Basic Plus Checking | Premium Checking | Indexed Money Market | 31 Day, 92 Day And 6 Month CD
1 Year and Greater CD | Jumbo CD
Regulation DD Disclosures (Truth in Savings)
Statement Savings
Variable Rate Account: Your interest rate and annual percentage yield may change.
Determination of Rate: At our discretion, we may change the interest rate on your account.
Frequency of Rate Change: We may change the interest rate on your account at any time.
Compounding and Crediting: Interest will be compounded and credited to your account on a quarterly basis.
Minimum Balance Requirements:
To Open the Account: You must deposit $50.00 to open the account.
To Obtain the Annual Percentage Yield Disclosed: You must maintain a minimum balance of $50.00 in the account each day to obtain the disclosed annual percentage yield.
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: You may make six (6) pre-authorized withdrawals or transfers from the account per monthly statement cycle, three (3) of which may be a point-of-sale transaction, Internet-initiated transfers, telephone-initiaied transfers, and overdraft protection transfers between your accounts are counted in a six (6) allowed tranfers as mentioned above. A $3.00 fee will be charged for each item over the allowed number per statement cycle. You are allowed unlimited withdrawals made in person, by ATM, mail and withdrawals made by telephone payable to you. We may be required to close your account, take away any ability to transfer if these restrictions are violated.We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.
School Savings
Eligibility Requirements: This account is available to Students under the age of 18 and their Parent/Guardian.
Variable Rate Account: Your interest rate and annual percentage yield may change.
Determination of Rate: At our discretion, we may change the interest rate on your account.
Frequency of Rate Change: We may change the interest rate on your account at any time.
Limitations on Rate Changes: There are no maximum or minimum interest rate limits for this account.
Compounding and Crediting: Interest will be compounded and credited to your account on a quarterly basis.
Minimum Balance Requirements: You must deposit $1.00 to open the account.
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: We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.
Bonuses: You will receive a $1.00 deposit as a bonus when you open the account. To earn the bonus, you must deposit $1.00 when you open the account.
Christmas Club
Variable Rate Account: Your interest rate and annual percentage yield may change.
Determination of Rate: At our discretion, we may change the interest rate on your account.
Frequency of Rate Changes: We may change the interest rate on your account at any time.
Compounding and Crediting: Interest will be compounded and credited to your account on a quarterly basis and at maturity.
Minimum Balance Requirements:
To Open the Account: You must deposit $1.00 to open the account.
To Obtain the Annual Percentage Yield Disclosed: You must maintain a balance in the account each day to obtain the disclosed annual percentage yield.
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).
When Your Account Will Mature:This account will automatically mature in October of each calendar year.
Renewal Of Account: This account will not renew automatically at maturity. At maturity, all funds in the account will be mailed to you via check or transferred to another deposit account.
Transaction Limitations: We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.
Vacation Club
Variable Rate Account: Your interest rate and annual percentage yield may change.
Determination of Rate: At our discretion, we may change the interest rate on your account.
Frequency of Rate Changes: We may change the interest rate on your account at any time.
Compounding and Crediting: Interest will be compounded and credited to your account on a quarterly basis and at maturity.
Minimum Balance Requirements:
To Open the Account: You must deposit $1.00 to open the account.
To Obtain the Annual Percentage Yield Disclosed: You must maintain a balance in the account each day to obtain the disclosed annual percentage yield.
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).
When Your Account Will Mature: This account will automatically maturity in the month you select at opening. If you do not select a maturity date the account will not have a maturity date and will continue to earn interest.
Renewal Of Account: If you have selected a maturity date this account will not renew automatically at maturity. At maturity, all funds in the account will be mailed to you via check or transferred to another deposit account.
Transaction Limitations: We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.
Basic Checking Account
Minimum Balance Requirements:
To Open the Account: You must deposit $100.00 to open the account.
Basic Plus Checking Account
To Open the Account: You must deposit $100.00 to open the account.
Maintenance Fee: A service charge of $5.00 will be imposed every month.
Premium Checking Account
Variable Rate Account: Your interest rate and annual percentage yield may change.
Determination of Rate: At our discretion, we may change the interest rate on your account.
Frequency of Rate Changes: We may change the interest rate on your account at any time.
Compounding and Crediting: Interest will be compounded and credited to your account on a monthly basis.
Minimum Balance Requirements:
To Open the Account: You must deposit $250.00 to open the account.
To Avoid The Imposition Of Fees: A service charge of $7.00 will be imposed every month if the balance in the account falls below $250.00 on any day of your monthly statement cycle.
To Obtain the Annual Percentage Yield Disclosed: You must maintain a minimum balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.
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 nonncash items (for example, checks).
Transaction Limitations: We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.
Indexed Money Market
Variable Rate Account: Your interest rate and annual percentage yield may change.
Determination of Rate: No interest will be paid on balances under $2,500.00. The interest rates on the $2,500 and over tiers are based on the 90 Day Constant Maturity Treasury Rate (CMT), commonly referred to as the 90 Day United States Treasury Rate, as published in the Wall Street Journal on the last Monday of the preceding month. If the last Monday is a holiday, the next business day will be used. .
Rate Tiers:
Frequency of Rate Changes: The interest rate on the account could change monthly.
Compounding and Crediting: Interest will accrue daily and will be credited to your account on a monthly basis.
Minimum Balance Requirements:
To Open the Account: You must deposit $2,500.00 to open the account.
