Deposit Account Disclosure – For Passbook,
Statement Savings, Now, Money Market and Checking Accounts

 

Interest Rates and Annual Percentage Yields are accurate as of July 22, 2008, and are subject to change without notice. Fees may reduce earnings.

Account Type
Interest
Rate


(1), (5)
Annual
Percentage
Yield
(APY)
(1), (5)
Minimum Balance to Open
Minimum Balance Required To Earn APY

(2)
Passbook Savings 0.40 0.40 $100.00 $100.00
Statement Savings 0.40 0.40 $100.00 $100.00
Club Savings 0.40 0.40 $5.00 $25.00
Better Than Free Checking N/A N/A N/A N/A
Plus Interest Checking 0.15 0.15 $50.00 $100.00
50 Plus Checking 0.15 0.15 $50.00 $100.00
Direct Deposit Checking 0.15 0.15 $50.00 $100.00
Farmington First Checking N/A N/A $100.00 N/A
Platinum Checking
Tiered Rate Account - Minimum balance shown for each tier must be maintained daily in order to earn the APY disclosed for that tier, on the entire balance
$100 - $2,499.99
 0.15 0.15 $50.00 $100.00
$2,500 and UP
 0.50 0.50 $50.00 $2,500.00
Money Market Account Tiered Rate Account - Minimum balance shown for each tier must be maintained daily in order to earn the APY disclosed for that tier, on the entire balance
$1.00 - $24,999.99
 0.40 0.40 $1,000.00 $1.00
$25,000 - $49,999.99
 0.60 0.60 $1,000.00 $25,000.00
$50,000 - $99,999.99
 0.90 0.90 $1,000.00 $50,000.00
$100,000 - $199,999.99
 1.00 1.00 $1,000.00 $100,000.00
$200,000 and UP
 1.09 1.10 $1,000.00 $200,000.00

 

The Following Information Applies to Regular Passbook Savings, Statement Savings, Club Savings, Checking, Money Market, and  NOW Deposit Accounts:
   
1. Variable Rate Accounts:
 
The interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate daily.  For our current rate information, call (860) 676 – 4600 or (877) 376 – 2265, Toll Free on any business day.
   
2. Daily Balance to earn Annual Percentage Yield:
 
The minimum balance shown above for each account type must be maintained each day to earn the annual percentage yield disclosed.
   
3. Accrual of Interest on Non-cash Items:
 
Interest begins to accrue on the business day non-cash items are deposited, (for example, checks).
   
4. Balance Computation Method:
 
We use the daily balance method to calculate interest on the account.  This applies a daily periodic rate to the principal in the account each day.
   
5. Interest Compounding and Crediting:
 
Interest for the account will be compounded monthly and credited to the account on the last business day of the month.
   
6. Effect of Closing Interest Checking Accounts, Money Market and NOW Accounts:
 
Accrued interest will not be paid to the account, if the account is closed before interest is credited.
   
7. Transaction Limitations:
 
(a)
Passbook Accounts:  No preauthorized transfers, internet or telephone transfers are permitted from this account.
(b)
Statement Savings:  No withdrawals by check, draft, debit card (POS) or similar order payable to third parties are permitted.  Up to 6 preauthorized, internet, or telephone transfers per calendar month may be made from this account.  If this limit is exceeded on more than an occasional basis, we may convert this account to a “Transaction Account”, in accordance with banking regulations.  For IRA Statement Savings account, rules for IRA accounts apply.
(c)
Money Market Accounts:  Up to 6 preauthorized transfers, electronic and internet transfers, or telephone transfers per statement cycle may be made from this account.  No more than 3 of such transfers may be by check, draft, debit card or similar order, made payable to third parties.   If this limit is exceeded on more than an occasional basis, we are required to convert this account to a “Transaction Account”, in accordance with banking regulations.
(d)
Club Savings Accounts:  A Club Savings may be opened at any time, however the Holiday Club plan runs from the first business day of November of the current year through the last business day in October of the following year, and the Vacation Club Plan runs from the first business day of May of the current year through April of the following year.  No withdrawals may be made from this account during the plan year.  A fee of $5.00 will be charged, if the account is closed prior to the end of the plan year. At the end of the plan year, we will at either mail a check for the proceeds of the plan or deposit the funds to another account at the Bank at the customer’s option.  A club account can be re-used, however if the account remains at a zero balance for more than 90 days, it will automatically be closed.
   
8. Check Printing Charges:
  Check printing charges may vary depending on styles ordered.
   
   
For more information, please refer to the “Deposit Account Agreement”, the “Electronic Fund Transfer and Cardholder’s Agreement”, the “Funds Availability Policy”, the “Discretionary Overdraft Privilege Policy” and the “Schedule of Fees and Charges”.