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Statement Savings Accounts will be offered by Farmers National Bank with the following provisions:
- No new savings accounts shall be opened with a balance of less than $100.00.
- An inactivity fee of $7.50 will be assessed semi-annually on inactive accounts. Inactive accounts are defined as those savings accounts which have no activity other than the posting of interest for six (6) months. This charge may be waived where deemed appropriate.
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Christmas Savings Accounts now offer you more flexibility to save for the
Holiday Season. See the new account features for 2008.
- Accounts may be opened from October 8, 2007 to January 31, 2008.
- Account Holder must fill out a signature card and provide all the
information and identification as required by law when opening a new
account.
- Farmers National Bank will provide Account Holders with a statement by
mail at least semi-annually (twice a year). Combined monthly statements
are available upon request.
- There is a $5 minimum to open an account. Customers make as many
deposits in the amounts and increments they wish.
- Partial withdrawals from Christmas Savings Accounts are permitted;
however, a $10 fee per withdrawal is assessed without exception; fees may
reduce annual percentage yield (APY) earned.
- The last deposits for 2007-2008 accounts will be accepted September 22,
2008. Farmers National Bank will then calculate the account balance plus
interest earned and mail a check to the address on file.
- 2007-2008 Christmas Savings Accounts will earn 1.00% APY interest on
the daily balance of the account over the 50 week period. Accounts that
set up automatic transfers from a Farmers National Bank checking
account directly into a Christmas Savings Account will receive 1.75%
APY interest.
- Accounts set up on automatic transfers will be set to immediately re-open
for the next year following the check issuance.
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