This Truth in Savings disclosure describes the interest payable and fees charged on Deposit Accounts opened at The Bancorp Bank, also known as the "Bank".
Annual Percentage Yield (APY): The interest we will pay you using the interest rate and frequency of compounding for your account, assuming your funds remain on deposit for 365 calendar days.
Daily Periodic Rate: The interest rate divided by 365 days (366 days in a leap year).
Daily Balance Method: For interest bearing accounts the balance in your account on which we calculate interest. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit noncash items (for example, checks).
No minimum balance is required to open this account.
Your interest rate and Annual Percentage Yield are based on the daily balance in your account. Our current interest rate and annual percentage yield for this account are included in the Interest Rate Schedule. At our discretion and at any time, we may change the interest rate and annual percentage yield on your account. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly.
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.
The Health Savings Account has a monthly account fee. It will be waived for the first three statement cycles after account opening. It also will be waived any statement cycle in which the account maintains a balance of (a) over $1,500, if an electronic deposit is credited to the account that statement cycle, or (b) over $2,500, if no electronic deposit is credited to the account that statement cycle. The HSA Visa® Debit Card is free for the primary account holder and the additional authorized signer. Fees are included in the Schedule of Fees.
If you wish to close your Deposit account with the Bank you agree to notify us of this intention in writing. After a Deposit Account is closed, we have no obligation to accept deposits or pay outstanding items, but may do so at our discretion. You agree to hold us harmless for refusing to honor any check, paper draft, or other item on a closed account. A bank check will be sent to the address on file within 14 business days of your final transaction.
If account is closed before interest is credited, you will receive the accrued interest.