Description- The checking account that pays
Rate Information - This is an interest bearing
account. Your interest rate and annual percentage yield
are based on the balance in your account.
Determination of rate and frequency of change -
Rates are determined at the discretion of bank
management. We may change the interest rate on your
account at any time.
Compounding and crediting frequency - Interest
will be compounded daily and credited to your account
Minimum balance to avoid imposition of fees - A
monthly maintenance fee of $6.00 will be imposed every
statement cycle if the balance in the account falls
below $500.00 any day of the cycle.
Daily collected balance computation method - We
use the daily collected 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 deposits -
Interest begins to accrue no later than the business day
we receive credit for the deposit of non-cash items (for
example checks). If the account is closed before
interest is credited, you will not receive the accrued
Fees - You must deposit $100 to open this
account. There is a $6.00 monthly service fee (waived
for seniors 60 and over), unless a $500 minimum balance
is maintained. If $500 minimum balance is maintained,
the service fee is waived. This account is eligible for
automatic overdraft protection from savings, online bill
pay, and image statements. Please see separate fee chart
for these services. A cash machine transaction fee of
$2.00 will be charged for each transaction performed at
a machine that is not owned by Community National Bank.