Money Market Account
Determination of interest rate - At our discretion, your interest rate and annual percentage
yield may change. Determination of the rate is based on tiered balance
amounts, as follows:
- No interest will be paid when your daily balance
falls below $2,500
- $2,500 - $10,000
- $10,001 - $25,000
- $25,001 - $99,999.99
- Over $100,000
Frequency of interest rate changes - At our discretion, we may change
the interest rate for your account at any time.
Compounding and crediting frequency - Interest will be compounded every month. Interest will
be credited to your account every month. If you close your account before
interest is credited, you will not receive the accrued interest.
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 (e.g. checks).
MINIMUM BALANCE REQUIREMENTS
Minimum balance to open the account - You must deposit
$2,500 to open this account.
Minimum balance to avoid the imposition of fees - A service charge fee of $5.00 will be imposed every statement
cycle if the balance in the account falls below $2,500 any day of the cycle.
To obtain the annual percentage yield disclosed - You must maintain a minimum balance of $2,500 in the account each day to obtain the disclosed annual percentage yield.
- A fee of $5 per withdrawal will be charged for withdrawals in excess of 6 per month.
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.
Transfers from a 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.
Return to top of page.
An account is dormant if for one year you have made no deposits or withdrawals to the account.
First National Bank of Sullivan - firstsullivan.com
1 South Main Street, Sullivan, IL 61951
503 South Hamilton, Sullivan, IL 61951
Equal Housing Lender / Member FDIC
Click here to email us
your questions and comments.