Truth in Savings Disclosure
Effective August 30, 2013
This disclosure serves as an addendum to both the Understanding Your Deposit Account handbook and the current rate sheet for this account. Please refer to the handbook, current rate sheet and Personal Account Fee Schedule for more information.
Rate Information – The interest rate and annual percentage yield may change. Please refer to the current rate sheet.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every day. Interest will be credited to your account monthly. All earned interest will be measured and paid through the last business day of the month. Interest accrued under $.01 will not be considered earned and will not be credited to the account.
Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).
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 $100.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield.
How interest is calculated – 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. All earned interest will be measured and paid through the last business day of the month. A business day is defined as Monday through Saturday for posting transactions, interest crediting and the statement cutoff date.
Statement qualification cycle conditions to earn interest rate – a minimum of 5 debit card transactions (excluding ATM transactions) deducted from the account and posting during the statement qualification cycle (debit card transactions must occur before 6 P.M. to post same business day), monthly direct deposit posting during the statement qualification cycle, and enrollment in monthly eStatements.
When statement qualification cycle conditions ARE met, an interest rate of 0.35% will be paid on the entire balance in the account. The annual percentage yield (APY) will be 0.35%.
When statement qualification cycle conditions ARE NOT met, an interest rate of 0.05% will be paid for the entire balance in the account. The annual percentage yield (APY) will be 0.05%.
Fees - If you have an Overdraft Line of Credit for this account, the annual fee for that Line will be charged to this account (see separate fee schedule).Other banks may impose a surcharge to use their ATMs. EarnSmart checking account customers will receive unlimited ATM surcharge refunds credited to their account at the end of each statement cycle. Please note: you must keep and submit your receipts to CSB to receive a surcharge refund when traveling abroad. Due to increased ATM fraud activity some restrictions may apply. See us for details.
Limitations – One account per household.