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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 Penalties on the amount withdrawn before maturity are: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 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 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 are interest bearing accounts for any type of depositor. There is a $100.00 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 |
Lee Bank & Trust Company accepts SEP contributions from eligible employers. Deposits are subject to all regular IRA rules.
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