Passbook Savings Account

The First National Bank of Orwell Savings Account is a variable rate Passbook Account. The Passbook is used to record all transactions: deposits, withdrawals, and the posting of interest. The Bank requires the presentation of the Passbook to withdraw funds and to post interest to a written record. Deposits may be made without presentation of the passbook.

The following information is provided as required by Federal Truth In Savings Act:

Interest Rate Information

Savings

RateAPY

Passbook

0.10%0.10%

Interest rates, annual percentage rates (APRs), and annual percentage yields (APYs) are current as of 6/23/2017, and may be subject to change without notice. Call for current rates. Minimum deposit for CDs and IRAs is $500. Penalties may apply for early withdrawal. Earnings on IRAs may be reduced by fees (if applicable).

The rate of interest and annual percentage yield may change at any time. Changes are made at the discretion of the Bank.

There are no limitations placed on how much interest rates may be changed at any given time.

Interest is compounded quarterly. Simple interest accrues daily based on the daily principal balance of the account and is posted to the principal at the end of each calendar quarter. Interest begins to accrue on the business day on which we accept deposit of non-cash items.

Balance Calculation

The principal balance of the account is equal to the balance as of the last interest posting plus all deposits and minus all withdrawals.

Withdrawal / Account Closing

If you close the account (and withdraw all funds) before the quarterly posting of interest, you will receive the accrued interest.

There are no limits on the number of transactions made at the counter. ACH Debit transactions from Savings accounts are not accepted by the Bank.

There are no fees to open, close, deposit to or withdraw from this account except for telephonic transfers. There are no inactive or dormant account fees.

All fees associated with the Passbook Savings Account are included on a separate counter handbill.