Schedule of Fees
Disclosures & Schedule of Fees
Effective August 2024
Balance Information – Balance requirements to avoid service fees refer to the minimum average daily balance. The average daily balances are calculated by adding the balance in the account for each day for a statement cycle and dividing that figure by the number of days in the cycle.
Minimum and average daily balance requirements are based on ledger balance, while interest accrues on bank collected balance for Savings Account. Interest accrues on certificates of deposits on the ledger balance from day of deposit. There is No Minimum Balance for a Pibank Savings account.
The initial of a Savings account will be initiated by a third party provider1.
Interest and Other Information for Saving Accounts
Rate Information – Current interest rates and Annual Percentage Yields (APY) are available on our website www.pibank.com . A withdrawal will reduce earnings.
Variable Rates – Savings Accounts earn a variable rate of interest. At our discretion, the interest rate and APY may change at any time.
Crediting – For all Savings, interest will be calculated daily and paid monthly.
Balance Computation Method – We use the daily balance method to calculate interest; this method applies the daily periodic rate to the bank ledger balance in the account each day.
Transaction Limitations – Refer to your Deposit Agreement for further details.
Saving Accounts
| Services | Fees |
|---|---|
| Minimum to Open1 | $0.00 |
| Monthly Maintenance Fee | $0.00 |
| Minimum Daily Collected Balance to Earn Disclosed APY2,3 | $0.01 |
| Excess Transaction Fee, each transaction over the limit | $0.00 |
Additional Service Charges for Savings Account
| Services | Fees |
|---|---|
| Account Research/Reconcilement (Hourly Rate) | $0.00 |
| Collections (Domestic) Incoming | $0.00 |
| Outgoing | $0.00 |
| Redeposit Item Fee (per presentment) | $0.00 |
| Dormant Account Fee3 | $0.00 |
| Legal Order Processing Fee | $0.00 |
| Stop Payment Order (per item) | $0.00 |
- Initial account deposit can only be made via a PLAID transfer or by sending a Wire Transfer to the newly opened account. Check deposits are not accepted.
- If you close your account, before interest is credited, you will not receive the accrued interest. If the balance of the account ends with a zero balance at the end of the related term, all interest otherwise due to you is forfeit and shall not be paid for such term.
- Accounts will be deemed dormant after twelve (12) months of inactivity.
Rev. 08/01/2024
