At The Stock Exchange Bank, we like to make banking simple. We don't believe that any type of banking—especially personal banking—has to be complex or time-consuming to be effective. We simply match your needs with specific products that best meet those needs. It's banking that's honest and direct, with no complications. In short, you'll find that it's easy to do business with us.
Your account balance earns daily interest which is compounded and paid quarterly. You can open a regular savings account with an initial deposit of $100. A minimum balance fee of $5.00 per quarter will be charged if the average daily balance in the account falls below $100. An excessive transaction fee of $1.00 will be charged for each withdrawal over five per quarter. The minimum balance fee and initial deposit requirement will not apply to persons ages 18 and under or 55 and over.
Minimum initial deposit is $1,000 for time periods less than one year or $500 for time periods greater than one year. The interest rate is fixed for the term of the deposit, and additional deposits are not permitted. Because you leave the funds on deposit for a certain time period, you receive a higher interest yield. If, however, you wish to withdraw the funds before maturity, there will be a substantial penalty for early withdrawal.
Also, certain contributions are tax deductible in the tax year for which they are made.
Roth IRA --The Roth IRA is a nondeductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from these accounts than from a traditional IRA.
Education IRA --The Education IRA is a nondeductible account that features tax-free withdrawals for a very specific purpose--a child's higher education expenses. At first glance, the Education IRA may look similar to Traditional and Roth IRAs. However, while higher education distributions from a Traditional or Roth IRA are penalty free, the same distributions from an Education IRA are both penalty free and tax free.
The Stock Exchange Bank
Box 1008 Woodward, Oklahoma 73802
Phone: (580) 256-3314
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