Terms
| Features |
Details |
| Interest Earned |
Yes |
| Minimum to Open Account |
$100.00 |
| Service Charge |
$5.00 quarterly |
| Average Monthly Balance to Avoid Service Charge |
$100.00 |
| Penalty for Early Withdrawl |
No |
| Additional Features |
6 Free withdrawls per quarter & unlimited ATM |
Disclosure
This disclosure explains important terms applicable to your Focus Savings account (“Account”). Additional terms and conditions affecting your Account are contained in the Terms and Conditions of Your Account agreement which govern your deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural and the plural includes the singular. The interest rates and APYs stated below are accurate as of October 12, 2022. If you would like more current rate and yield information, please call us at 800.843.4947.
Your Account is eligible for an interest rate and annual percentage yield (APY) based on the activity in the Account during each statement cycle. If you meet the “Qualifications” (as explained below) during a statement cycle, your Account will earn a premium interest rate.
If you meet the “Qualifications” (as explained below) during a statement cycle, the interest rate you will earn is:
Qualifications Met
| Balance Required to Earn Rate |
Interest Rate |
Annual Percentage Yield (APY) |
| All balances |
0.05% |
0.05% |
- Balance and Eligibility Requirements: The minimum deposit to open a Focus Savings Account is $100.00. To avoid the imposition of the $5.00 minimum balance fee quarterly, you must maintain an average daily balance of at least $100.00.
- Rate Information: This account is an interest bearing account. At our discretion, we may change the interest rate on your account. The interest rate and annual percentage yield may change when deemed necessary by the bank.
- Compounding and Crediting Frequency: You must maintain a minimum balance of $0.01 in the account each day to obtain the disclosed annual percentage yield. Interest will be compounded monthly and will be credited to the account monthly.
- Effect of Closing an Account: If you close your account before interest is credited, you will not receive the accrued interest.
- 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 no later than the business day we receive credit for the deposit of noncash items (for example, checks).
- Transaction Limitations: You may make unlimited deposits into your account. During any month, you may not make more than six (6) withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party.
- Account Fees: There is a fee of $5.00 per withdrawal over six (6) per quarter. There is no fee for eStatements or paper statements. There are no Foreign ATM fees when using an ATM that is a member of the Alliance One Network. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used. See our current Fee Schedule for other fees that may be associated with this account.
- Additional Terms: If you have not made a withdrawal from, or deposit to your account for thirty-six (36) months and we have been unable to contact you, your account may be classified as dormant. Subject to applicable law, we will charge a dormant fee. The account will be presumed to be abandoned and will be remitted to the custody of the applicable state agency. We will have no further liability to you for such funds.