It's another major step on the road to growing up.
- *$3.00 per limited transactions over 6 each month
- Designed for young people under age 21
- Competitive interest (paid quarterly)
- $10.00 minimum balance to earn interest
- Free digital banking services, including online and mobile banking
- $10.00 minimum deposit to open
*These types of limited transactions are withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instructions, computer transfer, or by cashier’s check, draft, debit card or similar order to a third party. A $3.00 fee will be assessed for each subsequent limited transaction. (In-person withdrawals and transfers are considered unlimited types of transactions.)
Account: Hometown Youth Club Savings
The interest rate and annual percentage yield stated below are accurate as of the date printed above. If you would like more current rate and yield information, please call us at 931-473-4402.
This disclosure contains the rules which govern your deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural, and the plural includes the singular.
We reserve the right to at any time require not less than 7 days’ notice in writing before any withdrawal from an interest-bearing account.
Minimum Balance Requirements:
- No minimum balance required.
- You must deposit at least $10.00 to open this account.
Fee/Service Charge:
- No monthly fee.
Interest Rate:
- The interest rate for your account is .50% with an annual percentage yield of .50%. Your interest rate and annual percentage yield may change at our discretion. The interest rate for your account is based on the First National Bank of Middle Tennessee Index. We may change the interest on your account daily.
- You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield.
Compounding and Crediting:
- Interest will be compounded daily. Interest will be credited to your account every 3 months. If you close your account before interest is credited, you will receive the accrued interest.
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.
- Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
Transaction Limitations
-ACH withdrawals, ATM, and POS transactions are not allowed on this type of account. ACH deposits are allowed on this type of account.
-Only authorized custodian(s) can withdraw from this account. The minor owner cannot withdraw from this account.
-When the minor owner turns 21 years of age, the custodian is to close the account and disburse the money to the owner.
Limited Withdrawal Transactions
-During any monthly statement cycle, you may not make more than 6 (six) of the limited types of withdrawals or transfers. These types of limited transactions are withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instructions, computer transfer, or by cashier’s check, draft, debit card or similar order to a third party. A $3.00 fee will be assessed for each subsequent limited transaction. (In-person withdrawals and transfers are considered unlimited types of transactions.)
Account Features:
- Free online banking, mobile banking & bill pay
- Electronic/Paper Statement available
Additional Terms:
- Dormant Account Service Charge-$3.00 quarterly (every 3 months) if no deposit or withdrawal has been made to account for a period of 18 months or longer & balance falls below $50.00.
- $30.00 Overdraft Charge (per item)
- (This charge may be imposed for overdrafts created by check, in-person withdrawals, debit card transactions, or by any other electronic means.)
- $30.00 Insufficient Check Charge (per item)
