Effective March 30, 2020: We will cease participation in Deposit Reclassification. We are no longer required, under federal law, to report our deposits in this method for regulatory reporting purposes. This change will not affect you in any way.
Current process in effect until March 30, 2020: The Bank may make changes in your Checking Account that will not affect your available balance, interest earnings, FDIC Insurance, or bank statement. The account consists of a checking sub-account and a savings sub-account. The Bank may periodically transfer funds between these two sub-accounts. On a sixth transfer during a calendar month, any funds in the savings sub-account will be transferred back to the checking sub-account. If an account is on a Plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub-account will be non-interest bearing. The savings sub-account is governed by the rules governing our other savings accounts.