EVERYDAY PREMIUM CHECKING TRUTH IN SAVINGS DISCLOSURE
To qualify for "EveryDay Premium Checking", you must meet the following requirements:
- Receive your monthly statement electronically (eStatements)
- Have one monthly direct deposit or ACH auto-debit post and clear per statement cycle.¹
INTEREST RATE INFORMATION
- When "EveryDay Premium Checking" requirements are not met, the interest rate on your account for all balances will be 0.05% with an annual percentage yield (APY) of 0.05%.
- When "EveryDay Premium Checking" requirements are met, the interest rate and APY on your account are tiered as follows:
- If your daily balance is greater than or equal to $.01, but less than or equal to $25,000.00, the interest rate for the entire balance will be 0.15% with an annual percentage yield (APY) 0.15% (effective June 1st, 2015).
- If your daily balance is equal to or greater than $25,000.01, the interest rate paid for that portion over $25,000.00 will be 0.10% with an annual percentage yield (APY) 0.10%.
- At our discretion, the interest rate and annual percentage yield for your account may change at any time.
COMPOUNDING AND CREDITING
- Interest will be compounded monthly. Interest will be credited to your account monthly.
- You must maintain the minimum balance in the account each day to obtain the disclosed annual percentage yield as stated above. No interest will be paid for those days your accounts falls below $.01.
- If you close your account before interest is credited, you will not receive the accrued interest.
MINIMUM BALANCE REQUIREMENTS
- You must deposit $100.00 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 balance in the account each day.
ACCRUAL OF INTEREST ON NON-CASH DEPOSITS
- Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
- To be eligible for this account, you must receive your statement electronically. Your statement will cycle on the last business day of every month at which time you will receive an e-mail notification from us. If the e-mail notification is undeliverable, we will convert your account to paper statements and a $5.00 “undeliverable eStatement/special handling” fee will be imposed each month thereafter.
- Statement cycle means a period beginning on the first business day of the month through the last business day of the month.
- Overdrawing your account. An overdraft can occur in several ways, such as: 1) the payment of checks, in-person withdrawals, ATM withdrawal, or other electronic means; 2) payments authorized by you; 3) the return of unpaid items deposited by you; 4) the imposition of bank service charges; or 5) the deposit of items which, according to the bank's Funds Availability Policy, are treated as not yet available or finally paid.
- We are not obligated to pay any item presented for payment if your account does not contain sufficient funds. However, the order of payment of such items may create multiple overdrafts during a single banking day for which you will be charged our standard Overdraft/NSF fees* (per item), whether paid or returned.
- Overdraft fee – item paid, $30.00 per item; NSF fee – item returned, $30.00 per item, Overdraft continuing beyond 5 days, $5.00 per day
- All deposit accounts closed within 90 days of opening will be assessed a $20.00 fee.
- For a complete list of fees and disclosures please contact a Community State Bank Customer Service Representative (262) 878-3763.
- ¹ An ACH auto-debit is a scheduled automatic payment such as monthly utility payments, insurance premium payments, or loan payments. An ACH debit does not include Bill Pay Plus transactions or electronic check conversions.
- Limit ONE account per valid Social Security Number.