Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts 

 

All funds in a "non interest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012 This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000.00 available to depositors under the FDIC's general deposit insurance rules.    

 

The term "non interest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest.  It also includes Interest on Lawyers Trust Accounts("IOLTAs").  It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts. 

 

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov. 

 

 

TRUTH IN SAVINGS 

 

 

Regular Checking 

Deposit limitations- You may make an unlimited number of deposits into your account. 

 

Now Account 

Rate information - At our discretion, we may change the interest rate for this account.  The interest rate and Annual Percentage Yield (APY) may change at any time. 

Compounding frequency - Interest will be compounded monthly. 

Crediting frequency - Interest will be credited into this account monthly. 

Effect of closing an account - If you close your account before interest is paid, you will not receive the accrued interest. 

Daily balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. 

Accrual of interest on noncash deposits - Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account. 

Minimum balance to open - The minimum balance required to open this account is $500.00. 

Minimum balance to avoid a fee - If your balance falls below $500.00 on any day in the statement cycle, your account will be subject to a $7.00 Service Charge for that statement cycle. 

Deposit limitations - You may make an unlimited number of deposits into your account. 

 

Super Now Account 

Rate information - At our discretion, we may change the interest rate for this account.  The interest rate and Annual Percentage Yield (APY) may change at any time. 

Compounding frequency - Interest will be compounded monthly. 

Crediting frequency - Interest will be credited into this account monthly. 

Effect of closing an account - If you close your account before interest is paid, you will not receive the accrued interest. 

Daily balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. 

Accrual of interest on noncash deposits - Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account. 

Minimum balance to open - The minimum balance required to open this account is $1,000.00. 

Minimum balance to avoid a fee - If your balance falls below $1,000.00 on any day in the statement cycle, your account will be subject to a $15.00 Service Charge for that statement cycle. 

Deposit limitations - You may make an unlimited number of deposits into your account. 

 

Regular Savings 

Rate information - At our discretion, we may change the interest rate for this account.  The interest rate and Annual Percentage Yield (APY) may change at any time.   

Compounding frequency - Interest will be compounded quarterly. 

Crediting frequency - Interest will be credited into this account quarterly. 

Effect of closing an account - If you close you account before the interest is paid, you will not receive that accrued interest. 

Daily balance method - Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.  

Accrual of interest on noncash deposits - Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account. 

Minimum balance to open - The minimum balance required to open this account is $5.00. 

Deposit limitations - You may make an unlimited number of deposits into your account. 

Limitations on frequency of transfers - During any calendar month or statement cycle of at least four weeks, you may not make more than six withdrawals or transfers to another account of yours or a third party by means of a preauthorized or automatic transfer, telephone order or instruction, draft, debit card (if applicable) or similar order to a third party.  If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.   

 

Christmas Club 

Minimum balance to open - The minimum balance required to open this account is $1.00 

Deposit limitations - You may make no more than 49 payments into your account each year.  The minimum amount you can deposit is $1.00.  The maximum amount you can deposit is $20.00. 

 

If you make forty nine consecutive deposits of the same amount to this account, then we will make the next deposit of that amount for you.  You may choose the amount of deposit within any limits we may set.  

 

Money Market  

Rate information- At our discretion, we may change the interest rate and Annual Percentage Yield (APY) for this account.  The tiered rate structure is as follows: 

     Tier 1-$25,000.00 or more 

     Tier 2-$15,000.00 to $24,999.99 

     Tier 3-$5,000.00 to 14,999.99 

Compounding frequency-Interest will compounded monthly. 

Crediting frequency-Interest will be credited into this account monthly. 

Effect of closing and account-If you close your account before the interest is paid, you will not receive that accrued interest.   

Daily balance computation method-Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. 

Accrual of interest on noncash deposits-Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account. 

Minimum balance to open-The minimum balance to open this account is $5,000.00. 

Minimum balance to obtain the disclosed annual percentage yield-You must maintain a minimum daily balance of $5,000.00 on your account each day to earn it. 

Minimum balance to avoid a fee- If your balance falls below $5,000.00 on any day in the statement cycle, your account will be subject to a $20.00 Minimum Balance Fee for that statement cycle. 

Deposit limitations-You may make an unlimited number of deposits into your account. 

Limitations on frequency of transfers-During any statement cycle, you may not make more than six (6) withdrawals or transfers to another of yours or to a third party by means of a preauthorized or automatic transfers or telephone order or instruction, or by check, draft, debit card or similar order to a third party.  If you exceed these transfer limitations, your account will be subject to closure by the financial institution.   

Fees and Charges- The following fees and charges apply to this account.     

Checks: Community Bank of Russellville will provide a free box of basic checks at account opening.  Further orders of checks will be at the expense of the account holder.   

 

 

YOUR ABILITY TO WITHDRAW FUNDS