This disclosure contains information about terms, fees, and interest rates for Universal Savings.
To open this account you must deposit at least $50.00 into the account.
Variable Rate Information
The interest rate for this account is 0.15% with an annual percentage yield of 0.15%. This information is accurate as of January 18th, 2020. If you would like additional rate and yield information, please call us at 800-344-7048.
Your interest rate and annual percentage yield may change. We may change the interest rate on your account daily, at our discretion.
You must maintain a daily collected (available) balance of $.01 to obtain the annual percentage yield. We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Interest will be compounded quarterly and credited quarterly. If you request to close your account prior to interest being credited, you will receive your accrued interest. Fees may reduce earnings.
Interest will begin to accrue no later than the business day we receive credit for non-cash items, i.e., checks you deposit to your account.
We reserve the right to require written notice, 7 days in advance, before we allow you to withdraw from your account.
Service Charge Information
A monthly service charge of $5.00 will be imposed if your average daily balance falls below $50.00.
You are allowed six (6) withdrawals, of any type, per month, at no charge. Any month that you exceed this number, you will be charged a $3.00 service charge for each additional withdrawal.
Federal Banking Regulations limit the number of preauthorized withdrawals to a combined total of six (6) Telephone and Online banking transfers, and ACH payments to third parties. If you exceed this limitation two months in a rolling 12-month period, your account will be charged $30.00. If you exceed this limitation three times during a rolling 12-month period, Federal Banking Regulations require that your account be closed. Heritage Bank will not open a savings account for you for at least 12 months after closure.
If you do not initiate at least one deposit or withdrawal on this account in a 24 month period, the account will go dormant. There will be a monthly service charge as long as your account is dormant. We reserve the right not to send statements on accounts we consider dormant, subject to state law. Funds in abandoned accounts will be sent to a state agency, in accordance with state law. After the funds have been sent to the state, we are not responsible for them. If you choose to reclaim the funds, you must apply to the state agency. See Additional Terms for corresponding fees.
For customers under the age of 18, the $50.00 minimum balance requirement to avoid the $5.00 monthly service charge is waived until age 18.
Dormant Account: $10.00 per month
Abandoned Account: $50.00, one-time fee
Foreign Deposited Check: $5.00 per check
Deposited Items Returned: $7.00 per returned check/Foreign items – $15.00
Stop Payments: $35.00 per item, no max
Overdrafts/NSFs: $33.00 per item
Returned NSF Items: $36.00 per item
Account Closure within 6 Months: $30.00
On any one business day if you bring your account to a zero balance, we will assume you wish to close your account. This will cause deposits or withdrawals to reject.
Reopen Closed Account: $10 per time
Negative Balance Closing: $25.00
Returned Mail/Returned eStatement: $5.00
Photo Debit Card: $10.00 per card
Replacement Debit Card: $10.00 for replacement
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