I am pleased to announce the formation of the Bank of Oak Harbor, a newly chartered service coming to your community this winter. I will be attending the celebration of the opening of your new art museum and will be happy to answer any questions you may have about the bank, open accounts, etc.
As an incentive, anyone who opens an account of at least 10 leaf with the Bank of Oak Harbor on our first day of business (that celebration) will receive a free token worth one mug of local Velliar Coffee. Our thanks to the Velliar for their cooperation in extending this offer.
Bank policies are provided below.
I look forward to meeting all of you!
Jean-Philippe Fortier di Sarto
Branch Manager, Bank of Oak Harbor
Bank of Oak Harbor : Policies and Procedures
Personal and Association Accounts
We offer safe and reliable deposits for your personal or organizational accounts. Account balances are guaranteed by the bank for the duration of your deposit and may be redeemed at any time upon request.
Interest rates are variable by quarter. During a given quarter, 50% of total bank profits will be distributed to depositors, weighted by deposit size, up to a maximum of 5%. Any losses will be incurred solely by the bank itself. Rounding to be conducted normally. Each quarter’s interest rate will be announced and posted for depositor review.
For example, consider a scenario in which there are three accounts, totaling 100 leaf:
- Account 1: 25 leaf
- Account 2: 25 leaf
- Account 3: 50 leaf
In a given quarter, the bank makes 8 leaf in profits. Half (4) are distributed to depositors: 1 each to accounts 1 and 2, 2 leaf to account 3.
If the bank’s profits had been 20 leaf, each account would receive the maximum 5% interest rate (1.25, or 1 leaf to accounts 1 and 2; 2.5, or 3 leaf to account 3).
Checking services may be added at a future date.
Certificates of Deposit
Certificates of Deposit will be sold for 82 leaf and return 100 leaf across a duration of 1 year (this represents a guaranteed return of 5% per quarter). Certificates of Deposit may not be redeemed before maturity.Commodities Brokerage
The Bank of Oak Harbor provides limited commodities brokerage services. Fees are based on number of merchant lots you wish to purchase/sell:- 1-3 lots: 5 leaf each
- 4+ lots: 4 leaf each
Special orders may be negotiated with bank personnel.
Loans
Loan rates to be charged at a rate of 10% per quarter, with simple interest conducted only upon initial establishment of the loan.The total amount owed will be based on repayment period, calculated as [Loan Amount] multiplied by 1 plus 10% multiplied by the number of quarters. Total repayment amounts are listed as follows for varying initial loans:
The minimum payment each period is provided by the following chart:
Loans may be paid off at any time at the current principal balance.