individual retirement accounts

Service Charges

Each IRA will be charged a $20.00 IRA Fee each calendar year for administration costs.

Withdrawals

You can withdraw funds from your IRA in person or transfer funds to your checking account over the phone.  These withdrawals and transfers are governed by the restrictions in the custodial agreement.  Compliance with those terms is the responsibility of the account holder.  On interest bearing accounts, except time certificates of deposit, we reserve the right to require at least seven days written notice before any withdrawal.

We do not allow pre-authorized automatic debits against an IRA to pay third parties. 

Interest Earnings

Interest earned is credited, and compounded to certificate of deposit IRA’s quarterly.  Interest earned is credited, and compounded, to open IRA’s monthly.  If you close your account before interest is credited, you will not receive the accrued interest.  If the average daily collected balance (earnings balance) of the account for any month is less than $50.00, no interest will be earned for that period.

Interest is calculated on the average daily collected balance (earnings balance).  Adding the collected balance of the account for each day of the month and dividing that sum by the number of days in the month determines such average balance of an account.

Interest begins to accrue on non-cash deposits no later than the business day we receive credit for the deposit of non-cash items.  Checks are considered non-cash items.

The interest rate and Annual Percentage Yield may change.  At our discretion, we may change the interest rate on your account daily.  The account statement will report the Annual Percentage Yield.  You may call the bank anytime to learn the current interest rate your account is earning.
Withdrawals from your account may reduce earnings.

Periodic Account Statements

We mail account statements to you quarterly on open account IRA’s.  Certificate of deposit IRA’s receive notices when earning are credited and at maturity.

If you have questions about your account earnings or charges please contact us at: