Money Market Account
- Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account on the first day of each month.
- This is a limited transaction account. Transfers or withdrawals by check, ACH, debit card, telephone, or requests through the internet banking system are limited to six (6) per month. If there is excessive abuse of the limited transactions, Bank of Clarkson has the right to refuse the transfer, convert to a non-interest bearing account, or to close the account. Excessive is defined as more than three abuses in twelve months.
- You are not limited on automatic (preauthorized) transfers for the purpose of paying loans at Bank of Clarkson. There are not limits on transfers or withdrawals made in person.
- Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
- Interest will be compounded monthly and credited to your account on the last business day of each month. If you close your account or change account type before interest is credited, you will not receive the accrued interest.
- We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
- $1,500 minimum to open
- A $5 service charge will be assessed the last business day of each month, if the balance drops below $1,500.
- You must maintain a minimum average daily balance of $500 in the account each month to obtain the disclosed annual percentage yield.
- Monthly statement with check images.
- Free monthly paperless statements.
- Free On-line Banking.
- Free Telephone Banking.
- See Other Services and Fee Schedule.
Last updated on Apr 21, 2017