E-Sign Authorization and Agreement to Receive Electronic Disclosures and Notices
I understand and agree that the Bank retains the right, to the extent permitted by law, to amend this agreement in the future by providing me with written notice of such changes sent to my last known mailing address or by providing electronic notice of such changes sent to my last known E-mail address. In the future, should the Bank, by law or regulation, be permitted to deliver additional notices or disclosures to which I am entitled, I hereby agree to receive such notices or disclosures in electronic format sent to my last known E-mail address.
VARIABLE RATE INFORMATION
The interest rate and annual percentage yield on your account may change.
The current interest rate and annual percentage yield are displayed on the confirmation page of this application. NOTE: Annual Percentage Yield is abbreviated as "APY".
Interest Rate: .01% APY: .01%
DETERMINATION OF INTEREST RATE
At our discretion, we may change the interest rate and annual percentage yield on your account.
FREQUENCY OF INTEREST RATE CHANGES
We may change the interest rate and annual percentage yield on your account at any time.
COMPOUNDING AND CREDITING
Interest will be compounded and credited to your account monthly.
If you close your account before the interest is credited, you will not receive the accrued interest.
MINIMUM BALANCE REQUIREMENTS
You must deposit a minimum of $50.00 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 ON NON-CASH DEPOSITS
Interest begins to accrue on the business day you deposit non-cash items, for example, checks.
FEES AND CHARGES
There is no monthly statement charge on this account.
Fees may be charged for overdrawing an account. These fees may apply to overdrafts created by check, in-person withdrawal, ATM withdrawal or other electronic means.
Refer to the schedule of fees (shown below) for charges and additional fees that may apply.
ADDITIONAL DISCLOSURE INFORMATION
You will receive a non-imaged account statement each month.
You may write an unlimited number of checks during the statement cycle.
For tax reporting purposes, a 1099 may be issued at year-end to all accounts that receive awards.
Regulation D Classification Disclosure:
For regulatory and accounting purposes we may classify checking accounts as two sub-accounts: a checking sub-account and a savings sub-account. For interest bearing checking accounts, we calculate and pay interest at the same rate and in the same way on both sub-accounts. For non-interest bearing accounts, we do not pay interest on either sub-account. Subject to applicable law, we may transfer funds between these sub-accounts. We record the sub-accounts and any transfers between them on our internal accounting records only. This process will be transparent to the customer and will not affect the interest you may earn, FDIC insurance, monthly statement or any other terms and conditions of your account.
ASSIGNMENT OF BENEFICIARIES
If you would like us to add a beneficiary to the account you are opening, please contact us after your account has been activated so that we may provide you instructions on how to add a beneficiary.
Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use them to pay checks that you have written.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and Federal holidays. If you make a deposit before 4:00 PM CST Monday through Thursday or before 6:00 PM CST Friday on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after these cut-off times or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Funds may not be available until the second business day after the day of your deposit. However, a minimum of the first $225.00 of your deposits may be available on the first business day.
If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the 7th business day after the day of your deposit.
If you are a new customer, the following special rules will apply during the first 30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525.00 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525.00 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a US Treasury check) is not made in person to one of our employees, the first $5,525.00 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits will be available on the 11th business day after the day of your deposit.