The State Bank of Cherry Logo

Photographs of The State Bank of Cherry

The State Bank of Cherry

Locally Owned and Operated
Savings Page Title   e-Mail Link - Do not include any account or personal information when sending e-mail to SBC.
Gradient

Investment Accounts

Money Market 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 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 $100.00 to open this account.
Minimum balance to avoid imposition of fees A service charge fee of $6.00 will be imposed every monthly statement cycle if the balance in the account falls below $1,000.00 any day of the monthly statement cycle.
Daily balance computation method We use the daily balance method to calculate the interest on your account. The daily balance method is defined as the application of a daily periodic rate to the full amount of principle in the account each day. The period we use is the monthly statement cycle.
Accrual of Interest on non cash deposits Interest begins to accrue on the business day you deposit non cash items (for example, checks).
Transactions limitations Transfers from Money Market accounts to other accounts or to third parties by preauthorized, automatic, or telephone transfers are limited to six per month with no more than three by check, draft, or similar order to third parties.
Fees A per check fee of $5.00 will be charged for each check written or for each telephone transfer in excess of three during a statement cycle.

top of page

Certificates Of Deposit
Minimum balance to open the account You must deposit $1000.00 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 non cash deposits Interest begins to accrue on the business day you deposit non cash items (for example, checks).
Transaction limitations You may not make any deposits into your account before maturity.
You may withdraw principal before maturity; however all principal and interest must be withdrawn at that time.
You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account.
Early withdrawal penalties  (a penalty may be imposed for withdrawals before maturity) -

  • For an account with a term of 31 days or less, the penalty will be seven days interest on the amount withdrawn

  • For an account with an original term of more than 31 days and up to and including one year, the penalty will be one month's interest on the amount withdrawn.

  • For an account with an original term of more than one year but less than three years, the penalty will be three month's interest on the amount withdrawn.

  • For an account with an original term of three years or more, the penalty will be six month's interest on the amount withdrawn.

There are certain circumstances, such as death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan.
Withdrawal of interest prior to maturity The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Automatically renewable time account This account will automatically renew at maturity. You may prevent renewal if you withdraw funds in the account at maturity (or within any grace period mentioned below) or we receive written notice from you within any grace period mentioned above. If you prevent renewal, interest will not accrue after final maturity.

Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit.

You will have ten calendar days after maturity to withdraw the funds without a penalty.

top of page

Traditional IRA/Roth/SEP Passbook 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 every month.
Determination of rate At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency Interest will be compounded every day. Interest will be credited to your account every year.
Minimum balance to open the account You must deposit $50.00 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).
Fees: A closing account fee of $25.00 will be charges if you close your account and move to another financial institution.

top of page

Traditional IRA/Roth/SEP Certificate of Deposit

Minimum balance to open the account You must deposit $1000.00 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 non cash deposits Interest begins to accrue on the business day you deposit non cash items (for example, checks).
Transaction limitations You may not make any deposits into your account before maturity.
You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal.
You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account.
Early withdrawal penalties  (a penalty may be imposed for withdrawals before maturity) -

  • If your account has an original maturity of 30 days, the penalty we may impose in the greater of:

  • 7 days interest on the amount withdrawn subject to penalty, if the withdrawal is made within the first six days after the deposit.

  • all interest on the amount withdrawn subject to penalty.

  • If your account has an original maturity of one year or less:

  • the fee we may impose will equal 30 days interest on the amount withdrawn subject to penalty.

  • If your account has an original maturity of more than one year:

the fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.

There are certain circumstances, such as death or incompetence of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan.
Withdrawal of interest prior to maturity The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Automatically renewable time account This account will automatically renew at maturity. You may prevent renewal if you withdraw funds in the account at maturity (or within any grace period mentioned above) or we receive written notice from you within any grace period mentioned above. If you prevent renewal, interest will not accrue after final maturity.

Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit.

You will have ten calendar days after maturity to withdraw the funds without a penalty.

top of page