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Personal Banking Disclosures
Policies & Disclosures Personal Banking Disclosures

Checking Accounts

Free Checking Account

  • Open with $50.
  • No minimum balance required.
  • No service charge.
  • Deliverable eNotifications (electronic Statements/Notices) only.

Club Checking Account

  • Open with $50.
  • No minimum balance required.
  • $4 monthly service charge.
  • Truncated statements only.

Money Maker Account

  • Open with $100.
  • $7.95 monthly service charge.
  • Your interest rate and annual percentage yield may change.
  • At our discretion, we may change the interest rate on your account daily.
  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks). Interest is compounded monthly and is credited monthly on the last day of your statement cycle. If you close your account, you will be credited with interest earned since the beginning of the cycle until the date you close the account.
  • 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.

Senior Checking Account

  • Open with $100.
  • No service charge.
  • Account holder must be 50+ years of age.
  • Your interest rate and annual percentage yield may change.
  • At our discretion, we may change the interest rate on your account daily.
  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks).
  • Interest is compounded monthly and is credited monthly on the last day of your statement cycle.
  • If you close your account, you will be credited with interest earned since the beginning of the cycle until the date you close the account.
  • 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.
  • The minimum balance to earn interest for this account is $1,500. If the daily balance falls below $1,500 during a statement cycle no interest will be paid on the account for that statement cycle.

Now Account

  • $10 monthly service charge if daily balance falls below $1500.
  • Your interest rate and annual percentage yield may change.
  • At our discretion, we may change the interest rate on your account daily.
  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks).
  • Interest is compounded monthly and is credited monthly on the last day of your statement cycle.
  • If you close your account, you will be credited with interest earned since the beginning of the cycle until the date you close the account.
  • 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.

Super Now Account

  • $10 monthly service charge if daily balance falls below $2500.
  • Your interest rate and annual percentage yield may change.
  • At our discretion, we may change the interest rate on your account daily.
  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks).
  • Interest is compounded monthly and is credited monthly on the last day of your statement cycle.
  • If you close your account, you will be credited with interest earned since the beginning of the cycle until the date you close the account.
  • 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.
  • The minimum balance to earn interest for this account is $2,500. If the daily balance falls below $2,500 during a statement cycle, no interest will be paid on the account for that statement cycle. If the daily balance falls below $1,000 the account will be subject to the fees charged on NOW accounts.

President's Choice Checking Account

  • If the balance falls below $25,000 on any one day during the cycle the interest rate paid on the entire account balance will be .20%, with an annual percentage yield (APY) of .20% for that cycle.
  • The minimum amount to open this account is $2,500.
  • If the balance falls below $25,000 on any one day during the cycle period a monthly service charge of $15 will be levied against the account for that cycle period.
  • This is a variable rate account and your interest rate and annual percentage yield may change at any time.
  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks)
  • Interest is compounded monthly and is credited monthly on the last day of your statement cycle.
  • If you close your account, you will be credited with interest earned since the beginning of the cycle until the date you close the account.
  • We calculate the interest on your account using the daily balance method. This method applies a daily periodic rate to the principal in the account each day.

Money Market Accounts

Money Market Account*

  • Your interest rate and annual percentage yield may change.
  • At our discretion, we may change the interest rate on your account daily.
  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks).
  • Interest is compounded monthly and is credited monthly on the last day of your statement cycle.
  • If you close your account, you will be credited with interest earned since the beginning of the cycle until the date you close the account.
  • 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.
  • You may make no more than six (6) preauthorized withdrawals, automatic or telephone transfers, checks, drafts and debit card or similar transactions from your account per month or statement cycle.
  • The minimum balance of this account is $2,500. If the balance in the account is below $2,500 on any day, the interest rate paid on this account will revert to that of our NOW account for the period of time the daily balance is below $2,500. If the daily balance falls below $1,000, the account will be subject to the fees charged on NOW accounts.

President's Choice Tiered Money Market*

If the balance falls below $5,000.00 on any one day during the cycle the interest rate paid on the entire account balance will revert to the current NOW account rate. The minimum amount to open this account is $5,000.

If the balance falls below $5,000 on any one day during the cycle period a monthly service charge of $15 will be levied against the account for that cycle period.

  • This is a variable rate account and your interest rate and annual percentage yield may change at any time.
  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks)
  • Interest is compounded monthly and is credited monthly on the last day of your statement cycle.
  • If you close your account, you will be credited with interest earned since the beginning of the cycle until the date you close the account.
  • We calculate the interest on your account using the daily balance method. This method applies a daily periodic rate to the principal in the account each day.
  • You may make no more than six (6) preauthorized withdrawals, automatic or telephone transfers, checks, drafts and debit card or similar transactions from your account per month or statement cycle.

Savings Accounts

Statement Savings Regular Savings*

  • Minimum of $50 to open savings account.
  • The interest on this account is compounded monthly.
  • No service charge for balances $50.00 and over. A monthly service fee of $10.00 will be charged for balances under $50.00
  • Accounts with no deposit or withdrawal activity for 24 months will be considered dormant and a $10.00 fee will be charged.

Certificate of Deposit Maturity (Less Than One Year)

  • Interest rate will be in effect until the maturity date.
  • This account pays simple interest which will be credited to your account at maturity.
  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks).
  • This account will automatically renew at maturity. You will have a grace period of seven (7) business days from the maturity date to withdraw your funds without being charged a penalty. 7-day accounts have a 1 day grace period.
  • After this account is opened, you may not make deposits into this account until the maturity date.
  • Interest on this account may be withdrawn from the account without penalty at any time.
  • 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.
  • If any of the principal is withdrawn before the maturity date, a penalty will be imposed.

Certificate of Deposit Maturity (One Year or Greater)

  • Interest rate will be in effect until the maturity date.
  • This account pays interest compounded quarterly which will be credited to your account quarterly.
  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks).
  • This account will automatically renew at maturity. You will have a grace period of ten (10) calendar days from the maturity date to withdraw your funds without being charged a penalty.
  • After this account is opened, you may not make deposits into this account until the maturity date.
  • Interest on this account may be withdrawn from the account without penalty at any time. However, the calculation of the disclosed Annual Percentage Yield (APY) assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.
  • 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.
  • If any of the principal is withdrawn before the maturity date, a penalty will be imposed. Any withdrawal which reduces the account balance below the minimum balance requirement, or any change in the term or rate of earnings, shall be considered a withdrawal of the entire account balance.

Individual Retirement Account

  • Interest begins to accrue on the day after you deposit non-cash items (for example, checks).
  • This account will automatically renew at maturity. You will have a grace period of ten (10) calendar days from the maturity date to withdraw your funds without being charged a penalty.
  • Interest on this account may be withdrawn from this account without penalty at any time. However, the calculation of the disclosed Annual Percentage Yield (APY) assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.
  • 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.
  • If any of the principal is withdrawn before the maturity date, a penalty will be imposed. Any withdrawal which reduces the account balance below the minimum balance requirement, or any change in the term or rate of earnings, shall be considered a withdrawal of the entire account balance.
  • If any amount of principal or interest is withdrawn, the amount may be subject to Federal tax consequences.

Fixed Rate IRA

  • Interest rate will be in effect until the maturity date.
  • Minimum subsequent deposit to the account is $100.
**All transactional accounts are subject to a $10 dormant fee if there is no deposit or withdrawal activity for 24 months.
*Effective June 1, 2013 for all money market and savings account holders, a charge of $10 per transaction will be implemented for Regulation D excess transactions (defined as more than 6 transactions per month). Regulation D is a Federal Reserve Board regulation that limits the number of preauthorized withdrawals and transfers from a savings or money market account.

The following summary outlines current Reg D transaction limits for MMDAs and savings accounts.

Transaction Limited to 6 per month Unlimited
Transfer or withdrawal via preauthorized debit (ACH)  
Overdraft transfer from savings  
Transfer from savings to savings  
Transfer or withdrawal via telegraphic program  
Transfer or withdrawal via fax  
Transfer or withdrawal via online banking  
Transfer via telephone  
Checks by consumer to third party via Money Market account  
Debit card point-of-sale transactions (POS)  
Automatic transfer to repay loan at same bank  
Transfer or withdrawal in person  
Transfer or withdrawal to consumer via mail request  
Transfer or withdrawal via ATM  
Withdrawal by consumer via telephone (non-audio response)  
Deposit funds to the account