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Eastern Michigan Bank | March 11, 2010
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$10 |
$100 to earn interest and avoid service charge |
$5 per quarter if balance requirements not met |
Yes |
Statement savings allows customers of any age to save money. Customers do not receive a passbook, simply a savings register which they maintain themselves. The customer receives a quarterly statement. ATM access of Statement Savings is available.
Account Features and Requirements
- Requires $10.00 to open
- A receipt is given at time of deposit or withdrawal and quarterly statements issued.
- Minimum balance of $100 to earn interest and avoid quarterly service charge of $5.
Interest
Minimum to earn interest is $100.00. Interest is paid quarterly. |
| Prestige Money Market Savings |
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$2,500 |
$2,500 min or $5,000 monthly avg balance |
$10 per month if balance requirements not met |
Yes - Variable |
This is an account which allows depositors to earn money market interest rates while enjoying immediate access to their funds with unlimited in-bank withdrawals.
Account Features
- Available to both individuals and businesses
- Requires $2,500 to open
- 6 per month - $5.00 fee per transfer
- ATM or Debit Card available
- Unlimited withdrawals or transfers to other bank accounts in person or by mail.
- Monthly account statements
- Limited check writing privileges
- Pre-authorized transfers
- Telephone transfers-limit 6 per month-$5.00 fee per transfer
Account Restrictions
Only six pre-authorized or automatic transfers per month. (Of the six transfers, three can be made by check.)
Pricing
A $2,500 minimum or $5,000 average balance avoids the $10.00 per month maintenance fee and reduction of interest rate. Up to six transfers are permitted each month at no charge. If the depositor writes more than 3 checks per statement cycle, a $5.00 fee is assessed for each additional check.
Interest
- Variable interest rate may change weekly
- Interest rate varies by balance
- Interest is paid monthly
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$1 |
$5 per quarter if balance requirements not met |
None |
Yes - at maturity |
Saving for Christmas expenses is easy and convenient using a Christmas Club Savings Account.
Account Features
- Only $1.00 needed to open
- You can select the amount you will deposit each week
- Weekly payment coupons are available
- Proceeds may be paid via check or deposited into an EMB checking or savings account.
- Interest is paid at maturity. If closed prior to maturity, no interest is paid.
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Sunny Savers
(Age 15 and under) |
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$10 |
None |
None |
Yes |
This account is a great tool for helping children develop the habit of saving at an early age.
Account Features and Requirements:
- Child receives an Eastern Michigan Bank piggy bank at the time of opening
- $10.00 deposit is required to open
- No minimum balance to earn interest
- No quarterly service charge
- Statements issued quarterly
- Will be converted to a regular Statement Savings account at the time child turns 16
Interest
There is no minimum balance requirement to earn interest. Interest is compounded daily and paid quarterly.
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