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Valley Savings Bank offers a variety of consumer checking accounts to meet specific needs. The following information describes many of their important features. A Fee Schedule is given with this disclosure which describes common fees that may be associated with a particular account type. Reporting of Interest - Interest earned is reported to the Internal Revenue Service (IRS) for the calendar year in which it is posted to your account, unless you are eligible for a reporting exemption. An example of a reporting exemption would be if all parties on the account are nonresident aliens and a valid W8BEN is on file with us for each accountholder. This is not an interest bearing checking account. It offers unlimited check writing, no minimum balance requirement and no monthly maintenance fee or per check charges. Initial deposit requirement - You must deposit a minimum of $50 to open the account. Minimum balance to avoid a maintenance fee - There is no minimum balance requirement and no monthly maintenance fee. Limitations - There are no transaction limitations for this account. Fees - Your account may be subject to additional fees. Please refer to the enclosed Schedule of Charges for more details regarding Additional Fees & Services. This is a competitive interest bearing checking account. It offers unlimited check writing with a low minimum balance requirement. Rate information - The interest rate and annual percentage yield are included on our Rate Sheet. At our discretion, we may change the interest rate at any time without notice and as often as daily. Compounding and crediting frequency - Interest will compound monthly. Interest will be credited monthly. Initial deposit requirement - You must deposit a minimum of $50 to open the account. Minimum balance to avoid an imposition of fee - A service charge of $6 will be imposed every month if the account balance falls below $500 any day during the month. Minimum balance to obtain the annual percentage yield disclosed - There is no minimum balance requirement to obtain the disclosed annual percentage yield. Balance computation method - We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day. 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 (for example, checks). Limitations - There are no transaction limitations for this account. Fees - You account may be subject to additional fees. Please refer to the enclosed Fee Schedule. This is a competitive interest bearing checking account with no minimum balance requirement and no per check charges. You will also enjoy unlimited check writing and the benefit of free personalized checks. (Some restrictions may apply.) Rate information - At our discretion, we may change the interest rate at any time without notice and as often as daily. Compounding and crediting frequency - Interest will compound monthly. Interest will be credited monthly. Initial deposit requirement - You must deposit a minimum of $50 to open the account. Minimum balance to avoid an imposition of fee - A service charge of $4 will be imposed every month regardless of the account balance. Minimum balance to obtain the annual percentage yield disclosed - There is no minimum balance requirement to obtain the disclosed annual percentage yield. Balance computation method - We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day. 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 (for example, checks). Limitations - There are no transaction limitations for this account. Fees - Your account may be subject to additional fees. Please refer to the enclosed Fee Schedule. This is a competitive interest bearing checking account with no minimum balance requirement. You pay just $.20 per check you write and never worry about a monthly maintenance fee. Rate information - At our discretion, we may change the interest rate at any time without notice and as often as daily. Compounding and crediting frequency - Interest will compound monthly. Interest will be credited monthly. Initial deposit requirement - You must deposit a minimum of $50 to open the account. Minimum balance to avoid an imposition of fee - There is no minimum balance requirement and no monthly maintenance fee. There is an activity fee of $.20 per check written during each statement cycle. Minimum balance to obtain the annual percentage yield disclosed - There is no minimum balance requirement to obtain the disclosed annual percentage yield. Balance computation method - We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day. 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 (for example, checks). Limitations - There are no transaction limitations for this account. Fees - You account may be subject to additional fees. Please refer to the enclosed Schedule of Charges for more details regarding Additional Fees & Services. This is a competitive interest bearing checking account. It offers unlimited check writing with no minimum balance requirement and no monthly service charge per check charges. To qualify for this product, at least one accountholder must be 50+ years of age. Rate information - At our discretion, we may change the interest rate at any time without notice and as often as daily. Compounding and crediting frequency - Interest will compound monthly. Interest will be credited monthly. Initial deposit requirement - You must deposit a minimum of $50 to open the account. Minimum balance to avoid an imposition of fee - There is no minimum balance requirement and no monthly maintenance fee. Minimum balance to obtain the annual percentage yield disclosed - There is no minimum balance requirement to obtain the disclosed annual percentage yield. Balance computation method - We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day. 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 (for example, checks). Limitations - There are no transaction limitations for this account. Fees - Your account may be subject to additional fees. Please refer to the enclosed Fee Schedule. This is a competitive interest bearing checking account, that’ s free with the convenience of direct deposit or automatic loan payment. This account offers unlimited check writing. This account type requires you to maintain an automated loan payment or to maintain a Direct Deposit of Payroll, Social Security or other recurring government payment. At least one of these transactions must be maintained as a requirement. Rate information - At our discretion, we may change the interest rate at any time without notice and as often as daily. Compounding and crediting frequency - Interest will compound monthly. Interest will be credited monthly. Initial deposit requirement - You must deposit a minimum of $50 to open the account. Minimum balance to avoid a maintenance fee - There is no minimum balance requirement and no monthly maintenance fee. Minimum balance to obtain the annual percentage yield disclosed - There is no minimum balance requirement to obtain the disclosed annual percentage yield. Balance computation method - We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day. 