The convenience of check access, combined with higher rates for higher balances, makes a Money Market Account a favorite tool of savers everywhere.
You will have access to Internet Banking and you can make unlimited deposits while earning interest on your funds.
Money Market Account Benefits & Features
Minimum Balance to Open
$1,000 minimum to open the account.
Minimum Balance to Avoid Service Charge
A service charge of $8.33 will be imposed every statement cycle if the average daily balance for the cycle falls below $1,000.00.
At the discretion of Peoples State Bank, the interest rate may change.
Compounding and Crediting Frequency
Interest will be compounded and credited to the account monthly.
Daily Balance Computation Method
Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of Interest on Non-Cash Deposits
Interest will begin to accrue on the business day you deposit non-cash items (for example, checks) into your account.
Minimum Balance to Obtain the Disclosed Annual Percentage Yield
You must maintain a minimum daily balance of $1,000.00 in your account each day to obtain the disclosed annual percentage yield.
You can make an unlimited number of deposits into your account.
Effect of Closing an Account
If you close your account before interest is paid, you will not receive the accrued interest.
A fee of $1.23 will be charged for each transaction (withdrawal, check paid, automatic transfer, internet transfer or withdrawal out of account) in excess of three (3) debits during a month. Fees could reduce the earnings on the account.
Transfer Frequency Limitations
During any monthly statement cycle, no more than six (6) transfers and/or withdrawals may be made by check, internet bank transfer, draft, or similar order to a third party. This also includes to a third party by means of preauthorized or automatic transfer or telephone order or instructions. if you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure. Transfers and withdrawals made in person, by messenger, or by mail are unlimited.
Overdraft fees apply to overdrafts created by check, in-person withdrawal, bank service charges, or other electronic means. Overdraft fees may also apply to one-time debit purchases and ATM withdrawals if a consumer opted-in to overdraft services at Peoples State Bank. Fees could reduce the earnings on your account.
In accordance with Regulation D, this account is available only to individuals, sole proprietorship, non-profit organizations and governmental units.
Please visit your local PSB branch for the current fee schedule.