Truth in Savings

This page provides detailed information about the various deposit accounts available at First National Bank of Moose Lake.  Information related to interest calculations, minimum opening deposits, potential minimum balance fees, and other noteworthy items are organized by account type.

 

TYPE OF CHECKING INTEREST BALANCE REQUIREMENTS ACCOUNT LIMITATIONS*
Checking Accounts Interest Type Frequency of Rate Change Annual Percentage Yield (APY) Interest Compounding and Crediting Minimum Balance To Open Balance for Interest Interest Calculation Method Maintenance Fee
Rewards Checking Variable  May change Monthly  See Rate Page  Monthly  $20,000 or an aggregate current balance of this account & qualified statement savings accounts equaling $20,000  $20,000 in acct. (or an aggregate) each day to obtain the disclosed APY.   Daily Balance Method  $20.00 if below $20,000 or an aggregate current balance of this account & qualified statement savings accounts equaling $20,000
 Interest Checking   Tiered May Change Monthly  

See Rate Page 

 Monthly   $1,000   No minimum   Daily Balance Method  $7.50 if below $1,000 
Regular Checking _ _ _ _ $100.00 _ _  You will not be charged a fee unless you elect to have check images sent with statement $3.00/month
Student Rewards Checking** _ _ _ _ $50.00 _ _

      Limitations*

 

Rate Information on Rewards and Interest Checking:  The annual percentage yield is a percentage rate that reflects the total amount of interest to be paid on the account based on the interest rate and frequency of compounding for an annual peroid.  The interest rates and annual percentage yields are the rates and yield as of the last interest declaration  date.  The interest rate, annual percentage yield, and frequency of rate changes are listed in the Rate Schedule.  The interest rate and annual percentage yield may change at our discretion.  

 

Interest Compounding and Crediting:  We compound interest monthly and credit interest monthly (at the end of each statement cycle).  

 

Balance for Interest:  We use the daily balance method to calculate the interest on interest bearing accounts as shown on the Rate Schedule.  You must maintain the minimum balances required in the Rate Schedule each day to obtain the disclosed annual percentage yield.  

 

Accrual of Interest on Non-Cash Deposits:  Interest begins to accrue (only on interest bearing accounts) no later than the business day we receive credit for the deposit of non-cash items (for example checks).

 

Balance Information:  All accounts have a minimum balance for opening.  The minimum balance requirements applicable to each account are stated in the Rate Schedule.  If the minimum daily balance is not met during each day of the statement cycle, there will be a service fee as stated in the Rate Schedule.  For Rewards Checking and Interest Checking, there is a minimum daily balance required to earn the annual percentage yield disclosed for the interest period.  If the minimum daily balance is not met each day of the statement cycle, you will not earn the stated annual percentage yield.  For accounts using the daily balance method as stated in the Rate Schedule, interest is calculated by applying the daily periodic rate to the balance in the account each day.

 

Maintenance Fees:  If the collected balance during any one day in a statement cycle falls below the minimum as stated in the Rate Schedule you will be charged the fee listed in the Rate Schedule for that cycle.  Fees may reduce earnings. 

Effect of Closing an Account:  If you close any account within 90 days of opening date, you will be charged a fee of $25.00.  To close any account that has been open over 90 days, you will be charged a fee of $5.00.

 

*Limitations:  Rewards Checking:  Only Statement Savings accounts will be qualified accounts for aggregation for computation of service charges on this account.  The primary or secondary account holder of this account must be a primary or secondary account holder of the Statement Savings account to be a qualified account.  Student Rewards Checking: You must be 23 years old or younger to qualify for this account and be a three-quarter (3/4) time to full-time student.  Bank policy states a parent or guardian will be a joint account holder with any person under the age of 18.  This account will be automatically converted to a Regular Checking account on your 24th birthday.  This account requires enrollment in FNBML Online Banking (internet banking).

 

**Incentives for Student Rewards Checking:  Free first box of standard bank checks is offered with this account.  A free debit card will be offered to the account holder.  After 6 months of favorable active usage, and 3 proofs of account reconcilements, increase in daily dollar limits will be considered subject to credit approval and a $25.00 cash reward will be deposited to this account.

 

Monthly Statements:  We do not print statements on accounts where there has been no activiity.

