BANK OF HOPE
TRUTH IN SAVINGS – ONLINE ACCOUNT OPENING
PRODUCT DISCLOSURE
BANK OF HOPE ONLINE MONEY MARKET
Thank you for choosing the Bank of Hope Online Money Market. This account offers competitive interest rates and convenient access to the funds in your account. We trust the account you have selected will meet your banking needs. Listed below are important account features and applicable fees. Please read and keep this disclosure for future reference.
| Minimum Opening Deposit |
$1,000.00 |
| Maximum Opening Deposit |
$250,000.00 |
| Service/ Transaction Charge |
- $10.00 monthly service charge.
- $10.00 per debit that exceeds six (6) withdrawals and/or transfers each monthly statement period, to another account at Bank of Hope or to a third party by means of a preauthorized or automatic transfer, check, draft, point‐of‐sale by ATM/Debit card, telephone (including data transmission) and/or Online/Internet Banking or similar orders.
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| How To Waive Service Charge |
- Maintain $1,000 average daily balance per statement 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.
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| How To Reduce Service Charge |
$3.00 credit towards your monthly service charge when enrolled in eStatement. |
| Interest Rate Information |
Your interest rate and annual percentage yield (APY) may change daily. At our discretion we may change the interest rate for your account at any time. There will be no limit to the amount of the change.
The interest rate and APY indicated on this disclosure are accurate as of 12/14/2020.
If your balance ranges between:
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| Compounding and Crediting Frequency |
- Interest will not be compounded and accrued interest will be credited to your account monthly.
- The daily balance method is used to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account at the end of each day. We will use an interest accrual basis of 365 (or 366 in a leap year) for each day in the year.
- Accrual of interest begins on the business day you deposit noncash items (for example,checks).
- Accrued interest is forfeited if the account is closed before the interest is credited to the account.
- Fees may reduce earnings on the account.
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Bank of Hope reserves the right to change your account to a product more suitable for your needs based on account activities. This account is subject to the same terms and fees, unless otherwise noted above, applicable to other consumer transaction accounts as disclosed in Bank of Hope’s Deposit Account Agreement. Any changes to the above that may adversely affect the accountholder will be disclosed 30 days prior to the effective date. Other terms and fees are subject to change without prior notice except as required by law. For additional fees that may apply to the Bank of Hope Online Money Market, please refer to Bank of Hope’s Other Fees and Charges Sheet.
Revised Dec 14, 2020
MEMBER FDIC
