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. 

 

NOW CHECKING ACCOUNT 

Rate Information - Your interest rate and annual percentage yield may 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 $100.00 to open this account. 

Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield. 

Minimum balance to avoid imposition of fees - A monthly service fee of $5.00 will be imposed every statement cycle if the balance in the account falls below $100.00 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) 

 

DDA CHECKING ACCOUNT (FREE CHECKING) 

Rate Information - No Interest Paid 

Minimum balance to open the account - You must deposit $50.00 to open this account. 

 

 

(Webster City Federal will generally not accept out of state deposits to NOW Checking Accounts.) 

 

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS 

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, from Dec. 31, 2010, through Dec. 31, 2012, all funds in "noninterest-bearing transaction accounts" are insured in full by the Federal Deposit Insurance Corporation. This unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term "noninterest-bearing transaction account" includes a traditional checking account (or demand deposit account) on which the insured depository institution pays no interest. It does not include any transaction account that may earn interest, such as a negotiable order of withdrawal ("NOW") account, money-market deposit account, or Interest on Lawyers Trust Account ("IOLTA"), even if checks may be drawn on the account. 

The temporary full insurance coverage of "noninterest-bearing transaction accounts" expires on Dec. 31, 2012. After Dec. 31, 2012, funds in noninterestbearing transaction accounts will be insured under the FDIC's general deposit insurance rules, subject to the Standard Maximum Deposit Insurance Amount of $250,000. 

For more information about FDIC insurance coverage of transaction accounts, visit http://www.fdic.gov.