DEFINITIONS
Average Collected Balance: The balance calculated by adding the Collected Balance in the account for each day of the period (monthly or other applicable period) and dividing that figure by the total number of days in that period. The Average Collected Balance for the period may be a negative number if we permitted you to overdraw the Collected Balance on any day(s). For accounts which are not subject to Earnings Credit (which is sometimes referred to as Account Analysis), the Average Collected Balance may be calculated based on the number of days the account was open during the relevant period. The Average Collected Balance is also referred to as Average Daily Balance.
Business Day: Our Business Days are Monday through Friday. Transactions on Saturday, Sunday, and Federal holidays are posted the next Business Day.
Collected 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, and interest credited to the account, minus all withdrawals and other debits to the account.
Earnings Credit: A business checking feature that allows you to earn credit on the Average Collected Balance on non-interest-bearing checking accounts. This credit is then used to offset maintenance fees and transaction fees on qualifying related checking accounts for the monthly or other applicable period. Earnings Credit is based on the Balance Available for Services (which is the positive Average Collected Balance adjusted by the Federal Reserve Factor), multiplied by the applicable Earnings Credit Rate. The Earnings Credit Rate is subject to change at the discretion of Harris without notice. The Federal Reserve Factor is a percentage of the Average Collected Balance. It is subject to change at the discretion of Harris without notice.
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.
Negative Collected Fee: When the Average Collected Balance of a Business Checking Account is negative for any monthly or other applicable period, this fee will be calculated by applying the applicable daily rate (currently the Harris prime rate plus three percent divided by 365 days) to the Average Collected Balance and multiplying by the number of days in such period. This rate is subject to change at the discretion of Harris without notice.
INTEREST RATES AND CALCULATIONS ON DEPOSIT ACCOUNTS
All interest rates and annual percentage yields offered are subject to change daily without notice at the discretion of Harris. See an Interest Rate and Annual Percentage Yield Sheet, or call 1-888-489-2265.
We use the daily balance method to calculate interest. We apply a daily periodic rate to the Collected Balance (for interest checking, money market and savings accounts) or to the Ledger Balance (for CD accounts) each day. For non-cash deposits to interest checking, money market and savings accounts, interest begins to accrue on the Business Day that we receive credit. For cash and electronic deposits, interest begins to accrue on the Business Day of deposit.
We reserve the right not to pay interest on any deposit which is returned to us unpaid by the financial institution on which it is drawn.
GENERAL CHECKING AND SAVINGS ACCOUNT FEATURES
Effect of closing your account: For interest-bearing accounts, if you close your account before interest is credited, you will not receive the accrued interest.
Notice of withdrawal: We reserve the right to require at least seven days' notice prior to any withdrawal.
Terms and Conditions contained in the Harris Handbook for Personal and Business Deposit Accounts apply to all deposit accounts.
INFORMATION ABOUT CDs
Additional deposits to an existing account: Each CD is treated as a separate account with its own interest rate and maturity. You cannot make additional deposits into an existing CD.
Maturity, Renewal and Grace Period: UNLESS YOU HAVE INSTRUCTED US OR WE HAVE DISCLOSED TO YOU OTHERWISE, YOUR CD WILL AUTOMATICALLY RENEW AT THE MATURITY DATE TO ANOTHER CD OF AN EQUAL TERM AT THE THEN CURRENT INTEREST RATE FOR THAT TERM AND CURRENT BALANCE. CDs of $100,000 or more may not automatically renew. You will have a grace period of ten calendar days after the maturity date to withdraw the funds without being charged an early withdrawal penalty. We will send you a pre-maturity reminder and a confirmation of the renewal. Accounts that do not automatically renew will not earn interest after the maturity date.
Early Withdrawal Penalty and Computation Method: When you make a deposit to any of our CD products, you are agreeing to keep the funds on deposit until the stated maturity. We reserve the right to permit withdrawals of principal only upon maturity. If we permit you to make an early withdrawal of principal, you will pay an early withdrawal penalty. The penalty is calculated using the interest rate applicable to the CD at the time of early withdrawal. If the amount of the penalty exceeds the amount of accrued and unpaid interest, then a reduction of principal would be required in order to pay the penalty. The penalties for CDs are as follows:
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CDs with term of:
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Are charged:
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| 1 month (7-59 days) |
Loss of interest |
| 2-11 months (60 days up to and including 364 days) |
Loss of 90 days' interest |
| One year or longer |
Loss of 180 days' interest |
TRANSACTION LIMITS ON SAVINGS AND MONEY MARKET ACCOUNTS
Additional deposits of any amount are allowed at any time. There is no limit to the number of withdrawals made in person, at an ATM, by messenger, mail or phone. In the case of phone-initiated, mail, and messenger withdrawals, the requested amount must be delivered by mail in a check made payable to the account holder. For accounts with an ATM option, there is no limit to the number of withdrawals made at ATMs. Other transfers from these accounts, including telephone and online banking transactions, are limited by regulation to six per month or monthly statement period. For money market accounts, only three of the six transfers may be made by check or point-of-sale debit per monthly statement period. Point-of-sale debits against savings accounts are prohibited and will be declined. Transactions on savings accounts that exceed the limits will not be allowed.
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