Citizens Trust E-fund removes direct-deposit restriction; Shareholders no longer required to directly deposit paychecks into nation's top-ranked money market fund -a.PORTSMOUTH Portsmouth, city, England Portsmouth, city (1991 pop. 174,218) and district, Hampshire, S England, on Spithead Channel. The district includes Portsea (naval station), Southsea (residential district and resort), and the old town of Portsmouth proper. , N.H.--(BUSINESS WIRE)--June 19, 1996--Citizens Trust today announced it has eliminated the direct deposit requirement on its top-ranked E-fund, an innovative product that combines the return of a money market fund with features similar to that of a checking account as well as the convenience of electronic payments. The E-fund is the No. 1 performing overall money market fund in America, a position the fund has held since Sept. 30, 1995. -b The E-fund's higher returns are partly due to its "E-fund Refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies " feature. E-fund is a leading money market fund that comes with the added conveniences of a debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. . When the debit card is used, one percent of the purchase -- up to the Internal Revenue Service limit of 9.75 percent of the gross investment income -- is returned to the fund, generating a source of revenue and higher rates for shareholders. The fund's strong performance is also attributable to its investments in government-guaranteed small business administration securities. These variable rate notes have interest rates that reset on a monthly or quarterly basis, similar to an adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. . As of June 4, 1996, the seven day annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. total return was 5.71 percent versus 4.69 percent for the average money market fund as reported in IBC's Money Fund Report (June 7, 1996). "The E-fund was designed to replace the traditional checking account. By removing the direct deposit requirement, we've made the fund accessible to more investors," said Sophia Collier Sophia Collier is the founder and chair of the Board of Directors of Citizens Advisers, Inc. and is the creator of the Citizens IndexSM, an index of socially responsible large-capitalization companies. , president of Citizens Trust. "Now people who don't use direct payroll deposit can also participate in the fund." In addition to superior rates, the E-fund provides features and services not found in similar products. Free checking, no minimum balance requirements, electronic investments and automatic bill paying options such as monthly mortgage and car payments as well as consolidated monthly statements distinguish the E-fund from other money market funds. Since the fund is designed to be an everyday account and not a savings account Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: , balances are limited to $15,000. Citizens Trust, based in Portsmouth, N.H. is a fast-growing mutual fund company that achieves strong financial performance by investing in companies with corporate responsibility. With more than $340 million in total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , it is recognized in the investment community as having the most in-depth research and consequently the strictest, clearest and most comprehensive screening process of any socially-responsible fund company. The company offers five mutual fund portfolios including the Citizens Income Portfolio, Index Portfolio, Emerging Growth Portfolio, Global Equity Portfolio and Muir California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Tax-Free Portfolio. In addition to the E-fund, Citizens Trust offers a money market fund called Working Asset Money Market Portfolio. Institutional shares are available for the Citizens Index Portfolio and the Working Asset Money Market Portfolio. -0- -(a) Of 266 general purpose funds in IBC's money fund expense report published by IBC IBC International Building Code IBC Iraq Body Count IBC Institutional Biosafety Committee IBC Inflammatory Breast Cancer IBC International Business Company IBC Independence Blue Cross IBC Insurance Bureau of Canada IBC International Broadcasting Convention Financial Data Inc., for quarter ended 3/31/96 -(b) No. 1 of 266 general purpose funds for the quarter ended 12/31/95 as reported in IBC's Money Fund Expense Report and No. 1 of 265 general purpose funds for the month ended 9/30/95 as reported in IBC's Money Fund Report, 10/20/95, both published by IBC Financial Data Inc. CONTACT: Citizens Trust Margaret Hutchins, 603/436-5152 |
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