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 (for example, checks). Limitations - There are no transaction limitations for this account. Fees - Your account may be subject to additional fees. Please refer to the enclosed Fee Schedule. This is a competitive interest bearing checking account with unlimited check writing and a tiered interest rate structure. The interest rate and annual percentage yield paid on the account is determined by the balance in the account. An account will earn the designated interest rate and annual percentage yield on the entire account balance based on the applicable balance tier. Rate information - The interest rates and annual percentage yields for the account depend upon the daily balance in the account and the applicable rate tier. At our discretion, we may change the tier structure, interest rates and annual percentage yields at any time without notice and as often as daily. Compounding and crediting frequency - Interest will compound monthly. Interest will be credited monthly. Initial deposit requirement - You must deposit a minimum of $50 to open the account. Minimum balance to avoid an imposition of fee - A service charge of $8 will be imposed each month if the account balance falls below $1,000 any day during the month. Minimum balance to obtain the annual percentage yield disclosed - There is no minimum balance requirement to obtain the disclosed annual percentage yield. Balance computation method - We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day. 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 (for example, checks). Limitations - There are no transaction limitations for this account. Fees - Your account may be subject to additional fees. Please refer to the enclosed Fee Schedule.
Rate Information - Your interest rate and annual percentage yield may change. Frequency of Rate Changes - We may change the interest rate on your account at any time. Determination of Rate - At our discretion, we may change the interest rate on your account. Compounding and Crediting Frequency - Interest will be compounded monthly. Interest will be credited to your account every month. Minimum Balance to Open the Account - You must deposit $5,000.00 to open this account. Daily 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. Accrual of Interest on Noncash Deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). No monthly service charge. COMMON FEATURES Please refer to the most recent effective date fee schedule for service charge fees. INDEXED MONEY MARKET INVESTMENT ACCOUNT Rate Information - Your interest rate and annual percentage yield may change. Frequency of Rate Changes - We may change the interest rate on your account weekly. Determination of Rate - The tiered Annual Percentage Yield (APY) for each tier is a slated percentage of the 30 day rolling average of the Three Month LIBOR, adjusted weekly (The Average). The Three Month LIBOR (London Interbank Offered Rates) can be found in the Money Rates Section of the Wall Street Journal. This is a variable rate account. Rates and conditions subject to change without notice. Compounding and Crediting Frequency - Interest will be compounded monthly. Interest will be credited to your account every month. Minimum Balance to Open the Account - You must deposit $5,000.00 to open this account. Daily 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. Accrual of Interest on Noncash Deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). Transaction Limitations - Transfers from a money market account to another account or to third parties by preauthorized, automatic, or telephone transfers are limited to six per statement cycle with no more than three by check, draft, or similar order to third parties. COMMON FEATURES Please refer to the most recent effective date fee schedule for service charge fees. We reserve the right to at any time require not less than 7 days notice in writing before each withdrawal from an interest bearing account other than a time deposit, or from any other savings account as defined by Regulation D. All conditions and limitations of a money market account apply.
SUPER
SAVINGS ACCOUNT Rate
Information- your interest rate and annual
percentage yield may change. The rate will be good
until 12/31/05 if the required balance is maintained.
If balance falls below the required balance, the account
will revert to the regular savings rate until the balance is
brought back up to the required amount.
PERSONAL PASSBOOK SAVINGS/PATHFINDER YOUTH SAVINGS Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account. Compounding and crediting frequency - Interest will be compounded semiannually. Interest will be credited to your account semiannually. Minimum balance to open the account - You must deposit $500.00 to open Personal Passbook Savings account. You must deposit $10.00 to open Pathfinder Youth Savings account. Daily 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. Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account. Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month. Minimum balance to open the account - You must deposit $500.00 to open this account. Minimum balance to avoid imposition of fees - A service charge fee will be imposed every statement cycle if the average balance falls below $200.00 during the monthly cycle. Daily 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. Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). Transaction limitations: Transfers from a Statement Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle.
Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account. Compounding and crediting frequency - Interest will be compounded every six months. Interest will be credited to your account every six months. Minimum balance to open the account - You must deposit $1.00 to open this account. Daily 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. Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). If any withdrawal is made from this account before the end of the Club year then this account may be closed. |
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