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The State Bank of Cherry

Locally Owned and Operated
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N.O.W. Accounts

Rate Information Your interest rate and annual percentage yield may change.

Frequency of rate change 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 fees A service charge fee of $6.00 will be imposed every monthly statement cycle if the balance in the account falls below $500.00 any day of the monthly cycle.

Daily balance and 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 principal 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).