Truth in Savings Disclosure – Security Deposit Account

Rate Information:
This is a non-interest bearing Security Deposit Account. The Interest Rate and Annual Percentage Yield is 0.00%.

Minimum Balance Limitations:
The minimum balance to open this Security Deposit Account is $200.00. Once your balance reaches $200.00, your Credit Account will be opened. We must receive the entire $200.00 within 85 days from the application approval date, or any money applied to your Security Deposit Account will be refunded.

Transaction Limitations:
No withdrawals will be permitted from this Security Deposit Account while there remains a balance in your Credit Account or while you retain possession of any First PREMIER Bank credit cards.

The maximum amount of funds that may be deposited into this Security Deposit Account is $5,000.00. Security Deposits in the amount of $500.00 or greater must be in the form of guaranteed funds, which are payments not subject to payment holds.

Before your Credit Account is opened any deposit received that exceeds the initial $200.00 Security Deposit will be applied as a payment to your Credit Account. If you fund your initial Security Deposit by check, we will hold the funds for up to 6 days. This means your Credit Account won't be opened and available for transactions for up to 10 days.

Once your Credit Account has been opened, you may make additional deposits. If you fund your additional Security Deposit by check, we will hold the funds for up to 15 days. This means the increased credit limit will not be available to use for transactions for up to 15 days.