The minimum balance to open an account is $50.00 and you must maintain a minimum balance of $10.00 to obtain the Annual Percentage Yield. You can earn interest, calculated daily and paid quarterly, from date of deposit to date of withdrawal. We use the daily balance method to calculate the interest. This method applies a daily periodic rate to the principal in the account each day. If you close your account before interest is credited, you will receive the accrued interest to the actual date of closing. Interest rate and Annual Percentage Yield is subject to change at our discretion.

A quarterly statement is sent showing all transactions. If you had any electronic transactions during a particular month a statement will be sent for that month.

For certificates that automatically renew at maturity, the Bank will give you 10 calendar days after maturity to withdraw your funds without a penalty. The only exception to this is our 7 - 31 day certificates on which you will only have 1 day to withdraw without penalty. Certificates with single maturity will not automatically renew. Once a certificate is opened no additional deposits or withdraws will be allowed. We use the daily balance method to calculate the interest. This method applies a daily periodic rate to the principal in the account each day.

Interest can remain in the account for monthly compounding or it can be withdrawn by check or transferred to another account here at our Bank. If interest is withdrawn monthly, quarterly or semi-annually there is no compounding of interest. A minimum balance of $5,000. is required to withdrawal interest monthly.

If any Certificate is withdrawn before maturity a penalty as shown below will be imposed. This could result in partial loss of the principal. The interest rate for a certificate, when issued will be paid until the maturity date of the certificate.

Penalty Schedule

INDIVIDUAL RETIREMENT ACCOUNTS

IRA’s are available in 18 Month Variable rate time deposits or 12, 18, 24, 30. 36, 48 or 60 Month fixed rate accounts. The minimum to open an IRA is $100.00 with minimum deposits afterwards of $25. each. Interest is paid quarterly from the date opened. Fixed rate IRA’s will keep the same APY until maturity but the variable rate IRA rate can change at our discretion.

Account Type	Min. To Open	Min. To Obtain APY*	APY*
Individual Retirement Accounts
18 Month (Variable)	$100.00	$100.00	3.00%
12 Month (Fixed)	$100.00	$100.00	2.90%
18 Month (Fixed)	$100.00	$100.00	3.00%
24 Month (Fixed)	$100.00	$100.00	3.00%
30 Month (Fixed)	$100.00	$100.00	3.00%
36 Month (Fixed)	$100.00	$100.00	3.25%
48 Month (Fixed)	$100.00	$100.00	3.25%
60 Months (Fixed)	$100.00	$100.00	3.25%
*APY -- Annual Percentage Yield
Interest rate and Annual Percentage Yield is subject to change at our discretion.

We also offer Simplified Employee Pension (SEP’s), the low cost, simple alternative to qualified retirement plans for businesses.

A quarterly statement is provided showing all transactions to the account. IRS regulations govern deductibility of deposits for tax purposes. Consult your tax advisor for details.

We also offer Education Savings Accounts designed exclusively for paying qualified higher education expenses of the designated beneficiary. Distributions not in excess of amounts spent on qualified education expenses are generally tax-free. The maximum contribution is a nondeductible cash contribution of $2,000.00 per year for each child under age 18.

Starting in 1998, individuals may establish Roth IRA’s. Contributions are NOT deductible, but tax benefits are derived when withdrawing the funds tax-free. A Roth is subject to Traditional IRA rules except where otherwise provided by law. There is no maximum age limit on a Roth IRA. An eligible individual includes any person past 70 ½ years of age as long as they have earned income or compensation.

We do not automatically waive early withdrawal penalties for the withdrawals after age 59 ½. Early withdrawal penalties will be waived if distributions are part of a series of "Substantial Equal Periodic Payments" during the term of the IRA.

CHRISTMAS CLUB

• Interest is paid annually at maturity
• If you close your Christmas Club before interest is credited, you will not receive the accrued interest
• Partial withdrawals are not permitted

Account Type	Min. To Open	Min. To Obtain APY*	APY*
Christmas Club	$1.00	$1.00	1.00%
*APY -- Annual Percentage Yield

Fee Schedule
Overdraft Fee (per item)	$ 29.00		Money Order	$ 3.00
Bond Coupons (Per Envelope)	$ 10.00		Online Bill Pay Cancelled Check Copy Fee	$12.00
Bond Purchase/Redemption	$ 35.00		Online Bill Pay Stop Payment Fee	$29.00
Bond Coupons Returned	$ 50.00		Online Bill Paying Additional Overdraft Fee	$ 29.00
Cash Management Services	Varies		Online Bill Payment (Per Month)	FREE
Cashiers Check	$ 5.00
Certified Check	$ 5.00		Photo Copy	$ 1.00
Checkbook/Check Printing	Varies		PLUS ATM Transaction	$ 2.00
Closing Christmas Club Before Maturity	$ 10.00		Replacement Visa Debit Card	$ 5.00
Collection Items (Plus 3rd Party Fee)	$ 25.00		Replacement Star Card	$ 5.00
Fax Copy	$ 5.00		Research/Reconcilement (Per Hour - $15.00 Minimum)	$ 30.00
Gift Check	$ 2.50		Rubber Stamps	Varies
IRA Transfer/Premature Distribution	$ 25.00		Safe Deposit Box - Drilling	$100.00
Levy & Lien Processing	$100.00		Safe Deposit Box - Lost Key	$ 10.00
ATM Withdrawal (Our Bank)	FREE		Stop Payment	$ 15.00
ATM Withdrawal (Foreign)	$1.00		Traveler's Checks (One Signature)	1.00% of Purchase
Point of Sales Transaction	$ 0.50		Traveler's Checks (Two Signatures)	1.75% of Purchase
Money Market Excess Check Charge	$ 15.00		Wire Transfer (Domestic)	$ 25.00
			Wire Transfer (Foreign)	$ 45.00
All Fees are subject to change.

 

The First National Bank Of Elmer
All Mail To: PO Box 980
Elmer, NJ 08318-0980