Money Market Savings Account Disclosure
BANKING FEATURES
Online Banking: Online banking system that enables you to check balances, deposit checks, transfer funds, pay bills and receive alerts for all your accounts.
You may enroll in Foresight Bank's online banking application ("iBanking") by clicking here(Opens in a new Window)(Opens in a new Window).
Mobile App: Connect with your smart phone. Check balances, deposit checks, transfer funds, pay bills, and receive alerts for all your accounts.
eStatements: Electronic statements of all checking, savings and Money Market accounts, via iBanking or the Mobile App.
Mobile Deposit: Deposit checks by taking a picture and submitting the deposit through the Mobile App.
Online Bill Pay: Pay all of your bills through electronic or check payments. All transactions are controlled by you. All checks, envelopes and stamps are taken care of by Foresight Bank.
Answerline: Free 24-hour/day telephone banking service that allows you to check balances, transfer money and more.
INTEREST RATES AND ANNUAL PERCENTAGE YIELD
Tier 1: If your daily balance is less than or equal to $39,999.99, the interest rate paid on the entire balance in your account will be 2.10 with an annual percentage yield (APY) of 2.12.
Tier 2: If your daily balance is equal to or greater than $40,000.00, but less than or equal to $99,999.99, the interest rate paid on the entire balance in your account will be 2.20 with an annual percentage yield (APY) of 2.22.
Tier 3: If your daily balance is equal to or greater than $100,000.00, but less than or equal to $249,999.99, the interest rate paid on the entire balance in your account will be 2.30 with an annual percentage yield (APY) of 2.32.
Tier 4: If your daily balance is equal to or greater than $250,000.00 or more, but less than or equal to $499,999.99, the interest rate paid on the entire balance in your account will be 2.40 with an annual percentage yield (APY) of 2.43.
Tier 5: If your daily balance is equal to or greater than $500,000.00 or more, the interest rate paid on the entire balance in your account will be 2.50 with an annual percentage yield (APY) of 2.53.
The interest rates and annual percentage yields may change at any time.
TERMS AND CONDITIONS
Minimum balance to open: The minimum balance required to open this account is $20.00.
Daily balance computation method: Interest is calculated by the average daily balance method which applies a daily periodic rate to the average daily balance in the account each day. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The average daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the average daily balance on which interest is paid.
Accrual of interest on noncash deposits: Interest will begin to accrue no later than the business day we receive credit for the deposit of noncash items. (for example, checks)
Compounding frequency: Interest will be compounded monthly.
Crediting frequency: Interest will be credited into this account monthly.
Effect of Closing the Account: If you close the account before interest is credited, you will receive the accrued interest.
Minimum balance to avoid Service Charge: A minimum balance fee of $5.00 will be imposed every monthly statement cycle in which the average ledger balance for your account is below $5,000.00. The average ledger balance is calculated by adding the ledger balance in the account for each day of the period and dividing that figure by the number of days in the period. The ledger balance equals all credits minus all debits that have posted to your account. Even if you ledger balance falls below $5,000.00 on any given day during the monthly statement cycle, your account will not necessarily be assessed the service charge if the average is above the $5,000.00 minimum threshold.
The service charge could also be waived if, as of the last day in the monthly statement cycle in which the service charge would otherwise accrue, the average collected balance in your Foresight Bank checking, savings, and money market accounts plus the current principal balance in your Foresight Bank certificate of deposit accounts is at least $50,000.00, or your current principal loan balance with Foresight Bank is at least $100,000.00. The average collected balance is calculated by adding the collected balance in each Foresight Bank deposit account for each day in the period and dividing that figure by the number of days in the period. The collected balance is calculated by subtracting uncollected checks from the ledger balance. An uncollected check is a check drawn on another bank for which Foresight Bank has not received final credit. The average principal loan balance is calculated by adding the principal loan balance in each Foresight Bank loan account (not including Ready Reserve or credit card accounts) and dividing that figure by the number of days in the period
Deposit Limitations: You may make an unlimited number of deposits into your account.
See the Fee Schedule for additional fees that may be assessed against your account.