IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT ? To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver?s license or other identifying documents.
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STATEMENT SAVINGS ACCOUNT
Rate Information - Your interest rate and annual percentage yield nay change.
Frequency of rate change - We may change the interest rate on your account at any time.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account - You must deposit $50.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $50.00 in the account each day to obtain the disclosed annual percentage yield.
Minimum balance to avoid imposition of fees - A monthly service fee of $3.00 will be imposed every statement cycle if the balance in the account falls below $50.00 any day of the cycle.
Daily balance computation method- We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks)
Transaction limitations - Transfers from Statement Savings account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per monthly statement cycle.
Coverdell Education Savings Account (Formerly Education IRA)
- Available to anyone for the purpose of saving for post-secondary education expenses for a beneficiary. More than one person may contribute for the same beneficiary as long as the total does not exceed the limits.
- Contributions of up to $2,000 per beneficiary, dependent on income of the contributor(s) per guidelines until the year the beneficiary reaches age 18.
- Tax free distributions if used for post-secondary education expenses (according to IRS guidelines) by required age limit.
Deposit Tax Deferred Plan funds in your choice of WCF Financial Bank's FDIC-insured Certificates of Deposit or Savings Accounts.
Health Savings Accounts
If you are covered by a qualified high-deductible health plan and satisfy other requirements, you can open a Health Savings Account with WCF Financial Bank and begin saving money to help satisfy qualified medical expenses. No Service Charge or maintenance fees - every dollar invested grows for you.
- Contributions are Fully Deductible
- Catch-Up Contributions Available for Ages 55 & Older
- Earnings Grow Tax Deferred
- Distributions for Qualified Medical Expenses are Tax-Free