Effective May 1, 2008, the reference rate for Mechanics Bank is 5.00.
Interest Rates
Annual Percentage Yields/Interest Rates for 09/03/2008 - 09/08/2008
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CERTIFICATES OF DEPOSIT (CD)
GUARANTEED RETURNS | | 5 Month CD | | Limited Time Offer | | ANNUAL PERCENTAGE YIELD | | 2.75% | | INTEREST RATE | | 2.71% | | $1,000 minimum deposit required | | Good for IRA Rollovers. | | Subject to early withdrawal penalties |
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SPECIAL CERTIFICATES OF DEPOSIT ACCOUNTS
The following rate comparisons show the Annual Percentage Yield followed by the Interest Rate for the term and balance of the deposit. | | Balance/Term | 7 Month No early withdrawal penalty after first 7 days. Cannot exceed $100,000 principal. | 9 Month No early withdrawal penalty after first 7 days. | 18 Month (One-Step CD) One Time Interest Rate "Bump-Up" Feature. | | $1,000 - 4,999 | N/A | N/A | 2.00/1.98 | | $5,000 - 9,999 | 1.75/1.73 | 1.75/1.73 | 2.00/1.98 | | $10,000 - 49,999 | 1.75/1.73 | 1.75/1.73 | 2.10/2.08 | | $50,000 - 99,999 | 1.75/1.73 | 1.75/1.73 | 2.20/2.18 | | $100,000 & over | 2.00/1.98 | 2.00/1.98 | 2.20/2.18 |
CUSTOM CERTIFICATE OF DEPOSIT ACCOUNTS
The following rate comparisons show the Annual Percentage Yield followed by the Interest Rate for the term and balance of the deposit. | | Balance/Term | 07 - 30 Days | 31-89 Days | 90 - 179 Days | 180 - 364 Days | | $1,000 - 9,999 | 1.75/1.73 | 1.75/1.73 | 1.75/1.73 | 1.75/1.73 | | $10,000 - 49,999 | 1.75/1.73 | 1.75/1.73 | 1.75/1.73 | 1.75/1.73 | | $50,000 - 99,999 | 1.75/1.73 | 1.75/1.73 | 1.75/1.73 | 1.75/1.73 | | $100,000 & over | 2.00/1.98 | 2.00/1.98 | 2.00/1.98 | 2.00/1.98 |
| Balance/Term | 12 - 23 Months | 24 - 35 Months | 36 - 59 Months | 60 Months | | $1,000 - 9,999 | 2.05/2.03 | 2.25/2.23 | 2.60/2.57 | 3.15/3.10 | | $10,000 - 49,999 | 2.15/2.13 | 2.35/2.32 | 2.75/2.71 | 3.25/3.20 | | $50,000 - 99,999 | 2.25/2.23 | 2.50/2.47 | 3.00/2.96 | 3.25/3.20 | | $100,000 & over | 2.25/2.23 | 2.75/2.71 | 3.25/3.20 | 3.50/3.44 |
PERSONAL MONEY MARKET PLUS
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BUSINESS MONEY MARKET PLUS
| | Balance | APY* | Rate | | Balance | APY* | Rate | | up to $9,999 | .75% | .75% | | up to $49,999 | 1.01% | 1.00% | | $10,000- 24,999 | .75% | .75% | | $50,000-99,999 | 1.01% | 1.00% | | $25,000- 49,999 | .80% | .80% | | $100,000-499,999 | 1.01% | 1.00% | | $50,000- 99,999 | 1.01% | 1.00% | | $500,000-999,999 | 1.01% | 1.00% | | $100,000- 249,999 | 1.01% | 1.00% | | $1,000,000-2,999,999 | 1.01% | 1.00% | | $250,000 and over | 1.01% | 1.00% | | $3,000,000 & over | 1.01% | 1.00% |
STATEMENT AND PASSBOOK SAVINGS
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INTEREST CHECKING
| | Balance | APY* | Rate | | APY* | Rate | | | up to $999 | .50% | .50% | | .05% | .05% | | | $1,000- 9,999 | .50% | .50% | | | | $10,000- 99,999 | .70% | .70% | | (This rate also applies to Legal Services Trust Funds) | | $100,000 & over | .80% | .80% | | *Annual Percentage Yield |
SAVINGS CLUB ACCOUNTS |
1.01% |
1.00% | | | | | | | | | | | | |
Information Applicable to Certificates of Deposit, Time Deposit Open Accounts, Interest Checking, Money Market and Savings Accounts:
We use the daily balance method to calculate the interest on all of these deposits. This method applies a daily periodic rate to the compounded balance in your account each day. Interest is compounded daily and will be credited to your account at the time indicated in the Deposit Agreement & disclosure applicable to your account. For Certificates of Deposit, the method of crediting your interest is described in the receipt for time deposit. The Annual Percentage Yield assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. Fees imposed when minimum balance or average daily balance requirements are not met will reduce earnings. Except for Fixed Rate Certificates of Deposit, at our discretion, we may change the interest rate on your account from time to time. Fixed Rate Certificates of deposit will automatically renew at maturity unless the Bank notifies you to the contrary shortly before the maturity. Except for CDs with a maturity of less than 30 days, you have a 10-calendar day grace period after maturity during which a withdrawal can be made without penalty; for accounts less than 30 days withdrawals must be made on the maturity date.
Penalty for Early Withdrawal:
Fixed Rate Certificates: We impose a penalty if you withdraw any of the principal before maturity. (Partial withdrawals are not permitted.) The penalty for 07-89 day accounts equals the amount of interest earned (whether paid or not) but not less than seven days interest on a full amount of the principal. The penalty for 90 - 364 day accounts equals 90 days simple interest (whether earned or not) on the full amount of the principal. The penalty for 12 month - 35 month accounts equals 180 days simple interest (whether earned or not) on the full amount of the principal. The penalty for 36 month and longer accounts equals 365 days simple interest (whether earned or not) on the full amount of the principal.
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