The annual percentage yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. The interest rates and annual percentage yields are the rates and yield as of the last interest declaration date. The interest rate, annual percentage yield, and frequency of rate changes are listed in the Rate Schedule. The interest rate and annual percentage yield may change at our discretion.

First National Bank of Moose Lake (FNBML) compounds interest monthly and credit interest monthly on accounts that earn interest (at the end of each statement cycle).

We use the daily balance method to calculate the interest on interest bearing accounts as shown on the Rate Schedule. You must maintain the minimum balances required in the Rate Schedule each day to obtain the disclosed annual percentage yield.

Interest begins to accrue (only on interest bearing accounts) on the business day you deposit non-cash items (for example, checks).

All accounts have a minimum balance for opening. The minimum balance requirements applicable to each account are stated in the Rate Schedule. If the minimum daily balance is not met during each day of the statement cycle, there will be a service fee as stated in the Rate Schedule. If the minimum daily balance is not met each day of the statement cycle, you will not earn the stated annual percentage yield. For accounts using the daily balance method as stated in the Rate Schedule, interest is calculated by applying the daily periodic rate to the balance in the account each day.

If the balance during any one day in a statement cycle falls below the minimum as stated in the Rate Schedule you will be charged the fee listed in the Rate Schedule for that cycle. Fees may reduce earnings.

If you close any account within 90 days of the opening date, you will be charged a fee of $25.00. To close any account that has been open over 90 days, you will be charged a fee of $5.00.

You must be 23 years old or younger to qualify for this account and be a three-quarter time to full-time student. FNBML policy states a parent or guardian will be a joint account holder with any person under the age of 18. This account will automatically be converted to a regular checking account on your 24th birthday. This account requires enrollment in our FNBML Online Banking.

Student Rewards Checking: Free first order of standard bank checks are offered with this account. A free debit card will be offered to the account holder. After six (6) months of favorable active use, an increase in daily dollar limits will be considered, subject to credit approval. Upon completion of the third proof of account reconcilements a $25.00 cash reward will be deposited into the account the next business day.

Rewards Checking: Free standard bank checks are offered with this account when ordered through a Customer Service Representative at FNBML. Personal Money Order and Cashier Check fees are waived.

We do not print statements on accounts where there has been no activity.