Products & Services
Truth-In-Savings Disclosure
Free Checking Account
(Check Safekeeping)
Minimum balance to open the account - You must deposit $100.00 to open this account.
Minimum balance to avoid imposition of fees - There is no minimum balance.
Fees - E-Statements and E-notices are available online. Papers statements available for $3.00 a month. If you are not signed up for online banking with us, your paper statements are free.
Home-Free Checking Account
(Check Safekeeping)
Minimum balance to open the account - There is no fee to open this account when you sign up for automatic transfer to your mortgage loan at Hedrick Savings Bank.
Minimum balance to avoid imposition of fees - There is no minimum balance.
Fees - There is no fees with this account. It include free basic checks, free on-line banking and bill pay, and free E-statements and notices.
Regular Checking Account
(Check Safekeeping)
Minimum balance to open the account - You must deposit $100.00 to open this account.
Minimum balance to avoid imposition of fees - A below minimum balance fee of $5.00* will be imposed every statement cycle if the average daily balance for the cycle falls below $300.00. 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.
Fees - A per item fee of $.20* will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account). This fee will apply if the average daily balance is less than $300.00 during the statement cycle. This fee will not apply to individuals 18 years of age or younger or individuals 62 years of age or older. E-Statements and E-notices are available online. Papers statements available for $3.00 a month. If you are not signed up for online banking with us, your paper statements are free.
NOW Checking Account
(Check Safekeeping)
Rate information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to avoid imposition of fees - A below minimum balance fee of $5.00* will be imposed each monthly statement cycle if the average daily balance for the cycle falls below $800.00. 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.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Fees - A per item of $.20* will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account) during a statement cycle. This fee will apply if the average daily balance is less than $800.00 during the statement cycle. E-Statements and E-notices are available online. Paper statements available for $3.00 a month. If you are not signed up for online banking with us, your paper statements are free.
** Regular Checking Business Account
(Check Safekeeping)
Minimum balance to open the account - You must deposit $100.00 to open this account.
Minimum balance to avoid imposition of fees - A below minimum balance fee of $5.00* will be imposed every statement cycle if the average daily balance for the cycle falls below $300.00. 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.
Fees - A per item fee of $.20* will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account). This fee will apply if the average daily balance is less than $300.00 during the statement cycle. E-Statements and E-notices are available online. Paper statements available for $3.00 a month. If you are not signed up for online banking with us, your paper statements are free.
HI-FI Savings Account
Rate information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to avoid imposition of fees - A below minimum balance fee of $2.00 will be imposed each monthly statement cycle if the average daily balance for the cycle falls below $1,500.00. 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.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations - Transfers from a HI-FI Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no transfers by check, debit card, or similar order to third parties.
Fees - A per item fee of $.25 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account). This fee will apply if the average daily balance is less than $1,500.00 during a statement cycle.
Savings Account
Rate information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - You must deposit $100.00 to open this account.
Minimum balance to avoid imposition of fees - A below minimum balance fee of $1.00 will be imposed each monthly statement cycle if the average balance for the cycle falls below $50.00. 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.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations - Transfers from a HI-FI Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no transfers by check, debit card, or similar order to third parties.
Fees - A per item fee of $.25 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account). This fee will apply if the average daily balance is less than $50.00 during a statement cycle. This fee will not apply to individuals 18 years of age or younger or individuals 62 years of age or older. E-Statements and E-notices are available online. Paper statements available for $3.00 a month. If you are not signed up for online banking with us your paper statements are free.
Home-Free Savings Account
Rate information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - There is no minimum balance for this account when you sign up for automatic transfer to you mortgage loan at Hedrick Savings Bank.
Minimum balance to avoid imposition of fees - There is no minimum balance.
Christmas Club Savings Account
Rate information - The interest rate on this account is 0.25%.
Compounding and crediting frequency - Interest will be compounded daily.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - You must deposit $10.00 to open this account.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Deposit limitations - You may make an unlimited number of deposits into your account.
Limitations on frequency of transfers You may not make transfers or withdrawls from this account, and funds are not available until November 1st of each calendar year.
Additional Terms The following additional terms apply to this account: The funds from your account will be automatically deposited to a checking or another savings account you have on November 1st.
* Service charges are subject to current Iowa state sales tax.
** A non-truncated handling fee of $3.00 will apply each statement.
We may require not less than 7 days' notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.
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