Community

Truth In Savings

Checking Accounts

For regular checking, a minimum of $25.00 is required to open a personal account. No minimum balance required. This is a non-interest bearing account. There is no monthly fee. Business accounts are subject to an average monthly balance of $300.00. Business accounts that do not maintain this balance will be subject to a service charge of $2.00 plus $.10 per check. Organizations and governmental units: same as personal accounts.

NOW checking requires a minimum deposit of $500.00 A minimum balance fee will be imposed every statement period if the average daily balance for the statement period falls below $500.00. The average daily balance is calculated by adding the principal in the account for each day of the statement period and dividing that figure by the number of days in the statement period. The minimum balance fee is $7.50 per month and $0.15 per check.

Super NOW Checking requires a minimum deposit of $2500.00. A minimum balance fee will be imposed every statement period if the average daily balance for the statement period falls below $2500.00. The average daily balance is calculated by adding the principal in the account for each day of the statement period and dividing that figure by the number of days in the statement period. The minimum balance fee is $10.00 per month and $0.20 per check.

You must maintain a minimum average daily balance of $1.00 for both interest-bearing checking accounts for the statement period to obtain the disclosed annual percentage yield. Interest begins to accrue no later than the business day we receive credit for the deposit on noncash items (for example, checks). The statement period is monthly.

Interest for interest-bearing checking accounts will be compounded monthly. Interest for interest-bearing checking accounts will be credited monthly.

 

Regular Savings and Money Market

Your interest rate and the annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate on your account monthly. 

You must maintain a minimum average daily balance of $1.00 for both accounts for the statement period to obtain the disclosed annual percentage yield. Interest begins to accrue no later than the business day we receive credit for the deposit on noncash items (for example, checks). The statement period is monthly for money market accounts and quarterly for savings accounts.

We use the average daily balance method to calculate the interest on your account. The average daily balance method applies a periodic rate to the average daily balance in the account for the statement period. For regular savings, interest will be compounded quarterly. For money market accounts, interest will be compounded monthly.

You may make no more than six (6) preauthorized (or automatic) or telephone transfers and withdrawals from your savings or money market accounts. For money market accounts, you may make no more than three of the transfers and withdrawals in lieu of payments by check, draft, debit card or similar order to third parties.

For regular savings, a minimum balance fee will be imposed every statement period if the average daily balance for the statement period falls below $100.00. The average daily balance is calculated by adding the principal in the account for each day of the statement period and dividing that figure by the number of days in the statement period. The minimum balance fee is $2.00 per month. The minimum balance fee for this account does not apply to individuals under age 18. 

For money market savings, a minimum balance fee will be imposed every statement period if the average daily balance for the statement period falls below $2500.00. The average daily balance is calculated by adding the principal in the account for each day of the statement period and dividing that figure by the number of days in the statement period. The minimum balance fee is $12.50 per month. ATM card not available for this account. The bank supplies MMIA checks at no charge to customer. 

For both savings and money market accounts, interest begins to accrue no later than the business day we receive credit for the deposit of noncash items.

For Christmas savings account,  your interest rate will be paid for at least 365 calendar days.

This account will mature on October 31. A check will be issued on October 31, for the balance plus accrued interest.

No withdrawals permitted during the term of this account

You must maintain a minimum balance of   $5.00 in the account each day to obtain the disclosed annual percentage yield.

Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items 

We use the daily balance method to calculate the interest on your account. The daily balance method applies a daily periodic rate to the principal in the account each day.

Interest will be compounded annually. Interest will be credited at maturity. If you close your account before interest is credited, you will not receive the accrued interest.

Certificates of Deposit

You will be paid the current rate on your account until maturity. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. Unless we give you prior written notice, the account will renew automatically at maturity. You will have ten (10) calendar days after the maturity date to withdraw funds without penalty. 

We use the daily balance method to calculate the interest on your account. The daily balance method applies a daily periodic rate to the principal in the account each day.

Interest will be compounded quarterly and interest will be credited quarterly and at maturity for COD's with a maturity date of 92 days or more. COD's with a maturity date of less than 92 days will be credited at the maturity date. 

You may not make withdrawals of principal from your account until the maturity date. You may not make deposits into your account. Interest may be withdrawn quarterly and at maturity. Interest begins to accrue on the business day you deposit  noncash items (for example, checks).

A penalty may be imposed for withdrawals before maturity. If your certificate has an original maturity of 32 days, the penalty we may impose will equal 32 days interest on the amount withdrawn subject to penalty. If your certificate has an original maturity of 92 days or  six (6) months, the penalty we may impose will equal 61days interest on the amount withdrawn subject to penalty. If your certificate has an original maturity of 1 year or more but less than two years, the penalty we may impose will equal 91 days interest on the amount withdrawn subject to penalty. If your certificate has an original maturity of 2 to 5 years, the penalty we may impose will equal 181days interest on the amount withdrawn subject to penalty.

Individual Retirement Account (IRA)

For variable rate IRA's, your interest rate and the annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest on your account weekly. A $50.00 minimum deposit is required to open a variable rate IRA. For fixed rate IRA's, you will be paid the fixed rate until maturity. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal of accumulated interest will reduce future earnings.  A $500.00 minimum deposit is required to open a fixed rate IRA

Unless we give you prior written notice, this account will renew automatically at maturity. You will have ten (10) calendar days after the maturity date to withdraw funds without penalty.

We use the daily balance method to calculate the interest on your account. The daily balance method applies a daily periodic rate to the principal in the account each day.

Interest will be compounded quarterly and interest will be credited quarterly and at maturity.

You may not make withdrawals of principal from your account until the maturity date. You may make unlimited deposits of at least $100.00 each into your account at any time. interest may be withdrawn at maturity.

Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Disbursements of principal are allowed without penalty after age 59 1/2.

Bank Services and Related Charges

Below is a selected list of services and related charges. The bank offers many other services that are not listed. For more complete information, just e-mail us or call

Personalized checks & deposit tickets  As determined by SLSB
Service Charges As per schedule
Statement Copy $1.00
Stop Payments $25.00
Overdrafts (per occurrence) $25.00
NSF items (per item) $25.00
Deposit items charged back $5.00
Automatic transfers:  
   loan payments................ No charge
   other purposes............... No charge
   loan payments at another  institution.......................... $3.00
Indemnity bond $15.00
Telephone transfers No charge
Certified checks $10.00
Cashiers checks $3.00
Money orders $2.00
Travelers checks (For bank customers) No charge
Wire transfers (bank)  
   Incoming......................... $10.00
   Outgoing......................... $15.00
   International................... $37.50
 
Continuing Overdraft........... $10.00
   This fee will be charged on accounts which remain in an overdraft status for seven (7) continuous days.
Deposit boxes - Shell Lake State Bank has several sizes of safe deposit boxes available from 3 x 5 to 10 x 10. For price and availability, contact any of our offices.

For a more complete list of terms and conditions on all accounts and services offered by Shell Lake State Bank, please contact us.

 

 

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(715) 468-7858 (715) 635-7858  

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