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Investment Accounts

Certificate Of Deposit Christmas Club Individual Retirement Account Passbook Savings Simplified Employee Pension

Certificates of Deposit

Certificates of Deposit are available with maturity dates up to 60 months. The minimum opening deposit is $ 500.00. Interest payments may be added back to the certificate, deposited to another account, or paid by check. Certificates may be automatically renewed. Penalties on the amount withdrawn before maturity are:

Term

Penalty

7-29 Days 7 Day's Interest
30 Days - 12 Months 1 Month's Interest
Over 12 Month's-36 Month's 3 Month's Interest
Over 36 Month's 6 Month's Interest

 
 

Christmas Club

Christmas Club Accounts are interest bearing accounts for any type of depositor. The accounts are opened early in November and paid out in late October for a term of 50 weeks. Customers may deposit $ 2.00, $ 3.00, $ 5.00, $ 10.00, $ 15.00, or $ 20.00 each week. There is an early withdrawal fee of $ 10.00.

 
 

Individual Retirement Account (IRA)

Individual Retirement Accounts are available for those eligible under Internal Revenue Service rules. Depositors may chose a variable interest rate with no minimum deposit or a fixed interest rate with a $ 500.00 minimum deposit. Deposits are automatically renewable at the bank's current transfer rate for individual retirement accounts. Early withdrawal penalties are:

 

Term

Penalty

18 Month's -36 Month's 3 Month's Interest
Over 36 Month's 6 Month's Interest

 
 

Savings Accounts

Savings Accounts are interest bearing accounts for any type of depositor. There is no minimum initial deposit and 2 withdrawals are allowed each month.  This is account is offered as a Statement Account or Passbook Account.  With the Statement Account you will receive a statement at least quarterly and with the Passbook Account your activity is updated any time the Passbook is presented to a teller.  Service charges are:

 
Withdrawals over 2 per month $ 1.00 Each
Account closing within 30 day's of opening $ 10.00
Dormant account with balance under $ 100.00 $ 12.00 per year
Lost passbook fee $ 10.00

 
 

Simplified Employee Pension Plan

Lee Bank & Trust Company accepts SEP contributions from eligible employers. Deposits are subject to all regular IRA rules.

 
 
 
 
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