Employee Statement Savings Truth in Savings Disclosure

this disclosure contains the rules which govern your Employee Statement Savings deposit account.

Variable Rate
The interest rate for your account is variable. Your interest rate and annual percentage yield may change at any time. As of November 4, 2024, the Employee Statement Savings Interest Rate is 0.050% and the Annual Percentage Yield (APY) is 0.05%. If you would like more current rate and yield information.

Determination of Rate
At our discretion, we may change the interest rate on your account.

Frequency of Rate Change
We may change the interest rate on your account at any time.

Minimum Balance Requirements
You must deposit at least $10.00 to open the account. You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield. There is no minimum balance required to maintain the account. If your account remains at a $0 balance or less for 50 consecutive days, your account will be closed.

Compounding and Crediting
We utilize a monthly statement cycle. Interest will be compounded and credited to your account every month. If you close your account before interest is credited, you will not receive the accrued interest.

Balance Computation Method
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day an item is deposited.

Other Terms:
In the event of termination from Herran Finance, your account will automatically be changed to a regular Statement Savings and be subject to the terms in effect at that time.