Passbook Savings accounts are available to anyone residing in the Wisconsin counties of Marinette and Oconto, and the County of Menominee in Michigan.
Account may be opened with a deposit of $25 or more.
If the balance requirement is met, there is no quarterly service charge. You must maintain an average daily balance of $50.00 during the calendar quarter to avoid a service charge. If the balance requirement is not met, a service charge of $1.00 per quarter will be assessed and collected by the bank.
No checks may be written against Savings accounts, but an unlimited number of withdrawals either in person, by mail, by messenger, at automatic teller machines, or by telephone if the withdrawal is mailed to you by check are allowed without charge.
Pursuant to Federal regulations, only six (6) pre-authorized, automatic or telephone transfers from a Savings account may be made during any calendar month. If more than the allowable number of pre-authorized, automatic or telephone transfers occur in any one calendar month, the account will be subject to closure by us.
This is a variable rate account, which means that the interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. To view the current rate, click here.
Interest begins to accrue on the business day you deposit cash or non-cash items (such as checks). Interest does not accrue on amounts withdrawn on the date of withdrawal.
Interest is compounded and paid quarterly.
We use the daily balance method to calculate the interest on this account. This method applies a daily periodic rate to the principal in the account each day.
Transactions are recorded directly into the passbook when presented at the bank. However, the balance shown in the passbook or on a receipt is not final until verified by bank personnel. It is important for the account holder to update the passbook periodically.
If a passbook is lost, stolen, or destroyed, the bank must be notified immediately by phone or in writing. If the notification is made by telephone, written confirmation must be received within ten (10) business days. The bank will inform you of the procedures to follow in the event the passbook is lost, stolen, or destroyed.
A F&M MasterMoney Card or F&M ATM Card may not be linked to a Passbook Savings account. However, they may be linked to a Statement Savings account.
A complete disclosure, as required under Federal Truth-in-Savings, of the terms and conditions on the Passbook Savings account is available upon request.
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Copyright © 1996-2004 Farmers & Merchants Bank & Trust
Last Updated:
Thursday, May 10, 2007
