PERSONAL SAVINGS ACCOUNTS
| REGULAR SAVINGS |
| Minimum deposit to open account |
$100.00 |
| Balance required to avoid service charges |
$100.00 |
| Interest Rate |
See Rate Sheet |
| Annual Percentage Yield |
See Rate Sheet |
| Method of Computation |
Daily Balance* |
| Interest will be Credited |
Monthly |
| Interest will be Compounded |
Daily |
| On non-cash items interest will begin to accrue on the next business day.
If you close your account before interest is credited, you will not receive the accrued interest.
Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time.
Transaction Limitations: Transfers from a Regular Savings account to another account or to third parties by preauthorized or automatic transfer are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties. Regular Savings Accounts will be assessed a $1.00 per month fee if balance falls below $100.00, (except for children or student accounts). Dormant accounts (12 months with no activity) will be assessed a $2.00 per month charge if balance is below $100.00. Withdrawals from a Regular Savings Account are limited to 6 per month with no fee. Each withdrawal exceeding 6 per month will be assessed a $1.00 fee per withdrawal.
*The daily balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day.
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To open accounts, please contact your local WCB branch.
| MONEY MARKET ACCOUNT |
| Minimum deposit to open account |
$1,000.00 |
| Minimum balance to avoid service charges |
$1,000.00 |
| Interest Rate |
See Rate Sheet |
| Annual Percentage Yield |
See Rate Sheet |
| Method of Computation |
Daily Balance* |
| Interest will be Credited |
Monthly |
| Interest will be Compounded |
Monthly |
| On non-cash items interest will begin to accrue on the next business day.
If you close your account before interest is credited, you will not receive the accrued interest.
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| Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time. |
| Monthly Maintenance Fee |
$5.00 if balance falls below minimum balance ($1,000.00) |
| Overdraft Charge |
$15.00 |
| Stop Payment Charge |
$10.00 |
| Insufficient Funds Charge |
$15.00 |
| *The daily balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day. |
To open accounts, please contact your local WCB branch.
| PRIME MONEY MARKET CHECKING ACCOUNT |
Rate Information--Your interest rate and annual percentage yield may change.
Frequency of rate changes--We may change the interest on you account at any time.
Determination of rate--The interest rate on your account is based on the 6 month CD rate less 15 basis points.
Compounding and crediting frequency--Interest will not be compounded. Interest will be credited to your account every month.
Effect of closing an account--if you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account--You must deposit $10,000.00 to open this account.
Minimum balance to avoid imposition of fees--A service charge fee of $15.00 will be imposed every statement cycle if the balance in the account falls below $10,000.00 any day of the cycle.
Minimum balance to obtain the annual percentage yield disclosed. You must maintain a minimum balance of $10,000.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 of interest on noncash deposits--Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
Transaction limitations: Transfers from a Prime Money Market Checking account to another or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no more than three by check, draft, or similar order third parties.
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To open accounts, please contact your local WCB branch.
| PRIME PLUS MONEY MARKET ACCOUNT |
Rate Information--Your interest rate and annual percentage yield may change.
Frequency of rate changes--We may change the interest on your account at any time.
Determination of rate--The interest rate on you account will be equal to the 6 month CD rate.
Compounding and crediting frequency--Interest will not be compounded. Interest will be credited to your account every month.
Effect of closing an account--If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account--You must deposit $30,000.00 to open this account.
Minimum balance to avoid imposition of fees--A service charge fee of $15.00 will be imposed every statement cycle if the balance in the account falls below $30,000.00 and day of the cycle.
Minimum balance to obtain the annual percentage yield disclosed. You must maintain a minimum balance of $30,000.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 of interest on noncash deposits--Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
Transaction limitations: Transfers from a Prime Plus Money Market account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no more than three by check, draft, or similar order to third parties.
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To open accounts, please contact your local WCB branch.
| CERTIFICATES OF DEPOSIT |
- F.D.I.C. insured deposits
- Minimum deposit to open is$1,000.00
- Terms ranging from 3 Months TO 5 Years
- See rates sheet for current rates
- Certificates automatically renew at maturity
- Wayne County Bank checking account required for the purchase of an online Certificate of Deposit.
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To open accounts, please contact your local WCB branch.
| CHRISTMAS CLUB |
| Minimum deposit to open account |
$25.00 |
| Interest Rate |
See Rate Sheet |
| Annual Percentage Yield |
See Rate Sheet |
| Method of Computation |
Daily Balance* |
| Interest will be Credited |
Credited at time of check distribution |
| Interest will be Compounded |
Daily |
There are no service charges.
Club Savings settlement is the first Tuesday in November.
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To open accounts, please contact your local WCB branch.
| STUDENT SAVINGS ACCOUNT |
| Minimum deposit to open account |
any amount |
| Balance required to avoid service charges |
NA |
| Interest Rate |
See Rate Sheet |
| Annual Percentage Yield |
See Rate Sheet |
| Method of Computation |
Daily Balance* |
| Interest will be Credited |
Monthly |
| Interest will be Compounded |
Daily |
| On non-cash items interest will begin to accrue on the next business day. If you close your account before interest is credited, you will not receive the accrued interest. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time. *The daily balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day.
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To open accounts, please contact your local WCB branch.
| FUNDS AVAILABILITY POLICY DISCLOSURE: |
| 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 the funds in cash and we will use the funds to pay checks 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 2:00 p.m. 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 2:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
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In some cases, we will not make all the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the FIFTH business day after the day of your deposit. The first $100 of your deposits, however, 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 believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of computer or communications equipment.
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 ELEVENTH business day after the day of your deposit.
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| SPECIAL RULES FOR NEW ACCOUNTS |
If you are a new customer, the following special rules will apply during the first 30 days your account is open.
Funds from electronic deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 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 $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 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 ELEVENTH business day after the day of your deposit.
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| COMMON FEATURES |
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The following fees may be assessed against your account and the following transaction limitations, if any, apply to your account.
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| Check printing |
(fee depends on style of check ordered) |
| Cashier's checks |
$2.00 |
| Overdraft (each debit or check paid) |
$15.00 |
| Nonsufficient funds (NSF) item (each) |
$15.00 |
| Account research |
$25.00 per hour |
| Account balancing assistance |
$10.00 per hour |
| Stop payments (all items) |
$10.00 |
| We reserve the right to at any time require not less than 7 days notice in writing before each withdrawal from an interest bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
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