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The State Bank of Cherry

Locally Owned and Operated
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Club Accounts

Christmas Club

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 frequency – Interest will not be compounded.
Crediting frequency – Interest will be credited to your account at maturity.
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).
Transaction limitations: The minimum weekly amount you can deposit is $1.00. There are no limitations on the frequency or timing of additional deposits, except that no additions can be made in the last seven days before maturity. If any withdrawal is made from this account before maturity then this account may be closed. You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You cannot withdraw interest from your account before maturity.
Early withdrawal penalties: (a penalty may be imposed for withdrawals before maturity) The fee we may impose will equal $5.00. In certain circumstances such as death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty.