STEARNS BANK TRUTH-IN-SAVINGS DISCLOSURE FOR SECURESAVE ACCOUNTS
This Stearns Bank Truth-In-Savings Disclosure for Secure Payroll Savings Accounts, is offered and provided by Stearns Bank N.A., through SecureSave, and contains information about deposit accounts available only to consumers who hold Secure Payroll Savings Account(s) at www.StearnsBank.com. For all other deposit accounts, please consult the Stearns Bank N.A. – Disclosure of Account Terms for Truth-In-Savings available in our branches.
INTEREST RATES AND ANNUAL PERCENTAGE YIELDS (APY) – The interest rate earned on your account is based on the Effective Federal Funds Rate (“EFFR”) published by the Federal Reserve Bank of New York. The EFFR means an annual rate equal to the effective daily federal funds rate, from which we subtract 2.5%, provided that the minimum rate shall not be less than 0.05% and the maximum rate shall not exceed 0.80%. The interest rate and annual percentage yield (“APY”) may change daily based on changes in the EFFR. The interest rate and the APY for the Secure Payroll Savings Account is subject to the Variable Rate Information section below.
VARIABLE RATE INFORMATION – The interest rate for the Secure Payroll Savings Account opened online will be determined by the rate in effect when funds are deposited to the account; however, the interest rate and APY may change at any time, including after account opening. A balance of 0.01 is needed to earn the APY.
ADDITIONAL RATE INFORMATION – The APY calculation is based upon a 12 month period.
SUMMARY OF FEES AND MINIMUM BALANCE REQUIREMENTS – There is no minimum deposit amount required to open or participate in a Secure Payroll Savings Account and there is no monthly maintenance or minimum balance necessary to avoid the imposition of fees on a Secure Payroll Savings Account. However, should a funded account have a zero balance for 120 days or more, the account may be closed and the Account User will be notified. Additionally, we reserve the right to change these terms, in order to impose a minimum deposit amount, minimum balance amount, and/or to charge fees as communicated to you from time to time.
TRANSACTION LIMITATIONS - Withdrawals from a Secure Payroll Savings Account are currently unlimited. However, the number of transfers that may be made within a certain period of time and the total dollar value of transfers, both individually and in the aggregate, may be subject to limitations as communicated to you from time to time.
We reserve the right to require at least seven days written notice before any withdrawal or transfer.
BALANCE COMPUTATION METHOD – We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal balance in your account each day.
COMPOUNDING AND CREDITING – Interest will be compounded and credited monthly.
ADDITIONAL INFORMATION – Information about your Secure Payroll Savings Account, including interest rate, APY, balance, available balance, etc., can be viewed at www.StearnsBank.com