To Avoid The Imposition Of Fees: A service charge of $7.00 will be imposed every month if the balance in the account falls below $10,000.00 on any day of your monthly statement cycle. This fee is waived for the first three statement cycles following account opening.
To Obtain the Annual Percentage Yield Disclosed: You must maintain a minimum balance of $2,500.00 in the account each day to obtain the disclosed annual percentage yield.
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: You may make six (6) pre-authorized withdrawals or transfers from the account per monthly statement cycle, three (3) of which may be a point-of-sale transaction, check
written to a third party. Internet-initiated transfers, telephone-initiated transfers, and overdraft protection transfers between your accounts are counted in the six (6) allowed transfers as mentioned above.
A $3.00 fee will be charged for each item over the allowed number per statement cycle. You are allowed unlimited withdrawals made in person, by ATM, mail and withdrawals made by telephone payable to you. We may be required to close your account, take away any ability to transfer and write checks or convert the account to a checking or other transaction account if these restrictions are violated.
The minimum amount you may write a check for is $500.00. We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.
31 Day, 92 Day And 6 Month Certificate Of Deposit
Fixed Rate Account: The interest rate on this account is fixed. You will be paid this rate until the maturity date of the certificate.
Compounding and Crediting: Certificates with terms of 31 or 92 days will earn interest on a noncompounded basis and will be credited monthly or at maturity. Certificates with terms of 6 months will be compounded and credited quarterly or credited at maturity unless monthly checks or transfers are taken. In this case, interest will not be compounded and will be credited monthly.
Minimum Balance Requirements:
To Open the Account: For accounts with terms of 31 days, 92 days or 6 months, you must deposit $1,000.00 to open the account.
To Obtain the Annual Percentage Yield Disclosed: You must maintain the same balance required to open the account to obtain the disclosed annual percentage yield.
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: You may not make deposits into your account until the maturity date.
When Your Account Will Mature:Contact your community office to determine the maturity date or term needed to obtain the annual percentage yield.
Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal before the maturity date. The amount of the penalty is as follows:
| Certificate Term | Withdrawal Penalty |
|---|---|
| 31 Days | 1 Month of Interest |
| 92 Days up to and including 6 months | 3 Months of Interest |
Withdrawal of Interest Prior to Maturity: The annual percentage yield disclosed in the rate section assumes interest will remain on deposit until maturity. Any withdrawal will reduce earnings.
Renewal Of Account: Your account will automatically renew at maturity. You will have 7 calendar days after the maturity date to withdraw your funds without being charged a penalty.
Transaction Limitations: We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.
1 Year and Greater Certificate Of Deposit
Fixed Rate Account: The interest rate on this account is fixed. You will be paid this rate until the maturity date of the certificate.
Compounding and Crediting: Interest will be compounded and credited to your account on a quarterly basis unless monthly checks or transfers are taken. In this case, interest will be earned on a non-compounding basis.
Minimum Balance Requirements:
To Open the Account: You must deposit $1,000.00 to open the account.
To Obtain the Annual Percentage Yield Disclosed: You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield.
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: You may not make deposits into your account until the maturity date.
When Your Account Will Mature:Contact your community office to determine the maturity date or term needed to obtain the annual percentage yield.
Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal before the maturity date. The amount of the penalty is as follows:
| Certificate Term | Withdrawal Penalty |
|---|---|
| 1 Year | 3 Months of Interest |
| Greater than 1 Year | 6 Months of Interest |
Special IRA Account Provisions: If the funds deposited in a certificate account are to open an Individual Retirement Account, no penalty will be imposed for any withdrawal that is made within 7 days of establishing the IRA Account. In addition to any penalty that we may impose for early withdrawal, under certain circumstances, there may be an additional IRS penalty. See your Retirement Account Documents for details.
Withdrawal of Interest Prior to Maturity: The annual percentage yield disclosed in the rate section assumes interest will remain on deposit until maturity. Any withdrawal will reduce earnings.
Renewal Of Account: Your account will automatically renew at maturity. You will have 7 calendar days after the maturity date to withdraw your funds without being charged a penalty.
Transaction Limitations: We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.
Jumbo Certificate of Deposit
Fixed Rate Account: The interest rate on this account is fixed. You will be paid this rate until the maturity date of the certificate
Compounding and Crediting: Interest will not be compounded on this account. You are required to take monthly checks or transfer interest monthly to another MCS Bank account.
Minimum Balance Requirements:
To Open the Account: You must deposit $100,000.00 to open the account.
To Obtain the Annual Percentage Yield Disclosed: You must maintain a minimum balance of $100,000.00 in the account each day to obtain the disclosed annual percentage yield.
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: You may not make deposits into your account until the maturity date.
When Your Account Will Mature:Contact your community office to determine the maturity date or term needed to obtain the annual percentage yield.
Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal before the maturity date.
The amount of the penalty is as follows:
| Certificate Term | Withdrawal Penalty |
|---|---|
| 31Days up to and including 91 Days | 1 Month of Interest |
| 92 Days up to and including 1 Year | 3 Months of Interest |
| Greater than 1 Year | 6 Months of Interest |
Withdrawal of Interest Prior to Maturity: The annual percentage yield disclosed in the rate section assumes interest will remain on deposit until maturity. Any withdrawal will reduce earnings.
Renewal Of Account: Your account will not automatically renew at maturity. Upon maturity, this account will be converted to a regular savings account and receive earnings at the rate then paid on regular savings accounts.
Transaction Limitations: We reserve the right to require at least 7 days written notice before any withdrawal or transfer from an interest bearing account.
