Definitions and Disclosures
Available Balance: The balance in your account at the close of the Business Day, consisting of cash, wire transfers and electronic deposits, plus those non-cash items on deposit for which you have received credit from another bank, and interest credited to the account, minus all withdrawals and other debits to the account, minus holds and items for which you have not received credit.
Business Day: Our Business Days are Monday through Friday. Transactions on Saturday, Sunday, and Federal holidays are posted the next Business Day.
Daily Balance: The Available Balance.
Direct Deposit: Automatic electronic deposit of recurring monthly payments such as payroll, government benefits, and other preauthorized credits to your account.
Ledger Balance: The balance in your account that consists of all deposits, plus interest credited to the account, minus all withdrawals and other debits to the account at the close of the Business Day.
“Month” or “Monthly”: Refers to monthly statement cycle.
Point-of-Sale (POS) Transaction: POS signature-based purchase (single or recurring) and POS PIN-based purchase.
1 Transaction Limitations
On FFBT Regular Savings, Premier Savings, Premier Savings Plus, Personal Investor Money Market, and Commercial Money Market accounts, deposits of any amount are allowed at any time. Per federal regulations, a limit of six (6) transfers or withdrawals from your account are allowed per calendar month, if made by preauthorized or automatic transfers or debits, ATM POS, debit card, internet transfer to another account, bill pay, telephone, fax or computer transfer to another account; a $10.00 activity fee will be charged for each limited transfer or withdrawal from your account each statement cycle in excess of six (6). Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.
General Checking and Savings Account Features
2 ATM Fee refunds: We will only issue ATM Fee refunds to customers in Harvest Rewards Checking, who meet the qualification criteria.
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 Available Balance in the account each day. A 365-day accrual basis will be used.
Closing an account: If you close an account before interest is credited, you will not receive the accrued interest.
Compounding and crediting: For all Interest Checking accounts, Money Market checking accounts, and Savings accounts, interest is compounded and credited monthly.
3 Interest accrual: For non-cash deposits (for example, checks) to Checking, Money Market, and Savings accounts, interest begins to accrue no later than the Business Day we receive credit. For cash and electronic deposits, interest begins to accrue the Business Day of deposit.
4 Minimum Balance: This fee will be imposed if the balance falls below the minimum daily balance any day of the month.
5 Rate information: Your interest rate and annual percentage yield may change. At our discretion, we may change the rate of interest on your account weekly; with the exception of Holiday Savings Club and Harvest Rewards Checking. On Holiday Savings Club, we may change the rate of interest on your account at maturity. On Harvest Rewards Checking, we may change the rate of interest on your account monthly. When an account qualifies for a higher interest rate based on the Available Balance, that higher rate will be applied to the entire Available Balance in the account; with the exception of Holiday Savings Club and Harvest Rewards Checking, which have split balance interest tiers. There is no limitation on the amount the interest rate may change. Interest rates and annual percentage yields are available by telephone at 1-800-371-3316 or at any FFBT location.
Statement: We will provide Checking, Money Market, and Savings account statements monthly.
Specific Account Features
6 Minor Regular Savings accounts are available for any person under the age of 19, who is the primary account holder and Tax Reporting Name. This is a Regular Savings account with no Minimum Balance requirement until the minor reaches 19 years of age. Once the primary account owner reaches 19 years of age, the account will be classified as a Regular Savings account and must meet the minimum balance requirements to not receive monthly maintenance fees.
7 Senior Regular Savings accounts are available for any person over the age of 55, who is the primary account holder and Tax Reporting Name. This is a Regular Savings account with no Minimum Balance requirement. If a Regular Savings account is opened prior to the primary owner meeting the age requirement, once the primary account owner reaches 55 years of age, the account will be classified as a Senior Regular Savings account.
8 Holiday Savings Club requires funds at maturity to be deposited into an FFBT Checking or Savings account. Funds are disbursed the 2nd Tuesday in October.