Checking Accounts

Except as specifically described, the following disclosures apply to all accounts:

1. Rate Information. The Dividend Rate and Annual Percentage Yield (APY) on your accounts are set forth above. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the Dividend Rate and frequency of compounding for an annual period. For dividend-bearing accounts, the Dividend Rate may change periodically as determined by the Board of Directors. *On all Free Community Checking accounts, one cent per debit card transaction will be donated to the non-profit Maps Community Foundation. No dividends will be earned on the account and no donations will be deducted from the account.
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. On dividend-bearing accounts, the Dividend Period is based on a calendar month. The Dividend Rate and Annual Percentage Yield set forth above are accurate as of the Effective Date.
3. Compounding and Crediting. Dividends will be compounded and credited as set forth on the Schedule. The Dividend Period for all dividend-bearing accounts begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.
4. Accrual of Dividends. Dividends will begin to accrue on cash and noncash deposits (e.g. checks) on the business day you make the deposit to your account.
5. Balance Information. The minimum balance required to open each account, earn dividends and avoid a service fee is set forth on the Schedule. On all Maps checking accounts, Share Savings accounts, and Youth Savings accounts, the dividends are calculated and the minimum balances required to earn dividends are determined using the actual daily balance method.
6. IRA Information. The Monthly IRA Share Accounts-Traditional or Roth periodic deposits are required in the form of direct deposit, payroll deduction, or automatic transfers. Deposits shall be a monthly minimum of $50.00. Additional contributions may be made at any time as long as monthly contributions are still made. Once monthly contributions end the account will be transferred to a regular IRA Savings Account. Monthly IRA Share Accounts-Traditional or Roth are current year contributions only; prior year contributions, rollovers and transfers, internally or externally are not eligible. Premier IRA accounts will be assessed a $10 annual fee between January 15 and January 31. The fee will be deducted from the IRA principal, and does not count as a withdrawal for IRS purposes.
7. Account Limitations. For a Christmas Club account, the account balance will be withdrawn or transferred automatically to you the first week in November (balance withdrawal date), and the account will remain open. On Christmas Club accounts, there is a withdrawal fee if you withdraw any of the account balance prior to the withdrawal date.
8. Member Reward Accounts. Deposits into your Member Rewards account can only come from three sources: Round Up, Cashback Credit Card, and Reward Bonus (you cannot make deposits directly into a Member Rewards account).
9. Indexed Money Market Account. The Annual Percentage Yield (APY) is based on the upper bound of the federal funds rate as established by the Federal Open Market Committee (FOMC), which was 5.25% as of 7/01/2023. This account does not qualify for checks or debit cards. The APY may adjust at the start of each month, based on the most recent FOMC actions. Didn't find what you're looking for? Search!