Monthly Service Charge: This is waived if a minimum daily balance of $250 is maintained during the monthly statement cycle.
Other Charges: A per debit fee of $1.00 will be assessed for each debit in excess of six (6) per monthly cycle. A closing fee of $10 will be assessed if the account is closed within 90 days of opening.
Rate Information: This account is an interest-bearing account. The interest rate and annual percentage yield are included in the Rate Chart, which is available upon request at any Skagit State Bank branch. The interest rate and annual percentage yield may change at any time. Interest is accrued daily, compounded quarterly, and will be credited to the account quarterly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Special Features: Upon request, this account may be used as an Overdraft Sweep account tied to a checking account (sole proprietorships and qualified non-profit organizations only). Statements are sent quarterly or a combined statement is available with your monthly checking account statement upon request. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
Limitations: A maximum of six (6) telephone or electronic transfers can be made from the account each calendar month. A minimum daily balance of $5.00 must be maintained to obtain the disclosed annual percentage yield.