N.O.W. Accounts

Rate Information

• Current interest rates and annual percentage yields are posted in Massena Savings & Loan lobby and are also available by calling (315) 764-0541, as well as online by following the links above.
• This is a Variable Rate account which means the interest rate and the annual percentage yield may change the first day of each month after an analysis of current market rates by Massena Savings & Loan. (Note: Commercial Accounts do not have tiers and do not earn interest.)

Compounding and Crediting

• Interest for the account will be compounded and credited on a Monthly Basis and available end of day on the 15th of the month (or end of business day prior).
• Accrued interest will be paid to date if the account is closed before the month.

Minimum Balance Requirement

• You must deposit $0.01 to open this account.
• You must maintain a minimum ledger balance of $0.01 to obtain the disclosed annual percentage yield.

Balance Computation Method

• We use the Daily Balance Method (Day of Deposit to Day of Withdrawal) to calculate interest on your account. This method applies a daily periodic rate to the principle in the account each day.

When Interest Begins to Accrue

• Interest begins to accrue on the business day you make a deposit with cash or non-cash items (for example, checks).

Fees

• A deposited check that has been returned unpaid may be assessed a fee of $25.00 against your account.
• Overdrafts created by checks, pre-authorized debits or other electronic means may result in a $25.00 overdraft fee.
• Please refer to the Deposit Account Agreement received at account opening for and other fees. 

Transaction Limitations

• Government regulations mandate us to reserve the right to require 7 days written notice prior to withdrawal.
• There are no transaction limits on these accounts.