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 every quarter.
Withdrawals made by checks, ACH or similar order payable to third parties are prohibited.
This is a limited transaction account. Telephone transfer requests made through the internet banking system are limited to six (6) per statement cycle. If there is excessive abuse of the limited transactions, Bank of Clarkson has the right to refuse the transfer, or to close the account. Excessive may be defined as more than three abuses in twelve months.
Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
The interest rate on your account will be paid through the last day of the quarter.
Interest will be compounded quarterly and credited to your account on the last business day of each quarter. If you close your account 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.
A $1.00 service charge will be assessed the last business day of each month the balance drops below $25.00 any day of the month.
Two free withdrawals per month. Each additional withdrawal will be assessed a $1.00 service charge.