A.P.Y.) of 1.26%. Your interest rate and annual percentage yield may change.
DETERMINATION OF RATE AND FREQUENCY OF RATE CHANGES At our discretion, we may change the interest rate on your account. The rate may change as often as every day.
COMPOUNDING AND CREDITING FREQUENCY Interest will be credit to your account annually.
MINIMUM BALANCE REQUIRED This account may be opened with a minimum of $5.00. Payments are required to be made to the account each week. Payments can be made in $5.00 increments.
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 NON-CASH DEPOSIT Interest begins to accrue no late than the business day we receive credit for the deposit of non-cash items, for example, checks.
TRANSACTION LIMITATIONS No withdrawals are allowed out of this account. The entire account balance will be paid to the customer after all 52 payments are paid. These accounts payments begin in November of each year.
CERTIFICATE OF DEPOSITS (C.D.)
MINIMUM BALANCE REQUIRED A minimum deposit is $1,000.00 is required to open any Certificate of Deposit. These accounts are fixed rate and fixed term interest bearing deposits.
RATE INFORMATION Interest rates and annual percentage yields (APY) are determined on a periodic basis. A separate rate sheet is available for the current rates.
COMPOUNDING AND CREDITING FREQUENCY Interest rates are fixed until the maturity date of the certificate. Interest is compounded daily and credited annually, semiannually, quarterly or monthly based on the actual term of the certificate you may choose.
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.
WITHDRAWAL LIMITATIONS A Certificate of Deposit is a contract to keep these funds upon deposit until the due date and for the full maturity or any subsequent renewals. Under government regulations your deposit may not be withdrawn prior to maturity, except with our consent, which may be given at the time such request is made. A substantial penalty is required if we grant your request for early withdrawal. The following is Bank of Chestnut Policy on early withdrawals from a certificate of deposit:
RENEWAL POLICY C. D.s can be either single maturity or automatically renewable certificates. If a C. D. is a single maturity certificate, present it promptly at maturity, as no interest is payable after the maturity date. If a certificate is automatically renewable, you will have a grace period of 10 days from maturity date to present this certificate for payment without penalty. If the certificate automatically renews, it will be renewed at the current rate in effect at the date of maturity.
INDIVIDUAL RETIREMENT ACCOUNTS (IRA)
MINIMUM BALANCE REQUIRED A minimum deposit is $1,000.00 is required to open any IRA. IRAs are interest bearing time deposits for retirement or education purposes. Contributions can be made to the account, however, you cannot exceed the annual IRA contribution limits provided by the Federal Government. Rollovers accounts from other IRAs, 401K accounts and similar retirement accounts can be contributed also.
RATE INFORMATION Interest rates and annual percentage yields (APY) are determined on a periodic basis. A separate rate sheet is available for the current rates.
COMPOUNDING AND CREDITING FREQUENCY Interest rates are fixed until the maturity date of the IRA. Interest is compounded daily and credited semiannually to your IRA.
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.
WITHDRAWAL LIMITATIONS An IRA is a contract to keep these funds on deposit until the due date and for the full maturity or any subsequent renewals. Under government regulations your deposit may not be withdrawn prior to maturity, except with our consent, which may be given at the time such request is made. A substantial penalty is required if we grant your request for early withdrawal. The Bank of Chestnuts Policy on early withdrawals of Certificates of Deposit listed above is the same for IRAs. In addition, Federal tax regulations require penalty for early withdrawals. See your tax advisor for limitations and tax consequences. Federal regulations do allow early withdrawal without penalty from an IRA in the case of disability or attainment of age 59 1/2 by the depositor. We will exercise our discretion in considering any request for early withdrawal under either of these circumstances.
RENEWAL POLICY IRA’s are automatically renewable certificates. If an IRA renews automatically you will have a grace period of 10 days from maturity date to present this certificate for payment without penalty. If the certificate automatically renews, it will be renewed at the current rate in effect at the date of maturity.
BENEFICIARY This account requires a beneficiary to be named. In the event of death the funds in the account will be paid to the beneficiaries named in the account documents.
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