Statement Savings Account Disclosure
Minimum Balance to Open:
$25.00 is required to open the account.
Minimum Balance Required to Avoid Service Charge and Service Charge Fee if Minimum Balance is Not Met:
$100.00 minimum daily balance requirement. $5.00 will be assessed against your account for any statement cycle in which the balance in the account falls below $100.00 on any day.
As disclosed in our Personal Accounts Schedule of Service Fees, a per item excess debit fee will be assessed for every third-party transaction over six (6) in the statement cycle.
When you use an ATM not owned by BMT, you may be charged a fee by the ATM operator or any network used to complete the transaction. This may include withdrawal, balance inquiry or other transaction.
Additional fees that may be assessed against your account are listed on our Personal Accounts Schedule of Service Fees.
The interest rate on your account is 0.05%, with an annual percentage yield of 0.05%. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time.
Compounding and Crediting:
Interest will be compounded daily. Interest will be credited to your account on the last business day of each calendar month. Interest accrues on collected balance.
Balance Computation Methods:
We use the daily balance method to calculate the interest in your account. This method applies a daily periodic rate to the collected balance in the account each day.
Transaction Limitations: You may only transfer funds out of your account up to six (6) times during each monthly statement cycle using any combination of preauthorized, automatic, telephonic or computer originated transfer services, checks, drafts, or similar orders to third parties or to yourself. There is no limit to the number of withdrawals that you may make in person, by ATM (including ATM transfers), or to repay loans at our bank. We may close or reclassify your account if you exceed the transfer limitations.
As noted in the fee section, a per item fee excess debit fee will be assessed for every third-party transaction over six (6) in the statement cycle.