This account is available to persons 62 years of age and over. This account provides the following services free of charge and without deposit requirements: Free standard personalized checks, free Notary service, free domestic wire transfer, free Direct Deposit, and travelers checks at no additional fee.
- A minimum deposit of $200.00 is required to open this account.
- There will be no maintenance fee or check charge for accounts with a minimum daily balance of $1,000.00 or an average daily balance of $1,500.00 during the month. If you do not maintain one of the required minimum balances, you will be assessed a monthly maintenance fee of $10.00.
- This account is an interest bearing account. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account. We may change the interest rate on the account daily. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example: checks).
- Interest will be compounded monthly. On the days that the balance is below $500.00, the account will not earn interest. Interest will be credited to the account monthly. If you close the account before interest is credited, you will not receive the accrued interest.
- We use the daily balance method to calculate the interest on the account ("Balance"). This method applies a daily periodic rate to the principal in the account each day.
- A $5.00 monthly inactivity fee will be charged for inactive accounts with balances of $50.00 or less. This fee can be avoided by keeping your account active. An account becomes inactive after one year of no activity on the account. Activity is defined as any transaction, such as a withdrawal, deposit, bill payment or ACH payment. An account inquiry, such as checking your balance in Option Online (internet banking) or at an ATM, is not a transaction and does not count as activity. If the account balance is less than $5.00, the account will be debited for the remaining balance and the account will be closed.