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Coverdell Education Savings Accounts
For current rate information call (319) 278-4761
COVERDELL EDUCATION SAVINGS ACCOUNT (Fixed Rate)
Rate Information: This account is an interest bearing account. The interest rate on this 2.75% with an annual percentage yield of 2.78%.
The interest rate and annual percentage yield will not change for the term of the account. The interest rate will be in effect for 18 MONTHS. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest will be compounded Quarterly and will be credited to the account Quarterly.
Balance Information: We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Limitations: You must deposit $100.00 to open this account. You may make six (6) transfers from your account each four (4) week or similar period, if by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.
INDIVIDUAL RETIREMENT ACCOUNTS
You may put your IRA funds in the following accounts: ROTH IRA (Variable Rate), ROTH IRA (Fixed Rate), COVERDELL EDUCATION SAVINGS ACCOUNT (Fixed Rate) COVERDELL EDUCATION SAVINGS ACCOUNT (Variable Rate) IRA FIXED RATE, IRA VARIABLE RATE and SAVINGS.
If you open an IRA, the account will be subject to the following fee:
IRA Regular Fees
ANNUAL FEE: $10.00 Annually
* All fees marked with an asterisk (*) are subject to Iowa state sales tax of 5.000%.
** All fees marked with two asterisk (**) are subject to Iowa local sales tax of 1.000%.
IOWA STATE BANK PRIVACY POLICY
OUR PRIVACY COMMITMENT TO YOU. Protecting your privacy is important to Iowa State Bank. We want you to understand what information we collect and how we use it. In order to provide our customers with a broad range of financial products and services as effectively and conveniently as possible, we use technology to manage and maintain customer information.
CONFIDENTIALITY, SECURITY, AND INTEGRITY OF YOUR NONPUBLIC PERSONAL INFORMATION. We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products and services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
INFORMATION WE COLLECT. We collect nonpublic personal information about you from the following sources:
- Information we receive from you on applications or other forms
- Information about your transactions with us
- Information about your transactions with nonaffiliated third parties
- Information from a consumer reporting agency
NONPUBLIC PERSONAL INFORMATION AND NONAFFILIATED THIRD PARTIES. We do not share nonpublic personal information with nonaffiliated third parties unless it is necessary to effect, administer, or enforce a transaction administered by you. In addition, we are also permitted under law to disclose your nonpublic personal information to government entities in response to subpoenas or investigation of fraudulent activity and to credit bureaus. The kinds of nonpublic personal information that we would share in regards to the circumstances outlined above, would be:
- Nonpublic personal information we receive from you on applications or others forms, such as: Name, Address, Social Security Number, Assets, and Income
- Nonpublic personal information about your transactions with us, such as: Account Balances, Account Activity, Types of Accounts, Credit Card Usage, Payment History, Deposit History, And Parties to the Transactions.
NONPUBLIC PERSONAL INFORMATION AND OUR AFFILIATES. Federal law allows us to share your nonpublic personal information with our affiliates. However, since we value our customer relationship with you, we will not disclose your nonpublic personal information to our affiliates.
AUTHORIZED SHARING - JOINT MARKETING AGREEMENTS. We may disclose the following information to other financial institutions with whom we have a joint marketing agreement:
- Nonpublic personal information we receive from you on applications or others forms, such as: Name, Address, Social Security Number, Assets, and Income
- Nonpublic personal information about your transactions with us, such as: Account Balances, Account Activity, Types of Accounts, Credit Card Usage, Payment History, Deposit History, And Parties to the Transactions.
Federal law allows us to disclose the information listed above with other financial institutions with whom we have joint marketing agreements. You do not have the right to opt out of the disclosure of this information. Iowa State Bank imposes limitations on the use of nonpublic personal information disclosed to other financial institutions. This information is used to provide our customers with information about additional products and services.
Notify Us of Inaccurate Information We Report to Consumer Reporting Agencies. Please notify us if we report any inaccurate information about your account(s) to a consumer reporting agency. Your written notice describing the specific inaccuracy(ies) should be sent to us at the following address: Iowa State Bank; 100 North Main Street; PO Box 99; Clarksville, IA 50619-0099.
FUNDS AVAILABILITY POLICY DISCLOSURE
YOUR ABILITY TO WITHDRAW FUNDS AT IOWA STATE BANK. Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. However, funds from electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and/or we will use them to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 2:OO PM on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 2:OO PM or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Reservation of Right to Hold. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposit, however, may be available on the first business day after the day of your deposit. It we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made | |
