A Project Sponsored By Wauchula State Bank
President: Vicente Garcia-Machado
VP: Johannis M Rivera Ruiz
Current Interest Rate on Savings Accounts: 5% as of 09/2019
BANKING SERVICE WE OFFER:
Savings accounts are opened for students of the High School with a minimum deposit of $5.00. Additional deposits or withdrawals are accepted daily Monday thru Thursday, During lunches. The minimum balance allowed in an account is $5.00, while the maximum is $1,000 per school year with a maximum contribution from the student of $4,000.00 by senior year. Withdrawals over $25.00 will require a one day advanced notice. Dragon Bank is closed Friday-Sunday.
A student can leave their account balance with the Dragon Bank during the summer months and the account will earn the same rate of interest. However, the Dragon Bank will not be open for business during the summer months, therefore a student will not have access to their funds during this period. Interest is calculated on the daily balance at the rate of 5% APY and credited at the end of each month.
Seniors must close their accounts before they graduate. Letters will be sent to each senior to remind them.
Although deposits are not insured...The Dragon Bank receives 7% interest on the money held by them at Wauchula State Bank. This gives them a 2% profit margin to offset any possible losses. There are numerous checks and balances in place to avoid any possible losses. The bank is closely supervised by Mr. Morgan, Business Education Teacher.