Your account is an interest bearing account. Ask to see our Certificate of Deposit Rate Chart for interest rate and corresponding annual percentage yield for the daily balance and term specified. The interest rate and annual percentage yield will not change for the term of this account. Interest begins to accrue on the business day you deposit cash or noncash items (for example, checks). Interest will be compounded and credited monthly for accounts having a term of 30 days. For accounts having a term of 91 days, interest will be compounded quarterly and credited at maturity. For account terms of greater than 91 days, interest will be compounded and credited quarterly. Interest will be credited to your certificate of deposit account, or at your request, interest may be recredited to another account designated by you.
We use the daily balance method to calculate the interest on this account. This method applies a daily periodic rate to the principal in the account each day. The disclosed annual percentage yield assumes interest will compound and remain on deposit until maturity.
You must deposit $1,000.00 ($10,000.00 for 9 month CD) to open this account. You may not make additional deposits into this account.
Time Account Information:
Your account will automatically renew at maturity. You will have 7 DAYS after the maturity date to withdraw funds without penalty. If you withdraw any of the principal from your account before the maturity date, we may impose a penalty, as follows: For 30 day term: The greatest of 1) all of the interest on the amount withdrawn from the most recent date of deposit or last renewal, 2) all the interest that could have been earned on the amount withdrawn during a period equal to one-half of the maturity period, or 3) seven days interest on the amount withdrawn. For terms greater than 30 days: An amount equal to the interest earned, or that could have been earned, on the amount withdrawn at the nominal (simple interest) rate in effect on the deposit, during a period equal to one-half of the remaining term of the deposit, regardless of the length of time the funds withdrawn have remained on deposit.
We may let you withdraw money from your account before the maturity date without an early withdrawal penalty: 1) when one or more of you dies or is determined legally incompetent by a court or other administrative body of competent jurisdiction; or 2) when the account is an Individual Retirement Account (IRA) established in accordance with 26 USC 408 and the money is paid within seven (7) days after the account is opened; or 3) when the account is a Keogh Plan (Keogh), if you forfeit at least the interest earned on the withdrawn funds; or 4) if the account is an IRA or Keogh Plan established pursuant to 26 USC 408 or 26 USC 401, when you reach age 59 1/2 or become disabled.
*Miscellaneous Fees and Charges