Business Passbook Savings Account

Rate Information

Please call your local branch or 1-800-515-FBNM (3266) to obtain current rate and Annual Percentage Yield (APY) information. At our discretion, we may change the interest rate for your account at any time. No notice of interest credit to your account will be sent. One statement will be mailed as of the last day of the year. You must maintain a minimum daily balance of $50.00 to earn the annual percentage yield (APY) quoted. You may bring your passbook account register into any Farmers Bank location for updating at any time.

Daily Balance Computation Method

Interest is calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.

Compounding and Crediting

Interest begins to accrue on the business day you deposit cash and on us items to your account. All other noncash items (checks) will begin to accrue interest on the business day we receive credit for the deposit according to the collection schedule established by the Federal Reserve Bank. Interest will be compounded quarterly and credited to the account quarterly.

Minimum Balance Requirements

The minimum balance required to open this account is $50.00.  If during any month your average daily balance falls below $50.00, your account will be subject to a $0.50 minimum balance fee for that month.  The average daily balance is calculated by adding the balance in the account each day of the period and dividing that figure by the number of days in the period.

Fee Schedule

Minimum balance fee if the average daily balance drops below $50.00............... $.50

*Excess item fee for each withdrawal exceeding the 6-item limit............................. $.10

Maximum Allowable Withdrawals

No more than six transfers and/or withdrawals per calendar month are allowed.