 

 

TYPE OF SAVINGS INTERERST    BALANCE REQUIREMENTS ACCOUNT LIMITATIONS* 
Savings Accounts  Interest Type  Frequency of Rate Change  Annual Percentage Yield (APY)  Interest Compounding and Crediting  Minimum Balance to Open  Balance for Interest  Balance Method Used to Calculate Interest  Maintenance Fee

 

Investors Money Market Savings

 Tiered  May change monthly

 ***Collected Balance. 

See Rate Page

 Monthly  $10,000.00  $100.00  Daily Balance Method  If your balance during any one day in a statement cycle falls below $1,000 we will charge you a $5.00 fee for that cycle.

 

Statement Savings

 Variable  May change quarterly See Rate Page  Quarterly  Except for minor children & nonprofit organizations or clubs, the minimum balance required is $100.00  Excepts for students & minor children, a minimum daily balance of $100 is required to earn interest on this account  Daily.  No minimum daily balance is required for students and minor children to earn interest  If your quarterly average balance falls below $25.00 in a calendar quarter, we will charge you a $5.00 fee for that calendar quarter

 

Student Statement Savings

 Variable  May change quarterly See Rate Page  Quarterly  $10.00  No minimum  Daily Balance Method  *Limitations

 

Silver Dollar Savers Club Savings

 Variable  May change quarterly  See Rate Page  Quarterly  $10.00  No minimum  Daily Balance Method
 *Limitations
See Incentives Below**

 

***Investors Money Market Savings:  Collected Balance:  See Rate Page 

 

Rate Information:  The annual percentage yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period.  The interest rates and annual percentage yields are the rates and yield as of the last interest declaration date.  The interest rate, annual percentage yield and frequency of rate changes are listed in the Rate Schedule.  The interest rate and annual percentage yield may change at our discretion

 

Interest Compounding and Crediting:  The frequency of compounding and crediting of interest is listed in the Rate Schedule and occurs at the end of each statement cycle.

 

Balance for Interest: We use the daily balance method to calculate the interest on your account.  You must maintain the minimum balances required in the Rate Schedyle each day to obtain the disclosed APY

 

Accrual of Interest on Non-Cash Deposits: Interest begins to accrue (only on interest bearing accounts) no later than the business day we receive credit for the deposit of non-cash items (for example checks).

 

Balance Information:  All accounts have a minimum balance for opening.  The minimum balance requirements applicable to each account are stated in the Rate Schedule.  If the minimum daily balance is not met during each day of the statement cycle, there will be a service fee as stated in the Rate Schedule.  If the minimum daily balance is not met each day of the statement cycle, you will not earn the stated annual percentage yield.  For accounts using the daily balance method as stated in the Rate Schedule, interest is calculated by applying the daily peroidic rate to the balance in the account each day.

 

Fees:  Maintenance Fees: If the collected balance during any one day in a statement cycle falls below the minimum as stated in the Rate Schedule you will be charged the fee listed in the Rate Schedule for that cycle.   Fees may reduce earnings.

 

Effect of Closing an Account:  If you close your account within 90 days of the opening date, you will be charged a fee of $25.00

 

*Limitations:  For All Accounts:  No more than six (6) preauthorized, automatic, or telephone transfers may be made from each account to another account or to a third party in any month or statement cycle.  Bank policy states a parent or guardian will be a joint account holder with any person under the age of 18.  Silver Dollar Savers:  You must be 17 years old or younger to qualify for this account and be a three-quarter (3/4) to full-time student.  This account will automatically be converted to a regular savings account on your 18th birthday.  For each deposit of $5.00 or more, you will receive one qualifying credit on your Silver Dollar Savers Club Card.  There is a limit of one qualifying credit per week.  Automatic transfers will not be qualifying deposits for this account.  One free withdrawal per calendar quarter.  Additional withdrawals will be subject to a $5.00 penalty.  You must have a parent/guardian’s signature on the withdrawal slip.  Student Statement Account:  You must be 23 years old or younger to qualify for this account and be a (3/4) time to full-time student.  This account will automatically be converted to a regular savings account on your 24th  birthday.

 

**Incentives:  Silver Dollar Savers:  When you have ten (10) qualifying credits on your Silver Dollar Savers Club Card, we will deposit a bonus of $5.00 into your Club Account.  When your Silver Dollar Savers Club account reaches a balance of $500, you may transfer funds without penalty to a “Silver Savers Certificate”.  This certificate of deposit is available to Silver Dollar Savers Club members with a minimum of only $500 at regular CD rates as posted in our Bank lobby.

 

Monthly Statement: We do not print statements on accounts where there has been no activity.