NOW Account

A NOW account earns interest on its average daily balance while giving the depositor the ability to write checks on the account. This interest bearing checking account gives you all the access of a regular checking account plus interest.

Corporations and partnerships are prohibited by law from opening a NOW account.

Deposit Rates

Requirements

A minimum deposit of $1,000.00 is required to open a NOW account.

Interest Earnings

Interest earned is credited and compounded to the account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

Interest is calculated on the average daily balance. Such average balance of an account is determined by adding the balance of the account for each day of the month and dividing that sum by the number of days in the month.

Interest begins to accrue on non-cash deposits no later than the first business day following the day on which the deposit posts to the account. 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 monthly. The account statement will report the Annual Percentage Yield. You may call the bank anytime to learn the current interest rate the account is earning.

Transfers and Withdrawals

You may make an unlimited number of deposits, transfers, or withdrawals on this account subject to the service charges mentioned below. On interest bearing accounts, except time certificates of deposit, we reserve the right to require at least seven days written notice before any withdrawal or transfer.

Service Charges

A service charge of $2.00 will be charged if the average daily balance for the month falls below $1,000.00. A per item service charge of 14¢ will be charged for each check or paper debit during a month if the average daily balance for the month falls below $3,000.00.

There is no service charge for direct debits or credits through the Automated Clearinghouse system (ACH). We allow electronic check transactions to post to your NOW account.

You may apply for a debit card to use with your NOW account. If your application is accepted, you may incur charges from use of the debit card. Such charges are disclosed in a separate statement upon application for a debit card.

You may apply for internet banking access to use with this account. If your application is accepted, you may incur charges related to your internet banking activities. These charges are disclosed in a separate agreement upon application for internet banking. Other charges that you may incur are disclosed in a separate statement given to you prior to opening an account.

The categories of transactions for which an overdraft charge may be imposed are those created by any of the following means: check, draft, in-person withdrawal, or other electronic means. Any other charges that you may incur are disclosed in a separate statement given to you with this notice.

Additional Information

You may order printed checks from us or from any other source. Our only requirement is that the MICR encoding of routing and account numbers is acceptable to all scanning equipment. If the checks you order elsewhere are of poor encoding quality, we will require you to obtain better quality checks.

Account statements are sent to you monthly unless there is no activity in the account.

If you have questions about this account, please:

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